---
title: "Nomura Says NetEase, Inc.  2Q26 Earnings May Be Jeopardized by Investments; Buy Rating Kept"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294000719.md"
description: "Nomura maintains a Buy rating on NetEase with a USD155 target price, forecasting 2Q26 revenue growth of 5% YoY to RMB29.3 billion. However, non-GAAP net profit is expected to be 8% below consensus at RMB9.4 billion due to investment losses from BABA-W and PDD Holdings. Online games revenue is projected to rise 6%, supported by evergreen titles and the new game 'Sea of Remnants'."
datetime: "2026-07-28T02:49:27.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294000719.md)
  - [en](https://longbridge.com/en/news/294000719.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294000719.md)
generator: "portal-rs"
---

# Nomura Says NetEase, Inc.  2Q26 Earnings May Be Jeopardized by Investments; Buy Rating Kept

Nomura published a research report expecting NTES (09999.HK) +7.400 (+3.874%) Short selling $332.25M; Ratio 32.023% to chart a 5% YoY growth in revenue for 2Q26 to RMB29.3 billion, broadly in line with market expectations. However, non-GAAP net profit was forecast at RMB9.4 billion, about 8% below the market consensus of RMB10.2 billion, jeopardized by the bigger investment losses stemming from its holdings of BABA-W (09988.HK) +1.900 (+1.712%) Short selling $2.07B; Ratio 31.994% and PDD Holdings Inc. (PDD.US) .

Nomura expected NetEase's online games and value-added services revenue to elevate 6% YoY in 2Q26, driven by the resilient performance of evergreen titles such as Fantasy Westward Journey PC, Eggy Party and Naraka: Bladepoint. New game Sea of Remnants was recently launched, with performance meeting the broker's expectations. Monthly gross billings were estimated at around RMB200-300 million. Although the new game is not a blockbuster title like Naraka: Bladepoint, Nomura believed its launch will help accelerate NetEase's gaming business growth in 2H26. 

The broker maintained its Buy rating and USD155 TP for NetEase, Inc. (NTES.US) .  
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-27 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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## Related News & Research

- [Full Transcript: NetEase Q2 2026 Earnings Call](https://longbridge.com/en/news/296498824.md)
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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**