Movies and Entertainment

NETEASE MUSIC

NetEase

Conference Minutes

K3MD

09999

NTES

09899

Below is Dolphin Research's transcript of $NetEase(NTES.US) $NTES-S(09999.HK) 1Q26 earnings call. For our earnings take, see 'NetEase: Making money through the lull; the evergreen franchise keeps gaining value'.I. Key results recap. 1) Shareholder returns. The BOD approved a 1Q26 cash dividend of $0.144 per ordinary share. As of Mar 31, 2026, under the $5bn share repurchase plan, the company had bought back approx. 23.2 mn shares for about $2.1bn...

NTES ADR US

NTES-S

NTES (Trans): High bar for 'Ananta', willing to delay for quality

Financial Analysis

AAPL

$NetEase(NTES.US) released its Q1 2026 results after the Hong Kong close on May 21 (Beijing time). Results were above expectations, with the upside driven by game revenue, GPM, and tight opex discipline. Details: 1) Game revenue beat conservative Street expectations. Q1 game revenue (ex-CC Live) was RMB 25.1bn (+7% YoY), above consensus. The Street had modeled sub-5% growth given no new titles this quarter and a high base last year...

Apple

NTES: Profitable Through the Lull; Franchise Quality Still Rising

Today’s Key News Recap

01211

BYDDF

81211

002594

BYDDY

TSLA

HYDD

NFLX

02015

01810

81810

HXXD

XIACY

0306｜Dolphin Research Focus: 🐬 Macro/Industry 1) The US Dept. of Commerce is preparing to globalize its export approval regime for advanced AI chips, moving beyond country-specific controls. Reviews would be organized into three tiers based on purchased compute.Orders exceeding 200k chips would trigger government-to-government negotiations and the disclosure of critical technical details. Approved countries would also be required to commit matching investment in US digital infrastructure.This move reflects US tech hegemony and could destabilize the global semiconductor supply chain. It also raises compliance costs for US chip makers.It is likely to push countries to accelerate domestic compute R&amp;D, supporting China's semiconductor localization. Overall, expect faster onshore capacity build-outs and substitution.

BYD COMPANY

BYD Company Limited

BYD COMPANY-R

BYD Company

Tesla

BYD HK SDR 10to1

Netflix

Li Auto

LI AUTO-W

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

BOYD Gaming

BYD's 'disruptive tech' debuts; Xiaomi's mobile Agent emerges | Daily News Recap---

DUOL

TMUS

603020

SIRI

COIN

00100

BYTED

02513

SHOP

ABNB

AMAT

0212 | Dolphin Research Focus: 🐬 Macro/Industry 1) Doubao announced that its video-generation model Seedance 2.0 is now integrated into the Doubao app, desktop client, and web version. Users can create 5s/10s short videos from text prompts and produce clone-style videos, with upgrades to image quality, generation speed, and content fidelity. Leveraging ByteDance's ecosystem should accelerate user adoption and engagement, pushing AIGC toward mainstream, practical use...

Duolingo

T-Mobile US

Apple Group

Sirius XM

Coinbase

MINIMAX-W

ByteDance

KNOWLEDGE ATLAS

Meta Platforms

Shopify 

Airbnb

Applied Materials

LLMs race ahead as AI apps surge; Apple revamps Siri amid tech bottlenecks｜Daily News Recap

STEP

HIG-G

Below is Dolphin Research's FY25 Q4 earnings call Trans for $NetEase(NTES.US). For the earnings analysis, cf. 'NetEase: The Pig Farm Still Has to Hold On'.I. Key highlights: 1) Shareholder returns: declared a $1.16/ADS dividend and has repurchased approx. $2.0bn under its $5.0bn program. 2) Outlook: will keep investing in content R&amp;D (R&amp;D ratio to stay above 15%), and expects long-term AI-driven efficiency gains to further unlock...

Sealed Air

Hasbro

Stepstone

Hartford Insurance

Proshares S&P Global Core Battery Metals ETF

Youdao

THE HARTFORD INSURANCE GROUP INC 6%NON CUM DEP SHS REP 1/1000TH PFD SER G

NTES (Trans): '遗忘之海' launch slips to Q3; '无限大' still being polished

NetEase Q4 FY25 First Take: Q4 came in below consensus, likely on softer mobile game performance, which also helps explain the recent share pullback. That said, deferred revenue held up, underpinned by a strong year-end anniversary event for 'Yanyun' (mobile) and a rebound in 'Eggy Party', which should add some upside to Q1 revenue. Core profitability improved on tighter opex. Total cost of revenue, R&amp;D, and G&amp;A all declined YoY. Selling expenses rose YoY off a low base during the prior year's anti-fraud clean-up, alongside necessary launch marketing for new titles. Adj. profit fell 27% YoY, materially below expectations, though the headline looks worse than the underlying. Beyond the top-line miss, the shortfall mainly reflected mark-to-market swings on its PDD stake, with total investment losses of RMB 1.7bn, RMB 1.2bn wider YoY. After the game VAT rumor and the short-term hit from Genie, the stock has barely rebounded in recent days, yet valuation is already near historical trough levels. Conversely, this also reflects concerns that the recent slowdown in bookings could persist. We are not more bearish on the mid-to-long term. For near-term price action, clear guidance on the new title cycle is critical, especially launch plans for 'Sea of Oblivion' and 'Infinity'—worth watching on the call. $NTES-S(09999.HK) $NetEase(NTES.US)

BROS

PARA

MSFT

HOOD

SPOT

09988

89988

HBBD

BABA

0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

Dutch Bros

Paramount Global

Microsoft

Robinhood

Spotify

Coca Cola

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

Unity Software

Warner Bros. Discovery

MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

HIGH

300959

The following are the Minutes of the 2025 Q3 earnings call for $NetEase-S (09999.HK)$ NetEase (NTES.US) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;NetEase: The Last Kneel Before the 'Pig Cycle'?&#34; 1. Review of Core Financial Data 1. Revenue Overview: Total net revenue: RMB 28.4 billion (approximately USD 4 billion), an 8% year-over-year increase. Net revenue from games and related value-added services: RMB 23.3 billion, a 12% year-over-year increase. Net revenue from online games: RMB 22.8 billion, a 3% quarter-over-quarter increase and a 13% year-over-year increase...

Simplify Enhanced Income ETF

Transportadora De Gas

ONLINE OFFLINE

Xtrack Us Sc Dvd Fd

NetEase (Minutes): Resources Focused on High-Confidence Products

KONG

GAME

PETXQ

00700

TCEHY

TCTZF

80700

HTCD

SBCWW

$NTES-S(09999.HK) $NetEase(NTES.US) released its Q3 2025 financial report for the Hong Kong stock market after hours on November 20th, Beijing time. Similar to Q2, it was another miss under full expectations. Considering that some institutions mentioned the risk of overly high expectations at the beginning of the month, some funds may have taken precautions. In the current emotional environment, the market is certainly dissatisfied with this performance. However, considering that the stock price has been adjusted for a long time, it may improve due to the resilience of the gaming sector and the expected improvement in the pipeline next year...

Formidable Fortress ETF

GameSquare

Advantage Solutions

Sensata Tech

Enigmatig

Wag!

WAG GROUP CO

TENCENT

Tencent

Tencent Holdings Limited

TENCENT-R

SBC Medical

Tencent HK SDR 10to1

SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

NetEase: The Last Kneel Before the 'Pig Cycle'?

01698

On November 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) (TME.N; 1698.HK) released its third-quarter financial report for 2025. Overall, the results exceeded expectations, particularly with the partial realization of the second growth curve narrative. However, there were flaws, as the net increase in subscriptions continued to slow, indirectly confirming market concerns about intensified competition before the earnings report. Currently, there remains a significant difference between the core users of Tencent Music and ByteDance (Tencent Music vs ByteDance = high-tier music essential users vs lower-tier Douyin catchy tune users)...

TME-SW

Tencent Music

Canaan

ByteDance makes a push, can Tencent Music still be 'small and beautiful'?

NetEase Cloud Music spends 15 million HKD to repurchase 126,000 shares and issues 2,000 shares on May 26

NetEase Cloud Music Q1 2026 Net Revenue Hits 2 Billion, Up 6.6% YoY

NetEase Cloud Music repurchases 115,950 shares for approx. 150 million HKD on May 14

NetEase Cloud Music Fully Integrates DeepSeek-V4

NetEase Cloud Music Repurchased 57,900 Shares

NetEase Cloud Music repurchased shares for about HKD 14.9985 million

Netease Cloud Music Repurchased 127,000 Shares for HKD 14.9995 Million

Netease Cloud Music repurchased 129,000 shares

NetEase Cloud Music repurchased 126,100 shares for HK$14,998,600

NetEase Cloud Music repurchased shares worth HKD 14,998,500

NetEase Cloud Music repurchased 119,000 shares

NetEase Cloud Music repurchased 118,000 shares

NetEase Cloud Music AI Advert Causes Controversy with Abnormal Posture

NetEase Cloud Music repurchases 123,250 shares

NetEase Cloud Music Repurchased 119,600 Shares for HKD 14.9998 Million

NetEase Cloud Music repurchased shares for about HKD14.9968 million

NetEase Cloud Music repurchased 114,600 shares

NetEase Cloud Music Account Abnormalities Have Been Fixed

NetEase Cloud Music Integrates OpenClaw and Provides CLI Interfaces

NetEase Cloud Music Repurchased 116,800 Shares and Issued 1,400 Shares

ONE MEDIA GROUP

WT GROUP

ROBOTPHOENIX

GW TIANDI

HAITIAN ANTENNA

DIT GROUP

E-HOUSE ENT

PROSPER FUTURE

MININGLAMP-W

REDCO HEALTHY

NETEASE MUSIC (09899.HK) 2025 Mid-Year Performance Communication Meeting

Cloud Music (09899.HK) 2024 Annual Performance Conference

03690

STECH

03067

On May 28th, Hong Kong stocks experienced a significant decline, with the Hang Seng Internet ETF dropping over 3%, approaching the "tariff bottom" of April 2025. Major weighted stocks such as Alibaba, Tencent, and NetEase all fell over 2%, Baidu dropped over 3%, and MEITUAN fell over 6%. Since October of last year, the Hang Seng Internet Technology Industry Index has retraced over 37%. The main reasons include AI investment leaning towards hardware, rising overseas U.S. Treasury yields, and reduced liquidity for Hong Kong stock IPOs. Investors need to be cautious and avoid blindly selling off

- On May 28, Hong Kong stocks faced significant losses, termed "Black Thursday," with the Hang Seng Internet ETF declining over 3%.  
- Major stocks such as Alibaba, Tencent, and Meituan fell between 2% and 6%, contributing to a more than 37% maximum drawdown since last October.  
- The softness is attributed to a focus on AI hardware over software, rising U.S. Treasury yields, and liquidity concerns regarding IPOs, although current valuations may present buying opportunities.

同壁财经

MEITUAN

Hang Seng TECH Index

Krne Csi China Internet

Dacheng Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

Hwabao CSI HK Equities Internet ETF

ChinaAMC Hang Seng Internet Technology Industry ETF(QDII)

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

E Fund CSI HK Connect Internet ETF

ChinaAMC Hang Seng Technology ETF(QDII)

ISHARESHSTECH

BIDU-SW

Baidu

JD-SW

JD.com

Alibaba, Tencent, and Baidu's stock prices plummet, with the Hang Seng Internet Index falling near the "tariff bottom" of April 2025

NETEASE MUSIC(09899.HK)

Alibaba, Tencent, and Baidu's stock prices plummet, with the Hang Seng Internet Index falling near the "tariff bottom" of April 2025

NTES (Trans): High bar for 'Ananta', willing to delay for quality

NTES: Profitable Through the Lull; Franchise Quality Still Rising

Materialise Reports First Quarter 2026 Results | MTLS Stock News

STOCKS | Hong Kong Stocks Open Higher with Tech Sector Leading Gains

UBS lists investment ratings and target prices for Chinese technology stocks (Table)

The Hang Seng Index opened 0.68% higher, while the Hang Seng Tech Index rose 1.31%. Baidu and NetEase gained over 3%, and Alibaba and JD rose more than 2%

NETEASE MUSIC Responds to Controversial Ad: Partner Conducted Unauthorized AI Re-creation of Ad Materials

NetEase, Inc. Announces Filing of Annual Report on Form 20-F for Fiscal Year 2025 | DAO Stock News