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NETEASE MUSIC

Today’s Key News Recap

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1121 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night's non-farm payroll data was released, presenting a 'split' scenario. On one hand, the number of jobs grew beyond expectations, while on the other hand, the unemployment rate unexpectedly rose to a four-year high, leading to a setback in the Federal Reserve's rate cut expectations. The VIX fear index surged significantly during the day. Meanwhile, after NVIDIA's earnings report, its stock initially surged but quickly retreated, causing tech stocks to collectively decline, with Chinese concept stocks simultaneously falling. Market sentiment spread to Asia-Pacific, and today, both Hong Kong and A-share markets are under pressure...

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Xiaomi Corporation

The market is in distress; Xiaomi Rises Courageously｜Today's Important News Review

Conference Minutes

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The following are the Minutes of the 2025 Q3 earnings call for $NTES-S(9999.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...

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

Financial Analysis

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$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...

SBC Medical

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Tencent Holdings Limited

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

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

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On November 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) (TME.N;$TME-SW(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)...

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

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Originally, in the mid-September Madrid negotiations, the U.S.-China talks resolved the long-standing major conflict over TikTok. However, Trump's emotional essay on a 100% tariff seemed to have set back the bilateral relations overnight. But following Trump's press inquiries, Vance's statements, and press conferences from China's Ministry of Commerce, the TACO transaction became almost a consensus expectation. In this article, Dolphin Research will elaborate more on how this TACO transaction differs from previous ones and what other insights can be drawn besides TACO. 1. This TACO...

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BERTO ACQUISITION CORP C/WTS 01/05/2030(TO PUR COM)

RUMBLE INC C/WTS 16/09/2027 (TO PUR COM)

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ALLSTATE CORP 5.1% PREF 15/01/2053

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China Mobile

Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?

NetEase's first-quarter performance exceeded expectations overall. As a defensive stock, it once again beat conservative expectations:1. The pillar once again exceeded expectations: Overall gaming revenue surpassed expectations by nearly 1 billion yuan. The financial report did not separately disclose the performance of mobile and PC games this time. Based on our simple estimates, there may be expectation gaps in both subcategories.Gross margin did not decline sequentially as expected (affected by high-royalty Blizzard games) but instead increased by 2 percentage points. This potentially indicates that the mobile gaming business is continuously recovering.2. Sub-businesses under pressure, focusing on profitability: Revenue growth for Youdao, Cloud Music, and other innovative businesses like Yanxuan continued to face pressure. However, gross margins did not deteriorate further, with Cloud Music's gross margin returning to 36%.3. Continued release of operating leverage: Operating expenses in the first quarter were very low, especially sales and promotion expenses, which decreased by 33% year-on-year, a reduction of nearly 1.5 billion yuan. Even without the crazy marketing spending for Eggy Party, it shouldn’t have dropped to the lowest level in nearly four years, especially since Q1 should have included daily promotional expenses for new games like Where Winds Meet, Raging Tides, and Once Human. It can only be said that the anti-corruption efforts in the second half of last year have paid off.On the other hand, combining Tencent's situation, one phenomenon is: The promotion expenses of the two gaming giants have significantly contracted, but revenue has not been affected. We believe there may be two reasons: (1) Increased focus on evergreen games, which are constantly &#34;refreshed&#34; to extract value, but evergreen games inherently have brand effects and often do not require much external promotion. (2) Changes in promotion models, shifting from simple and direct ad buys to content marketing collaborations with gaming influencers (short videos, live streams), resulting in higher conversion rates. NetEase already mentioned this last year.Overall, the market may currently slightly underestimate NetEase's resilience as a veteran gaming company at the bottom of the cycle. This year, due to the lack of AI catalysts and the passing of the product cycle peak, NetEase has not been aggressive in its business. With decent shareholder returns at low valuations, it is viewed more as a defensive stock by the market.As a result, market expectations for its performance have remained low. Although Blizzard and Where Winds Meet have brought significant incremental growth to PC games, considering the relatively 平淡 mobile gaming pipeline, market expectations have been conservative for three consecutive quarters.Therefore, regardless of subsequent performance, leveling the expectation gap could slightly lift valuations. However, in terms of the pipeline, the next product boom cycle may still need to wait for Infinity at the end of this year or early next year. Short-term minor catalysts could come from the anniversary of Naraka: Bladepoint, the overseas release of Where Winds Meet, and the &#34;refreshing&#34; of evergreen games (a tactic that seems to work well for both Tencent and NetEase). Here, we can pay attention to the earnings call and the upcoming 520 Game Conference.$NTES-S(09999.HK) $NetEase(NTES.US)

NetEase Cloud Music Launches 'AI Music Creation Competition with One Million YUAN Prize'

Netease Tianyin's 'AI Songwriting' Feature Launched for Testing

CLSA Maintains Tencent Music Rating and Downgrades NetEase Cloud Music Target Price

NetEase Cloud Music Reports Q3 2025 Revenue Decline but Stable Profit

NetEase Reports Strong Q3 2025 Earnings, Emphasizes AI Applications

NetEase Cloud Music's Generative Recommendation Model Wins CIKM2025 Best Paper Award in the Application Category

CLSA Reiterates Overweight Ratings for NetEase Cloud Music and Tencent Music

NetEase Cloud Music Has Not Yet Adapted to HarmonyOS

Netease Cloud Music Launches AI Sound Tuning Master Function

Shenwan Hongyuan: NetEase Cloud Music Adjusts Product and Improves Profitability

Analysts Strongly Recommend Buying Cloud Music Shares

NetEase Shuts Down T-Minus Zero Entertainment Studio in Austin

NetEase Cloud Music Launches AI Recommendation Feature

Nomura Raises NetEase Cloud Music Target Price to HKD310

China Merchants Securities International Raises NetEase Cloud Music Target Price to HKD330

CMBI Raises NetEase Cloud Music Target Price to HKD 330

JPMorgan Chase Overseas Analyzes and Outlines NetEase Cloud Music's Strong Financial Prospects for 2025

NetEase Music released FY2025 Q1 earnings on August 14 (BJT), actual revenue HKD 2.049 B (forecast HKD 2.264 B), actual EPS HKD 4.739

NetEase Music released FY2025 Q2 earnings on August 14 After-Market BJT, actual revenue HKD 2.094 B (forecast HKD 2.312 B), actual EPS HKD 4.8432

NetEase Music released FY2025 Semi-Annual earnings on August 14 After-Market (BJT), actual revenue HKD 4.144 B (forecast HKD 4.242 B), actual EPS HKD 9.5823