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NetEase

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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...

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

Financial Analysis

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$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

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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.

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

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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...

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

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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...

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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)

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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...

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

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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...

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

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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...

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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; 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'?

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

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

Cloud Music (09899.HK) 2024 Annual Performance Conference

NETEASE MUSIC(09899.HK)