UB-NTES@EP2611A

Nomura Analysts Expect NetEase's Q1 Earnings to Exceed Market Expectations

Century Huatong Announces Significant Revenue and Profit Growth in 2025

HSBC Global Research Downgrades NetEase's US-listed Stock Target Price

Goldman Sachs Sees Sluggish Q1 for NetEase But Positive Outlook for H2

NetEase Youdao Announces 2025 Annual Report and Shareholding Structure

NetEase Publishes 20-F Filing Revealing Equity Structure and Financial Data

NetEase Yanxuan Announces Focus on Pet Business and Launches Globalization Strategy

OpenClaw Founder Praises NetEase's LobsterAI Product

NetEase Cloud Music Fully Integrates OpenClaw and Opens Core Music Service Capabilities

NetEase Cloud Music Fully Integrates OpenClaw to Open Up Music Services

NetEase Interactive Entertainment Clarifies Rumors of Gradual Replacement of External Personnel

NetEase Smart Enterprise Launches Security Skill for Preemptive AI Application Protection

NetEase Intelligent Enterprise Showcases AI Deployment Experience and Launches Enterprise Platform

NetEase Dao Launches Fully Open-Source AI Agent Product 'LobsterAI'

NetEase Returns to Gaming Business for Significant Revenue Rebound

Netease Triggered HKEX Trading Center Shift Clause, May Become a Dual Primary Listed Company

Netease to Cease Funding of Yasuhira Miyagi's Studio

NetEase Receives HKEX Notice to Convert to Dual Primary Listing

NetEase Evaluating Exchange Notice Impact and Considering Conversion to Dual Primary Listing in Hong Kong

GF Securities Reiterates Buy Rating on NetEase with Price Target

SOMERLEY CAP

TIANLI HOLDINGS

CPM GROUP

FUTONG TECH

NICHE-TECH SEMI

SINO ICT

COSMOS MACH

UBOT HOLDING

SAMPLE TECH

PERENNIAL INT'L

09999

NTES

Nomura anticipates that NetEase, Inc. (NTES) will report a 4% year-over-year increase in 1Q revenue to RMB30 billion, slightly exceeding market expectations. The non-GAAP EPADS is expected to decline by 7% YoY to RMB16.27, but still surpassing forecasts. Gross margin is projected to rise to 65%. NetEase plans to convert its Hong Kong listing from secondary to primary, potentially enhancing its stock's appeal. Nomura maintains a Buy rating with a target price of USD155.

- Nomura forecasts NTES-S's 1Q revenue to rise 4% YoY to RMB30 billion, exceeding market consensus by 1%.  
- The non-GAAP EPADS is expected to decline 7% YoY to RMB16.27, while the gross margin is projected to increase 0.9 percentage points to 65%.  
- NetEase is transitioning its Hong Kong listing to primary status, which Nomura believes may enhance share price and facilitate inclusion in Stock Connect, maintaining a Buy rating with a target price of USD 155.

AASTOCKS News

NTES-S

NetEase

Nomura Holdings, Inc.

Nomura

Nomura Expects NetEase, Inc.  1Q Results to Slightly Beat; Rating Buy

002558

516190

516010

517770

The National Press and Publication Administration has approved 154 online games in April, including 147 domestic and 7 imported titles. Notable domestic games include "Sea of Oblivion" by NTES-S and "Cage of Ice and Snow" by GIANT NETWORK. The imported game "ARC Raiders" won the TGA Best Multiplayer Game award. Short selling data for NTES-S shows $233.24M with a ratio of 22.760%.

- The National Press and Publication Administration approved 147 domestic and 7 imported online games in April.  
- Notable domestic games include "Sea of Oblivion" and "Cage of Ice and Snow," while the imported game "ARC Raiders" won the TGA Best Multiplayer Game award.  
- The information provided includes detailed financial data on short selling for specific stocks, with disclaimers regarding translation accuracy.

Giant Network

ChinaAMC CSI Cultural Entertainment Media ETF

Guotai CSI Animation Game ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Mainland Approves 154 Domestic and Imported Online Games in Apr

GAMR

ESPO

HSBC Global Research has reduced its target price for NetEasefrom $289 to $265, maintaining a Buy rating. The downgrade follows an 18% year-to-date decline in the stock, attributed to lower sector valuations and a lack of new game launches. The firm cut its 2026-2028 non-GAAP net profit forecasts by 6-7%, citing reduced expectations for several mobile games. Despite anticipated weak performance in the first half of 2026, growth is expected in the second half and 2027 with new game releases.

- NetEase's U.S. stock has decreased by 18% year-to-date, attributed to lower sector valuations and no new game launches.  
- HSBC Global Research has reduced its 2026-2028 non-GAAP net profit forecasts by 6-7% due to lowered projections for certain mobile games, predicting weak performance in the first half of 2026.  
- The broker has adjusted its target price for NetEase's H-shares from $289 to $265 while maintaining a Buy rating, anticipating growth from game launches in the second half of 2026 and 2027.

Wedbush ETFMG Video Game Tech ETF

VanEck Video Gaming and eSport ETF

HSBC

HSBC HOLDINGS

HSBC 5xShortSG241213

HSBC Holdings Plc

HSBC Research Trims NTES-S  TP to $265, Cuts 2026-2028 Earnings Forecasts by 6-7%

BABA

BIDU

09988

09888

The Hang Seng TECH Index intraday gain widened to 3%, with Baidu rising over 7% and Alibaba and NetEase gaining more than 4%

Wallstreetcn

Alibaba

Baidu

BABA-W

BIDU-SW

Hang Seng TECH Index

Direxion FTSE China Bull 3X

Krne Csi China Internet

Dacheng Hang Seng Technology ETF(QDII)

E Fund CSI HK Connect Internet ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

BABA 2x Long Daily ETF - GraniteShares

Hang Seng TECH ETF I

HSTECH ETF

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

KraneShares 2x Long BABA Daily ETF

Hwabao CSI HK Equities Internet ETF

CSOP HS TECH

BIDU-SWR

BABA-WR

Alibaba HK SDR 5to1

09899

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

JD-SW

JD LOGISTICS

JD HEALTH

KraneShares 2x Long JD Daily ETF

Hang Seng Index

JD.com

JD-SWR

NetEase today released its 20-F filing, showing that CEO Ding Lei holds 45.5% of the shares, with a net worth of 222.8 billion yuan and dividends exceeding 5 billion yuan. Ding Lei owns 1,450,300,000 shares, and NetEase's market value is HKD 562.6 billion, with a stock price of HKD 177.7. The dividend for 2025 is USD 0.595 per share, and Ding Lei will receive a total dividend of USD 863 million. NetEase has 25,382 employees and holds 56.6% of Youdao and 61.6% of Cloud Music

- NetEase filed its 20-F document showing CEO and Board member William Ding holds 45.5% of shares, totaling 1.45 billion shares.  
- As of April 15, 2026, NetEase's stock closed at HK$177.7, with a market capitalization of HK$562.6 billion, resulting in Ding's net worth of approximately HK$255.9 billion.  
- In 2025, NetEase's total revenue was around 112.6 billion yuan, with a net profit of approximately 34.8 billion yuan, amid significant staff turnover in its gaming division.

雷帝触网

Youdao

NetEase equity exposure: Ding Lei holds 45.5% of the shares, with a net worth of 222.8 billion, receiving over 5 billion in dividends in a year

BILI

36Kr learned that most popular Chinese concept stocks fell in pre-market trading in the US. As of the time of writing, Li Auto fell over 2%, Alibaba and JD.com fell over 1%, XPeng Group fell 0.86%, NetEase fell 0.55%, PDD fell 0.31%, Nio rose over 1%, Baidu rose 0.68%, and Bilibili rose 0.17%

36Kr

Bilibili

LI AUTO-W

XPeng

NIO-SW

BILIBILI-W

XPENG-W

Most popular Chinese concept stocks are down in pre-market trading in the US, with Li Auto falling over 2%

TCTZF

09626

00700

TCEHY

Liu Xiaochun, Director of the Internet Law Research Center at the University of Chinese Academy of Social Sciences, stated that the new regulations on live streaming tipping aim to address chaos in the industry, particularly regarding the protection of minors. Minors' tipping behavior while watching live streams often does not align with their cognitive abilities, potentially leading to irrational and high-value tipping. Platforms and streamers may also engage in guiding or inducing such behavior

Tencent Holdings Limited

Tencent Music

KUAISHOU-W

TENCENT

Tencent

Global X Funds Social Media

Why Were 11 Regulations on Live Streaming Tipping Introduced and What Is Their Significance? Expert Analysis

Hong Kong stocks opened lower today, with the Hang Seng Index dropping 0.71% and the Hang Seng Tech Index falling 0.69%. According to Jin10, technology stocks led the decline, with Baidudown over 3% and NetEase-Sfalling more than 2%.

CoinLive

Hong Kong Stocks Open Lower as Tech Shares Decline

$NetEase(NTES.US) showing signs of reversal daily. None here observationSource: Sunrise Trader

NTES ADR US

Today’s Key News Recap

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

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---

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

Apple

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

Conference Minutes

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

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

Financial Analysis

$NTES-S(09999.HK) $NetEase(NTES.US) released its Q4 2025 results after the Hong Kong close on Feb 11 (Beijing time). Overall, Q4 missed consensus as mobile titles stayed weak.While part of the slowdown in bookings has already been priced in, there is no need to turn more bearish on the mid- to long-term outlook. For the near term, clear guidance on the new product cycle from the call will be critical.Specifically: 1) a dearth of new launches kept dragging revenue. Game revenue was RMB 21.3bn in Q4, up 3.5% YoY...

NTES: The 'Pig Farm' Must Still Tough It Out---

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)

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

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

0102 | Dolphin Research Key Watch: 🐬 Macro/Industry. 1) As the new year begins, major NEV makers released Dec 2025 delivery data to close out the year.BYD sold 420.4k units in Dec, with 4.6mn units for the full year, retaining the industry lead. Leapmotor delivered 60.4k in Dec (+42% YoY), and nearly 600k for the year, doubling YoY.Xiaomi deliveries topped 50k for the first time, with the YU7 model standing out. Nio delivered 48.1k, a new monthly high. Li Auto delivered 44.2k in Dec...

NIO Inc

NIO Inc. USD OV

BIDU ADR US

Baidu HK SDR 10to1

Taiwan Semiconductor

LEAPMOTOR

HK market off to a roaring start; BIDU's Kunlun Chip gears up for HK IPO | Daily News Recap

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...

Simplify Enhanced Income ETF

Transportadora De Gas

ONLINE OFFLINE

Xtrack Us Sc Dvd Fd

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

$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...

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

UB-NTES@EP2611A(28719.HK)

Nomura Expects NetEase, Inc. 1Q Results to Slightly Beat; Rating Buy

Mainland Approves 154 Domestic and Imported Online Games in Apr

HSBC Research Trims NTES-S TP to $265, Cuts 2026-2028 Earnings Forecasts by 6-7%

The Hang Seng TECH Index intraday gain widened to 3%, with Baidu rising over 7% and Alibaba and NetEase gaining more than 4%

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%