JP-NTES@EP2611A

NetEase Announces Record Date for Shareholder Vote on May 26, 2026

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

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

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NTES

NetEase Inc has announced that May 26, 2026, will be the record date for shareholders eligible to vote at its annual general meeting in Hong Kong. Shareholders must submit share transfers by 4:30 p.m. on that date. Holders of American depositary shares can attend but cannot vote directly. The latest analyst rating for NetEase stock (HK:9999) is a Buy, with a price target of HK$246.00. NetEase operates in online gaming and internet services, with a market cap of HK$574.3B.

- NetEase Inc has set May 26, 2026, as the record date for shareholders to be eligible to attend and vote at its annual general meeting in Hong Kong.  
- Shareholders must ensure their share transfers are lodged by 4:30 p.m. on that date; American depositary share holders can attend but cannot vote directly.  
- The company's stock has a current analyst rating of Buy with a price target of HK$246.00, reflecting its strong position in the online gaming and internet services sector.

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NetEase Sets May 26 Record Date for Annual General Meeting Voting Rights

MTLS

Materialise Reports First Quarter 2026 Results | MTLS Stock News

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Materialise

Materialise Reports First Quarter 2026 Results | MTLS Stock News

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ESPO

NetEase (SEHK:9999) has seen a recent share price rebound, returning 3.7% over the past week and 3.8% over the past month, despite a year-to-date decline of 20.7%. The stock is currently trading at HK$181.50, approximately 39%-40% below its estimated fair value of HK$255.05. The company is expanding globally with successful games, which may support long-term growth. However, it faces risks from regulatory changes and rising R&D costs. Investors are encouraged to assess the valuation and consider broader investment opportunities.

- NetEase (SEHK:9999) has gained investor attention due to a recent share performance increase of 3.7% over the past week, though it has experienced a year-to-date decline of 20.7%.  
- The stock currently trades at HK$181.50, representing a 39%-40% discount to the estimated fair value of HK$255.05, with growth driven by global expansion in gaming and music.  
- While the company shows strong overseas performance, potential risks include regulatory changes and rising R&D costs that could challenge its growth trajectory.

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Assessing NetEase (SEHK:9999) Valuation After Recent Share Price Rebound And Longer Term Returns

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.

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

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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.

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Mainland Approves 154 Domestic and Imported Online Games in Apr

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.

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

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

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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%

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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

$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.

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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...

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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...

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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...

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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...

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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...

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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...

JP-NTES@EP2611A(28927.HK)

NetEase Sets May 26 Record Date for Annual General Meeting Voting Rights

Materialise Reports First Quarter 2026 Results | MTLS Stock News

Assessing NetEase (SEHK:9999) Valuation After Recent Share Price Rebound And Longer Term Returns

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

Mainland Approves 154 Domestic and Imported Online Games in Apr