Market Overview - The Hang Seng Index (HSI) closed at 27,158.76, down by 228.35 points or 0.83% [1] - The index reached a high of 27,426.11 and a low of 27,082.20 during the trading session, with a trading volume of 46.7689 million [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with notable movements including: - Tencent Holdings closed at HKD 606.00, down by HKD 16.00 or 2.57% [3] - Alibaba Group (ADR) fell to HKD 169.20, down by HKD 4.10 or 2.37% [3] - HSBC Holdings reported a slight decrease to HKD 136.60, down by HKD 1.00 or 0.73% [3] - Other significant declines included: - China Mobile down by 9.29% to HKD 36.12 [3] - BYD Company down by 3.98% to HKD 97.75 [3] - Meituan down by 1.42% to HKD 97.20 [3] Stock Price Movements - The following stocks showed notable price changes: - AIA Group down by 0.66% to HKD 90.35 [3] - Xiaomi Corporation down by 3.06% to HKD 35.50 [3] - JD.com down by 1.92% to HKD 112.40 [3] - Some stocks remained stable or showed minor gains, such as: - New World Development up by 0.88% to HKD 125.70 [3] - Bank of China up by 0.19% to HKD 41.24 [3]

Core Viewpoint - The company is expected to see a 7% year-on-year revenue increase in Q4 2025, reaching 28.5 billion yuan, while Non-GAAP net profit is projected to decline by 15% to 8.25 billion yuan due to potential investment and foreign exchange losses [1] Group 1: Revenue and Product Performance - The company's flagship products are showing stable performance, with online game service revenue expected to grow by 7% in Q4 2025 [1] - "Dream of the Red Chamber" PC is anticipated to achieve significant growth due to the continued recognition of deferred revenue [1] - "Dream of the Red Chamber" mobile continues to perform well, while "Egg Party" is expected to see increased user activity and revenue due to ongoing holiday and operational events [1] - "Yanyun Sixteen Sounds" maintains steady revenue in the domestic market, and the overseas version is expected to contribute additional revenue after its strong launch [1] - "Marvel Showdown" has been climbing the Steam bestseller list since November 2025, further validating the company's globalization capabilities [1] Group 2: Future Product Pipeline and Shareholder Returns - The product pipeline for 2026 is robust, with key titles like "Forgotten Sea" set for testing in February 2026 and plans for launch [2] - "Starry Sky Friends" has received a license, and the open-world game "Infinite" is generating significant market interest [2] - The company has multiple projects in development, including auto-chess games, which will strengthen its core R&D advantages and support its globalization strategy [2] - The company has maintained a stable shareholder return, with a dividend payout ratio of 30% in the first three quarters of 2025, and is expected to continue generous dividends in Q4 2025 [2] Group 3: Profit Forecast and Valuation - The company's Non-GAAP net profit for 2025 has been revised down by 2% to 38.5 billion yuan, while estimates for 2026 and 2027 remain at 42.6 billion yuan and 45.3 billion yuan respectively [2] - The current stock price corresponds to a Non-GAAP P/E ratio of 14/13 times for 2026/2027, with an expected upside of 33% for both Hong Kong and US stocks [2]

Core Insights - The report highlights the evolving landscape of mobile game app advertising, indicating a shift from quantity to quality in user acquisition strategies [2][4]. Group 1: Mobile App Advertising Overview - The total number of advertising materials for mobile apps has surpassed 51.62 million, marking a new advertising landscape, although the growth rate is rapidly declining [2]. - The number of games being advertised has increased by 17% year-on-year, driven by a significant rise in game approvals, with over 23,000 games being advertised in 2025 [3]. - The number of newly advertised games has decreased to 9,212, reflecting a strategic shift from broad, low-quality advertising to more focused, quality-driven approaches [3]. Group 2: Advertising Trends and Strategies - The mobile app advertising landscape is transitioning to a "quality war," emphasizing efficiency, compliance, and innovation in advertising strategies [2]. - The number of advertising entities has decreased by 4.43%, attributed to stricter privacy policies and increased compliance barriers, leading to a consolidation of the market [5]. - The top three advertising products have adopted a dual-channel strategy, integrating mobile apps and mini-games for user acquisition, reflecting a strategic upgrade in advertising approaches [13]. Group 3: Advertising Categories and Gameplay Trends - Modern, war, and Three Kingdoms themes have seen over 20% growth, while traditional themes like fantasy and anime have declined due to market saturation and lack of innovation [8]. - Casual gaming products have surged by 37%, indicating a strong focus on user engagement in the mobile app sector, while MMORPG and card games have seen a decline of over 10% [9]. - The top advertising product, "Shoot Zombies," has maintained its position for two consecutive years, although its advertising volume has noticeably decreased [10]. Group 4: User Acquisition and AI Integration - The focus on acquiring high-value users has intensified, with a significant increase in the use of AI-generated advertising materials, which accounted for over 80% of certain campaigns by Q4 2025 [14]. - The advertising strategy for new games, such as "Survive 33 Days," emphasizes rapid market entry and user activation, achieving a click-through rate of approximately 10.1% and an activation rate of about 2.7% [15].

Group 1 - The core viewpoint of the article emphasizes that the China Railway Group has declared the 12306 platform as the only official ticket sales channel, stating that it has not partnered with any third-party platforms and will enhance its system to combat ticket scalping [2][3] - The China Railway Group's passenger department director, Zhu Wenzhong, highlighted the negative impact of third-party platforms on the stability of the 12306 system and announced plans to optimize the risk control system for effective identification [3] - The railway authority is focusing on four key areas for ticket sales organization: addressing the needs of students, workers, and the elderly; introducing a limited-time free refund policy for erroneous purchases; continuously improving ticket sales strategies; and ensuring the stable operation of the 12306 system [5] Group 2 - The article mentions that the 2026 Spring Festival travel period is expected to see a record 9.5 billion person-times of cross-regional movement, with self-driving travel being the main mode of transport, accounting for about 80% [6] - The article also notes that the total passenger volume for railways and civil aviation is projected to reach 540 million and 95 million respectively during the Spring Festival travel period, with both figures expected to exceed historical peaks [6]

Market Overview - The Hang Seng Index (HSI) closed at 27,742.89, down by 225.20 points or 0.81% as of January 29, 16:00 Eastern Time [1] - The index reached a high of 27,909.81 and a low of 27,419.65 during the trading session, with an average price of 27,664.73 [1] - The 52-week high for the index is 27,909.81, while the 52-week low is 19,335.70 [1] Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 138.219, up 0.45% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 619.286, down 0.44% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 622.000, with a slight increase of 1.000 or 0.16% [3] - Alibaba Group (09988) latest price is HKD 173.300, down by 0.200 or 0.12% [3] - HSBC Holdings (00005) latest price is HKD 137.600, up by 0.100 or 0.07% [3] - China Construction Bank (00939) latest price is HKD 8.160, up by 0.130 or 1.62% [3] - AIA Group (01299) latest price is HKD 90.950, up by 2.100 or 2.36% [3] - Xiaomi Group (01810) latest price is HKD 36.620, up by 0.300 or 0.83% [3] - NetEase (099999) latest price is HKD 206.600, down by 5.400 or 2.55% [3] - Meituan (03690) latest price is HKD 98.600, up by 0.250 or 0.25% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.640, up by 0.050 or 0.76% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 444.200, up by 5.000 or 1.14% [3] - Ping An Insurance (02318) latest price is HKD 73.300, up by 2.350 or 3.31% [3] - Baidu Group (09888) latest price is HKD 155.500, down by 0.600 or 0.38% [3] - China Bank (03988) latest price is HKD 4.760, up by 0.090 or 1.93% [3] - BYD Company (01211) latest price is HKD 101.800, down by 1.000 or 0.97% [3] - JD.com (09618) latest price is HKD 114.600, down by 1.700 or 1.46% [3] - Ctrip Group (09961) latest price is HKD 482.200, down by 13.200 or 2.66% [3]

Core Viewpoint - The report from CICC forecasts that NetEase's Q4 2025 performance will transition smoothly, with revenue expected to grow by 7% year-on-year to 28.5 billion yuan, slightly below market expectations of 28.8 billion yuan. Due to potential investment losses and foreign exchange losses, the non-GAAP net profit is expected to decline by 15% year-on-year to 8.25 billion yuan, lower than the market expectation of 9.23 billion yuan. The firm maintains a "outperform" rating for NetEase with a target price of 275 HKD [1] Group 1 - NetEase's flagship game series "Fantasy Westward Journey" continues to contribute stable revenue, with the PC version benefiting from deferred revenue recognition, expected to achieve significant year-on-year growth [1] - The mobile version of "Fantasy Westward Journey" maintains a good performance, while "Party Animals" is expected to see increased user engagement and revenue through ongoing festive events [1] - The new title "Yanyun Sixteen Sounds" maintains stable revenue in the domestic market, and its overseas version, launched in late November last year, has shown strong performance with over 15 million players in the first month, topping multiple regional charts [1] Group 2 - NetEase has a rich product pipeline for 2026, which is expected to lay a solid foundation for future growth [1]

Core Viewpoint - The company, NetEase-S (09999.HK), will hold a board meeting on February 10, 2026, to approve its unaudited financial results for the three months and fiscal year ending December 31, 2025, along with proposals for the distribution of the fourth-quarter dividend [1] Group 1 - The board meeting is scheduled for February 10, 2026, at 2:00 PM Beijing/Hong Kong time [1] - The company will announce its financial results on February 11, 2026, around 6:00 PM Beijing/Hong Kong time [1] - The announcement will be made available on the Hong Kong Stock Exchange website [1]

董事會會議召開日期及 2025年第四季度及財政年度業績公告發佈日期 網易股份有限公司（「公司」）的董事會將於2026年2月10日（星期二）（北京╱香港 時間）舉行董事會會議，並將於會上批准公司截至2025年12月31日止三個月及財 政年度的未經審核業績及公告，以及派發第四季度股息等議案（「業績」）。公司 將於2026年2月11日（星期三）晚上6點左右（北京 ╱ 香港時間）於香港聯交所網 站www.hkexnews.hk公佈該業績。 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 承董事會命 NetEase, Inc. 丁磊 董事 中國杭州，2026年1月28日 於本公告日期，本公司董事會包括董事丁磊先生；以及獨立董事唐徽女士、鄭玉 芬女士、唐子期先生、梁民傑先生及陳覺忠先生。 該業績相關的電話會及同步網路直播將於2026年2月11日（星期三）晚上 ...

Core Viewpoint - NetEase Cloud Music Inc. will report its financial results for the fiscal year 2025 on February 11, 2026, after the Hong Kong market closes [1] Group 1: Financial Reporting - The earnings conference call is scheduled for 7:00 p.m. Beijing/Hong Kong Time on February 11, 2026 [2] - Participants must register online to receive dial-in numbers, an event passcode, and a personal access PIN for the conference call [2] Group 2: Replay and Webcast Information - A replay of the earnings call will be available by phone until February 18, 2026, with specific numbers for different regions [3] - A live and archived webcast of the conference call will be accessible on the Company's investor relations website for 12 months following the call [3] Group 3: Company Overview - NetEase Cloud Music Inc. was launched in 2013 and is recognized as a leading online music platform in China, focusing on user experience and community engagement [4] - The platform is popular among Generation Z in China, emphasizing the discovery and promotion of emerging musicians [4]

Group 1 - NetEase, Inc. will report its financial results for the fourth quarter and fiscal year 2025 on February 11, 2026, before the U.S. market opens [1] - The earnings teleconference call will occur at 7:00 a.m. Eastern Time on February 11, 2026, with management discussing the quarterly results and answering questions [2] - Interested parties can participate in the conference call by dialing 1-914-202-3258 and providing the conference ID: 10052758 [3] Group 2 - NetEase is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4] - The company has one of the largest in-house game R&D teams, focusing on mobile, PC, and console gaming to create superior gaming experiences [5] - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6]