Core Viewpoint - Morgan Stanley's research report indicates that NetEase's third-quarter revenue increased by 13% year-on-year and 3% quarter-on-quarter, which, although below market expectations, is considered reasonable given the limited new game releases during the period [1] Group 1: Financial Performance - NetEase's net profit met market expectations [1] - Cash revenue, accounting for contract liabilities, grew by 14% year-on-year and 18% quarter-on-quarter, indicating strong performance and suggesting stable game revenue for the fourth quarter [1] Group 2: Future Outlook - Morgan Stanley's outlook on NetEase's main game product line for next year is becoming increasingly positive, maintaining an "overweight" rating with a target price of HKD 295 [1] - The game "ANANTA" is expected to become the company's largest revenue-generating game, with projected first-year revenue of RMB 12 billion [1] - The game "Sea of Remnants" is anticipated to drive an average annual growth of 12% in game revenue from 2026 to 2027 [1] - NetEase may meet the conditions for interconnectivity next year, and its current valuation is below that of major A-share gaming companies, which is expected to trigger further re-evaluation of its stock price [1]

Core Viewpoint - NetEase (9999.HK) experienced a rebound of over 6%, reaching HKD 217, with a total market capitalization of HKD 687 billion [1] Financial Performance - For the third quarter, NetEase reported total revenue of RMB 28.4 billion, representing a year-on-year growth of 8.2% [1] - The net profit for the quarter was RMB 8.6 billion, remaining flat compared to the previous quarter, but showing a year-on-year increase of 32.3% [1] Analyst Ratings - Daiwa raised its target price for NetEase to HKD 263 and reiterated a "Buy" rating [1] - CICC maintained a "Outperform" rating for NetEase with a target price of HKD 275 [1] - JPMorgan noted that NetEase's gaming revenue continues to grow and maintained an "Overweight" rating [1] - CITIC Securities expressed confidence in NetEase's stable revenue and profit performance, highlighting a positive outlook for its future pipeline [1]

Core Viewpoint - Daiwa's research report indicates that NetEase's online gaming revenue for Q3 increased by 12.7% year-on-year, but was 3% lower than market expectations [1] Group 1: Financial Performance - Net profit for the period was largely in line with market expectations, driven by investment income [1] - The sales performance of games remained stable, but the quarter-on-quarter revenue growth was still below expectations [1] Group 2: Revenue Forecast and Ratings - Daiwa has lowered its revenue forecast for NetEase for 2026 to 2027 by 1%, reflecting a decrease in revenue from NetEase Cloud Music live streaming [1] - The firm reiterated a "Buy" rating and raised the target price from HKD 260 to HKD 263 [1] Group 3: Share Buyback and Dividend Policy - Due to limited share buyback activity in the first three quarters of the year, Daiwa expects a 75% quarterly dividend payout ratio in Q4 to achieve an annual payout ratio target of 40% [1]

Group 1 - The gaming sector showed strong performance on November 24, with the gaming ETF (159869) rising nearly 1%, and most constituent stocks experiencing gains, led by Mingchen Health with an increase of nearly 8% [1] - NetEase reported its Q3 2025 financial results on November 20, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year. The gaming and related value-added services segment generated net revenue of 23.3 billion yuan, up 11.8% year-on-year, accounting for 82% of total revenue [1] - The net profit attributable to shareholders for the period was 8.6 billion yuan, indicating a significant recovery in NetEase's gaming business compared to the same period last year [1] Group 2 - NetEase's overseas gaming expansion has accelerated significantly over the past two years, with the global user base for the game "Marvel Duel" exceeding 40 million as of December 2024 [1] - The international version of "Nirvana in Fire" mobile game launched on November 7, 2025, topping the free charts on the App Store in several countries including Japan, Malaysia, Thailand, Vietnam, Cambodia, and Brunei [1] - NetEase management indicated that the performance of games like "World of Warcraft" and "Hearthstone" has exceeded previous levels, with plans for deeper development of related products in the future [1] Group 3 - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on investment opportunities in the gaming ETF (159869) that tracks the performance of A-share listed companies in the animation and gaming industry [2]

每经AI快讯，11月24日，港股科网股走强，网易(09999.HK)、快手(01024.HK)涨超5%，阿里巴巴 (09988.HK)涨4.5%，百度(09888.HK)、美团(03690.HK)涨3%，京东(09618.HK)涨2.3%，腾讯控股 (00700.HK)涨近2%。 ...

Core Insights - NetEase's Q3 revenue growth is primarily driven by its gaming segment, with a net income of 28.4 billion yuan, representing an 8.2% year-over-year increase [1] - The company's net profit attributable to shareholders reached 8.6 billion yuan, up 32% year-over-year, while the non-GAAP net profit was 9.5 billion yuan, reflecting a 26.7% increase [1] Revenue Breakdown - The gaming and related value-added services segment generated 23.3 billion yuan in revenue, marking an 11.8% year-over-year increase [1] - Online gaming revenue accounted for approximately 97.6% of this segment's total revenue, indicating strong performance in this area [1] Game Performance - Key contributors to the online gaming revenue growth include classic IPs such as "Fantasy Westward Journey" and "Party of Eggs," as well as newly launched self-developed games like "Yanyun Sixteen Sounds" and "Marvel Showdown" [3] - The peak concurrent users for "Fantasy Westward Journey" reached 3.58 million on November 2, marking the fourth record high since the launch of the smooth play server in July [3] Management Changes - Recent high-level executive departures have raised concerns, but management asserts that these changes are part of normal organizational adjustments and do not impact daily operations [3] - The departure of key figures, such as the head of the tenth division of NetEase Interactive Entertainment, has been attributed to personal career development plans [3] Strategic Focus - NetEase is shifting its focus towards existing successful products rather than spreading resources thin on uncertain new projects, as indicated by management's response to inquiries about the reduced number of game releases [5] - The company is enhancing its capabilities in creating blockbuster games, suggesting a reduced reliance on foreign talent [6] Competitive Landscape - Both NetEase and Tencent are expanding in overseas markets to avoid intense competition in the domestic market, with Tencent reporting a 43% year-over-year growth in international game revenue, which now accounts for 33% of its total gaming revenue [5][8] - The internal competition within NetEase is expected to lead to a natural selection process, reflecting the company's desire for new blockbuster game categories [10]

Group 1 - The smart electric vehicle business of Xiaomi Group achieved its first quarterly profit, with a record high profit in Q3 2025, reporting revenue of approximately 113.1 billion RMB, a year-on-year increase of 22.3% [4][5] - The automotive segment saw a significant increase in revenue, reaching 283 billion RMB in Q3 2025, a year-on-year growth of 197.9%, driven by an increase in delivery volume and average selling price (ASP) [7] - The IoT and lifestyle products segment maintained year-on-year growth, achieving revenue of 276 billion RMB in Q3 2025, despite subsidy reductions [6] Group 2 - Top Group reported a revenue of 209.28 billion RMB for the first three quarters of 2025, a year-on-year increase of 8.14%, with a notable growth in the automotive electronics business [10] - The company’s Q3 2025 revenue reached 79.94 billion RMB, reflecting a quarter-on-quarter increase of 11.53%, primarily due to increased sales from key customers [10][11] Group 3 - Baidu Group's total revenue for Q3 2025 was approximately 311.74 billion RMB, a year-on-year decline of 7%, influenced by decreases in online marketing and iQIYI revenues [13][15] - The AI-driven marketing services within Baidu's core business saw a significant increase, with revenue reaching 28 billion RMB, a year-on-year growth of 262% [15] Group 4 - XPeng Motors reported a revenue of 203.8 billion RMB in Q3 2025, a year-on-year increase of 101.8%, with automotive revenue contributing 180.5 billion RMB [19][20] - The company expects Q4 2025 deliveries to reach between 125,000 and 132,000 units, representing a year-on-year growth of 36.6% to 44.3% [21] Group 5 - Lenovo Group reported a revenue of approximately 204.52 billion USD for FY2026Q2, a year-on-year increase of 15%, with AI-related business revenue accounting for 30% of total revenue [24][25] - The infrastructure solutions group within Lenovo saw a revenue increase of 24%, driven by new customer acquisitions and business transformations [26] Group 6 - The AIDC storage report indicates a high demand in the industry, with significant growth expected in the data center storage market, projected to reach 212 GWh globally by 2030 [28][29] - The report highlights that data center storage has shifted from being an optional configuration to a necessity, driven by increasing power density and load demands [29][30]

每经AI快讯，网易-S(09999.HK)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 （文章来源：每日经济新闻） ...

Core Insights - NetEase-S reported a net income of RMB 28.4 billion (USD 4 billion) for Q3 2025, representing an 8.2% year-on-year increase [1] - Gross profit reached RMB 18.2 billion (USD 2.6 billion), up 10.3% year-on-year [1] - Net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), reflecting a 31.77% year-on-year growth [1] Revenue Breakdown - Revenue from games and related value-added services for Q3 2025 was RMB 23.3 billion (USD 3.3 billion), compared to RMB 22.8 billion in the previous quarter and RMB 20.9 billion in the same quarter last year [1] - Online games accounted for approximately 97.6% of the segment's net revenue, showing a slight increase from 97.1% in the previous quarter and 96.8% year-on-year [1] - The growth in online game revenue was driven by self-developed games such as "Dream of the Red Chamber" PC and "Nirvana in Fire" mobile, as well as several agency games [1] Product Performance - The performance of "Dream of the Red Chamber" PC and mobile games, along with "Party of Eggs," was strong during the summer, showcasing the company's long-standing game operation capabilities [2] - The company plans to allocate more resources to evergreen projects and provide opportunities for innovative teams [2] - Upcoming new games include "Forgotten Sea," set to launch in 2026, with additional titles like "Infinite" and "Return to Tang" in the pipeline [2]

每经AI快讯，11月24日，港股明星科网股多数走强，网易(09999.HK)涨超4%，快手(01024.HK)涨超 3%，百度(09888.HK)、腾讯控股(00700.HK)涨超2%。 ...