Core Viewpoint - The report from Credit Lyonnais indicates that NetEase's Q2 performance is expected to improve, with total revenue and adjusted EBIT projected to increase by 12% and 29% year-on-year, reaching RMB 28.5 billion and RMB 10.4 billion respectively [1] Revenue and Earnings - Total revenue is forecasted to rise by 12% year-on-year to RMB 28.5 billion [1] - Adjusted EBIT is expected to increase by 29% year-on-year to RMB 10.4 billion [1] Gaming Performance - The gaming revenue for the period is estimated to grow by 17.9% year-on-year [1] - Key games such as "Naraka: Bladepoint" and "Party Animals" have shown stable performance, while "Peak Speed" has resumed growth [1] - "Identity V" and new game titles are performing steadily [1] Future Product Line - The product lineup for the second half of the year includes RPG game "Marvel: Secret Wars," ARPG game "Diablo II: Resurrected," and FPS game "Voidstar" [1] - Approximately 21 new games have recently passed regulatory approval, which is expected to further drive company growth [1]

Core Viewpoint - The report from Credit Lyonnais indicates that NetEase (NTES.US) is expected to see improved performance in Q2, with total revenue and adjusted EBIT projected to increase by 12% and 29% year-on-year, reaching RMB 28.5 billion and RMB 10.4 billion respectively [1] Revenue and Earnings - Total revenue is forecasted to rise by 12% year-on-year to RMB 28.5 billion [1] - Adjusted EBIT is expected to increase by 29% year-on-year to RMB 10.4 billion [1] Gaming Performance - The gaming revenue is estimated to grow by 17.9% year-on-year during the period [1] - Key games such as "Nirvana in Fire" and "Egg Party" have shown stable performance, while "Peak Speed" has resumed growth [1] - "Identity V" and new games are performing steadily [1] Future Product Line - The product lineup for the second half of the year includes RPG game "Marvel Secret Wars," ARPG game "Diablo II Resurrected," and FPS game "No Man's Sky" [1] - Approximately 21 games have recently passed regulatory approval, which is expected to further drive company growth [1]

金融界8月11日消息，上证指数上涨0.34%，中证香港300成长指数 (HK300G，H11173)报2382.46点。 从中证香港300成长指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300成长指数持仓样本的行业来看，可选消费占比40.47%、通信服务占比19.77%、金融占比 10.58%、医药卫生占比9.89%、能源占比6.99%、原材料占比4.71%、主要消费占比2.08%、公用事业占 比1.76%、工业占比1.60%、信息技术占比1.44%、房地产占比0.70%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退市时，将其从指数 ...

Group 1 - The internal office system POPO of NetEase experienced issues, allowing message sending and receiving but hindering some business operations due to a network fault in the server room [2] - The downtime for NetEase games exceeded 2 hours, with significant challenges in troubleshooting due to the extensive area affected [2] - On August 5, multiple games under NetEase faced login issues, with players reporting freezing at the login stage despite attempts to restart devices or reinstall the games [2] Group 2 - NetEase's game "Identity V" acknowledged the login issues and stated that the development team was urgently working on troubleshooting and would communicate updates once resolved [2] - The game "Onmyoji" also reported login issues due to a temporary technical fault, with the team actively working on repairs and promising compensation for affected players [2] - This incident is not the first major server crash for NetEase, with a previous significant outage occurring in March 2025, affecting multiple games due to a network fault from the operator China Mobile [5]

Core Points - The Shanghai Composite Index increased by 0.34%, while the China Securities Hong Kong 300 Communication Services Index (H300 Communication) reported a value of 1578.18 points [1] - The H300 Communication Index has seen a rise of 4.79% over the past month, 16.90% over the past three months, and 32.48% year-to-date [1] Group 1: Index Overview - The China Securities Hong Kong 300 Industry Index series classifies securities based on the China Securities Industry Classification Standard, reflecting the overall performance of different sectors in the Hong Kong market [1] - The base date for the index is December 31, 2004, with a base point of 1000.0 [1] Group 2: Top Holdings - The top ten holdings of the H300 Communication Index are Tencent Holdings (15.07%), NetEase-S (13.89%), China Mobile (13.81%), Baidu Group-SW (12.96%), Kuaishou-W (12.72%), Cheung Kong (7.38%), China Telecom (4.5%), China Unicom (3.24%), China Tower (2.93%), and Bilibili-W (2.79%) [1] Group 3: Sector Composition - The sector composition of the H300 Communication Index includes Digital Media (47.10%), Telecom Services (30.30%), Cultural Entertainment (15.78%), Communication Technology Services (2.93%), Data Centers (2.03%), Communication Equipment (0.99%), and Marketing & Advertising (0.86%) [2] Group 4: Sample Adjustment - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are adjusted in accordance with the sample changes, and any temporary adjustments will follow the same protocol as the index sample adjustments [2]

Core Viewpoint - The report from Credit Lyonnais indicates that NetEase's performance is expected to improve in the second quarter, with total revenue and adjusted EBIT projected to increase by 12% and 29% year-on-year, reaching 28.5 billion and 10.4 billion respectively [1] Revenue and Earnings - Total revenue is forecasted to rise to 28.5 billion, while adjusted EBIT is expected to reach 10.4 billion [1] - Game revenue is estimated to grow by 17.9% year-on-year during the period [1] Game Performance - The decline in mobile game revenue has slowed to 2.9% year-on-year, attributed to stable performances from titles such as "Nirvana in Fire" and "Party of Egg," as well as recovery in "Peak Speed" and steady performance from "Identity V" and new games [1] Upcoming Titles - NetEase's product lineup for the second half of the year includes RPG game "Marvel Secret Law," ARPG game "Diablo II Resurrected," and FPS game "No Man's Sky" [1] - Approximately 21 games have recently passed regulatory approval, which is expected to further drive the company's growth [1] Analyst Rating - Credit Lyonnais maintains a "Outperform" rating for NetEase with a target price of $140 [1]

Group 1 - In July, several leading Chinese gaming companies experienced significant month-on-month revenue growth, continuing the upward trend from the first half of the year [1][4] - A total of 32 domestic game publishers entered the global mobile game publisher revenue ranking in July, collectively generating $1.95 billion, which accounts for 34% of the revenue of the top 100 global mobile game publishers [1] - Tencent maintained its position as the top global mobile game publisher, with a 20% increase in revenue driven by popular titles such as "Honor of Kings" and "PUBG MOBILE" [4][6] Group 2 - Century Huatong's subsidiary, Didi Interactive, showed strong performance overseas, with its games "Kingshot" and "Tasty Travels: Merge Game" seeing revenue increases of 34% and 52% respectively, contributing to a 10% overall revenue growth [4][5] - Other A-share companies like 37 Interactive Entertainment and Giant Network also ranked highly in the revenue list, with Giant Network's game "Supernatural Action Group" gaining popularity due to its unique theme and gameplay [5][6] - NetEase and miHoYo ranked third and fourth respectively, with NetEase's "Egg Party" seeing a 23% revenue increase and miHoYo's "Honkai: Star Rail" achieving a new revenue high for 2025, resulting in a 28% month-on-month growth [6] Group 3 - The overseas market for self-developed Chinese games saw actual sales revenue of $9.501 billion in the first half of the year, marking an 11.07% year-on-year growth [8] - The global gaming market is expected to continue its strong growth, with the combined market size of mobile and PC games projected to exceed $120 billion by 2028 [8][9] - The report anticipates a 4% year-on-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, and a further 6% increase in 2025, with projections of $106.5 billion by 2028 [9]

Core Insights - The gaming industry in China has shown significant growth in overseas revenue, with major companies reporting substantial increases in July [1][2][3] Group 1: Industry Performance - In July, 32 Chinese gaming companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the top 100 global mobile game publishers' revenue [2] - Tencent's games, including "Honor of Kings" and "PUBG MOBILE," saw a 20% increase in global revenue in July, maintaining Tencent's position as the top Chinese mobile game publisher [3] - Century Huatong's subsidiary, DianDian Interactive, reported a 10% increase in overall revenue, driven by significant growth in its games "Kingshot" and "Tasty Travels: Merge Game," which saw revenue increases of 34% and 52% respectively [3] Group 2: Company Highlights - Other notable A-share companies like 37 Interactive Entertainment and Giant Network also performed well, with Giant Network's game "Supernatural Action Group" becoming a hit, leading to a significant revenue increase [4] - NetEase and miHoYo ranked third and fourth in the revenue ranking, with NetEase's "Egg Party" and miHoYo's "Honkai: Star Rail" achieving revenue growth of 23% and 28% respectively in July [4] - Year-to-date stock performance for Century Huatong and Giant Network has been impressive, with increases of approximately 167% and 133% respectively, leading the A-share gaming sector [4] Group 3: Market Outlook - The global gaming market continues to grow, with projections indicating that the combined market for mobile and PC games will exceed $120 billion by 2028 [5] - The report anticipates a 4% year-over-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, with further growth expected in 2025 [5] - There remains significant market opportunity for Chinese gaming companies in overseas markets, as evidenced by the 11.07% year-over-year growth in actual sales revenue from self-developed games in the first half of the year [4][5]

Core Viewpoint - The乙游 industry is currently facing a severe public relations crisis, primarily due to player dissatisfaction with pricing changes and discrepancies between promotional content and actual game performance [1][3][12] Group 1: Pricing Issues - NetEase's game "World Beyond" faced backlash after secretly increasing the price of a new card pool from 300 to 400 in-game currency without prior notice, leading to player outrage and demands for accountability [1][3] - The initial public relations response from "World Beyond" included compensation for players, but it was deemed insufficient, resulting in a collective halt in spending by players [3][8] Group 2: Game Performance Discrepancies - "Love and Deep Space" also encountered issues when players noticed discrepancies between the promotional video and the actual performance of a new card, leading to increased player frustration and demands for rectification [5][7] - A lawyer's letter was issued by a player group, highlighting false advertising regarding game mechanics and demanding reparations, yet the game developers chose to remain silent [7][12] Group 3: Emotional and Commercial Imbalance - The乙游 business model relies heavily on emotional connections with players, particularly female players who are willing to spend based on their emotional investment in characters [11][12] - The current crisis stems from a failure to maintain this emotional connection while attempting to maximize profits, resulting in a breakdown of trust between players and developers [12][13] Group 4: Industry Response and Future Implications - Both games have failed to adequately address player concerns, leading to heightened tensions and a potential long-term impact on player loyalty and spending behavior [8][12] - The resolution of this crisis may hinge on restoring emotional connections with players rather than merely addressing pricing or gameplay mechanics [12][13]

Core Insights - The top six mobile game publishers remain unchanged, with Tencent, DianDian Interactive, NetEase, miHoYo, and Florere Game showing strong performance, leading to a quarter-over-quarter revenue increase for publishers [2][33] - Notable revenue growth was observed for several games, including "恋与深空" (Love and Deep Space) and "地下城与勇士：起源" (Dungeon and Fighter: Origin), contributing to the overall revenue surge for their respective publishers [2][24] Group 1: Publisher Performance - Tencent's global revenue increased by 20% in July, maintaining its position as the top mobile game publisher in China [3] - DianDian Interactive's game "Kingshot" saw a 34% revenue increase, with total global revenue surpassing $200 million [10] - NetEase's "蛋仔派对" (Egg Party) achieved a revenue increase of 100% in July, contributing to a 23% rise in the company's overall revenue [12] - miHoYo's revenue surged by 28%, driven by the success of "崩坏：星穹铁道" (Honkai: Star Rail) which saw a 325% revenue increase [16] - Florere Game's revenue grew by 24%, supported by the success of "Last Z: Survival Shooter" which saw a 44% increase [18] Group 2: Game Updates and Events - "三角洲行动" (Delta Action) experienced a 166% revenue increase following a major update and collaboration event, ranking third in the iOS market [8] - "地下城与勇士：起源" (Dungeon and Fighter: Origin) saw a 42% revenue increase after a significant content update, ranking sixth in the iOS market [8] - "恋与深空" (Love and Deep Space) achieved record revenue following a major version update, with a 33% increase in revenue [24] - New titles from publishers like 沐瞳科技 (Muto Technology) and 游卡网络 (Youka Network) also showed strong performance, with revenue increases of 32% and 110% respectively [25][27] Group 3: Market Trends - The competition among mobile game publishers remains intense, with many companies leveraging flagship products and new releases to drive revenue growth [33] - The overall revenue for the top 100 global mobile game publishers reached $19.5 billion, accounting for 34% of the total revenue in this period [2]