Group 1: NetEase's "The Legend of the Condor Heroes" Shutdown - NetEase's MMO game "The Legend of the Condor Heroes" officially ceased operations on November 24, 2023, due to the expiration of its IP cooperation with Minghe Publishing and adjustments in the company's game operation strategy [1] - The game was initially launched for public testing on March 28, 2024, and underwent several revisions, including a "reboot plan" announced in October 2024 and a 2.0 version released in March 2025 [1] - The shutdown highlights the challenges of product positioning and market alignment, indicating that even strong IPs and development capabilities cannot guarantee commercial success if there is a misalignment with market demands [1] Group 2: Ubisoft's AI Game Project "Teammates" - Ubisoft announced the launch of its first playable generative AI research project, "Teammates," which aims to enhance player experience through real-time voice commands and improved gameplay [2] - The project features an AI voice assistant named Jaspar, which guides players through gameplay and narrative in a dystopian future setting [2] - This initiative signifies a shift in AI technology application within the gaming industry, moving from backend development to core interactive experiences, potentially leading to a new wave of technological competition and innovation in gameplay [2] Group 3: Krafton's Development of Multiplayer Mode for "inZOI" - Krafton confirmed that it is developing a multiplayer mode for its life simulation game "inZOI," as stated by producer Kim Hyung-jun [3] - The game is set to enter early access on Steam on March 28, 2025, with a price of 188 yuan in the Chinese market, and previously topped the Steam wishlist [3] - The addition of multiplayer features aims to enhance social engagement and extend the game's lifecycle, reflecting a significant trend in the industry towards incorporating multiplayer interactions in simulation games [3]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.44%, the S&P 500 up 1.55%, and the Nasdaq Composite up 2.69% [1] - Large-cap tech stocks saw significant gains, with Tesla and Google both rising over 6% [1] Sector Highlights - Semiconductor stocks performed strongly, with Broadcom's stock increasing by 11%, marking its largest gain since April, adding $178 billion to its market capitalization [1] - The Philadelphia Semiconductor Index rose by 4.6%, with Micron Technology up nearly 8%, AMD up over 5%, and Nvidia up over 2% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by 2.82%, with notable gains in popular Chinese concept stocks [1] - Key performers included WeRide up 14.72%, Pony.ai up 12.51%, and Canadian Solar up 10.16% [1] - Other significant increases were seen in Daqo New Energy up 8.89%, Global Data up 8.38%, Baidu up 7.44%, and Bilibili up 6.80% [1]

Accessibility StatementSkip Navigation HANGZHOU, China, Nov. 24, 2025 /PRNewswire/ -- Chartmetric has integrated chart data from NetEase Cloud Music, one of China's largest and most youth-driven streaming platforms. The move gives global music professionals structured access to regional listening trends, helping bridge the data gap between China's music ecosystem and the rest of the world. NetEase Cloud Music is the home of music streaming for China's youth, whose userbase includes 90% of users aged under 3 ...

Core Insights - NetEase, Inc. reported fiscal Q3 2025 revenue of RMB28.4 billion ($4.0 billion), an 8.2% year-over-year increase, but below analysts' expectations of $4.10 billion [1] - The company's EPS of $2.09 met consensus estimates [1] Revenue Breakdown - Revenue growth was primarily driven by Games and related value-added services, which accounted for 97.6% of total revenue, growing 11.8% year-over-year to RMB23.3 billion ($3.3 billion) [2] - The increase in gaming revenue was attributed to higher earnings from self-developed games, including Fantasy Westward Journey Online and Sword of Justice, as well as certain licensed games [2] - Fantasy Westward Journey Online achieved a record concurrent player count of 3.58 million for the fourth consecutive quarter in Q3 2025 [2] Analyst Ratings - UBS maintained a Buy rating on NetEase, Inc. with a price target of HK$302.64 [3] - NetEase is recognized as a leading Chinese internet technology corporation focused on gaming, education, music, and e-commerce, with a diverse portfolio of popular mobile and PC games [3]

Core Insights - Wall Street experienced a rebound on November 21, 2025, with all three major stock indices rising nearly 1% due to investor optimism about a potential rate cut in December following dovish comments from John Williams, president of the Federal Reserve Bank of New York [1] Market Conditions - Despite the rebound, concerns over overvalued AI stocks persist, which could lead to a sell-off in the broader market at any time [2] Investment Strategy - In the current unstable environment, equity investors are advised to avoid high-priced stocks and consider dividend-growth stocks, as these companies typically exhibit strong financial health and provide a defensive hedge against economic uncertainty [3][5] - Dividend-growth stocks are characterized by a history of increasing dividends, which offers downside protection and potential for capital appreciation [5][6] Selected Dividend Growth Stocks - Five dividend growth stocks identified as solid choices include: - **Cardinal Health (CAH)**: Expected fiscal 2026 revenue growth of 16.2%, long-term earnings growth rate of 13.9%, and an annual dividend yield of 0.98% [12][13] - **Barrick Mining (B)**: Projected 2025 revenue growth of 21.5%, long-term earnings growth rate of 38.4%, and an annual dividend yield of 1.64% [14] - **NetEase (NTES)**: Anticipated 2025 revenue growth of 10.4%, long-term earnings growth rate of 9.9%, and an annual dividend yield of 1.70% [15] - **Lam Research (LRCX)**: Expected fiscal 2026 revenue growth of 14.1%, long-term earnings growth rate of 20.3%, and an annual dividend yield of 0.73% [16] - **Enersys (ENS)**: Projected fiscal 2026 revenue growth of 4%, long-term earnings growth rate of 15%, and an annual dividend yield of 0.76% [17] Selection Criteria - The selection of these stocks is based on criteria such as multi-year growth in dividends, sales, earnings per share (EPS), and undervaluation metrics [10][11] - Stocks selected have shown historical growth in dividends, sales, and EPS, indicating strong fundamentals and potential for sustained dividend payments [8][9]

【#网易射雕正式停止运营#】今日，网易旗下MMO游戏《射雕》正式停止运营。 根据网易发布的公告，停运的主要原因是《射雕三部曲》IP的合作期即将结束，以及游戏运营策略的调 整。 官方表示，截止至2025年9月24日14时，玩家网易邮箱/手机账号中未使用的收费金锭将按照等额点数形 式补偿，并可在网易旗下的其他游戏中使用。 据了解，网易《射雕》于2024年3月28日开启公测，2024年5月迎来制作人更换，同年10月官方公布 "射 雕回炉计划"，试图调整产品方向。 斯 4 p ASS ff @新浪科技。 G 2025年3月，游戏推出2.0版本，对美术风格、养成系统等核心内容进行大幅迭代优化，截至今日，共计 运营606天。 值得注意的是，当初为了标榜"不赚快钱"，官方还喊出了"150年的长线运营，《射雕》只想赚慢钱"的 口号。 项目组曾承诺《射雕》必然会构建一个付费理念足够绿色、不逼肝、不逼氪、控制数值膨胀的江湖。 据悉，本作以金庸创作的"射雕三部曲"（《射雕英雄传》《神雕侠侣》《倚天屠龙记》）为背景，基于 小说内容进行改编。（快科技） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Insights - The company reported a revenue increase of 8% year-on-year, with a Non-GAAP net profit of 9.5 billion yuan, reflecting a 27% growth [1][9]. - Deferred revenue grew by 25%, indicating strong future revenue potential [2][26]. - The online gaming segment showed robust performance, with revenue reaching 22.8 billion yuan, a 13% increase year-on-year [2][14]. - The company is focusing on global expansion and the launch of new games, which are expected to drive future growth [2][17]. Financial Performance - In Q3 2025, the company achieved a gross margin of 64.1%, up 1.2 percentage points year-on-year [1][10]. - The total operating expense ratio was 36%, with a sales expense ratio of 15.7%, reflecting increased marketing spending [1][10]. - The forecasted adjusted net profits for 2025-2027 are 39.3 billion, 42.5 billion, and 46.7 billion yuan, respectively [26][28]. Game Performance - Classic games like "Dream of the Red Chamber" continue to attract players, showcasing the company's long-term operational capabilities [2][17]. - The highest concurrent player count for "Dream of the Red Chamber" reached 3.58 million, indicating strong player engagement [2][17]. - New game releases and global launches are anticipated to enhance the company's market presence [2][17]. Other Business Segments - Youdao's revenue increased by 4% year-on-year, with advertising services growing significantly by 51% [3][18]. - Net revenue from NetEase Cloud Music was 2 billion yuan, a 2% decline year-on-year, with a gross margin of 35.4% [3][23].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating resilience and growth potential across its business segments [1][2][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 28.359 billion yuan, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [1]. - The net profit attributable to shareholders was 8.616 billion yuan, reflecting a year-over-year growth of 31.8% and a quarter-over-quarter increase of 0.2% [1]. - Non-GAAP net profit was 9.502 billion yuan, with a year-over-year increase of 26.7% but a slight quarter-over-quarter decrease of 0.3% [1]. - Gross margin improved to 64.1%, up 2.0 percentage points year-over-year, while the sales expense ratio increased to 15.7%, up 8.3 percentage points year-over-year [1]. Gaming Business - The gaming and value-added services segment generated revenue of 22.3 billion yuan in Q3 2025, marking an 11.8% year-over-year increase and a 2.3% quarter-over-quarter increase [2]. - The company demonstrated strong operational capabilities with classic IPs performing well, including record-high concurrent players for "Dream of Dreams" [2]. - New game launches, such as "Fate: Stars" and upcoming titles like "The Sea of Forgotten," are expected to enhance global reach and player engagement [2]. NetEase Youdao - NetEase Youdao reported revenue of 1.6 billion yuan in Q3 2025, showing a year-over-year growth of 3.6% and a quarter-over-quarter growth of 14.9% [3]. - The AI-native strategy is yielding positive results, with collaborations enhancing resource integration and market demand targeting [3]. NetEase Cloud Music - NetEase Cloud Music achieved revenue of 2 billion yuan in Q3 2025, a slight year-over-year decline of 1.8% but stable quarter-over-quarter [4]. - The introduction of AI tuning features and award-winning recommendation models has improved user experience significantly [4]. Innovation and Other Businesses - Revenue from innovation and other businesses was 1.4 billion yuan, down 18.9% year-over-year and 15.3% quarter-over-quarter [4]. - The company is focusing on brand rejuvenation and leveraging AI technology to enhance content quality and community engagement [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025-2027, with adjusted net profits of 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan respectively [4]. - The target price for 2026 is set at 265 HKD, maintaining a "Buy" rating based on the profitability and competitive landscape of different business segments [4].

Core Viewpoint - In Q3 2025, NetEase's net revenue was 28.4 billion yuan, representing a year-over-year increase of 8.2%, but falling short of Bloomberg's consensus estimate of 29.2 billion yuan [1] Group 1: Financial Performance - Game and related value-added services net revenue was 23.3 billion yuan, up 11.8% year-over-year, but below the expected 23.9 billion yuan [1] - Youdao's net revenue reached 1.6 billion yuan, reflecting a year-over-year increase of 3.6% [1] - NetEase Cloud Music's net revenue was 2 billion yuan, down 1.8% year-over-year [1] - Innovative and other businesses generated net revenue of 1.4 billion yuan, a decline of 18.9% year-over-year [1] - Gross profit for Q3 was 18.2 billion yuan, up 10.3% year-over-year [1] - GaaP net profit was 8.6 billion yuan, with adjusted net profit at 9.5 billion yuan, aligning with consensus expectations [1] Group 2: Game Performance - The performance of games remained robust, with a strong pipeline for future development [2] - The peak concurrent player count for "Fantasy Westward Journey" PC version reached 3.58 million, setting a new record [2] - New games such as "Destiny: Stars," "Infinite," and "Yuan Yun Sixteen Sounds" have been launched, enriching the global product matrix [2] - The upcoming game "Forgotten Sea" is expected to launch in 2026, with preparations underway [2] Group 3: Youdao and Cloud Music - Youdao's profitability improved, with net revenue growth driven by increases in smart hardware and online marketing services [2] - NetEase Cloud Music continues to focus on high-quality development of its music-centric ecosystem, despite a slight revenue decline [2] Group 4: Innovation and Other Businesses - The innovative and other businesses segment saw a significant revenue decline, primarily due to reduced income from NetEase Yanxuan and increased internal transaction offsets [2]

Group 1: Performance Overview - The company maintained a "Buy" rating, reporting a robust Q3 performance with revenue of 28.4 billion yuan (up 8.2% YoY, up 1.7% QoQ) and net profit of 8.6 billion yuan (up 31.8% YoY, up 0.2% QoQ) [1] - Gross margin for Q3 was 64.1% (up 1.2 percentage points YoY), and net margin was 31.0% (up 5.4 percentage points YoY), driven by gains from stock investments and lower foreign exchange losses [1] - The company expects net profit for 2025-2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with current PE ratios of 16.6, 15.5, and 13.8 times [1] Group 2: Gaming and New Releases - Revenue from games and related services reached 23.3 billion yuan (up 11.8% YoY, up 2.3% QoQ), with growth attributed to titles like "Dream of the Red Chamber" and new releases [1] - The peak concurrent online users for "Dream of the Red Chamber" reached 3.58 million, showcasing the company's long-term operational strength [1] - The overseas product lineup is expanding, with "Fate: Stars" topping iOS download charts in multiple regions and "Yanyun Sixteen Sounds" achieving over 2 million players in 24 hours [1] Group 3: AI and Revenue Growth - Cloud Music reported Q3 revenue of 1.96 billion yuan, with a gross margin increase of 2.6 percentage points to 35.4%, driven by the launch of "AI Tuning Master" [2] - Youdao's revenue for Q3 was 1.63 billion yuan, primarily from online marketing services, with a YoY growth exceeding 40% [2] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a historical high with over 40% YoY growth [2]