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]

Market Overview - US stock market showed mixed results as investors digested the latest Federal Reserve interest rate decision, with the Dow Jones increasing by 12.19 points (0.02%) to 49,015.60, and the Nasdaq rising by 0.17% to 23,857.45, while the S&P 500 slightly declined by 0.01% to 6,978.03, marking an intraday historical high above 7,000 points [3] Technology Sector Performance - Star tech stocks exhibited divergence, with Nvidia rising by 1.59%, Google by 0.38%, and Microsoft by 0.22%. In contrast, Tesla fell by 0.10%, while Meta, Amazon, and Apple dropped over 0.6%, with Apple down by 0.7% and Oracle down by 1.20% [4][5] - The Nasdaq China Golden Dragon Index increased by 0.32%, with Alibaba up by 1.70%, NetEase by 1.46%, and Baidu by 0.02%. However, JD.com fell by 0.92% and Pinduoduo dropped by 3.84% [4] Semiconductor Sector Insights - The Philadelphia Semiconductor Index rose by 2.3%, with Intel increasing by 11.04% and Texas Instruments by 9.9%. However, ASML saw a decline of 2.1% despite reporting record net sales of €9.7 billion for Q4 2025, exceeding market expectations [6] - ASML's order volume reached €13.2 billion, double the analysts' average forecast, and the company raised its sales outlook for 2026 to between €34 billion and €39 billion, compared to the analysts' expectation of €35 billion [6] Federal Reserve and Economic Indicators - The Federal Reserve decided to maintain interest rates, citing robust economic expansion and signs of stabilization in the unemployment rate. Fed Chair Jerome Powell indicated that current monetary policy is not significantly tight [6][7] - The current inflation level is slightly above the Fed's target, while unemployment has risen, creating a contradiction that keeps the Fed's policy stance neutral until data changes necessitate a clear choice [7] Commodity Market Movements - Precious metals saw strong gains, with COMEX gold futures for January delivery rising by 4.36% to $5,301.60 per ounce, and silver futures increasing by 7.19% to $113.11 per ounce [8]

智通财经APP获悉，周三，热门中概股多数上涨，截至发稿，新东方(EDU.US)涨超4%，理想汽车 (LI.US)、贝壳(BEKE.US)涨超3%，哔哩哔哩(BILI.US)涨超2%，阿里巴巴(BABA.US)、网易(NTES.US) 涨超1.5%。 ...

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]

Core Insights - The issuance of game licenses in January 2026 remains high, with a total of 182 licenses approved, marking a 33.82% increase compared to January 2025 [2] - The supply side continues to release, indicating a stable trend towards normalization of license issuance, and the industry's recovery is ongoing [1] Industry Events - On January 26, 2026, the National Press and Publication Administration announced the approval of 177 domestic games and 5 imported games for January [1] - The domestic game licenses approved in January 2026 are the second highest since November 2025, with notable titles including "Douluo Dalu: Qicheng" by 37 Interactive Entertainment and "Rainbow Six: Siege" by Tencent [2] Market Focus - "Rainbow Six: Siege" is highlighted for its tactical shooting gameplay, which differentiates it in the competitive FPS market, supported by Tencent's ecosystem for community and esports development [3] - The FPS market in China is described as highly competitive, with Tencent and NetEase both having established strong product offerings in this segment [3]

Core Viewpoint - Nomura's report indicates that NetEase's total revenue for the last quarter is expected to grow by 4% year-on-year to 27.7 billion yuan, which is 4% lower than the latest market forecast [1] Revenue Summary - Online gaming revenue is projected to be 21.7 billion yuan, reflecting a year-on-year increase of 5.8% but a quarter-on-quarter decline of 5% [1] Profitability Metrics - The deferred revenue is expected to remain resilient; gross margin is anticipated to increase by 3.3 percentage points year-on-year to 64.2% [1] - The gross margin for the online gaming business may continue to expand, with a year-on-year growth of 3 percentage points to 69.6% [1] - GAAP operating margin is expected to rise by 0.2 percentage points to 29.4% [1] - Non-GAAP net profit is projected to decline by 16% to 8.1 billion yuan [1] Investment Rating - Nomura maintains a "Buy" rating for NetEase's U.S. stock and continues to set a target price of $160 [1]

Military and Geopolitical Developments - The US Central Command announced that the Ninth Air Force will conduct air force readiness exercises in the Middle East, aimed at enhancing rapid deployment capabilities [2] - The USS Abraham Lincoln Carrier Strike Group has entered the Middle East, and the US has informed Israel about military preparations against Iran, expected to be completed within two weeks [2] - Iran's Revolutionary Guard Navy officials stated they have achieved real-time monitoring of the Strait of Hormuz and are prepared for any potential conflict, asserting they do not seek war but are ready for a response [2] Financial Markets Overview - US stock markets showed mixed results, with the Dow Jones down 0.83%, while the Nasdaq rose by 0.91% and the S&P 500 increased by 0.41% [3] - Major tech stocks mostly rose, with Amazon up 2.63%, Microsoft up 2.19%, and Apple up 1.12%, while Tesla fell nearly 1% [3] - The Nasdaq Golden Dragon China Index increased by 0.48%, with mixed performances among popular Chinese stocks [3] Commodity Prices - International oil prices rose, with WTI crude oil futures closing at $62.57 per barrel, up 3.20%, and Brent crude oil futures at $66.70 per barrel, up 2.98% [3] - Spot gold increased by 3.45%, reaching $5,181.04 per ounce, with a peak at $5,190.06, marking a historical high [3] - Spot silver rose by 7.97%, priced at $112.14 per ounce [3] Currency and Exchange Rates - The US Dollar Index fell to 95.775, hitting a low of 95.510, the lowest since early 2022 [4] - The offshore RMB was quoted at 6.9321, while the onshore RMB was at 6.9545 [5] Corporate Announcements - Anta Sports announced plans to acquire a 29.06% stake in Puma for €15.06 billion (approximately 123 billion RMB), aiming to become its largest shareholder [15] - Micron Technology plans to invest $24 billion in Singapore over the next decade to expand NAND flash memory production, creating approximately 1,600 jobs [16] - DeepSeek launched a new AI model, DeepSeek-OCR 2, which can interpret images in a human-like logical sequence, enhancing its visual understanding capabilities [13]