花旗：网易一季度游戏收入强于预期

Core Viewpoint - Citigroup reports that NetEase's game revenue of 23.4 billion RMB in Q1 exceeded expectations, driven by successful games like "Yanyun Shiliusheng," the positive momentum since Blizzard games' return, and the steady performance of the "FWJ" series [1] Group 1: Financial Performance - NetEase's Q1 game revenue reached 23.4 billion RMB, which is stronger than anticipated [1] - The revenue growth is attributed to the contributions from successful titles and the return of Blizzard games [1] Group 2: Future Outlook - New games such as "Destiny: Rise" and "Marvel's Midnight Suns" are expected to expand the user base as global player awareness increases in Q2 and Q3 [1] - Citigroup has raised the target price for NetEase's American Depositary Receipts from $118 to $156, maintaining a buy rating [1]