NETEASE INC(9999.HK)2Q25 PREVIEW：PROFIT TO BEAT;SUSTAINABLE PROFITABLE GROWTH IN 2025 AND HIGHLY EXPECTED NEW FRANCHISES IN 2026
Ge Long Hui·2025-07-09 02:16
2Q25 preview: strong PC; flattish YoY mobile; profit beat. We model total revenue will hike 11% YoY to RMB28.2bn, -1% below consensus. We forecast pure online game revenue will jump 16% YoY to RMB22.4bn, -2% below consensus. PC game revenue will grow at 67% YoY to RMB7.6bn, continuously contributed by Marvel Rivals in overseas, domestic Blizzard games and Where Winds Meet PC domestically. Mobile game revenue will be flattish YoY at RMB14.8bn mainly affected by Justice Mobile being offset by Where Winds Meet ...