Zhi Tong Cai Jing·2025-08-12 04:14Core Viewpoint - Citic Securities expects NetEase-S (09999) to see improved performance in Q2 2025, with total revenue and adjusted profit projected to increase by 12% and 29% year-on-year, reaching RMB 28.5 billion and RMB 10.4 billion respectively [1] Revenue Breakdown - The report anticipates a 17.9% year-on-year increase in NetEase's gaming revenue, driven by an 85% increase in PC game revenue, the successful return of Blizzard Entertainment games, and strong sales of new titles such as "Marvel Rivals" and "Where Winds Meet" [1] Mobile Game Performance - Mobile game revenue is expected to benefit from the solid performance of "Justice Mobile," "Eggy Party," and "Identity V," along with a recovery in "Racing Master" and the launch of new games [1] - NetEase currently has 21 approved games, which is believed to continue driving its growth [1]