Zhi Tong Cai Jing·2025-11-21 02:11Group 1 - The core viewpoint of the report maintains the profit forecast for NetEase-S (09999, NTES.US) with a target price of HKD 275 / USD 177, indicating an upside potential of 29% for HK stocks and 33% for US stocks [1] - In Q3 2025, the company reported a revenue increase of 8% to CNY 28.4 billion and a Non-GAAP net profit increase of 27% to CNY 9.5 billion, with a quarterly dividend of USD 0.114 per share [2] - The company extended its share repurchase program of up to USD 5 billion until January 2029, having repurchased USD 2 billion by the end of Q3 2025 [2] Group 2 - Revenue from games and value-added services increased by 12%, driven by flagship products such as "Fantasy Westward Journey" and "Party Animals," showcasing the company's long-term game operation capabilities [3] - The company is focusing on global capabilities and the release schedule of new games, with titles like "Destiny: Stars" and "Yanyun Sixteen Sounds" achieving significant player engagement and market presence [4] - Upcoming games include "Forgotten Sea," set to launch in 2026, along with a pipeline of other products, indicating a strategic emphasis on innovation and global market expansion [4]