Ge Long Hui A P P·2025-11-21 03:57Group 1 - The core viewpoint of the article is that NetEase's Q3 total net revenue was 28.4 billion yuan, representing a year-on-year growth of 8.2% and a quarter-on-quarter growth of 1.7%, which fell short of Citigroup and market expectations by 1.9% and 3% respectively, primarily due to lower-than-expected gaming revenue [1] - The non-GAAP net profit for the period was 9.5 billion yuan, with a profit margin of 33.5%, slightly below Citigroup's expectations by 0.5%, but generally in line with market expectations [1] - Citigroup noted that NetEase has never issued official earnings guidance, suggesting that the slight revenue miss and underperformance in gaming revenue do not constitute a disruptive impact [1] Group 2 - On a positive note, deferred revenue grew by 25% year-on-year, indicating that a significant portion of revenue recognized in Q3 may be pushed to subsequent quarters, which explains the slight revenue miss despite a seemingly strong gaming portfolio [1] - Citigroup set a target price of $158 for NetEase's U.S. stock and maintained a "Buy" rating [1]