Ge Long Hui·2025-11-21 05:44Core Viewpoint - NetEase's Q3 total revenue grew by 8% year-on-year, with online gaming revenue increasing by 13%, both below market expectations [1] - Adjusted net profit reached 9.5 billion yuan, in line with expectations, as record-high sales expenses offset investment income [1] - Cash collections grew by 14% year-on-year, matching optimistic forecasts [1] Financial Performance - Total revenue growth of 8% year-on-year [1] - Online gaming revenue growth of 13% year-on-year [1] - Adjusted net profit of 9.5 billion yuan, meeting expectations [1] - Cash collections increased by 14% year-on-year [1] Strategic Focus - The company aims to enhance resource allocation efficiency in game development and operations [1] - Focus will be on a smaller number of new games with higher potential and the operation of key evergreen titles [1] - Anticipation of continued market attention on the overseas version of "Yan Yun Sixteen Sounds" following its initial success [1] Ratings and Price Targets - The company maintains a "Buy" rating [1] - Target price for Hong Kong stocks adjusted from 270 HKD to 265 HKD [1] - Target price for US stocks adjusted from 172 USD to 170 USD [1]