Ge Long Hui·2025-11-21 06:53Core Viewpoint - The report from CICC indicates that NetEase's revenue for the third quarter increased by 8% year-on-year to 28.4 billion yuan, while Non-GAAP net profit rose by 27% year-on-year to 9.5 billion yuan, slightly below expectations [1] Financial Performance - NetEase's revenue for Q3 reached 28.4 billion yuan, reflecting an 8% year-on-year growth [1] - Non-GAAP net profit for the same period was 9.5 billion yuan, marking a 27% year-on-year increase, but slightly lower than CICC's forecast [1] Factors Influencing Performance - The revenue growth was impacted by some products not fully recognizing revenue during the quarter and higher-than-expected marketing expenses [1] Shareholder Returns - NetEase announced a dividend of $0.114 per share [1] - The company extended its ongoing share repurchase program, which is capped at $5 billion, until January 2029, with $2 billion already repurchased by the end of Q3 [1] Analyst Ratings - CICC maintains its profit forecast for NetEase and continues to rate the company as "outperforming the industry" with a target price of 275 HKD [1]