Ge Long Hui·2025-11-21 09:20Core Viewpoint - NetEase (NTES.US) reported a 2.2% pre-market decline to $131, with third-quarter total revenue growing 8% year-over-year, and online gaming revenue increasing 13%, both below market expectations [1] Group 1: Financial Performance - Adjusted net profit reached 9.5 billion yuan, meeting expectations, with historical peak sales expenses offset by investment income [1] - Cash collections grew 14% year-over-year, aligning with optimistic forecasts from the bank [1] Group 2: Strategic Focus - The company aims to enhance resource allocation efficiency in game development and operations, focusing on fewer but higher-potential new games and key evergreen titles [1] - Anticipation surrounds the initial success of the overseas version of "Yan Yun Shi Liu Sheng," which is expected to attract market attention [1] Group 3: Analyst Ratings - The bank maintains a "Buy" rating for NetEase, adjusting the target price for U.S. stocks from $172 to $170 [1]