Ge Long Hui A P P·2026-01-29 02:54Core Viewpoint - The report from CICC forecasts that NetEase's Q4 2025 performance will transition smoothly, with revenue expected to grow by 7% year-on-year to 28.5 billion yuan, slightly below market expectations of 28.8 billion yuan. Due to potential investment losses and foreign exchange losses, the non-GAAP net profit is expected to decline by 15% year-on-year to 8.25 billion yuan, lower than the market expectation of 9.23 billion yuan. The firm maintains a "outperform" rating for NetEase with a target price of 275 HKD [1] Group 1 - NetEase's flagship game series "Fantasy Westward Journey" continues to contribute stable revenue, with the PC version benefiting from deferred revenue recognition, expected to achieve significant year-on-year growth [1] - The mobile version of "Fantasy Westward Journey" maintains a good performance, while "Party Animals" is expected to see increased user engagement and revenue through ongoing festive events [1] - The new title "Yanyun Sixteen Sounds" maintains stable revenue in the domestic market, and its overseas version, launched in late November last year, has shown strong performance with over 15 million players in the first month, topping multiple regional charts [1] Group 2 - NetEase has a rich product pipeline for 2026, which is expected to lay a solid foundation for future growth [1]