Ge Long Hui·2026-02-12 05:37Core Viewpoint - Citibank's report indicates that NetEase's Q4 2025 performance fell short of expectations, with total revenue growing by 3% year-on-year to 27.5 billion yuan, and adjusted EBIT increasing by 4.7% to 9.2 billion yuan, which is 5% and 8.5% lower than the bank's forecasts respectively [1] Group 1: Financial Performance - Total revenue for Q4 2025 reached 27.5 billion yuan, reflecting a year-on-year growth of 3% [1] - Adjusted EBIT for the same period was 9.2 billion yuan, showing a year-on-year increase of 4.7% [1] - Online gaming revenue was below expectations, growing only 3.5% year-on-year due to a high base from the previous year and longer revenue recognition periods for more games [1] Group 2: Deferred Revenue and Game Dynamics - Deferred revenue growth accelerated, increasing by 5% quarter-on-quarter and 32% year-on-year [1] - Overall gaming momentum is improving, particularly for titles like "Fantasy Westward Journey" and "Yanyun Sixteen Sounds" [1] Group 3: Future Outlook - For 2026, Citibank believes that the game pipeline is stronger, including expansions for "Diablo IV," "Shattered Isles," and "Infinity" [1] - The bank has slightly lowered its adjusted net profit forecast for 2026 by 2% but maintains an "outperform" rating with a target price of $150 for U.S. stocks [1]