Core Viewpoint - Citigroup expects NetEase's Q2 performance to meet expectations, with total revenue projected to increase by 11% year-on-year but decrease by 1.9% quarter-on-quarter to 28.3 billion yuan, while non-GAAP net profit is estimated at 9.46 billion yuan, below the market expectation of 9.66 billion yuan [1] Group 1: Revenue and Profit Forecasts - Online gaming revenue is anticipated to rise by 15.2% year-on-year but decline by 4% quarter-on-quarter to 23.1 billion yuan, benefiting from the strong performance of titles such as "Fantasy Westward Journey," "Nirvana in Fire," and "Yanyun Sixteen Sounds," along with deferred revenue from Q1 partially offsetting seasonal weakness [1] - The forecast for NetEase's net revenue for 2025 to 2027 has been adjusted, with a decrease of 2.1% for 2025, an increase of 0.4% for 2026, and a decrease of 3.2% for 2027, reflecting a downward revision in computer game revenue expectations for 2025 [1] - Non-GAAP net profit forecasts for 2025 to 2027 are also revised, with a decrease of 1.7% for 2025, an increase of 1% for 2026, and a decrease of 2.8% for 2027 [1] Group 2: Target Price and Rating - Citigroup has slightly raised its target price for NetEase from $156 to $157 while maintaining a "Buy" rating [1]