With U.S. stock futures trading slightly lower this morning on Monday, some of the stocks that may grab investor focus today are as follows:NetEase Inc. (NASDAQ:NTES) disclosed that Yingfeng Ding will retire from his position as executive vice president and head of the Interactive Entertainment Group, a part of NetEase’s online games division, according to Benzinga Pro. NetEase shares gained 0.7% to close at $138.07 on Friday.Obook Holdings Inc. (NASDAQ:OWLS) is projected to report H1 earnings results after ...

2023年《逆水寒》手游在国内上线，该游戏改编自小说《四大名捕逆水寒》，讲述的是以北宋末年 为背景的武侠故事，游戏自上线起就获得了国内玩家的喜爱。"对于'出海'，一方面是我们对游戏质量 的自信，更重要的是《逆水寒》深度挖掘宋代文化精髓，从复原《清明上河图》的街市场景，到服饰、 宋词和非遗的再现，都展现了我们的文化自信。"据《逆水寒》资深文案编剧豆卿介绍，为了展现宋韵 之美，团队进行了实地采风，对每一个细节进行严谨的考据。"为了让宋词的意境精准地传达给海外玩 家，我们在翻译、配音上也投入了很大的精力。"她说，团队希望能够通过细节的打磨，降低玩家的理 解门槛，以润物细无声的方式打破文化隔阂。 《逆水寒》国际服上线后，玩家们在YouTube、Tik Tok等国际社交平台热烈讨论游戏中的传统服饰 纹样、建筑特色和诗词歌赋；多位海外主播开设专栏，深入解读游戏蕴含的东方美学理念，这些由玩家 自发创作的内容，不仅展现了游戏本身的魅力，更让《逆水寒》成为传播东方美学的独特载体，实现了 真正意义上的文化"破圈"。 一部行走的"宋代百科全书"，正在通过游戏走向世界舞台。近日，网易旗下开放世界游戏《逆水 寒》国际服（定名《Swor ...

Group 1 - The core viewpoint of the news is that Giant Network has seen a stock price increase of 5.04%, reaching 38.78 CNY per share, with a total market capitalization of 750.30 billion CNY [1] - Giant Network's main business involves the development and operation of internet games, with revenue composition as follows: mobile online games account for 78.16%, computer online games for 19.11%, other game-related businesses for 2.42%, and other supplementary sources for 0.31% [1] Group 2 - From the perspective of fund holdings, Qianhai Kaiyuan Fund has a significant position in Giant Network, with its Qianhai Kaiyuan CSI 500 Equal Weight ETF (515590) increasing its holdings by 2,400 shares in the third quarter, totaling 8,600 shares, which represents 0.46% of the fund's net value [2] - The Qianhai Kaiyuan CSI 500 Equal Weight ETF has achieved a year-to-date return of 20.45%, ranking 2,138 out of 4,206 in its category, and a one-year return of 20.38%, ranking 2,143 out of 3,983 [2] - The fund managers, Liang Pusen and Kong Fang, have had notable performance, with Liang achieving a best return of 124.38% and Kong achieving a best return of 130.54% during their respective tenures [2]

Tencent Holdings Research Summary Company Overview - **Company**: Tencent Holdings - **Sector**: Internet/e-Commerce - **Description**: Tencent is a leading provider of messaging services, value-added services, online games, advertising, and e-commerce in China. The social app Weixin has over 1 billion domestic accounts, and Tencent also offers enterprise services like Cloud and IT solutions [11][12]. Key Financial Metrics - **3Q25 Net Income**: Adjusted net income was RMB 70.6 billion, up 18% YoY, exceeding consensus by 7% [16]. - **Revenue**: 3Q25 revenue reached RMB 192.9 billion, a 15% YoY increase [16]. - **Capex**: 3Q25 capital expenditure was RMB 13 billion, below consensus due to chip availability issues [1]. - **2025E Revenue**: Expected to be RMB 750 billion, with a gross profit of RMB 423 billion [15]. Investment Rating and Price Objective - **Rating**: BUY - **Price Objective**: HKD 780, based on a sum-of-the-parts (SOTP) valuation [3][17]. Growth Drivers - **AI Strategy**: Tencent is focusing on AI applications, integrating AI-supported use cases into Weixin. The company is expected to prioritize internal chip use over external sales due to supply constraints [1]. - **Gaming Segment**: Anticipated growth from titles like Delta Force, Valorant Mobile, and Honor of Kings (HoK) [2]. - **Advertising Revenue**: Growth expected from Video Account and Weixin search ads, which have higher gross margins [2]. Financial Projections - **2025E Non-IFRS Diluted EPS**: Expected to be RMB 28.13, reflecting a 18.8% YoY increase [4][15]. - **2026E Revenue**: Projected to reach RMB 821 billion, with a gross profit margin of 57% [15]. - **Free Cash Flow**: Expected to be RMB 145.9 billion in 2025 [9]. Risks and Challenges - **Competition**: Intensifying competition in the gaming and advertising sectors [3]. - **Regulatory Uncertainty**: Potential regulatory challenges in fintech and gaming [18]. - **Macroeconomic Factors**: A weaker macro environment could impact advertising and fintech revenues [18]. Additional Insights - **Market Position**: Tencent maintains a strong market leadership position across various segments, with significant growth potential in monetization through Weixin [12]. - **AI and E-commerce Potential**: The company has substantial upside potential from AI applications and e-commerce growth [12]. - **Debt Management**: Net debt is projected to decrease significantly by 2027, indicating improved financial health [9]. Conclusion Tencent Holdings is positioned for continued growth driven by its strong market presence, innovative AI strategies, and robust gaming and advertising segments. However, investors should remain cautious of competitive pressures and regulatory risks that could impact future performance.

Summary of NetEase Inc. (NTES) Conference Call Company Overview - **Company**: NetEase Inc. (NTES) - **Industry**: Online Gaming and Entertainment Key Highlights Recent Trends by Title and Pipeline - **Game Longevity**: NetEase operates games in a long-lasting cycle with a community mindset, although individual games experience ups and downs [3][4] - **Eggy Party**: Resolved Android channel issues in 2024, achieving record-high average user time spent and active users in Q3 2025 due to new gameplay and UGC tools [4] - **Identity V**: Faced competition in lower-tier cities but is innovating gameplay to meet user needs [4] - **Upcoming Releases**: - **Diablo IV**: Launching in China on December 12, 2024 - **Sea of Remnants**: Scheduled for 2026, no specific date yet - **ANANTA**: Development is on track, timeline not disclosed [4] Overseas Strategy - **Global Ambitions**: Management emphasized ambitions for globalization, with "Where Winds Meet" (WWM) exceeding expectations in overseas performance, appealing to both Chinese and Western players [5] Margin and OPEX Outlook - **Gross Margin**: Expected to stabilize, with annual Sales & Marketing (S&M) ratio projected at 12-13% for FY25 [6][7] - **Domestic Market**: Limited room for further expansion in Gross Profit Margin (GPM) as most improvements have been realized [7] - **Global Market**: Global channel fees are stable, limiting GPM changes for international revenue [7] - **R&D Expenses**: Hiring costs are manageable as the company is not competing aggressively for AI talent [7] AI Application - **AI Integration**: NetEase is leveraging AI in various aspects of game development, including animation, scene alignment, in-game algorithms, and code generation [6] Financial Performance - **Revenue Growth**: Projected revenue growth from RMB 105.3 billion in 2024 to RMB 133.9 billion by 2027, with a CAGR of approximately 8% [10][13] - **Gross Margin**: Expected to increase from 62.5% in 2024 to 65.3% by 2027 [10] - **Net Profit**: Projected to grow from RMB 33.5 billion in 2024 to RMB 46.6 billion by 2027 [10] Price Target and Risks - **Price Target**: Buy rating with a 12-month target price of US$160 (upside of 19.8%) and HK$250 (upside of 22.2%) [11][13] - **Key Risks**: - Weaker performance of legacy games - Slower-than-expected monetization of new games - Increased competition in gaming and other sectors - Rising content costs in music and online education [11] Additional Insights - **Market Capitalization**: Approximately $84.8 billion - **Enterprise Value**: Approximately $65.4 billion - **P/E Ratio**: Projected to be 12.9 in 2024, increasing to 14.7 by 2027 [13] This summary encapsulates the key points from the conference call, highlighting NetEase's strategic direction, financial outlook, and potential risks in the gaming industry.

网易 20251121 摘要 网易公司第三季度总净收入达人民币 284 亿元，其中游戏业务收入 233.3 亿元，同比增长 12%，在线游戏净收入同比增长 13%，环比增 长 3%。非公认会计准则净收入 95 亿元，同比增长 27%，显示出强劲 的盈利能力。 《梦幻西游》PC 版推出创新无限制服务器后，月活跃用户达到两年来的 新高，同时在线人数创纪录达到 358 万，验证了经典游戏通过创新模式 重焕生机的潜力，该模式或可复制到其他社交类游戏中。 网易积极拓展海外市场，新款科幻射击游戏迅速登上美国等西方市场下 载榜首，并在近 100 个市场领先。《逆水寒》全球发行亦获成功，表明 网易具备将中国特色游戏推向国际市场的能力。 有道第三季度总收入同比增长超过 40%，AI 原生战略成效显著。在线营 销服务通过 AI 技术提高程序化广告效率，并推出具备智能功能的辅导平 板电脑，教育和广告业务均保持健康发展。 NBPL 秋季赛成为 2026 年亚运会电竞项目后的首个职业联赛，提升了 网易电竞业务的吸引力。同时，公司不断推出轻松有趣的体验，如以中 国神话为灵感的新动物游戏，以吸引更广泛受众。 Q&A 网易公司在 2025 ...

NetEase 3Q25 Investor Presentation Investor Relations November 20, 2025 SAFE HARBOR STATEMENT This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not histo ...

Group 1: Net Income and Revenue - NetEase-S reported a net income of RMB 28.4 billion (USD 4 billion) for Q3 2025, representing an 8.2% year-on-year increase [1] - The gross profit for the same period was RMB 18.2 billion (USD 2.6 billion), showing a 10.3% year-on-year growth [1] - The net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), reflecting a year-on-year increase of 31.77% [1] Group 2: Gaming Revenue - Net revenue from games and related value-added services reached RMB 23.3 billion (USD 3.3 billion) in Q3 2025, compared to RMB 22.8 billion in the previous quarter and RMB 20.9 billion in the same quarter last year [1] - Online games accounted for approximately 97.6% of the net revenue in this segment, up from 97.1% in the previous quarter and 96.8% year-on-year [1] - The growth in online gaming revenue was driven by self-developed games such as "Dream of Dreams" PC version and "Nirvana in Fire" mobile game, as well as several agency games [1] Group 3: Other Business Segments - Youdao's net income for Q3 2025 was RMB 1.6 billion (USD 228.8 million), with a quarter-on-quarter increase attributed to smart hardware and online marketing services [2] - NetEase Cloud Music reported a stable net income of RMB 2 billion (USD 275.9 million) for Q3 2025, unchanged from the previous quarter and the same quarter last year [2] - The net income from innovation and other businesses was RMB 1.4 billion (USD 202.1 million), down from RMB 1.7 billion in the previous quarter and RMB 1.8 billion year-on-year, primarily due to a decrease in net income from NetEase Yanxuan [2] Group 4: Share Buyback Program - The company announced an extension of its previously approved share buyback program, allowing for the repurchase of up to USD 5 billion of its American Depositary Shares and ordinary shares for an additional 36 months, until January 9, 2029 [2] - As of September 30, 2025, the company had repurchased approximately 22.1 million American Depositary Shares, totaling around USD 2 billion under this program [2]

Core Insights - NetEase reported Q3 2025 net revenue of 28.4 billion yuan and a non-GAAP net profit attributable to shareholders of 9.5 billion yuan [1] - R&D investment reached 4.5 billion yuan, with an R&D intensity of 16% [1] - The gaming and related value-added services generated net revenue of 23.3 billion yuan in Q3 [1] Segment Summaries - NetEase Youdao achieved Q3 net revenue of 1.6 billion yuan, with operating profit for the first three quarters of 2025 increasing nearly 150% year-on-year due to the deepening of the "AI-native" strategy and focus on business structure [1] - Online marketing services net revenue and AI subscription service sales both reached record highs [1] - NetEase Cloud Music reported Q3 net revenue of 2 billion yuan, while the innovation and other businesses generated net revenue of 1.4 billion yuan [1]

Core Viewpoint - NetEase, Inc. reported solid financial results for Q3 2025, demonstrating healthy growth in both domestic and international markets, particularly in gaming services, while also highlighting the company's commitment to innovation and user experience [5][10]. Financial Highlights - Net revenues for Q3 2025 reached RMB 28.4 billion (US$ 4.0 billion), marking an increase of 8.2% year-over-year [7][10]. - Net revenues from games and related services were RMB 23.3 billion (US$ 3.3 billion), up 11.8% compared to the same quarter in 2024 [8][10]. - Gross profit for the quarter was RMB 18.2 billion (US$ 2.6 billion), reflecting a 10.3% increase year-over-year [14][10]. - Net income attributable to shareholders was RMB 8.6 billion (US$ 1.2 billion), consistent with the previous quarter and up from RMB 6.5 billion in Q3 2024 [18][10]. Operational Highlights - The company emphasized its focus on user experience and innovation in gaming, with notable titles like Fantasy Westward Journey Online achieving record player counts [5][10]. - New game launches, including Destiny: Rising and ANANTA, received positive reception in both Western and Chinese markets [10]. - The company continues to strengthen its global portfolio with diverse game genres and collaborations with international partners [6][10]. Segment Performance - Youdao's net revenues were RMB 1.6 billion (US$ 228.8 million), a 3.6% increase year-over-year, driven by smart devices and online marketing services [9][10]. - NetEase Cloud Music reported stable revenues of RMB 2.0 billion (US$ 275.9 million), unchanged from the previous quarter and the same quarter last year [11][10]. - Innovative businesses and others saw a decline in revenues to RMB 1.4 billion (US$ 202.1 million), down 18.9% year-over-year, primarily due to decreased revenues from Yanxuan [12][10]. Cost and Expenses - Cost of revenues for Q3 2025 was RMB 10.2 billion (US$ 1.4 billion), an increase from RMB 9.8 billion in the previous quarter [13][10]. - Total operating expenses rose to RMB 10.2 billion (US$ 1.4 billion), reflecting increased marketing expenditures related to online games [15][10]. Cash Flow and Financial Position - As of September 30, 2025, the company's net cash totaled RMB 153.2 billion (US$ 21.5 billion), up from RMB 131.5 billion at the end of 2024 [21][10]. - Net cash provided by operating activities was RMB 12.9 billion (US$ 1.8 billion) for the quarter, compared to RMB 10.9 billion in the previous quarter [21][10]. Shareholder Returns - The board approved a dividend of US$ 0.1140 per share (US$ 0.5700 per ADS) for Q3 2025, payable on December 16, 2025 [22][10]. - The company extended its share repurchase program by an additional 36 months, with approximately 22.1 million ADSs repurchased for a total cost of US$ 2.0 billion as of September 30, 2025 [25][10].