16 May 2025 | 2:24AM HKT NetEase Inc. (NTES) Buy Earnings Review: 1Q clean beat and rising growth visibility for 2025; Raise TP, Buy | NTES | 12m Price Target: $140.00 | Price: $107.11 | Upside: 30.7% | | --- | --- | --- | --- | | 9999.HK | 12m Price Target: HK$219.00 | Price: HK$168.10 | Upside: 30.3% | NetEase delivered a clean beat across revenue/GP/OP line in 1Q25, with Game revenue up 15% and OP up 34% yoy. We believe this set of results should ease investors' concern over its legacy/mobile games weakn ...