网易：解答 AI 游戏影响、新老游戏及利润率趋势的核心争议；2025 年四季度前瞻；买入评级

3 February 2026 | 5:26PM HKT Equity Research NetEase Inc. (NTES) Addressing key debates on AI gaming impact, new/legacy game and margin trend; 4Q25 preview; Buy | NTES | 12m Price Target: $169.00 | Price: $129.08 | Upside: 30.9% | | --- | --- | --- | --- | | 9999.HK | 12m Price Target: HK$264.00 | Price: HK$197.90 | Upside: 33.4% | We address the key debates on NetEase, post its recent share price weakness (YTD -12% vs. KWEB -1%), likely on concerns over recent game grossing slowdown, 4Q25/1Q26's high margi ...