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<Research>BOCI Trims NTES-S (09999.HK) TP to $265; Mixed 3Q25 Results
Recommend
7
Positive
2
Negative
13
NTES-S (09999.HK)(NTES.US) saw an 8% YoY growth in total revenue for 3Q25, with online game revenue rising by 13%, both falling short of market expectations, BOC International report said.

Adjusted net profit of RMB9.5 billion aligned with expectations, due to surprising quarterly record high S&M offsetting investment income. Cash revenue gained 14% YoY, in line with the broker's bullish forecast.

NetEase was maintained at Buy, with the Hong Kong stock target price lowered from HKD270 to HKD265, and the US stock target price reduced from USD172 to USD170.

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