New Street Research - NetEase Inc. Sponsored ADR (NEH) NTES 2Q25 Results: Resilient Online Gaming Segment

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New Street Research

Jin Yoon

NTES 2Q25 Results: Resilient Online Gaming Segment

What’s new: NetEase’s reported 2Q25 revs that were below consensus estimates and our expectations. Gaming rev growth momentum could continue in 3Q as NTES could be more aggressive in the summer months. We up our PT from US$140 to US$150 on resiliency of the gaming segment. Our updated PT of US$150 implies 15.8x FY26E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

15/08/2025 1 EN

Underlying

NetEase Inc. Sponsored ADR

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US64110W1027 Berlin Stock Exchange Germany

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Analysts

Jin Yoon

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NTES 2Q25 Results: Resilient Online Gaming Segment

NetEase (9999 HK): 2Q25: Results in line; solid game pipeline fuelling 3Q25 amid summer holidays.

Greater China Daily: Friday, August 15, 2025

WB 2Q25 Results: 2H Could be Challenging for Ads

VIPS 2Q25 Results: Improving Outlook

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