New Street Research - NetEase Inc. Sponsored ADR (NEH) NTES 3Q25 Results: Online Games Continue to Remain Resilient

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New Street Research

Jin Yoon

NTES 3Q25 Results: Online Games Continue to Remain Resilient

What’s new: NetEase’s reported 3Q25 revs that were below consensus estimates and our expectations. Gaming rev growth could remain resilient partly driven by the launch of new titles and recovery of legacy titles. We maintain our PT at USD150.

Analysts:
Jin Yoon

21/11/2025 1 EN

Underlying

NetEase Inc. Sponsored ADR

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US64110W1027 Berlin Stock Exchange Germany

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

Other Reports on these Companies

UOB

NetEase (9999 HK): 3Q25: Earnings In Line; Encouraging Deferred Revenue Growth Reflecting Better Visibility For 4Q25.

NetEase’s 3Q25 results were largely within expectations. Revenue grew 8.2% yoy to Rmb28.4b, 3% below consensus forecast. Gross profit jumped 10.3% yoy to Rmb18.2b, with gross margin rising 1ppt yoy to 64%. Non-GAAP operating profit increased 10% yoy to Rmb8.9b. Non-GAAP net profit rose 26.7% yoy to Rmb9.5b, in line with consensus estimate. Net margin expanded 5ppt yoy to 34% in 3Q25. Maintain BUY with a lower target price of HK$276.00 (US$170.00).

1h / 50m 1h / 50m 1 EN

UOB

Greater China Daily: Friday, November 21, 2025

Top Stories Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Results | CSPC Pharmaceutical Group (1093 HK/HOLD/HK$7.72/Target: HK$8.50) CSPC’s 3Q25 results improved...

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VIPS 3Q25 Results: Visibility Remains Limited

What’s new: Vipshop’s reported 3Q25 results that were largely in line with consensus and our expectations. Guidance implies resiliency in apparel rev growth. However, visibility remains limited as there are still uncertainties on the consumption recovery trend towards the back half of the quarter and into FY26. Margins could remain stable amid continued cost controls. We maintain our PT at USD15.50. Analysts: Jin Yoon

1h / 38m 1h / 38m 1 EN

Russell Waller

Russell Waller

Eir (Most Preferred) Q3 25: Better underlying SR trends, outlook confirmed

Eir has reported a decent set of Q3 numbers; SR trends ex Other are slightly better in aggregate and 9m EBITDA is on track to meet guidance. We continue to think that although the Eir spreads are quite tight, they could be tighter still given the outlook and asset cover, especially because Eir benefits from being part of the Xavier Niel extended Group.

EUR 8682.00

14h / 44m 14h / 44m 1 EN

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NTES 3Q25 Results: Online Games Continue to Remain Resilient

NetEase (9999 HK): 3Q25: Earnings In Line; Encouraging Deferred Revenue Growth Reflecting Better Visibility For 4Q25.

Greater China Daily: Friday, November 21, 2025

VIPS 3Q25 Results: Visibility Remains Limited

Eir (Most Preferred) Q3 25: Better underlying SR trends, outlook confirmed

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