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<Research>Citi Expects NTES-S (09999.HK) 4Q25 Online Game Rev. to Grow 9%+ YoY, Keeps Buy Rating
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NTES-S (09999.HK) will announce its 4Q25 results on 11 February, Citi Research issued a research report saying. The results is expected to be in line with market consensus, primarily driven by the solid performance of its flagship game Fantasy Westward Journey PC version, the steady performance of Fantasy Westward Journey's mobile game, Where Winds Meet, Identity V, and contribution from new games launched in 4Q25. The broker forecasted that NTES-S' 4Q25 total revenue will grow by 6.5% YoY to RMB28.5 billion, with non-GAAP net profit of RMB8.8 billion, slightly below the market consensus of RMB28.8 billion and RMB9.22 billion. Of which, online game revenue is estimated to hike by 9.2% YoY to RMB23.2 billion. Looking ahead to 1Q26, Citi Research predicted that NTES-S' total revenue could increase by 3.3% to RMB29.8 billion, with non-GAAP net profit expected to reach RMB10.1 billion. Of which, online game revenue is projected to grow by 2.8% YoY to RMB24.7 billion, with NETEASE MUSIC (09899.HK)'s revenue coming at RMB1.91 billion. Therefore, the broker kept its target price for NTES-S' US stock at US$161, with earnings forecasts and Buy rating unchanged. AASTOCKS Financial News Website: www.aastocks.com |
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