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09999
NTES-S
HKD
191.3003.000
(1.59%)
1D
AI Analysis for 09999
AI Analysis
High
192.100
Open
187.400
VWAP
190.64
Vol
8.14M
Mkt Cap
700.42B
Low
187.400
Amount
1.55B
EV/EBITDA(TTM)
11.23
Total Shares
3.23B
EV
58.46B
EV/OCF(TTM)
8.62
P/S(TTM)
5.09
NetEase Inc is a company principally engaged in the gaming business. The Company operates through four segments. Games and Related Value-Added Services segment is engaged in the development and sale of mobile games, game operations, and other value-added services, including in-game virtual items and prepaid credits. Youdao segment provides learning services, smart devices, and online marketing services. The segment's products and services include online courses and digital content services. NetEase Cloud Music segment provides online music services, social entertainment services, and other services through the sale of membership subscriptions for various content and service packages, primarily through the sale of virtual items. Innovative Businesses and Others segment provides rigorous selection, advertising services, email, and other value-added services.
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News
4.0
02-06aastocksJPM Maintains Overweight Rating for NTES-S (09999.HK) with Target Price of $295
Current Share Price Movement: NTES-S (09999.HK) has seen a decline of 10% year-to-date, with a recent drop of 1.973%, and a significant short selling activity amounting to $235.33M.
Concerns and Valuation: Key concerns affecting NTES-S include increased VAT, competition from Google Genie 3, and a lack of immediate catalysts; however, its current PE ratio of 13x is considered attractive, being 25% lower than its 5-year average.
Analyst Recommendations: JPMorgan has reiterated NTES-S as a top pick in the Chinese digital entertainment sector, maintaining an Overweight rating and setting a target price of $295.
Market Context: Broader market concerns include regulatory and tax policies impacting Chinese dotcoms, with this year seen as a strategic turning point for major companies in the sector.
6.0
02-04aastocks<Study> Ratings and Target Prices for NTES-S (09999.HK) (Table)
Broker Ratings for NTES-S (09999.HK): Eleven brokers have provided ratings and target prices for NTES-S, with JPMorgan rating it as Overweight at HK$295, while other notable ratings include Buy from HSBC Research at HK$289 and UBS at HK$288.6.
Broker Ratings for NetEase (NTES.US): Seventeen brokers have rated NetEase, with JPMorgan giving an Overweight rating at US$190, and several others, including HSBC Research and UBS, rating it as Buy at US$185.
Market Performance: NTES-S has experienced a short selling of $272.16M with a ratio of 11.248%, indicating significant market activity.
Future Revenue Expectations: Citi anticipates that NTES-S will see a 9%+ year-over-year growth in online game revenue for Q4 2025, maintaining a Buy rating.
3.0
02-04aastocksBrokers Anticipate a 6%+ Decline in NTES-S 4Q25 Adjusted Net Profit, with Focus on Gaming Business Sales and Guidance
Financial Results Announcement: NTES-S is set to announce its 4Q25 financial results on Wednesday, with expectations of a non-GAAP net profit decline of 0.4-13.5% YoY, estimated between RMB8.379-9.643 billion.
Market Predictions: Eight brokers predict a median non-GAAP net profit of RMB9.03 billion for NTES-S, reflecting a 6.7% YoY decline from RMB9.682 billion in the previous year.
Investor Focus: Investors are particularly interested in management's guidance on the gaming business and responses to Google's recent launch of the Genie 3 world model, which raises concerns about the gaming industry's future.
Short Selling Activity: NTES-S has experienced significant short selling, with a total of $272.16 million and a short selling ratio of 11.248%.
6.0
02-04aastocksG Sachs Maintains Buy Rating on NTES-S While Lowering Price Target and Earnings Projections
Goldman Sachs Report: Goldman Sachs has analyzed the weak stock performance of NTES-S (09999.HK), attributing it to concerns over slowing game sell-through growth and high profit margin bases for upcoming quarters.
Revenue and Earnings Forecasts: The firm has slightly reduced its revenue forecasts for NTES-S by about 1% for 2025-27 and lowered earnings forecasts by approximately 3%, reflecting a slowdown in profit margin expansion.
Stock Rating and Target Price: Despite the adjustments, NTES-S maintains a "Buy" rating, although its target price has been decreased from HKD266 to HKD264.
Market Context: The stock is currently under pressure with significant short selling activity, indicating market skepticism about its near-term performance.
4.0
02-03aastocks<Research>BOCI Maintains Buy Rating on NTES-S but Lowers Target Price to HKD250; Last Quarter's Results Expected to Fall Short
4Q25 Revenue and Profit Expectations: BOCI forecasts a 6% year-over-year growth in NTES-S's core gaming revenue for 4Q25, with an adjusted net profit of RMB8.4 billion, which is lower than market expectations by 5% and 9%, respectively.
Investment Rating and Target Price: Despite the lower profit expectations, BOCI maintains a Buy rating on NTES-S and has adjusted its target price to HKD250, considering a likely special dividend and potential inclusion in the HK Stock Connect by 2027.
Money Flow
Over the past 66 trading days, overall net money flow is 1.20B, with retail investors contributing 12.55M and major investors adding 1.17B.
Net Buy $ Volume
Net Sell $ Volume
JPMorgan
Overweight
maintain
$295
2026-02-06
New
Reason
The analyst rating from JPMorgan for NTES-S (09999.HK) is based on several factors. Despite concerns about an increase in VAT, competitive risks from Google Genie 3, and a lack of short-term company-specific catalysts, JPMorgan finds NTES-S' current valuation attractive. The stock's price-to-earnings (PE) ratio of 13x represents a 25% discount to its 5-year average, making it appealing. Additionally, as a leading game developer with global success, JPMorgan believes NTES-S is a strong investment in the Chinese digital entertainment sector, leading them to maintain an Overweight rating with a target price of $295.
JPMorgan
Overweight
Price Target
$295
2026-02-06
maintain
New
The analyst rating from JPMorgan for NTES-S (09999.HK) is based on several factors. Despite concerns about an increase in VAT, competitive risks from Google Genie 3, and a lack of short-term company-specific catalysts, JPMorgan finds NTES-S' current valuation attractive. The stock's price-to-earnings (PE) ratio of 13x represents a 25% discount to its 5-year average, making it appealing. Additionally, as a leading game developer with global success, JPMorgan believes NTES-S is a strong investment in the Chinese digital entertainment sector, leading them to maintain an Overweight rating with a target price of $295.
Goldman Sachs
Goldman Sachs
Buy
maintain
$266 -> $264
2026-02-04
New
Reason
The analyst rating for NTES-S (09999.HK) from Goldman Sachs is maintained as a "Buy," but the target price has been slightly reduced from HKD266 to HKD264. The reasoning behind this rating includes concerns over the recent slowdown in game sell-through growth, the high base effect on profit margins expected in the fourth quarter of 2025 and the first quarter of 2026, and potential impacts from the introduction of Genie 3/AI game creation tools. Additionally, Goldman Sachs has lowered its revenue forecasts for 2025-27 by about 1% and earnings forecasts by about 3% to reflect these challenges and the anticipated pipeline shift towards the second half of 2026 and 2027.
Goldman Sachs
Buy
Price Target
$266 -> $264
2026-02-04
maintain
New
The analyst rating for NTES-S (09999.HK) from Goldman Sachs is maintained as a "Buy," but the target price has been slightly reduced from HKD266 to HKD264. The reasoning behind this rating includes concerns over the recent slowdown in game sell-through growth, the high base effect on profit margins expected in the fourth quarter of 2025 and the first quarter of 2026, and potential impacts from the introduction of Genie 3/AI game creation tools. Additionally, Goldman Sachs has lowered its revenue forecasts for 2025-27 by about 1% and earnings forecasts by about 3% to reflect these challenges and the anticipated pipeline shift towards the second half of 2026 and 2027.
BOCI
maintain
$250
2026-02-03
Reason
The analyst rating from BOCI is a "Buy" for NTES-S (09999.HK) due to the anticipation of a 6% year-over-year growth in core gaming revenue for 4Q25 and the expected adjusted net profit of RMB8.4 billion. Despite these figures being lower than current market expectations, the potential for a special dividend in 4Q25 and the possibility of inclusion in the HK Stock Connect in 2027 support the positive outlook. However, BOCI has adjusted its target price to HKD250.
BOCI
Price Target
$250
2026-02-03
maintain
The analyst rating from BOCI is a "Buy" for NTES-S (09999.HK) due to the anticipation of a 6% year-over-year growth in core gaming revenue for 4Q25 and the expected adjusted net profit of RMB8.4 billion. Despite these figures being lower than current market expectations, the potential for a special dividend in 4Q25 and the possibility of inclusion in the HK Stock Connect in 2027 support the positive outlook. However, BOCI has adjusted its target price to HKD250.
CICC
CICC
Outperform
maintain
$275
2026-01-28
Reason
CICC has maintained an Outperform rating on NTES-S (09999.HK) due to its expectation of steady results for 4Q25, despite the revenue growth being slightly below market forecasts. The firm anticipates a 7% year-over-year revenue increase to RMB28.5 billion, although this is shy of the market expectation of RMB28.8 billion. Additionally, while the non-GAAP net profit is projected to decline by 15% year-over-year to RMB8.25 billion, which is also below market expectations, CICC's positive outlook reflects confidence in the company's overall performance and potential for future growth, leading to a target price of HKD275.
CICC
Outperform
Price Target
$275
2026-01-28
maintain
CICC has maintained an Outperform rating on NTES-S (09999.HK) due to its expectation of steady results for 4Q25, despite the revenue growth being slightly below market forecasts. The firm anticipates a 7% year-over-year revenue increase to RMB28.5 billion, although this is shy of the market expectation of RMB28.8 billion. Additionally, while the non-GAAP net profit is projected to decline by 15% year-over-year to RMB8.25 billion, which is also below market expectations, CICC's positive outlook reflects confidence in the company's overall performance and potential for future growth, leading to a target price of HKD275.
JPMorgan
maintain
$295
2025-11-24
Reason
The analyst rating from JPMorgan for NTES-S (09999.HK) is "Overweight" due to several factors. Despite the company's revenue growth of 13% year-over-year and 3% quarter-over-quarter in 3Q25 missing market expectations, JPMorgan considers this performance reasonable given the limited release of new games during the period. Additionally, NTES-S' net profit was in line with market forecasts, and its cash revenue showed strong growth of 14% year-over-year and 18% quarter-over-quarter. The report indicates a positive outlook for NTES-S' main game product line, particularly with the anticipated success of the game "Sea of Remnants," which is expected to drive an average annual growth of 12% in game revenue for 2026-27. This optimistic outlook supports JPMorgan's decision to maintain the Overweight rating with a target price of HKD295.
JPMorgan
Price Target
$295
2025-11-24
maintain
The analyst rating from JPMorgan for NTES-S (09999.HK) is "Overweight" due to several factors. Despite the company's revenue growth of 13% year-over-year and 3% quarter-over-quarter in 3Q25 missing market expectations, JPMorgan considers this performance reasonable given the limited release of new games during the period. Additionally, NTES-S' net profit was in line with market forecasts, and its cash revenue showed strong growth of 14% year-over-year and 18% quarter-over-quarter. The report indicates a positive outlook for NTES-S' main game product line, particularly with the anticipated success of the game "Sea of Remnants," which is expected to drive an average annual growth of 12% in game revenue for 2026-27. This optimistic outlook supports JPMorgan's decision to maintain the Overweight rating with a target price of HKD295.
CICC
CICC
Outperform
maintain
$275
2025-11-21
Reason
CICC maintained its "Outperform" rating for NTES-S (09999.HK) despite the company's revenue and profit growth being shy of expectations. The analyst attributed the performance to the sell-through of certain products that generated revenue during the quarter but had not yet been fully recognized, as well as higher-than-expected marketing expenses. The broker also kept its profit forecast unchanged, which supports the positive rating. The target price was set at HKD275.
CICC
Outperform
Price Target
$275
2025-11-21
maintain
CICC maintained its "Outperform" rating for NTES-S (09999.HK) despite the company's revenue and profit growth being shy of expectations. The analyst attributed the performance to the sell-through of certain products that generated revenue during the quarter but had not yet been fully recognized, as well as higher-than-expected marketing expenses. The broker also kept its profit forecast unchanged, which supports the positive rating. The target price was set at HKD275.
BOC International
maintain
2025-11-21
Reason
The analyst rating for NetEase (NTES-S) was maintained at "Buy" despite some revenue figures falling short of market expectations. The reasons for this rating include:
1. Year-over-Year Growth: The company experienced an 8% year-over-year growth in total revenue for 3Q25, with online game revenue rising by 13%. Although these figures did not meet market expectations, they still indicate growth.
2. Adjusted Net Profit: The adjusted net profit of RMB9.5 billion was in line with expectations, which suggests that the company's profitability remains stable.
3. Strong Sales and Marketing Performance: The surprising quarterly record high in sales and marketing (S&M) expenses helped offset investment income, indicating effective management and potential for future growth.
4. Cash Revenue Growth: Cash revenue increased by 14% year-over-year, aligning with the broker's bullish forecast, which supports a positive outlook for the company's financial health.
5. Target Price Adjustments: Although the target prices for both the Hong Kong and US stocks were lowered, the adjustments were relatively modest, reflecting a continued confidence in the company's long-term prospects.
Overall, the combination of growth metrics, stable profitability, and effective management led to the maintenance of a "Buy" rating.
BOC International
Price Target
2025-11-21
maintain
The analyst rating for NetEase (NTES-S) was maintained at "Buy" despite some revenue figures falling short of market expectations. The reasons for this rating include:
1. Year-over-Year Growth: The company experienced an 8% year-over-year growth in total revenue for 3Q25, with online game revenue rising by 13%. Although these figures did not meet market expectations, they still indicate growth.
2. Adjusted Net Profit: The adjusted net profit of RMB9.5 billion was in line with expectations, which suggests that the company's profitability remains stable.
3. Strong Sales and Marketing Performance: The surprising quarterly record high in sales and marketing (S&M) expenses helped offset investment income, indicating effective management and potential for future growth.
4. Cash Revenue Growth: Cash revenue increased by 14% year-over-year, aligning with the broker's bullish forecast, which supports a positive outlook for the company's financial health.
5. Target Price Adjustments: Although the target prices for both the Hong Kong and US stocks were lowered, the adjustments were relatively modest, reflecting a continued confidence in the company's long-term prospects.
Overall, the combination of growth metrics, stable profitability, and effective management led to the maintenance of a "Buy" rating.
Morgan Stanley
Morgan Stanley
initiated
$170
2025-11-04
Reason
Morgan Stanley's analyst rating for NTES-S (09999.HK) is based on the belief that the stock's recent decline has made its short-term valuation more attractive. They anticipate a solid profit performance for the upcoming 3Q25, particularly driven by the success of the game Fantasy Westward Journey PC. This combination of factors leads them to rate the stock as Overweight, with a target price of US$170, and a probability of a price rise within the next 30 days estimated at 70-80%.
Morgan Stanley
Price Target
$170
2025-11-04
initiated
Morgan Stanley's analyst rating for NTES-S (09999.HK) is based on the belief that the stock's recent decline has made its short-term valuation more attractive. They anticipate a solid profit performance for the upcoming 3Q25, particularly driven by the success of the game Fantasy Westward Journey PC. This combination of factors leads them to rate the stock as Overweight, with a target price of US$170, and a probability of a price rise within the next 30 days estimated at 70-80%.
Daiwa
Daiwa
Buy
maintain
$235 -> $260
2025-08-18
Reason
Daiwa
Buy
Price Target
$235 -> $260
2025-08-18
maintain
Nomura
Buy
maintain
$242 -> $249
2025-08-18
Reason
Nomura
Buy
Price Target
$242 -> $249
2025-08-18
maintain
Valuation Metrics
Forward PE
5Y Average PE
15.31
Current PE
16.60
Overvalued PE
20.59
Undervalued PE
10.03
Forward EV/EBITDA
5Y Average EV/EBITDA
12.52
Current EV/EBITDA
15.04
Overvalued EV/EBITDA
16.15
Undervalued EV/EBITDA
8.89
Forward PS
5Y Average PS
4.20
Current PS
5.51
Overvalued PS
4.95
Undervalued PS
3.45
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