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2026-02-12 10:16:59 NTES-S (09999.HK)'s revenue grew by only 3% YoY to RMB27.5 billion in 4Q25, according to Morgan Stanley's research report. Specifically, the company's online game revenue, due to slower revenue recognition, increased by 4% YoY to RMB21.3 billion, 6% below the broker's expectations. Morgan Stanley estimated that NTES-S' total game revenue should have grown by 10% YoY, a very healthy growth level. Meanwhile, the deferred revenue of RMB20.5 billion with an increase of 34% YoY also marked another record high. During the same period, NTES-S also saw a 27% YoY decline in non-GAAP net profit to RMB7.1 billion, 25% lower than Morgan Stanley's forecast. Half of the miss was attributable to delayed revenue recognition, and the other half was attributable to the mark-to-market loss on equity investments. Morgan Stanley gave NetEase (NTES.US) a target price of USD168 and an Overweight rating. ~ AAStocks Financial News Web Site: www.aastocks.com | |