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CLSA: NTES Game Biz Remains Solid; 2Q Revenue Estimated to Go Up 6.5%
2026-08-14 14:52:23
CLSA published a report stating that the game business of NTES (09999.HK) is expected to maintain stable performance in 2Q, with total revenue and adjusted EBIT forecast to mount 6.5% YoY and 17.4% YoY respectively to RMB29.7 billion and RMB11.7 billion. The broker maintained the Outperform rating on NetEase, Inc. (NTES.US), with a TP of USD150.

The report noted that Fantasy Westward Journey, Eggy Party, Where Winds Meet and Diablo IV delivered solid performances, and are expected to drive NTES's 2Q game revenue growth of 7.7% YoY. The new flagship game Sea of Remnants was launched in July.

CLSA added that NTES currently still has 18 approved games in the pipeline. Coupled with an easier comparison base in 2H26, game growth is anticipated to improve in 2H26.
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