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<Research>CICC Keeps Outperform on NTES-S; Evergreen Products Keep Deferred Rev. Growth Going
Recommend 5 Positive 4 Negative 7 |
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According to CICC's research report, NTES-S (09999.HK)'s 3Q25 revenue grew by 8% YoY to RMB28.4 billion, while its non-GAAP net profit rose by 27% YoY to RMB9.5 billion, shy of the broker's expectations. CICC attributed NTES-S' performance to the sell-through that some products generated during the quarter but hasn't yet been fully recognized, as well as higher-than-expected marketing expenses. The broker maintained its profit forecast for NTES-S. NTES-S' rating was kept as Outperform, with a target price of HKD275. AAStocks Financial News |
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