JPMorgan released a research report stating that NetEase-S (09999) reported a 13% year-on-year revenue increase in Q3, with a 3% sequential growth. Considering the limited new game releases during the period, the performance was deemed reasonable, while net profit met market expectations. JPMorgan has turned increasingly positive on NetEase's major game pipeline for next year and maintained an "Overweight" rating on the stock with a target price of HK$295.

The report noted that after accounting for contract liabilities, NetEase's Q3 cash revenue rose 14% year-on-year and 18% quarter-on-quarter, demonstrating robust performance and signaling potential stability in Q4 game revenue. JPMorgan highlighted that the upcoming game "ANANTA," expected to launch next year, has the potential to become the company's highest-revenue-generating title, with projected first-year revenue of RMB 12 billion. Additionally, the game "Sea of Remnants" is anticipated to drive a 12% annual growth in game revenue for NetEase between 2026 and 2027. The firm also suggested that NetEase may qualify for Stock Connect inclusion next year.