On May 26, NetEase rose 3.78% in regular trading, trading at $122.05/share, with trading volume of approximately $33.32 million.

The rally was driven by NetEase's Q1 earnings report, which delivered results well above market expectations, combined with bullish calls from multiple investment banks. Q1 revenue came in at RMB 30.6 billion, up 6.1% year-over-year and beating consensus by approximately 4%. Gaming and related value-added services revenue reached RMB 25.7 billion, up 6.9% YoY, primarily driven by strong performance from theErta Fantasy series andErta Cloud 16. Non-GAAP net profit of RMB 11.3 billion exceeded expectations by 13%, with gross margin improvement surpassing forecasts.

Goldman Sachs, JPMorgan, Nomura, CICC, and CMB International all reiterated buy or outperform ratings. Nomura highlighted the resilience of NetEase's decade-old game titles and maintained a $155 target price. Goldman Sachs noted record-high profit margins and rich catalysts in H2, including the launch of new game Forgotten Sea and potential Stock Connect inclusion following the company's transition to primary listing in Hong Kong.

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