On July 28, NetEase rose 3.12% in regular trading, trading at $128.1/share, with turnover of $3.8072 million.

On the news front, multiple catalysts converged to drive the stock higher. The National Press and Publication Administration issued 197 game licenses in July, the largest single batch in five years, with NetEase's core IP title Dream of West Journey: Renewal receiving approval, accelerating its subsequent marketing and public testing timeline.

Meanwhile, Nomura published a research note expecting NetEase's Q2 online gaming and value-added services revenue to grow 6% year-over-year, driven by resilient performances from evergreen titles. Nomura also noted that newly launched title Forgotten Sea is estimated to generate monthly gross billings of RMB 200-300 million, contributing to accelerated H2 gaming growth. The firm maintained its Buy rating. Additionally, institutions highlighted clear H2 catalysts including accelerated buybacks, a low revenue base, and valuations at historical lows with room for recovery.

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