NetEase-S (09999) rose more than 4%, with a gain of 4.54% to HK$179.5 at the time of writing, and a turnover of HK$418 million. On May 21, NetEase released its first-quarter 2026 financial results. The company reported revenue of RMB 30.6 billion for the quarter, a year-on-year increase of 6.1%; net profit attributable to shareholders was RMB 10.7 billion, up 3.6% year-on-year. Gaming remains NetEase's primary revenue driver. In the first quarter, revenue from games and related value-added services reached RMB 25.7 billion, a year-on-year increase of 6.9%, accounting for nearly 84% of total revenue. The financial report noted that the growth was primarily driven by increased revenue from self-developed games such as the "Fantasy Westward Journey" series and "Yan Yun Shi Liu Sheng." It was indicated that "Forgotten Sea" is scheduled to begin a paid closed beta test on May 28, with expectations for a launch during the summer of this year (as of May 21, pre-registrations across all platforms exceeded 22 million). Additionally, the pipeline includes diverse new titles such as "Infinite," "Shan Hai Qi Lü," and "Gui Tang." The company's gross margin improvement exceeded expectations, and steady shareholder returns provide a safety margin. The upcoming new product cycle and global expansion progress will be key variables to monitor.