China Construction Bank International issued a research report stating that NTES-S (09999) delivered mixed results in the second quarter of 2025, but evergreen games and recently launched titles showed strong performance. Combined with a rich game pipeline, this supports a robust outlook. The firm maintains its "outperform" rating and updates the valuation year from 2025 to 2026, raising the target price by 4% from HK$226.2 to HK$235.56.