NetEase-S (09999) saw its shares rise more than 5%. At the time of writing, the stock was up 5.13% to HK$225.6, with a turnover of HK$229 million. On December 27, 2025, the anniversary update "Drink Horse, Cross the Autumn Water" for NetEase's game "YanYun Six Echoes" officially launched and topped the Chinese iOS game bestseller chart. Huatai Securities previously noted that "YanYun" has received positive feedback from overseas players, with its first-year gross revenue expected to reach 2-3 billion yuan. First Shanghai released a research report stating that, looking ahead to 2026, NetEase is set to launch the adventure RPG "Forgotten Sea". Future pipeline products include "Masterless Star Abyss", "Code Name: Infinity", and "Return to Tang", among others. Deferred revenue for the third quarter increased by 25.3% year-on-year to 19.47 billion yuan. The company's game revenue recognition cycle is 3-6 months, with profits expected to be gradually realized over the subsequent two quarters. It is projected that the company's games and value-added services revenue for 2025 could increase by 12.4% year-on-year to 94 billion yuan.