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<Foresight>Brokers Predict NTES-S 4Q25 Adj. NP to Sink 6%+, Gaming Biz Sell-Through & Guidance to Take Center Stage
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NTES-S (09999.HK) is set to announce its financial results for 4Q25 after the market bell next Wednesday (11th).

According to the predictions from eight brokers as summarized by our reporters, it is expected that NTES-S' 4Q25 non-GAAP net profit will have dropped by 0.4-13.5% YoY to RMB8.379-9.643 billion from RMB9.682 billion in the same period last year. A median of RMB9.03 billion marks a YoY decline of 6.7%.

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The market will be eyeing the latest guidance from management on the gaming business and related sell-through performance. Attention will also be paid to management's comments and strategies regarding Google's recent launch of the Genie 3 world model, which has heightened investor concerns about the development of the gaming industry.

Broker│4Q25 non-GAAP NP (RMB) Forecast│YoY Change
Haitong International│9.643 billion│-0.4
CLSA│9.201 billion│-5%
UBS│9.131 billion│-5.7
Barclays│9.036 billion│-6.6%
CCBI│9.023 billion│-6.8%
Citi│8.778 billion│-9.3
Goldman Sachs│8.579 billion│-11.4
BOCI│8.373 billion│-13.5%
Calculated based on NTES-S' 4Q24 non-GAAP net profit of RMB9.682 billion.
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