Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>NetEase has demonstrated notable performance in its gaming business throughout 2025, backed by strategic AI integrations and global expansions.</li><li>The company reported a total annual revenue of RMB 112.6 billion, marking a 7% increase year-over-year.</li><li>Notably, revenues derived from games and related value-added services accounted for RMB 92.1 billion, up 10% from the previous year.</li></ul>

NetEase has demonstrated notable performance in its gaming business throughout 2025, backed by strategic AI integrations and global expansions.The company reported a total annual revenue of RMB 112.6 billion, marking a 7% increase year-over-year.Notably, revenues derived from games and related value-added services accounted for RMB 92.1 billion, up 10% from the previous year.

NetEase: Embedding AI Across Game Development to Redefine Engagement and Long-Term Innovation!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of RMB7.91bn.</li><li>Adjusted net profit was up by 68% YoY to RMB2.86bn, in line with consensus estimate.</li><li>Excluding the impact of deferred income tax credit, adjusted operating profit grew by 32% YoY to RMB1.73bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of RMB7.91bn.Adjusted net profit was up by 68% YoY to RMB2.86bn, in line with consensus estimate.Excluding the impact of deferred income tax credit, adjusted operating profit grew by 32% YoY to RMB1.73bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase Cloud Music (9899 HK) - 2H25 Revenue Miss on Soft Non-Subscription Business

<ul><li>NetEase reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected games revenue growth and the prolonged revenue recognition period.</li><li>Operating income grew by 6% YoY to RMB8.3bn, 6% below consensus estimate.</li><li>That said, we remain constructive on FY26E revenue growth outlook, given that 1) contract liabilities were up by 34% YoY in 4Q25; 2) several highly anticipated games are lined up for launch in FY26, including Sea of Remnants. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected games revenue growth and the prolonged revenue recognition period.Operating income grew by 6% YoY to RMB8.3bn, 6% below consensus estimate.That said, we remain constructive on FY26E revenue growth outlook, given that 1) contract liabilities were up by 34% YoY in 4Q25; 2) several highly anticipated games are lined up for launch in FY26, including Sea of Remnants. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) - 4Q25 Results: Strong Contract Liabilities Growth Despite Revenue Miss

<ul><li>NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic advancements and challenges.</li><li>Throughout this period, NetEase demonstrated robust growth, with total revenues increasing by 8% year-over-year to RMB 28.4 billion.</li><li>This growth was mainly propelled by a 12% rise in revenues from its games and related value-added services, emphasizing the company's strength in game content production and delivery.</li></ul>

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic advancements and challenges.Throughout this period, NetEase demonstrated robust growth, with total revenues increasing by 8% year-over-year to RMB 28.4 billion.This growth was mainly propelled by a 12% rise in revenues from its games and related value-added services, emphasizing the company's strength in game content production and delivery.

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/netease-inc">NetEase </a>is a dominant force in China's gaming market, second only to Tencent, with a proven track record of developing and operating highly successful and long-running PC and mobile games, which form the bedrock of its revenue and profitability.</li>
 <li>The company is actively pursuing a global expansion strategy to diversify its revenue base beyond China, establishing overseas studios and investing in international talent to create content for a global audience. This move is crucial for mitigating risks associated with the domestic regulatory environment.</li>
 <li>Beyond its core gaming business, <a href="https://smartkarma.com/entities/netease-inc">NetEase </a>is cultivating a diversified ecosystem that includes its online education service (Youdao), a popular music streaming platform (<a href="https://smartkarma.com/entities/netease-inc">NetEase </a>Cloud Music), and other innovative businesses, although these currently contribute a smaller portion of overall revenue.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
NetEase is a dominant force in China's gaming market, second only to Tencent, with a proven track record of developing and operating highly successful and long-running PC and mobile games, which form the bedrock of its revenue and profitability.
  The company is actively pursuing a global expansion strategy to diversify its revenue base beyond China, establishing overseas studios and investing in international talent to create content for a global audience. This move is crucial for mitigating risks associated with the domestic regulatory environment.
  Beyond its core gaming business, NetEase is cultivating a diversified ecosystem that includes its online education service (Youdao), a popular music streaming platform (NetEase Cloud Music), and other innovative businesses, although these currently contribute a smaller portion of overall revenue.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

China

NetEase is a Chinese Internet technology company that provides online services across various sectors. Its core businesses include the development and operation of desktop and mobile games, alongside services in news aggregation, music streaming (NetEase Cloud Music), online education (Youdao), advertising, email, and e-commerce (Yanxuan). The company is headquartered in Hangzhou, China, and was founded in June 1997.

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NetEase (9999 HK)

NetEase: Embedding AI Across Game Development to Redefine Engagement and Long-Term Innovation!

NetEase has demonstrated notable performance in its gaming business throughout 2025, backed by strategic AI integrations and global...

Baptista Research

NetEase Cloud Music (9899 HK) - 2H25 Revenue Miss on Soft Non-Subscription Business

NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of...

CMB International

NetEase (NTES US) - 4Q25 Results: Strong Contract Liabilities Growth Despite Revenue Miss

NetEase reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected...

CMB International

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic...

Baptista Research

Primer: NetEase (9999 HK) - Dec 2025

NetEase is a dominant force in China's gaming market, second only to Tencent, with a proven track record of developing and operating highly...

αSK Primers

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