External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>NetEase announced 3Q25 results: total revenue grew by 8% YoY to RMB28.4bn, 3% below Bloomberg consensus estimate; operating income increased by 12% YoY to RMB8.0bn, below consensus estimate of RMB9.2bn, primarily attributable to the higher-than-expected marketing expenses.</li><li>Nonetheless, we remain upbeat on the games revenue growth outlook in 4Q25E and FY26E, supported by NetEase’s quality game pipeline, solid performance of legacy titles and healthy growth of contract liabilities (+25% YoY in 3Q25).</li><li>In view of increased marketing spending, we slightly lower our FY25-27E nonGAAP net income forecast by 0-1%. </li></ul><p><em>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.</em></p>

NetEase announced 3Q25 results: total revenue grew by 8% YoY to RMB28.4bn, 3% below Bloomberg consensus estimate; operating income increased by 12% YoY to RMB8.0bn, below consensus estimate of RMB9.2bn, primarily attributable to the higher-than-expected marketing expenses.Nonetheless, we remain upbeat on the games revenue growth outlook in 4Q25E and FY26E, supported by NetEase’s quality game pipeline, solid performance of legacy titles and healthy growth of contract liabilities (+25% YoY in 3Q25).In view of increased marketing spending, we slightly lower our FY25-27E nonGAAP net income forecast by 0-1%. 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) - Solid Games Business Outlook on Quality Pipeline and Evergreen Games

NetEase Inc

NetEase (NTES US) - Solid Games Business Outlook on Quality Pipeline and Evergreen Games