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 3Q23 financial results on 16 Nov: total revenue increased by 12% YoY to RMB27.3bn, largely in line with our/consensus estimate of RMB28.2/27.3bn; operating income grew by 59% YoY to RMB7.6bn, beating our/consensus estimate by 9/4%, mainly due to enhanced games GPM (+4.0ppt YoY) on optimized channel costs and favourable revenue mix shift.</li><li>Looking ahead, we expect total revenue growth to further accelerate in 4Q23, underpinned by the strong performance of new game titles.</li><li>NetEase’s quality game pipeline, with several highly-anticipated titles to be launched by 2Q24E, will also support its healthy revenue growth in 2024E, in our view. </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 3Q23 financial results on 16 Nov: total revenue increased by 12% YoY to RMB27.3bn, largely in line with our/consensus estimate of RMB28.2/27.3bn; operating income grew by 59% YoY to RMB7.6bn, beating our/consensus estimate by 9/4%, mainly due to enhanced games GPM (+4.0ppt YoY) on optimized channel costs and favourable revenue mix shift.Looking ahead, we expect total revenue growth to further accelerate in 4Q23, underpinned by the strong performance of new game titles.NetEase’s quality game pipeline, with several highly-anticipated titles to be launched by 2Q24E, will also support its healthy revenue growth in 2024E, in our view. 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) – Games Revenue Growth Accelerated with Solid Margin Expansion

NetEase Inc

NetEase (NTES US) – Games Revenue Growth Accelerated with Solid Margin Expansion