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 3Q24 financial results: total revenue declined by 4% YoY to RMB26.2bn, largely in line with Bloomberg consensus estimate; operating profit was down by 5% YoY to RMB7.15bn, in line with consensus estimate of RMB7.22bn.</li><li>3Q24 revenue was down YoY, mainly due to the high-base effect and softer-than-expected performance of certain new game titles.</li><li>Looking ahead, we expect the launch of Marvel Rivals and Where Winds Meet in December will be the key catalysts to watch, the performance of which shall be the key drivers of NetEase valuation and revenue growth in FY25E. </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 3Q24 financial results: total revenue declined by 4% YoY to RMB26.2bn, largely in line with Bloomberg consensus estimate; operating profit was down by 5% YoY to RMB7.15bn, in line with consensus estimate of RMB7.22bn.3Q24 revenue was down YoY, mainly due to the high-base effect and softer-than-expected performance of certain new game titles.Looking ahead, we expect the launch of Marvel Rivals and Where Winds Meet in December will be the key catalysts to watch, the performance of which shall be the key drivers of NetEase valuation and revenue growth in FY25E. 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) - Inline 3Q24 Results; Eyes on New Game Launch in December

NetEase Inc

NetEase (NTES US) - Inline 3Q24 Results; Eyes on New Game Launch in December