CICC: Maintains NetEase-S (09999.HK) target price at HK$265, expects Q3 Non-GAAP net profit attributable to shareholders to grow 9% year-on-year

Zhitong Finance APP has learned that CICC issued a research report stating that it expects NetEase-S (09999.HK) to report revenue of RMB 29.5 billion in the third quarter of 2026, up 4% year on year; Non-GAAP operating profit of RMB 11.7 billion, up 32% year on year; and Non-GAAP net profit attributable to shareholders of RMB 10.4 billion, up 9% year on year (consensus estimate: RMB 10.5 billion). Considering that the company's 2027 new title *Ananta* carries a certain valuation premium, CICC maintains its target prices of USD 171 and HKD 265 for the US and Hong Kong shares, respectively, implying upside of 39% and 36%.