网易_财报回顾_第二季度表现稳健，长青游戏将推动下半年持续增长；买入-NetEase Inc. (NTES)_ Earnings Review_ solid 2Q, evergreen titles to drive sustained growth into 2H; Buy

15 August 2025 | 4:34AM HKT NetEase Inc. (NTES) Buy Earnings Review: solid 2Q, evergreen titles to drive sustained growth into 2H; Buy | NTES | 12m Price Target: $145.00 | Price:$ 134.90 | Upside: 7.5% | | --- | --- | --- | --- | | 9999.HK | 12m Price Target: HK $226.00 | Price: HK$ 207.80 | Upside: 8.8% | NetEase delivered a solid 2Q result, with game revenue up 15% yoy, deferred revenue up 28% yoy and OP up 24% yoy. Entering this result season, we believe the market had relatively elevated expectations for ...