Jingshu's Substack on NetEase, Inc. (NTES)

主要经营地 China

详细生意模式 Diversified Chinese internet company with gaming (Diablo Immortal, Tauren), content platforms, and digital services. FY2025 revenue RMB112.6B (+7% YoY), games RMB92.1B (+10%). Q4 2025 EPS $1.57 (missed $1.85 estimate), Q1 2026 guidance $2.12 EPS.

护城河 🟡中 - Large diversified gaming and content platform with intellectual property (Diablo Immortal). Strong market position in China. Faces regulatory uncertainty and competition from Tencent. China macro headwinds impact valuations.

估值水平 14.7x TEV/EBITDA, China discount vs US cloud peers

EV/Market Cap EV $335.3B / MC $486.7B

网络观点 Portfolio holding update only—Q1 2026 GVI letter. Gaming + content franchises validated.

AI观点 Pitch provides zero analytical content—only portfolio notation. WebSearch shows Q4 2025 EPS $1.57 missed $1.85 estimate but FY2025 fundamentals solid (RMB112.6B revenue +7% YoY, games +10%). Next earnings 5/14/26 with Q1 guidance $2.12. Valuation at 14.7x TEV/EBITDA with China regulatory discount applied. Company NOT cheap, NOT expensive at current levels. Macro risks include China economic slowdown and Tencent competitive pressure. Diablo Immortal franchise valuable but subject to licensing changes. NEUTRAL—company solid fundamentals but valuations fair and China sentiment uncertain. Macro timing risk real. No clear catalyst for multiple expansion.