NetEase, Inc.

SEHK:9999 Stock Report

Market Cap: HK$601.1b

NetEase Future Growth

Future criteria checks 2/6

NetEase is forecast to grow earnings and revenue by 9.8% and 7.2% per annum respectively. EPS is expected to grow by 12.1% per annum. Return on equity is forecast to be 21.7% in 3 years.

Key information

9.8%

Earnings growth rate

12.12%

EPS growth rate

Entertainment earnings growth9.0%
Revenue growth rate7.2%
Future return on equity21.67%
Analyst coverage

Good

Last updated05 Jun 2026

Recent future growth updates

Analysis Article • May 24

Earnings Beat: NetEase, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

NetEase, Inc. ( HKG:9999 ) just released its latest quarterly results and things are looking bullish. NetEase beat...
Analysis Article • Feb 13

NetEase, Inc. Just Missed EPS By 6.4%: Here's What Analysts Think Will Happen Next

As you might know, NetEase, Inc. ( HKG:9999 ) recently reported its annual numbers. It looks like the results were a...

Recent updates

Narrative Update • Jun 01

9999: Dividend And Extended Buyback Will Support Future Upside Potential

Analysts have trimmed their NetEase price target from HK$255.05 to HK$249.78, citing updated assumptions that include slightly different discount rate inputs, adjusted revenue growth expectations, firmer profit margin forecasts, and a lower future P/E multiple. What's in the News Q1 2026 net revenues were reported at RMB30.6b, up 6.1% year over year, with gaming and related value added services up 6.9% and supported by strong engagement in titles such as Fantasy Westward Journey, Where Winds Meet, and Marvel Rivals.
Analysis Article • May 29

NetEase's (HKG:9999) Earnings Offer More Than Meets The Eye

Shareholders appeared to be happy with NetEase, Inc.'s ( HKG:9999 ) solid earnings report last week. This reaction by...
Analysis Article • May 24

Earnings Beat: NetEase, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

NetEase, Inc. ( HKG:9999 ) just released its latest quarterly results and things are looking bullish. NetEase beat...
Narrative Update • Apr 20

9999: Fair Value Will Reflect Higher Dividend And Completed Share Repurchases

Analysts have made a small upward adjustment to their HK$ price target for NetEase, supported by slightly higher assumptions for revenue growth, profit margin and fair value, together with a modestly lower future P/E multiple and a marginally higher discount rate. What's in the News NetEase approved an ordinary cash dividend of US$0.232 per share (US$1.16 per ADS) for the fourth quarter of 2025, payable in U.S. dollars to holders of ordinary shares and ADSs of record on March 16, 2026, with payment expected on March 25, 2026 for ordinary shares and on or around March 27, 2026 for ADSs (Key Developments).
Narrative Update • Apr 05

9999: Fair Value Will Reflect Higher Dividends And Completed Share Repurchases

Analysts have nudged their price target on NetEase slightly higher to around HK$189.04 from about HK$188.96, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that together support a modestly higher valuation. What's in the News NetEase completed the share repurchase program announced on November 17, 2022, buying back 22,100,000 shares for a total of US$2,000m, representing 0.69% of the company (Key Developments).
Narrative Update • Mar 22

9999: Fair Value Will Reflect Higher Dividend Payouts And Updated Profit Assumptions

Analysts have reduced their price target for NetEase from about HK$197.83 to around HK$188.96, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that together support a more conservative valuation framework. What's in the News A board meeting is scheduled for February 10, 2026, to approve unaudited results for the three months and full year ended December 31, 2025, and to consider the fourth quarter 2025 dividend (Key Developments).
Narrative Update • Mar 07

9999: Dividend Policy And Buyback Capacity Will Support Future Upside Potential

Analysts have reduced their HK$ fair value estimate for NetEase from about HK$316.84 to roughly HK$310.01, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News A board meeting is scheduled for February 10, 2026 to approve unaudited results for the three months and fiscal year ended December 31, 2025, and to consider the fourth quarter 2025 dividend (Key Developments).
Narrative Update • Feb 20

9999: Dividend Momentum And Completed Buyback Will Support Future Upside Potential

Analysts have trimmed their HK$ fair value estimate for NetEase from about HK$259.38 to around HK$255.05, reflecting updated assumptions for slightly lower revenue growth and P/E, along with a small adjustment to the discount rate and profit margin outlook. What's in the News NetEase approved an ordinary cash dividend of US$0.232 per share (US$1.16 per ADS) for the fourth quarter of 2025, with a record date of 16 March 2026 and expected payment dates of 25 March 2026 for ordinary shares and on or around 27 March 2026 for ADS holders (company announcement).
Analysis Article • Feb 13

NetEase, Inc. Just Missed EPS By 6.4%: Here's What Analysts Think Will Happen Next

As you might know, NetEase, Inc. ( HKG:9999 ) recently reported its annual numbers. It looks like the results were a...
Analysis Article • Feb 10

NetEase (HKG:9999) Seems To Use Debt Rather Sparingly

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Narrative Update • Feb 06

9999: Reset Fair Value Will Reflect Higher Margins And Music Platform Integration

Narrative Update on NetEase The analyst price target for NetEase has been revised from US$169.73 to US$197.83, with analysts pointing to updated assumptions for revenue growth, profit margins and a slightly lower forward P/E multiple to support the change. What's in the News Board meeting scheduled for February 10, 2026, to approve unaudited results for the three months and fiscal year ended December 31, 2025, and to consider the quarterly dividend for the fourth quarter of 2025 (company event).
Narrative Update • Jan 23

9999: Share Repurchases And New Data Partnership Will Support Future Upside Potential

Analysts have raised their price target on NetEase by roughly 18%, reflecting updated assumptions that include a slightly lower discount rate, a modestly higher revenue growth outlook, a reduced profit margin estimate, and a higher future P/E multiple. What's in the News Chartmetric has integrated chart data from NetEase Cloud Music, giving global music professionals structured access to listening trends on one of China's largest youth-focused streaming platforms (Key Developments).
Narrative Update • Jan 08

9999: Completed Buyback And Upcoming Dividend Decision Will Support Future Upside Potential

Analysts have nudged their price target for NetEase slightly higher to US$259.38 from US$258.80, citing small adjustments to fair value estimates, discount rate assumptions, and future P/E expectations. What's in the News Chartmetric integrated chart data from NetEase Cloud Music, giving global music professionals structured access to mainland China streaming trends and regional listening behavior for younger users (Client Announcements).
Analysis Article • Jan 02

NetEase, Inc.'s (HKG:9999) Price Is Out Of Tune With Earnings

When close to half the companies in Hong Kong have price-to-earnings ratios (or "P/E's") below 12x, you may consider...
Narrative Update • Dec 23

9999: Completed Buyback And Upcoming Dividend Review Will Support Future Upside Potential

Analysts have raised their price target on NetEase slightly to approximately $259 per share, up from about $258 per share, citing marginally improved long term revenue growth expectations and a modestly lower discount rate, which together support a slightly higher valuation multiple. What's in the News Chartmetric integrated NetEase Cloud Music chart data, giving global music professionals structured access to Chinese streaming trends and youth listening behavior.
Narrative Update • Dec 09

9999: Upcoming Dividend Review And Completed Buyback Will Drive Future Market Optimism

Analysts have raised their price target on NetEase slightly to approximately $258, reflecting modestly stronger expectations for revenue growth, profit margins, and valuation multiples. What's in the News Chartmetric integrated chart data from NetEase Cloud Music, giving global music professionals structured access to China specific streaming charts and listening trends, especially among under 35 users (Key Developments) NetEase Cloud Music rankings added to Chartmetric include the China Hot 100 Songs Chart (weekly), International Hot 100 Songs Chart (weekly), and International New 100 Songs Chart (daily), enabling closer monitoring of breakout tracks in mainland China (Key Developments) From July 1, 2025 to September 30, 2025, NetEase repurchased no additional shares, but confirmed completion of its $2.0 billion buyback of 22.1 million shares under the November 17, 2022 authorization (Key Developments) NetEase scheduled a board meeting on November 19, 2025 to review unaudited results for the quarter ended September 30, 2025 and to consider a third quarter 2025 dividend (Key Developments) Valuation Changes The fair value estimate has risen slightly from 255.93 to 257.83, reflecting a modestly higher intrinsic value per share.
Analysis Article • Nov 27

We Think NetEase's (HKG:9999) Profit Is Only A Baseline For What They Can Achieve

NetEase, Inc. ( HKG:9999 ) just reported healthy earnings but the stock price didn't move much. Investors are probably...
Narrative Update • Nov 25

9999: Upcoming Board Decision On Dividend Will Increase Market Optimism

Narrative Update on NetEase Analyst Price Target Analysts have raised their fair value price target for NetEase from $248.15 to $255.93. They cite updated expectations for slightly higher revenue growth and a modest adjustment in profit margin forecasts.
Narrative Update • Nov 05

9999: Share Buyback And Dividend Announcement Will Drive Market Confidence

Narrative Update: NetEase Analyst Price Target Adjustment Analysts have modestly increased their price target for NetEase to $248.15 from $245.57. This change reflects slight improvements in the company’s projected fair value and future earnings expectations.
Narrative Update • Oct 22

Analysts Lift NetEase Price Target as Growth and Profit Margins Improve Amid Buyback and Dividend News

Analysts have raised their price target for NetEase from $241.62 to $245.57, citing modest improvements in growth rate and profitability metrics. What's in the News The board of directors has approved a dividend of USD 0.1140 per share (USD 0.5700 per ADS) for the second quarter of 2025.
Narrative Update • Oct 08

Digital Entertainment And Gaming Will Fuel Global Expansion

Analysts have raised their price target for NetEase from $238.19 to $241.62. They cite slight improvements in expected revenue growth and profit margin forecasts.
Analysis Article • Oct 06

Is There Now An Opportunity In NetEase, Inc. (HKG:9999)?

Let's talk about the popular NetEase, Inc. ( HKG:9999 ). The company's shares saw a double-digit share price rise of...
Narrative Update • Sep 20

Digital Entertainment And Gaming Will Fuel Global Expansion

NetEase's future P/E ratio and discount rate both remained virtually unchanged, supporting a marginal increase in its consensus analyst price target from HK$233.99 to HK$238.19. What's in the News NetEase's board approved a reduced dividend of USD 0.1140 per share (USD 0.5700 per ADS) for Q2 2025, payable in September.
Narrative Update • Sep 05

Digital Entertainment And Gaming Will Fuel Global Expansion

NetEase's consensus price target remained nearly flat as a significant rise in its future P/E ratio offset the impact of modest valuation adjustments, resulting in a marginal decrease in fair value from HK$234.08 to HK$233.99. What's in the News NetEase's board approved a Q2 2025 dividend of USD 0.1140 per share (USD 0.5700 per ADS), with payment expected in early September 2025.
Analysis Article • Aug 29

Some Shareholders Feeling Restless Over NetEase, Inc.'s (HKG:9999) P/E Ratio

With a price-to-earnings (or "P/E") ratio of 18x NetEase, Inc. ( HKG:9999 ) may be sending bearish signals at the...
Analysis Article • Aug 18

Do NetEase's (HKG:9999) Earnings Warrant Your Attention?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Analysis Article • Aug 05

Calculating The Fair Value Of NetEase, Inc. (HKG:9999)

Key Insights The projected fair value for NetEase is HK$252 based on 2 Stage Free Cash Flow to Equity Current share...
Analysis Article • Jul 13

Is NetEase (HKG:9999) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Jun 30

What Is NetEase, Inc.'s (HKG:9999) Share Price Doing?

Today we're going to take a look at the well-established NetEase, Inc. ( HKG:9999 ). The company's stock saw a...
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New Narrative • Nov 24

Global Gaming Expansion And Innovation Propel Future Revenue Growth

NetEase's international game expansion and diversified portfolio position it for future revenue growth and long-term stability.

Earnings and Revenue Growth Forecasts

SEHK:9999 - Analysts future estimates and past financials data (CNY Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028140,45646,85555,38756,91523
12/31/2027130,62543,02845,41651,12232
12/31/2026121,04339,33745,41745,77632
3/31/2026114,38934,13350,46452,366N/A
12/31/2025112,62633,76048,68750,740N/A
9/30/2025111,82736,28446,76648,929N/A
6/30/2025109,67834,20744,26646,556N/A
3/31/2025107,27232,36539,87142,226N/A
12/31/2024105,29529,69837,47039,677N/A
9/30/2024105,68827,51336,09238,473N/A
6/30/2024106,74828,81234,57737,741N/A
3/31/2024105,27430,29635,48838,888N/A
12/31/2023103,46829,41731,05535,331N/A
9/30/2023101,68226,78728,35232,532N/A
6/30/202398,83825,65026,67130,175N/A
3/31/202397,98622,07325,89729,127N/A
12/31/202296,49619,71325,06627,709N/A
9/30/202295,51521,45424,19627,069N/A
6/30/202293,27917,93723,08625,875N/A
3/31/202290,64516,81220,71923,967N/A
12/31/202187,60616,85721,81724,927N/A
9/30/202182,99412,13821,76524,772N/A
6/30/202179,46211,95520,39323,881N/A
3/31/202177,12212,95120,35523,930N/A
12/31/202073,66712,06321,59824,888N/A
9/30/202069,64014,14118,53522,185N/A
6/30/202065,61815,27717,55520,637N/A
3/31/202061,88114,09317,75220,331N/A
12/31/201959,24113,275N/A17,216N/A
9/30/201951,06813,591N/A17,641N/A
6/30/201949,59211,520N/A17,405N/A
3/31/201951,42810,272N/A14,897N/A
12/31/201851,1798,291N/A13,416N/A
9/30/201858,2256,207N/A11,362N/A
6/30/201857,5426,671N/A9,400N/A
3/31/201854,6347,537N/A9,763N/A
12/31/201744,43711,542N/A11,889N/A
9/30/201751,59313,105N/A13,387N/A
6/30/201748,32713,318N/A15,461N/A
3/31/201743,90413,066N/A16,427N/A
12/31/201638,17911,605N/A15,488N/A
9/30/201633,98310,086N/A13,223N/A
6/30/201631,4439,228N/A11,695N/A
3/31/201627,0587,931N/A9,245N/A
12/31/201522,8036,735N/A8,077N/A
9/30/201518,3635,842N/A6,866N/A
6/30/201514,8085,119N/A5,827N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 9999's forecast earnings growth (9.8% per year) is above the savings rate (3%).

Earnings vs Market: 9999's earnings (9.8% per year) are forecast to grow slower than the Hong Kong market (12.7% per year).

High Growth Earnings: 9999's earnings are forecast to grow, but not significantly.

Revenue vs Market: 9999's revenue (7.2% per year) is forecast to grow slower than the Hong Kong market (8.7% per year).

High Growth Revenue: 9999's revenue (7.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 9999's Return on Equity is forecast to be high in 3 years time (21.7%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/06 16:25
End of Day Share Price 2026/06/05 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NetEase, Inc. is covered by 70 analysts. 32 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Sau Shing ChowABCI Securities Company Limited
Tianli WenAletheia Analyst Network Limited
Zixiao YangArete Research Services LLP