According to Zhiyuan Financial APP, Goldman Sachs has released a research report stating that in the coming months, NTES-S (09999) is expected to achieve accelerated revenue growth compared to the third quarter, and the performance outlook for 2025 will become clearer. The firm believes that the release of these new games will further drive strong growth in the PC gaming business, particularly after Blizzard's return in August 2024. The firm expects that as more games (including "Marvel Showdown," "Fragpunk," and other games exclusively released by NetEase) are globally launched, NetEase's global game sales will also see a significant increase by 2025.

The main points of the report are as follows:

NetEase launched the PC version of "Nishuihan" on December 27 and plans to release the mobile version next week on January 9.

The firm summarized the main user feedback/views regarding the game: overall, a differentiated gaming experience combining single-player content and multiplayer modes was observed. The firm continues to predict that the game will generate 4.2 billion RMB in revenue in its first month, although considering the monetization design (mainly through character appearances, etc.), it believes that when there are enough players engaged with the game content, the game may experience a slow upward revenue cycle.

Positive feedback includes:

1) Rich and authentic Chinese martial arts artistic style content suitable for single-player modes; 2) High degree of freedom and open-world style; 3) Mild monetization strategy in the early stages. Some users are concerned about the design of combat mechanics around players compared to other ARPG PC/consoles games. The firm believes that balancing and integrating single-player and multiplayer types remains a key area for improvement.

Events in NetEase's future worth paying attention to:

1) January 9, release of 'Nisuihan' on mobile: The organization believes that user indicators are more important in the early stages relative to overall rankings, and the promotional intensity for the mobile release should be higher than the promotional limitations on the PC release last week.

2) Performance and promotion during the Chinese New Year, particularly for 'Egg Party': The competitive landscape for party games is fierce during the 2024 Chinese New Year period, with increased marketing expenses. The organization expects more targeted spending during this time; however, the results of recovery or the 'Egg Party' title (in response to stricter youth user requirements) will be key for this year’s holiday season.

3) User testing feedback for 'Codename: Infinite' (Project Mugen): The organization considers this to be the most important single game pipeline that NetEase may launch in 2026. That is to say, progress updates/testing feedback will also be important throughout 2025.

4) Global release of 'Fragpunk' on March 6: This is an innovative PVP shooting game developed by NetEase, aimed at global PC platform players. Currently, market expectations for this game are not high.