HK Stock Market Move | NTES-S (09999) rose more than 9% after performance announcement. Third quarter revenue reached 26.2 billion yuan, with a year-on-year increase of 29% in game revenue.

NTES-S (09999) opened more than 9% higher after the performance report, rising 9.62% to HK$131 at the time of writing, with a turnover of HK$1.02 billion. On the news front, NetEase released its financial results for the third quarter of 2024, with a net revenue of 26.2 billion yuan. Among them, the net revenue of games and related value-added services was 20.9 billion yuan, while Youdao's net revenue was 1.6 billion yuan, an increase of 2.2% year-on-year. NetEase Cloud Music's net revenue was 2 billion yuan, up 1.3% year-on-year, and the net revenue of innovative and other businesses was 1.8 billion yuan. The gross profit was 16.5 billion yuan, with a net profit attributable to the company's shareholders of 6.5 billion yuan. In the third quarter, the net revenue of games and related value-added services was 20.9 billion yuan, an increase of 4% from the previous quarter. Game revenue was 20.2 billion yuan, up 5% from the previous quarter, with a year-on-year increase of 29% and a quarter-on-quarter increase of 30% in client game revenue. Long-standing IPs such as "Westward Journey 2," "Identity V," and "Endless Trial" reached new highs, while "World of Warcraft" and "Hearthstone" returned to the Chinese market and broke records. The daily active users increased by over 50% and 150% respectively compared to before the suspension.