Goldman Sachs released a research report saying that NetEase S (09999) launched “Where Winds Meet (Where Winds Meet)” on the PC platform on December 27, and will release a mobile version on January 9 next week. The target price for Hong Kong stocks is HK$169, and the rating is “buy”. Goldman Sachs believes this is a differentiated game that combines single-player content and multiplayer modes. Goldman Sachs continues to forecast the game's gross revenue of 4.2 billion yuan for the first 12 months, but considering the game's monetization design, that is, mainly through character equipment, etc., the bank believes that the game's total revenue growth cycle may be slow until enough users participate in the game's single-player content.