On November 18, Gelonghui reported that China Merchants stated in a report that netease's revenue in the third quarter declined by 4% year-on-year to 26.2 billion yuan. Revenue from the gaming business decreased by 1% year-on-year (12% year-on-year growth in the second quarter), with mobile game revenue declining by 10% year-on-year, while revenue from PC games grew by 29% year-on-year, benefiting from better-than-expected Blizzard products and the drive from the PC game "Naraka: Bladepoint". In terms of shareholder feedback, netease's management emphasized that the cumulative shareholder return over the past five years accounted for 78% of net income. In the third quarter, netease repurchased 0.5 billion dollars, with a remaining repurchase limit of 3.4 billion dollars (the total repurchase plan is 5 billion dollars), equivalent to about 6.3% of the current market cap. netease announced a quarterly dividend of 0.435 dollars per ADS, with a dividend yield of 2.4% in 2025. Looking ahead, the bank anticipates that "Yanyun Sixteen Voices" will be a highly anticipated blockbuster game from netease in the second half of the year. The launch date, which was postponed from the second quarter of this year, is stated by the management to be by the end of December this year, with the PC version set to launch earlier than the mobile version, leading to an expected recovery in revenue. Additionally, the bank also looks forward to the launch of "Marvel Showdown" in December this year, as well as contributions from games such as "FragPunk", "Marvel's Mystic Frenzy", "Destiny: Rising", and "Codename: Infinity" expected in 2025. The bank projects a revenue growth of 6% and 6.4% for the gaming business in the fourth quarter and 2025, respectively, along with a forecasted group revenue growth of 1% and 2.3%, with core net income expected to grow by 6.4% and 6.5% year-on-year. The bank has adjusted its netease earnings forecast, lowering the core net income for the fiscal years 2024 to 2026 by 3% to 4%; the target price for netease's listed in hong kong stock is lowered from 193 Hong Kong dollars to 181 Hong Kong dollars, with a rating of "shareholding."