On November 19, Gelonghui reported that Citigroup issued a report indicating that netease's revenue and net profit for the third quarter fell short of expectations, but it continues to demonstrate the ability to develop and launch high-quality games. The upcoming release of "Yan Yun Shi Liu Sheng" and the 6v6 shooter game "Marvel Contest" will act as short-term catalysts for the stock price. Along with the rapid rebound of "Fantasy Westward Journey" PC game, the robust performance of "Identity V", "Nirvana in Fire", "Naraka: Bladepoint", and "Egg Party", and the successful revitalization of Blizzard games such as "World of Warcraft" and "Hearthstone", should support improvements in game revenue as it enters 2025. The firm raised its target price for netease's ADR from $108 to $115, maintaining a "buy" rating, based on attractive valuations, strong cash flow, and ongoing shareholder returns. The firm views the rebound of the "Fantasy Westward Journey" PC game, the positive reception of "Naraka: Bladepoint", and the launch of "Marvel Contest" as strong investment rationale for stable profitability visibility next year. The firm believes that netease's existing games show resilience and the release of new games is exciting, raising revenue forecasts for the next two years by 1.1% and 3.2% respectively, but lowering non-GAAP earnings forecasts for the next two years by 2.9% and less than 0.1%, reflecting the third-quarter performance and management's comments on the existing games' performance, as well as future new game launches.