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Chinese online-games developer and publisher for PC and mobile that also runs music streaming and education.
Chinese online-games developer and publisher for PC and mobile that also runs music streaming and education.
Earns mostly from players spending on in-game items in a handful of long-running titles it develops itself, plus fees for games it operates for foreign studios. Smaller lines include music streaming and Youdao education. Founder William Ding is the largest shareholder. These Hong Kong shares and its Nasdaq listing are the same company.
In one line: China's Activision Blizzard, with a Spotify on the side.
Moat: narrow (IP / patents, brand, installed base). Deep in-house game-development studios and owned IP franchises give a hit pipeline other publishers lack.
Headquarters: Hangzhou, China · Founded: 1997 · Employees: 25,382
Size NTES (9999.HK) is a Hong Kong Communication Services company (Packaged Software) with a market value of $81.4B, the 23rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$200.40 on 6 Nov 2026.
Performance Over six months the shares gained 8.1%, against -10.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th highest of 12 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +21.1%); the operating margin is 35.3% (peer median 17.3%).
Valuation It trades at 14.0× forward earnings against a peer median of 14.0× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -12 pp: the price already allows for a slowdown.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$130B | HK$122B | HK$114B | HK$114B | HK$112B |
| Revenue growth | — | +7% | 0% | +2% | — |
| Gross profit | HK$87.6B | HK$78.5B | HK$71.3B | HK$68.8B | HK$61.4B |
| EBITDA | HK$48.5B | HK$41.3B | HK$34.7B | HK$34.0B | HK$26.1B |
| Net income | HK$36.3B | HK$36.6B | HK$32.2B | HK$32.5B | HK$22.9B |
| Free cash flow | HK$57.3B | HK$53.9B | HK$41.6B | HK$36.5B | HK$29.8B |
| Capital expenditure | HK$1.65B | HK$2.23B | HK$2.83B | HK$5.19B | HK$3.45B |
| Total debt | HK$14.6B | HK$7.50B | HK$13.6B | HK$22.6B | HK$32.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NTES 9999.HK | $81.4B | +8% | +10% | 35% | 14.0× | -3.5% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| Electronic Arts EA | n/a | +3% | n/a | n/a | n/a | n/a |
| Take-Two Interactive TTWO | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9999.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.3% | +2.6% | 4th highest of 12 |
| 6-month return | +8.1% | -10.0% | 4th highest of 12 |
| Distance from 52-week high | -13.7% | -36.0% | 3rd highest of 12 |
| Revenue growth (TTM) | +10.2% | +21.1% | 2nd lowest of 12 |
| Operating margin | 35.3% | 17.3% | highest of 12 |
| Forward P/E | 14.0× | 14.0× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -3.5% | -1.0% | 5th least demanding of 11 |
| Growth delivered (Del g) | +8.1% | +14.7% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -11.6 pp | -12.4 pp | 6th least demanding of 11 |
| EV / EBITDA | 9.3× | 7.6× | 5th most expensive of 11 |
| Net debt / EBITDA | -4.0× | -1.4× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NTES 9999.HK | Hong Kong | $81.4B | +8% | +10% | 35% | 14.0× | -3.5% | +8.1% |
| Take-Two Interactive TTWO | United States | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% | +14.6% |
| Roblox RBLX | United States | $35.3B | +18% | +32% | -20% | n/a | 15.7% | +39.6% |
| Roku ROKU | United States | $23.9B | +24% | +21% | 8% | 39.1× | 39.6% | +21.6% |
| Konami 9766.T | Japan | $23.5B | +45% | +25% | 33% | 25.7× | -1.5% | +12.6% |
| Naver 035420.KS | South Korea | $20.3B | -10% | +15% | 17% | 15.5× | -0.6% | +17.8% |
| Tencent 0700.HK | Hong Kong | $482B | -11% | +16% | 32% | 12.5× | 6.4% | +8.5% |
| Krafton 259960.KS | South Korea | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% | +14.8% |
| Trade Desk (The) TTD | United States | $6.11B | -44% | +12% | 20% | 121.4× | -5.8% | +28.2% |
| NC 036570.KS | South Korea | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% | -9.0% |
| Netmarble 251270.KS | South Korea | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% | +2.7% |
| DoubleUGames 192080.KS | South Korea | $795M | -10% | +25% | 33% | 5.7× | n/a | n/a |