On November 24, the gaming sector strengthened amid early session fluctuations, with the Game ETF (159869) now up nearly 1%. Most holdings gained, with Mingchen Health leading the rise by nearly 8%, Xunyou Technology following with over 3%, and Boraid Media, G-bits, etc., all rising over 2%. Only Fuchun股份, Alpha Entertainment, Yaoji Technology, and Kingnet Network bucked the trend and declined.
On November 20, NetEase disclosed its Q3 2025 financial report. The company's net revenue for the period was RMB 28.4 billion, a year-on-year increase of 8.2%. Among this, games and related value-added services continued their strong performance, achieving net revenue of RMB 23.3 billion, a year-on-year increase of 11.8%, accounting for 82% of the company's total revenue, becoming the core engine driving performance growth. Additionally, the net profit attributable to shareholders for the period was RMB 8.6 billion. Compared to the same period last year, NetEase's gaming business is accelerating its recovery. In Q3 2024, NetEase's gaming segment net revenue was RMB 20.9 billion.
In recent years, NetEase's game expansion overseas has significantly accelerated, achieving consecutive breakthroughs abroad. "Marvel Rivals," launched in December 2024, now has over 40 million global users. On November 7, 2025, the international version of "Justice Mobile Game" fully launched on global mobile and PC platforms, topping the App Store free charts in Japan, Malaysia, Thailand, Vietnam, Cambodia, Brunei, and other countries and regions. Regarding the commercial potential of the agency game business, NetEase management revealed that games like "World of Warcraft" and "Hearthstone" are performing better than before, and the company will delve deeper into developing related products in the future.
The gaming sector benefits from multiple catalysts like AI, content, and business model changes. The Game ETF (159869) tracks the CSI Animation & Game Index, reflecting the overall performance of A-share listed companies in the animation and game industry. Watch for layout opportunities with the Game ETF (159869).
