Gaming & Entertainment
All research in Gaming & Entertainment — 2 reports.
NetEase is the Chinese internet company most dependent on self-developed games, with about 82% of 2025 revenue coming from games. The current debate sits between a mature cash-flow base supported by USD 24.3 billion of net cash and whether Where Winds Meet and Marvel Rivals can make the overseas second curve real. Research rating Hold: high-quality game cash flow remains steady, but the current price has already partly prepaid delivery from new overseas titles.
Nintendo is one of the world's strongest gaming IP empires, founded in Kyoto in 1889 as a hanafuda card maker and later becoming one of the three global console pillars alongside Sony PlayStation and Microsoft Xbox after the NES became a worldwide hit in 1985. Its core business is Switch 2 hardware plus first-party software, which together account for 85% of revenue, alongside smartphone games, Switch Online subscriptions, Nintendo films, USJ theme parks, and IP licensing. Research rating Buy: a durable IP moat, cash-generative platform economics, and a conservative FY2027 guide leave meaningful upside from a depressed valuation.