CICC believes that NetEase's growth is mainly due to the lau...

CICC believes that NetEase's growth is mainly due to the launch of many new games. At the same time, the company's gross margin is expected to remain at a high level in 3Q23, and the company's sales expenses rate and R&D investment related expenses are generally manageable. CICC also suggests keeping an eye on NetEase's new product schedule for next year and the expansion process of overseas markets.