Supported by its stronger-than-expected gaming revenue and prudent spending on game promotion, NTES-S (09999.HK) +21.900 (+13.028%) Short selling $496.88M; Ratio 12.594% (NTES.US) delivered 1Q25 results that exceeded expectations across the board, with revenue and adjusted net profit surpassing market consensus by 1% and 25% respectively, JPMorgan wrote in its research report.During the period, newly launched games such as "Marvel Rivals" and "Where Winds Meet" performed strongly, while existing flagship titles like "Identity V" continued to provide solid support, leading to healthy growth in NTES-S' gaming business, said the report.Related NewsRatings & TPs on NTES-S (09999.HK) (Table)Meanwhile, a 33% YoY drop in marketing and promotional expenses reflected NTES-S' improved customer acquisition capabilities and optimized costs. JPMorgan expected a positive stock price reaction and kept the Overweight rating unchanged.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-16 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)