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Yu Qingzeng

Managing Director and Senior Analyst at CICC

Yu Qingzeng is a Managing Director and Senior Analyst at CICC (China International Capital Corporation Limited), specializing in coverage of China's industrial manufacturing and automation sectors with a particular focus on listed companies such as Sany Heavy Industry, Zoomlion, and CRRC Corporation. He is recognized for his data-driven research and strong investment performance, frequently ranking among the top analysts in industry surveys, with a success rate exceeding 65% and consistently high returns on recommendations tracked by Asian finance platforms. Yu began his analyst career in the mid-2000s, previously holding analyst roles at CITIC Securities before joining CICC in 2015, where he quickly advanced to a senior position. He holds a CFA charter and is registered with the Securities Association of China, demonstrating robust professional credentials and earning multiple industry research awards.

Yu Qingzeng's questions to NetEase (NTES) leadership

Question · Q3 2025

Yu Qingzeng with CICC inquired about the operational strategy for Fantasy Westward Journey Online PC, which has consistently achieved new player count records. He specifically asked about the core drivers of the unlimited server, the user profile (new vs. returning players), and the potential for this model to be replicated across other flagship titles.

Answer

William Ding, CEO of NetEase, explained that Fantasy Westward Journey Online PC's longevity stems from its stable economy and unique gaming experiences. He noted the unlimited server removed upfront time-based payments and streamlined gameplay, attracting both former and new players, which also benefits the classic server. Ding emphasized the company's commitment to innovation and diversified experiences for the game's community.

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Question · Q3 2025

Yu Qingzeng inquired about the operational strategy for Fantasy Westward Journey PC, given its consistent record-high concurrent player counts. Specifically, he asked about the core driving factors behind the unlimited player server, its user profile (ratio of returning to new players), and the replicability of this model to other flagship titles.

Answer

Bill Pang, VP of Corporate Development, NetEase, explained that Fantasy Westward Journey Online PC's longevity stems from its stable economy, unique gaming experiences, and the team's dedication to innovation. He noted the unlimited server removed time-based payments, streamlined gameplay, and attracted both former and new players, benefiting the classic server. William Ding, CEO, NetEase, added that the company remains committed to innovation and diversified experiences for its community.

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