Ahead of the Q3 2025 earnings announcement, Shinhan Securities has maintained a 'Hold' rating on NCSoft, citing that the company's lineup for next year looks rather thin compared to the hype surrounding Aion 2.

The report was released via the official Shinhan Securities website on the 20th. It includes a preview of Q3 2025 earnings, with the analyst firm projecting an annual loss driven by the lack of updates for existing titles, soaring marketing costs for new releases, and rising labor costs due to ongoing restructuring.

Furthermore, they predict that any recovery in profits will be limited, even with the arrival of Aion 2. They were particularly skeptical about the potential of NCSoft's new subculture title, 'Limit Zero Breakers', arguing that it lacks the content competitiveness and polish when pitted against current rivals and upcoming releases. Similarly, they cast doubt on the success of 'LLL' (formerly known as Synder City), currently in development by Big Fire Games.

As for the stock outlook, the report notes that shares have been on an upward trend since May, following a bottom of 134,600 KRW in late April. The analyst suggests that the anticipation for new games is already largely baked into the price. Consequently, they warn that if Aion 2 fails to make a splash, it could lead to deeper questions regarding the developer's core competency, making the investment risk quite significant.

Meanwhile, Shinhan Securities forecasts that NCSoft's Q3 2025 revenue will fall by approximately 11% compared to the same period last year, with operating losses likely to persist.