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Why did Netease stock fall from 500 to 80?

The new business is not profitable, and the SMS business is declining.

1. The new business is not profitable: Netease recently launched the instant messaging service "Netease Bubble", but this business has not yet started to make a profit and cannot support Netease's share price.

2. SMS business decline: the decline of Netease SMS business leads to the decrease of Netease's income, which in turn affects Netease's share price.