Research analysts who have asked questions during NetEase earnings calls.
AY
Alicia Yap
Citigroup
8 questions for NTES
Also covers: BABA, BIDU, BZUN +10 more
LK
Lincoln Kong
Goldman Sachs Group, Inc.
8 questions for NTES
Also covers: BIDU, BILI, IQ +3 more
RS
Ritchie Sun
HSBC
7 questions for NTES
Also covers: ATHM, DOYU, HUYA +1 more
Felix Liu
UBS
6 questions for NTES
Also covers: BILI, EDU, TAL +1 more
JS
Jialong Shi
Nomura
5 questions for NTES
Also covers: BABA, JD, VIPS
Yang Liu
Morgan Stanley
5 questions for NTES
Also covers: BILI, GDS, TCOM +3 more
AL
Alex Liu
Bank of America
2 questions for NTES
Also covers: BILI
TC
Thomas Chong
Jefferies Financial Group Inc.
2 questions for NTES
Also covers: ATHM, BABA, BEKE +22 more
XZ
Xueqing Zhang
China International Capital Corporation
2 questions for NTES
Also covers: BILI, IQ, MOMO +4 more
Yang Bai
CICC
2 questions for NTES
Also covers: DDL, PDD
YQ
Yu Qingzeng
CICC
2 questions for NTES
FL
Felix Liu
Morgan Stanley
1 question for NTES
LZ
Lei Zhang
Bank of America Merrill Lynch
1 question for NTES
Also covers: BILI, DOYU, HUYA +2 more
LZ
Li Zeng
Bank of America
1 question for NTES
MZ
Miranda Zhuang
Bank of America Merrill Lynch
1 question for NTES
Also covers: BIDU, BILI
RS
Rich Sam
HSBC
1 question for NTES
TZ
Thomas Zhang
Jefferies
1 question for NTES
Also covers: CMCM
Recent press releases and 8-K filings for NTES.
NetEase Reports Q4 and Full Year 2025 Results, Highlights AI Integration and Global Game Success
NTES
Earnings
New Projects/Investments
Product Launch
- NetEase reported total annual net revenue of CNY 112.6 billion (or $16.1 billion) for 2025, marking a 10% increase year-over-year, with Q4 2025 total revenues reaching CNY 27.5 billion (or $3.9 billion). Net revenues from games and value-added services grew 10% for the full year and 3% in Q4 2025.
- The company has comprehensively integrated AI across its internal workflows, including design, programming, art, and quality assurance, leveraging it as a "force multiplier" for creativity and efficiency in game development. NetEase has dedicated AI research labs since 2017 and views AI as critical for enhanced productivity and deeper player engagement.
- Key titles like Where Winds Meet have achieved significant global success, surpassing 80 million accumulated players and ranking highly on platforms such as Steam and iOS download charts in over 60 regions. Marvel Rivals also gained broad industry recognition, including being named one of TIME's Best Video Games of 2025.
- NetEase is actively expanding its game pipeline, with Sea of Dawn expected to officially launch in Q3 2026 following positive technical testing feedback. The company is also developing Neverness to Everness and plans simultaneous global, cross-platform releases for new titles like "Unlimited".
Feb 11, 2026, 12:00 PM
NetEase Reports Q4 and Full-Year 2025 Financial Results, Highlights AI Integration and Game Pipeline
NTES
Earnings
Dividends
New Projects/Investments
- NetEase reported total annual net revenue of CNY 112.6 billion ($16.1 billion) for 2025, a 10% increase year-over-year, with Q4 2025 total revenues at CNY 27.5 billion ($3.9 billion).
- Full-year 2025 non-GAAP net income attributable to shareholders increased 11% to CNY 37.3 billion ($5.3 billion), while Q4 2025 non-GAAP net income decreased 27% year-over-year to CNY 7.1 billion ($1 billion).
- The company's board approved a dividend of $0.232 per share or $1.16 per ADS, and it repurchased approximately 22.1 million ADS for $2 billion as of December 31, 2025, under its $5 billion share repurchase program.
- NetEase highlighted the comprehensive integration of AI across its internal workflows (design, programming, art, and QA) to enhance efficiency and innovation, with titles like Where Winds Meet and Justice leveraging AI for enhanced gameplay.
- The upcoming game Sea of Dawn began technical testing in February 2026 and is planned for an official global cross-platform launch in Q3 2026.
Feb 11, 2026, 12:00 PM
NetEase Reports Q4 and Full Year 2025 Results, Highlights AI Integration and Game Performance
NTES
Earnings
Product Launch
New Projects/Investments
- NetEase reported FY 2025 total net revenue of RMB 112.6 billion ($16.1 billion), a 10% year-over-year increase, and Q4 2025 total net revenue of RMB 27.5 billion ($3.9 billion). Non-GAAP net income attributable to shareholders for FY 2025 was RMB 37.3 billion ($5.3 billion), up 11% year-over-year, with non-GAAP basic earnings per ADS of $8.38.
- The company has comprehensively integrated AI across its internal workflows (design, programming, art, QA) to enhance productivity and player engagement, viewing AI as a force multiplier for human creativity. This includes AI-powered NPCs in games like Justice and Where Winds Meet, and tools like CodeMaker, DreamMaker, and Danqing.
- Key titles like Where Winds Meet surpassed 80 million accumulated players globally and ranked high on Steam and iOS charts, while Marvel Rivals earned industry recognition and maintained strong engagement. Justice also successfully expanded internationally.
- Looking ahead, Sea of Dawn began technical testing in February 2026 and is scheduled for an official launch in Q3 2026, with development also progressing on Neverness to Everness.
- The board approved a dividend of $0.232 per share or $1.16 per ADS, and the company repurchased approximately 22.1 million ADS for $2 billion as of December 31, 2025, under its $5 billion share repurchase program.
Feb 11, 2026, 12:00 PM
NetEase Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
NTES
Earnings
Dividends
Share Buyback
- NetEase reported net revenues of RMB27.5 billion (US$3.9 billion) for the fourth quarter of 2025, an increase of 3.0% compared to the same quarter of 2024, and RMB112.6 billion (US$16.1 billion) for fiscal year 2025.
- The Games and related value-added services segment was a primary contributor, generating RMB22.0 billion (US$3.1 billion) in net revenues for Q4 2025 and RMB92.1 billion (US$13.2 billion) for FY 2025.
- Non-GAAP net income attributable to the Company's shareholders reached RMB7.1 billion (US$1.0 billion) for Q4 2025 and RMB37.3 billion (US$5.3 billion) for FY 2025.
- The board approved a quarterly dividend of US$0.232 per share (US$1.16 per ADS) for Q4 2025, and the share repurchase program was extended, with approximately US$2.0 billion in ADSs repurchased as of December 31, 2025.
Feb 11, 2026, 11:04 AM
NetEase Cloud Music Inc. Reports Fiscal Year 2025 Financial Results
NTES
Earnings
New Projects/Investments
- NetEase Cloud Music Inc. reported fiscal year 2025 revenue of RMB7.8 billion, a 2.4% decrease from 2024, primarily due to a decline in social entertainment services revenue, offset by a 12.0% increase in online music services revenue to RMB6.0 billion.
- The company significantly improved profitability, with gross profit increasing by 3.3% to RMB2,769.6 million and gross margin improving to 35.7% from 33.7% in 2024.
- Operating profit rose by 38.5% to RMB1,622.0 million, and net profit reached RMB2,745.8 million, compared to RMB1,565.4 million in 2024.
- Growth in online music services was supported by a 13.3% year-on-year increase in subscription-based membership revenue and the expansion of its content library, including over 1,000,000 independent artists.
Feb 11, 2026, 9:55 AM
NetEase Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
NTES
Earnings
Dividends
Share Buyback
- NetEase reported net revenues of RMB27.5 billion (US$3.9 billion) for the fourth quarter of 2025, an increase of 3.0% compared to the same quarter of 2024, with gross profit reaching RMB17.7 billion (US$2.5 billion), an 8.7% increase.
- The company achieved comprehensive AI integration across game development and gameplay, strengthening high-volume production and enabling dynamic AI-native features in multiple flagship titles.
- The board of directors approved a quarterly dividend of US$0.232 per share (US$1.16 per ADS) for the fourth quarter of 2025.
- NetEase extended its share repurchase program for an additional 36 months until January 9, 2029, having repurchased approximately 22.1 million ADSs for US$2.0 billion as of December 31, 2025.
Feb 11, 2026, 8:30 AM
NetEase Reports Strong Q3 2025 Financial Results and Strategic Focus
NTES
Earnings
Product Launch
Share Buyback
- NetEase reported total revenues of RMB 28.4 billion, an 8% year-over-year increase, and non-GAAP net income attributable to shareholders of RMB 9.5 billion (or $1.3 billion), up 27% year over year for Q3 2025.
- Revenues from games and related value-added services grew 12% year over year, with online games net revenue reaching RMB 22.8 billion, up 13% year over year.
- Notable game performance includes Destiny Rising topping iOS download charts globally, Where Winds Meet achieving 190,000 concurrent players on its global launch, and Anki Party exceeding 30 million daily active users.
- The company's board approved a dividend of $0.114 per share (or $0.57 per ADS) and extended its $5 billion share repurchase program until January 9, 2029, having repurchased approximately $2 billion in ADS as of September 30, 2025.
- NetEase is strategically focusing on refining and optimizing existing successful products and prudently launching new games with strong competitive content, while leveraging significant investment in AI for game development and operations.
Nov 20, 2025, 12:00 PM
NetEase Reports Strong Q3 2025 Financial Results and Strategic Game Momentum
NTES
Earnings
Product Launch
Share Buyback
- NetEase reported Q3 2025 total revenues of RMB 28.4 billion ($4 billion), an 8% increase year over year, with revenues from games and related value-added services growing 12% year over year to RMB 23.3 billion.
- Non-GAAP net income attributable to shareholders for Q3 2025 increased 27% year over year to RMB 9.5 billion ($1.3 billion), with non-GAAP basic earnings per ADS at $2.09.
- Key game launches and updates included Destiny Rising topping iOS download charts globally and Marvel Rivals reaching #3 on Steam's global top seller chart. Minecraft China Edition also achieved 1.25 million concurrent players.
- The company extended its share repurchase program for 36 months until January 9, 2029, for up to $5 billion, and approved a dividend of $0.114 per share.
- NetEase continues its overseas expansion strategy, showcasing Ananta at the Tokyo Game Show, which was named one of the most promising upcoming games by the Japan Games Award 2025 Future Division.
Nov 20, 2025, 12:00 PM
NetEase Reports Strong Q3 2025 Financials and Extends Share Repurchase Program
NTES
Earnings
Product Launch
Share Buyback
- NetEase reported Q3 2025 net revenues from online games of RMB 22.8 billion, up 13% year over year, contributing to a 10% year-over-year increase in gross profit to RMB 18.2 billion. Non-GAAP net income attributable to shareholders rose 27% year over year to RMB 9.5 billion (or $1.3 billion), with non-GAAP basic earnings per ADS at $2.09.
- The company maintained a robust net cash position of RMB 153.2 billion as of September 30, 2025, and approved a dividend of $0.57 per ADS. Additionally, NetEase extended its $5 billion share repurchase program for 36 months until January 9, 2029, having already repurchased approximately $2 billion under the program.
- Key game titles demonstrated strong performance and successful launches, with Where Winds Meet achieving 190,000 concurrent players globally on Steam within two days of its November 14 launch, and Fantasy Westward Journey Online reaching a record 3.58 million concurrent players in early November. Anki Party also saw its daily active users exceed 30 million and average playtime hit a record high.
Nov 20, 2025, 12:00 PM
NetEase Announces Q3 2025 Financial Results
NTES
Earnings
Dividends
Share Buyback
- NetEase reported net revenues of RMB28.4 billion (US$4.0 billion) for the third quarter ended September 30, 2025, an increase of 8.2% compared to the same quarter of 2024.
- Net income attributable to the Company’s shareholders was RMB8.6 billion (US$1.2 billion), with non-GAAP basic net income per ADS at US$2.09 for Q3 2025.
- Games and related value-added services net revenues increased by 11.8% to RMB23.3 billion (US$3.3 billion) in Q3 2025 compared to the same quarter of 2024.
- The board of directors approved a dividend of US$0.1140 per share (US$0.5700 per ADS) for the third quarter of 2025.
- The previously approved share repurchase program of up to US$5.0 billion was extended for an additional 36 months until January 9, 2029.
Nov 20, 2025, 11:17 AM
Quarterly earnings call transcripts for NetEase.
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