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NetEase (9999) investor relations material
NetEase Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Net revenues for Q3 2025 reached RMB28.4 billion (US$4.0 billion), up 8.2% year-over-year, driven by strong global game launches and established franchises.
Net income attributable to shareholders was RMB8.6 billion (US$1.2 billion), with non-GAAP net income at RMB9.5 billion (US$1.3 billion), up 27% year-over-year.
Major new titles such as Destiny Rising, Marvel Rivals, and Sword of Justice achieved strong global traction, while legacy games like Fantasy Westward Journey set record engagement.
Blizzard titles relaunched in China, contributing to player engagement and revenue.
Maintained a robust net cash position of RMB153.2 billion (US$21.5 billion) as of September 30, 2025.
Financial highlights
Games and related value-added services revenue grew 11.8% year-over-year to RMB23.3 billion (US$3.3 billion).
Youdao revenue increased 3.6% year-over-year to RMB1.6 billion (US$228.8 million), with growth in smart devices and online marketing.
NetEase Cloud Music revenue was RMB2.0 billion (US$275.9 million), down 1.8% year-over-year but stable sequentially.
Gross profit for Q3 was RMB18.2 billion (US$2.6 billion), up 10.3% year-over-year, with a gross profit margin of 64.1%.
Non-GAAP basic earnings per ADS was $2.09.
Outlook and guidance
Management remains focused on innovation, global expansion, and enhancing user experience to sustain growth.
Upcoming launches include Sea of Remnants (2026) and Diablo IV in China (December 2025).
Q3 revenue impact from new global game launches
Address Cloud Music and Innovative Biz revenue decline
Rationale for extending share repurchase program
Fewer new games: How drive growth?
AI impact on game dev and user experience?
FWJ unlimited server model: replicable?
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NetEase Inc. provides online services focusing on gaming, communication, and commerce in the Peoples' Republic of China and internationally. The company offers various online games to PC users through its proprietary game service platform; and mobile games and targeted advertising services.
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