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NetEase (9999) investor relations material
NetEase Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Net revenues for Q2 2025 reached RMB27.9 billion (US$3.9 billion), up 9.4% year-over-year, driven by strong growth in games and related value-added services and global expansion of new titles.
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 22% year-over-year.
Gross profit margin improved to 64.7% from 62.9% a year ago.
The board approved a Q2 2025 dividend of US$0.1140 per share (US$0.5700 per ADS), payable in September 2025.
Share repurchase program ongoing, with US$2.0 billion spent to repurchase 22.1 million ADSs as of June 30, 2025.
Financial highlights
Games and related value-added services revenue grew 13.7% year-over-year to RMB22.8 billion (US$3.2 billion).
Youdao revenue increased 7.2% year-over-year to RMB1.4 billion (US$197.9 million), achieving its first Q2 operating profit.
NetEase Cloud Music revenue declined 3.5% year-over-year to RMB2.0 billion (US$274.8 million), but saw sequential growth.
Innovative businesses and others revenue fell 17.8% year-over-year to RMB1.7 billion (US$237.2 million), but grew quarter over quarter.
Net cash as of June 30, 2025, was RMB142.1 billion (US$19.8 billion), up from RMB131.5 billion at year-end 2024.
Outlook and guidance
Management emphasized ongoing product innovation, global expansion, and scaling of original IP to build lasting franchises.
Plans to bring new titles such as Sea of Remnants and Blood Message to global markets, and expand established franchises internationally.
Continued focus on AI-driven innovation in learning and advertising services.
How did Where Winds Meet impact game revenues?
Explain the decrease in innovative business revenues.
How does U.S. GAAP differ from IFRS standards?
What's the long-term monetization plan for Where Winds Meet?
What's driving Once Human's grossing rebound?
What's the R&D status of ANANTA?
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Next NetEase earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
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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