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NetEase, Inc.

NetEase, Inc.

NASDAQ•NTES
CEO: Mr. Lei Ding
Sector: Technology
Industry: Electronic Gaming & Multimedia
Listing Date: 2000-06-30
NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; Cloud Music; and Innovative Businesses and Others segments. It develops and operates PC and mobile games, as well as offers games licensed from other game developers. The company's products and services include Youdao Dictionary, an online knowledge tool; Youdao Translation, a tool specifically designed to support translation needs of business and leisure travelers; U-Dictionary, an online dictionary and translation app; Youdao Kids' Dictionary, a smart and fun tool; smart devices, such as Youdao Dictionary Pen, Youdao Smart Learning Pad, and Youdao Listening Pod; online courses; interactive learning apps; and education digitalization solutions, such as Youdao Smart Learning Terminal, a device that automates paper-based homework processing; Youdao Smart Cloud, a cloud-based platform that allows third-party app developers, smart device brands, and manufacturers to the company's OCR capabilities; and Youdao Sports, a sports-centric educational system. Its products and services include NetEase Cloud Music, a music streaming platform; Yanxuan, an e-commerce platform, which sells private label products; www.163.com portal and related mobile app, Wangyi Xinwen, which deliver information such as news, sports events, technology, fashion trends, and online entertainment; NetEase Mail, an email service; NetEase CC Live streaming, a live streaming platform with a focus on game broadcasting; and NetEase Pay, a payment platform. The company was formerly known as NetEase.com, Inc. and changed its name to NetEase, Inc. in March 2012. NetEase, Inc. was founded in 1997 and is headquartered in Hangzhou, the People's Republic of China.
Contact Information
NetEase Building, No. 599 Wangshang Road Binjiang District, Hangzhou, 310052, China
86-57-1898-53378
netease.gcs-web.com
Market Cap
$87.54B
P/E (TTM)
17.9
28
Dividend Yield
2.2%
52W High
$159.55
52W Low
$87.67
52W Range
69%
Rank19Top 4.0%
6.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 6.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$3.96B+8.20%
4-Quarter Trend

EPS

$1.89+33.01%
4-Quarter Trend

FCF

$1.74B+25.06%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Total Revenue Growth Total net revenues reached RMB 105.30 B (US$ 14.43 B) in 2024, marking a 1.8% increase from RMB 103.47 B previously.
Gross Margin Improvement Gross profit margin expanded to 62.5% in 2024, driven by better mix in games and cost control measures across segments.
Strong Operating Cash Flow Net cash provided by operating activities was robust at RMB 39.68 B (US$ 5.44 B) for 2024, supporting operations.
Increased R&D Investment R&D expenses rose 6.3% to RMB 17.52 B in 2024, reflecting commitment to developing proprietary technologies and new content.

Risk Factors

PRC Regulatory Structure Risk Contractual arrangements with VIEs face uncertainties regarding PRC law interpretation, potentially jeopardizing consolidation and control.
Evolving Content Regulations Ongoing evolving PRC laws on online games, content suitability, and minors protection may limit future revenue growth or cause declines.
Third-Party Platform Reliance Reliance on third-party platforms for mobile game distribution exposes revenue to detrimental changes in terms or loss of relationships.
International Market Challenges Expanding internationally involves difficulties anticipating diverse player preferences and navigating varied local legal and regulatory environments.

Outlook

Continued Technology Investment Management plans substantial investment in proprietary technologies, including AI and LLMs, to enhance product offerings and user experience across segments.
Global Game Expansion Strategy focuses on further international expansion of online games, leveraging success in markets like Japan and launching new titles globally.
Franchise Longevity Focus Devoting significant resources to timely updates and expansion packs for existing franchises to maintain player loyalty and revenue streams.
Capital Allocation Focus Future capital needs will be met primarily via operating cash flow, while maintaining flexibility for strategic investments and acquisitions.

Peer Comparison

Revenue (TTM)

Dell Technologies Inc.DELL
$103.97B
+10.7%
Fiserv, Inc.FI
$21.16B
+5.2%
Infosys LimitedINFY
$19.68B
+4.5%

Gross Margin (Latest Quarter)

Cadence Design Systems, Inc.CDNS
95.3%
+8.7pp
Roblox CorporationRBLX
78.2%
+0.5pp
Electronic Arts Inc.EA
75.5%
-2.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SNPS$91.02B57.27.1%29.6%
NTES$87.54B17.924.2%3.4%
CDNS$86.49B81.221.6%25.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
2.1%
Moderate Growth
4Q Net Income CAGR
-0.4%
Stable Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 19, 2026
|
EPS:$2.03
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 15, 2025|
    Revenue: $14.63B+1.8%
    |
    EPS: $6.45+1.4%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 25, 2024|
    Revenue: $14.61B+7.2%
    |
    EPS: $6.39+48.0%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 27, 2023|
    Revenue: $14.33B+10.1%
    |
    EPS: $4.54+20.6%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 28, 2022|
    Revenue: $13.58B+18.9%
    |
    EPS: $3.93+38.9%
    Meet

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 28, 2021|
    Revenue: $10.68B+24.4%
    |
    EPS: $2.65-11.4%
    Miss