Core Insights - NetEase reported Q2 2025 net revenue of 27.9 billion yuan and a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, with R&D investment of 4.4 billion yuan, representing an R&D intensity of 15.6% [1] - The company continues to focus on a strategy of product quality and global expansion, driving long-term stable growth [1] Gaming Performance - NetEase's gaming and related value-added services generated net revenue of 22.8 billion yuan in Q2, with classic IP "Fantasy Westward Journey" achieving a record high in concurrent users [1][4] - New game releases such as "Yanyun Sixteen Sounds," "Seven Days World," and "Outsider Madness" have shown strong performance, while the upcoming titles like "Forgotten Sea" and "Return to Tang" have generated significant market interest [3][4] Innovation and Technology - The company invested 4.4 billion yuan in R&D, focusing on technological innovation across various sectors including gaming, music, and education [6] - NetEase Youdao achieved a net revenue of 1.4 billion yuan in Q2, marking its fourth consecutive quarter of sustainable profitability under its "AI-native" strategy [1][7] E-commerce and Media - NetEase's innovative and other businesses reported a net revenue of 1.7 billion yuan, with significant sales growth in NetEase Yanxuan products [2] - The media division has seen a 25% increase in daily active creators on the news app, with a 28% rise in average reading volume [2] Social Responsibility - The company has implemented four major initiatives to protect minors online, including AI patrol technology and restrictions on high-age user account creation [8][9] - NetEase has actively participated in developing safety guidelines for AI services aimed at minors, contributing to industry self-regulation [9]

Core Insights - NetEase reported Q2 2025 revenue of 27.89 billion yuan, a year-on-year increase of 9.4%, but below market expectations of 28.4 billion yuan [1] - The net profit attributable to shareholders was 8.6 billion yuan, while the adjusted net profit attributable to shareholders was 9.5 billion yuan [1] - Adjusted earnings per ADS from continuing operations were 14.81 yuan, slightly lower than the expected 15.03 yuan [1] Revenue Breakdown - Online gaming services net revenue for Q2 was 22.81 billion yuan, which fell short of the forecasted 23.37 billion yuan [1]

#网易Q2营收279亿元#【网易：2025年Q2营收279亿元 预估284亿元】8月14日，网易发布2025年第二季 度财报。财报显示，网易Q2净收入279亿元，预估284亿元；经调整每股ADS持续经营净收益14.81元， 预估15.03元。非公认会计准则下归属于公司股东的净利润为95亿元；研发投入44亿元，研发投入强度 15.6%。（每经） ...

Core Viewpoint - NetEase Cloud Music Inc. reported its financial results for the first half of 2025, showing a mixed performance with a decrease in overall revenue but significant growth in operating profit and net profit, driven by a focus on core music services and subscription-based revenue growth. Financial Performance - Revenue for the first half of 2025 was RMB3.83 billion, a decrease of 6.0% compared to RMB4.07 billion in the same period of 2024 [5] - Gross profit was RMB1.39 billion, a slight decrease of 2.3% from RMB1.43 billion in the same period of 2024, but gross margin improved to 36.4% from 35.0% [5][11] - Operating profit increased by 40.8% to RMB844.5 million from RMB599.9 million in the same period of 2024 [5] - Profit for the period reached RMB1.88 billion, compared to RMB809.9 million in the same period of 2024 [12] - Adjusted operating profit was RMB905.4 million, an increase of 35.0% compared to RMB670.9 million in the same period of 2024 [12] - Adjusted net profit reached RMB1.95 billion, compared to RMB880.7 million in the same period of 2024 [12] Revenue Breakdown - Revenue from online music services was RMB3.0 billion, an increase of 15.9% compared to RMB2.6 billion for the same period of 2024 [4] - Revenue from membership subscriptions increased to RMB2.5 billion from RMB2.1 billion for the same period of 2024 [4] - Revenue from social entertainment services decreased to RMB859.8 million from RMB1,510.8 million for the same period of 2024, attributed to a more prudent operational approach [5] User Engagement and Community - Total monthly active users (MAUs) showed steady growth, with a daily active user/monthly active user (DAU/MAU) ratio consistently exceeding 30% [7] - Users spent more time listening to music on the mobile app, indicating higher engagement [7] - The platform had over 819,000 registered independent artists contributing 4.8 million music tracks by June 2025 [17] Content and Product Innovation - The company expanded its music label catalogue, securing partnerships with popular K-Pop labels and renowned Chinese artists [19] - Enhanced product features, such as the "Magic Light Player," improved the music listening experience [9][27] - The introduction of new roles for music creators, such as AI Musician and Trainee Musician, aims to nurture emerging talent [20] Strategic Focus - The company plans to deepen collaborations with copyright holders and enhance its differentiated content offerings [13][15] - Future initiatives include optimizing the music listening experience and improving profitability through cost optimization and enhanced operating efficiency [18]

| EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司董事會包括： | | | 丁磊先生 | | | 唐徽女士 | | | 鄭玉芬女士 | | | 唐子期先生 | | | 梁民傑先生 | | | 陳覺忠先生 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 網易股份有限公司 | | 股份代號 | 09999 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 2025年6月30日止第二季度股息公告 | | 公告日期 ...

Core Viewpoint - NetEase reported a net revenue of 27.9 billion RMB (3.9 billion USD) for Q2 2025, representing a 9.4% increase compared to the same period in 2024 [1] Revenue Breakdown - Revenue from games and related value-added services amounted to 22.8 billion RMB (3.2 billion USD) [1] - Net revenue from NetEase Youdao was 1.4 billion RMB (197.9 million USD) [1] - Net revenue from NetEase Cloud Music reached 2 billion RMB (approximately 274.88 million USD) [1] - Revenue from innovative businesses and others was 1.7 billion RMB (approximately 237.2 million USD) [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 2025年 6月30日止第二季度未經審計的財務業績公告、 第二季度股息公告及中期報告 網易股份有限公司（「公司」）謹此公佈其截至2025年6月30日的三個月和六個月未經 審計的財務業績。本業績公告亦為根據香港聯交所上市規則第13.48（1）條的規定提 供予股東的2025年中期報告。本業績公告可於香港聯交所網站www.hkexnews.hk及公 司網站http://ir.netease.com閱覽。 網易公布 2025 年第二季度未經審計財務業績 中國杭州，2025 年 8 月 14 日-領先的互聯網與游戲服務提供商網易股份有限公司（納斯達克代 號：NTES 及港交所代號：9999，「網易」或「公司」），今天宣布了截至 2025 年 6 月 30 日 的第二季度未經審計財務業績。 承董事會命 NetE ...

格隆汇8月14日｜网易(NTES.US)盘前跌超10%，公司Q2营收279亿元，低于市场预期。 ...

Core Viewpoint - NetEase Youdao (DAO.US) has achieved significant results under its "AI Native" strategy, reporting sustainable profitability for four consecutive quarters and reaching a historical high in operating profit in the first half of the year [1][5]. Financial Performance - In Q2, NetEase Youdao's net revenue reached 1.42 billion yuan, a year-on-year increase of 7.2%, with an operating profit of 28.8 million yuan, marking the first profitable Q2 [1]. - For the first half of the year, the total operating profit was 130 million yuan, a historical high, with total net revenue of 2.7 billion yuan and a significant reduction in operating cash outflow by 49.9% year-on-year [1]. AI Strategy and Business Growth - The learning services segment, a key area for AI technology implementation, generated net revenue of 660 million yuan in Q2, up 2.2% year-on-year, with digital content services contributing 450 million yuan [2]. - AI subscription services saw strong growth, with sales nearing 80 million yuan, a year-on-year increase of approximately 30% [3]. - The online marketing services segment achieved a record revenue of 630 million yuan, up 23.8% year-on-year, driven by full-chain AI integration [3]. Technological Advancements - The "Ziyue" large model has been optimized to enhance the company's technological moat, with the release of the "Ziyue 3" math model, which has shown superior performance in mathematical reasoning tasks [4]. - The service cost for the "Ziyue 3" model is as low as $0.15 per million tokens, making it accessible for a wider range of educational institutions and developers [4]. Future Outlook - The company plans to continue deepening its "AI Native" strategy, focusing on scenario-driven iterations of the "Ziyue" model and accelerating technological innovation in learning and advertising [5].

Core Viewpoint - NetEase (NTES.US) experienced a pre-market drop of over 10% following its Q2 earnings report, which showed a net revenue of 27.9 billion yuan, slightly below expectations [1] Financial Performance - Q2 net revenue was 27.9 billion yuan, compared to the forecast of 28.4 billion yuan, representing a year-on-year growth of 9.4% [1] - Net profit attributable to shareholders was 8.6 billion yuan, with adjusted net profit at 9.5 billion yuan [1] - Basic earnings per share were $0.38, while non-GAAP basic earnings per share were $0.42 [1] Segment Performance - Online gaming services generated net revenue of 22.81 billion yuan, falling short of the expected 23.37 billion yuan [1] - Net revenue from NetEase Cloud Music was 2 billion yuan (approximately $274.8 million), marking a decline of 3.5% compared to the same period in 2024 [1]