Core Insights - NetEase reported steady performance in Q4 2025 with revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan, achieving a Non-GAAP net profit of 37.3 billion yuan [1] - The company has invested 17.7 billion yuan in R&D for six consecutive years, focusing on AI-driven productivity across its gaming, music, and education sectors [1] - The "AI-native" strategy has led to significant advancements in AI applications, with a notable 11% year-on-year growth in online gaming revenue, reaching 89.6 billion yuan [1] Financial Performance - Q4 revenue reached 27.5 billion yuan, while total annual revenue was 112.6 billion yuan [1] - Non-GAAP net profit for the year was 37.3 billion yuan [1] - R&D investment for the year was 17.7 billion yuan, marking a consistent annual investment exceeding 10 billion yuan for six years [1] AI Strategy and Implementation - NetEase has established an AI-centric production system, integrating AI into various business segments, including gaming, music, and education [1] - The company has achieved large-scale deployment of AI in art, planning, programming, animation, and quality assurance [1] - AI-driven tools have improved production efficiency by up to 300% in certain areas, creating a competitive edge in AI industrialization [3] Gaming Sector Highlights - The gaming and related services revenue for 2025 was 92.1 billion yuan, with online gaming net revenue of 89.6 billion yuan, reflecting an 11% increase [1] - Classic games like "Dream of Red Mansions" and "Big Talk Journey to the West" have shown strong performance, with record revenues and user engagement [9] - New game features and innovative gameplay have attracted new users and increased player retention [10] Other Business Segments - NetEase's Youdao achieved annual revenue of 5.9 billion yuan, marking its first year of positive operating profit and cash flow [1] - NetEase Cloud Music generated 7.8 billion yuan in revenue, with steady growth in subscription services [1] - The innovation in AI applications has led to significant improvements in advertising efficiency, with gaming and AI application ad revenue growing over 50% year-on-year [7] Global Expansion and Market Performance - "Yan Yun Sixteen Sounds" has become a successful global title, surpassing 80 million users and achieving high rankings in international markets [12] - The game has been recognized for its cultural impact and has won multiple awards, showcasing NetEase's capability in global IP management [12] - Other titles like "World of Warcraft" and "Call of Duty" have also achieved record revenues in the Chinese market, highlighting the effectiveness of localized operations [10][13]

Core Insights - NetEase Youdao reported a total net revenue of 5.91 billion yuan for the year 2025, marking a year-on-year growth of 5% [1] - The company achieved an operating profit of 220 million yuan, which represents a significant increase of 48.7% year-on-year [1] - For the first time, NetEase Youdao realized a full-year operating cash inflow of 55.2 million yuan, successfully meeting its financial goals set at the beginning of the year [1] Quarterly Performance - In Q4 2025, NetEase Youdao continued its steady profitability with a net revenue of 1.56 billion yuan, reflecting a year-on-year growth of 16.8% [1] - The operating profit for the quarter was 60.2 million yuan, primarily driven by strategic investments in high-growth areas such as Youdao Lingxi and advertising [1] - The operating cash inflow for the quarter reached 180 million yuan, showing a year-on-year increase of 16.4% [1] Learning Services Segment - In Q4 2025, the net revenue from learning services amounted to 730 million yuan, which is a year-on-year growth of 17.7%, indicating a return to growth after business adjustments [1] - Youdao Lingxi, as a core growth engine, saw its net revenue increase by over 40% year-on-year, achieving both scale and reputation breakthroughs [1] - Following the launch of the Chinese AI essay correction tool, the company announced the upcoming release of an English AI essay correction tool supported by the "Ziyue" large model [1]

Core Viewpoint - The company reported a strong financial performance for the fiscal year 2025, with significant growth in net revenue and net profit, driven primarily by its gaming segment and the integration of AI in operations [1][2] Group 1: Financial Performance - For the fiscal year 2025, the company's net revenue reached RMB 112.6 billion (USD 16.1 billion), an increase from RMB 105.3 billion in 2024 [1] - The net income from online games and related value-added services for 2025 was RMB 92.1 billion (USD 13.2 billion), up from RMB 83.6 billion in 2024 [1] - The net profit attributable to shareholders for 2025 was RMB 33.8 billion (USD 4.8 billion), compared to RMB 29.7 billion in 2024 [1] Group 2: Segment Performance - Online games accounted for approximately 97.3% of the net revenue in 2025, up from 96.2% in 2024 [1] - The revenue from Youdao in 2025 was RMB 5.9 billion (USD 845 million), slightly increasing from RMB 5.6 billion in 2024 [1] - Net revenue from NetEase Cloud Music in 2025 was RMB 7.8 billion (USD 1.1 billion), a decrease from RMB 8.0 billion in 2024 [1] Group 3: Quarterly Performance - In the fourth quarter of 2025, the company reported a net revenue of RMB 27.5 billion (USD 3.9 billion), reflecting a year-on-year increase of 3.0% [2] - The net profit attributable to shareholders for the fourth quarter was RMB 6.2 billion (USD 892.6 million) [2] - Basic earnings per share for the fourth quarter were USD 0.28, with a non-GAAP basic earnings per share of USD 0.32 [2] Group 4: Strategic Insights - The CEO highlighted the company's robust long-term operational capabilities in gaming and its increasing influence in the global market [2] - AI has become a core capability in the company's research and operations, significantly enhancing production efficiency and player interaction experiences [2]

Core Viewpoint - NetEase reported a solid performance for Q4 2025, showcasing its strong operational capabilities in the gaming sector and the increasing influence in the global market, with AI becoming a core competency in research and operations [1] Financial Performance - Q4 net revenue reached RMB 27.547 billion, a year-on-year increase of 3.0% [1] - Gross profit was approximately RMB 17.7 billion, reflecting an 8.7% year-on-year growth [1] - Net profit attributable to shareholders was RMB 6.242 billion [1] - The Q4 dividend was set at USD 0.232 per share [1] Segment Performance - Net revenue from games and related value-added services was RMB 22 billion, up 3.4% year-on-year [1] - Youdao's net revenue was RMB 1.6 billion, showing a significant increase of 16.8% [1] - Net revenue from NetEase Cloud Music reached RMB 2 billion, marking a 4.7% year-on-year growth [1] Annual Overview - For the year 2025, total net revenue was approximately RMB 112.626 billion, a year-on-year increase of 6.96% [1] - Gross profit for the year was around RMB 72.402 billion, reflecting a 10.02% year-on-year growth [1] - Net profit attributable to shareholders for the year was approximately RMB 33.76 billion, up 13.68% year-on-year [1] - Basic earnings per share were RMB 10.59 [1] Future Outlook - The company aims to continue focusing on high-quality product development and enhancing AI application capabilities [1] - Plans to build an innovative talent ecosystem and deepen collaborations with global partners to enhance the longevity of games and provide novel product experiences [1]

网易-S(09999)公布2025年第四季度业绩，净收入为人民币275.47亿元。同比增加3.0%。毛利润为约人民 币177亿元，同比增加8.7%。归属于公司股东的净利润为人民币62.42亿元。第四季度股利为每股0.232 美元。 "我们以又一个稳健的季度业绩表现收官2025年，彰显了我们卓越的游戏长线运营能力，以及在全球市 场日益提升的影响力，"网易首席执行官兼董事丁磊先生说。"AI已成为我们研发与运营的基础核心能 力。我们已系统化地将AI应用于游戏开发与玩法创新之中。目前，AI已在提升生产效率方面取得显著 成效，并为我们的玩家解锁了前所未有的全新交互体验。" "展望未来，网易各业务线将持续聚焦打造优质产品。通过构建创新型人才生态体系，深化与全球伙伴 的合作，稳步推进AI应用能力建设，从而不断增强游戏的生命力，提供新颖的产品体验，为全球玩家 和股东创造更大的价值。"丁磊先生总结道。 其中，游戏及相关增值服务净收入为人民币220亿元，同比增加3.4%。有道净收入为人民币16亿元，同 比增加16.8%。网易云音乐净收入为人民币20亿元，同比增加4.7%。 于2025年，净收入约1126.26亿元，同比增长6.9 ...

智通财经APP讯，网易-S(09999)发布公告，该公司将于2026年3月25日派发季度股息每股0.232美元。 ...

EF001 | 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 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12月31日止第四季度股息公告 | | 公告日 ...

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 12 月 31 日止第四季度及財政年度 未經審計的財務業績公告及第四季度股息公告 網易股份有限公司（「公司」）在此公佈 2025 年第四季度的季度股息及第四季度及財政年度 業績公告， 其中包含截至 2025 年 12 月 31 日的三個月及財政年度未經審計的財務業績。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。 承董事會命 NetEase, Inc. 丁磊 董事 中國杭州，2026 年 2 月 11 日 於本公告日期，本公司董事會包括董事丁磊先生；以及獨立董事唐徽女士、鄭玉芬女士、唐子期先生、 梁民傑先生及陳覺忠先生。 淨收入為人民幣 275 億元（39 億美元），同比增加 3.0%。 遊戲及相關增 ...

Core Insights - Many enterprises deploying AI agents find them to be underperforming due to inadequate knowledge bases, which are crucial for the agents' effectiveness [1][2] - The quality and adaptability of the knowledge base account for over 80% of the performance issues faced by AI agents, highlighting the importance of structured and relevant knowledge [2] - NetEase's AI knowledge base focuses on creating industry-specific, deeply integrated "intelligent knowledge engines" rather than generic solutions, aiming for optimal performance in specific business scenarios [2][10] Knowledge Base Challenges - The primary challenge in implementing AI agents is the quality and structure of the knowledge base, which directly impacts the accuracy and utility of the agents' outputs [2] - A significant portion of the issues arises from the knowledge being poorly maintained or irrelevant to the business context, leading to a "ceiling" on the agents' intelligence [2] Knowledge Base Development - NetEase's AI knowledge base offers a dual-engine model for rapid knowledge base setup, significantly reducing the time required for traditional knowledge structuring from weeks or months to minutes [3][4] - The system supports quick synchronization of internal knowledge and integration of external content from platforms like Feishu, enhancing the efficiency of knowledge updates [3][4] Intelligent Knowledge Extraction - The AI agent can extract valuable insights from historical customer service interactions, transforming unstructured data into a structured knowledge system that can enhance business operations [6] - The knowledge extraction process includes static knowledge (fixed Q&A), dynamic knowledge (contextual answers), and standardized responses for various customer inquiries [6] Practical Implementation - A case study illustrates how a client utilized NetEase's AI knowledge base to automatically extract valuable knowledge from customer interactions, resulting in over 1,000 new high-quality knowledge entries in a single day [8] - The implementation of the knowledge extraction feature allowed the client to significantly reduce the manual effort required to curate knowledge, leading to a more efficient knowledge management process [8] Security and Industry Focus - To address concerns about knowledge security, NetEase implements a three-layer protection system to ensure the safety of enterprise knowledge while adopting AI solutions [9] - The company plans to deepen its industry-specific strategy by collaborating with clients to build tailored knowledge graphs and continuously optimize the user experience [10]

Core Insights - NetEase reported a stable performance in Q4 2025 with revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan, achieving a Non-GAAP net profit of 37.3 billion yuan [1] - The company has invested 17.7 billion yuan in R&D for six consecutive years, focusing on AI as a core productivity system integrated across gaming, music, and education [1] - The "AI-native" strategy has led to significant revenue growth in various segments, with online gaming revenue reaching 89.6 billion yuan, a year-on-year increase of 11% [1] Financial Performance - Q4 revenue reached 20 billion yuan for innovation and other businesses, a 42% quarter-on-quarter increase, with total annual revenue of 6.8 billion yuan [2] - NetEase Youdao achieved annual revenue of 5.9 billion yuan, marking its first year of positive operating profit and cash flow [1][2] - NetEase Cloud Music generated 7.8 billion yuan in revenue, with steady growth in subscription services [1] AI Integration and Development - The company has implemented AI across various processes, achieving efficiency improvements of up to 300% in certain areas [3] - AI tools like CodeMaker and DreamMaker have transformed content production, enabling rapid creative delivery and significant expansion of asset libraries [3] - NetEase has pioneered AI-native gameplay features, including intelligent NPCs and real-time voice AI teammates, enhancing user engagement and retention [4][5] Product and Market Expansion - The classic game "Dream of the Red Chamber" achieved record revenue in its 23rd year, while "Yanyun Sixteen Sounds" saw significant user engagement and revenue growth [8][10] - NetEase's global strategy has led to "Yanyun Sixteen Sounds" reaching over 80 million users, marking a successful cultural export [10][11] - The company continues to innovate with new game releases and expansions, maintaining strong performance in both domestic and international markets [11] AI Commercialization and Ecosystem - NetEase Youdao's AI subscription service sales exceeded 100 million yuan in Q4, indicating strong market demand [6] - The company has developed a comprehensive AI content safety and risk control service, serving over 90% of leading large model vendors [7] - NetEase Cloud Music has enhanced user experience through AI-driven features, resulting in increased user engagement and content creation [7]