今年已有510款游戏获批版号。 4月21日，国家新闻出版署公布了2025年4月份国产网络游戏及进口网络游戏审批信息，共有127款游戏过审，其中国产118款，进口9款。同时，有6款游戏 完成了运营审批变更。截至本月，版号总数已经达到510款，其中国产480款，进口30款。 本月获批版号的国产游戏中，带有"休闲益智"分类的产品数量有所下降，有46款，约占本月版号数量的39%。 国产游戏方面，纯客户端单机游戏有厦门泊游《海之乐章：回归》、成都星奕《山门与幻境》2款。支持移动、PC的跨端产品有4款，包括网易雷火《极 限战场》、完美世界《迷失》、深圳凉屋《魂坠深境》、萨罗斯网络《命运扳机》。此外，上海数龙《玛法传奇》、上海欢乐互娱《美食大战老鼠3》在 移动、PC之外，另有网页版本。其余110款均为纯移动游戏。 进口游戏方面，腾讯《流放之路：降临》、上海果趣《轨道连结》为纯客户端游戏，其余7款均为移动游戏。 《流放之路：降临》体验版画面 本月，多家大厂、上市公司都有进口游戏获批版号。如腾讯《流放之路：降临》，它是"暗黑"类ARPG《流放之路》的续作，由新西兰厂商Grinding Gear Games研发，腾讯运营，目前预 ...

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Leisure Index, which has seen a decline of 15.19% over the past month but an increase of 3.60% over the past three months, with a year-to-date decrease of 0.33% [1] - The China Securities Hong Kong 300 Leisure Index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include Tencent Holdings (11.72%), NetEase-S (11.24%), Kuaishou-W (10.7%), Baidu Group-SW (10.16%), Yum China (9.2%), Meituan-W (8.52%), Trip.com Group-S (8.35%), Galaxy Entertainment (5.09%), China Resources Beer (3.21%), and Qingdao Beer Co. (2.78%) [1] Group 2 - The industry composition of the holdings in the China Securities Hong Kong 300 Leisure Index shows that leisure services account for 40.54%, digital media for 37.99%, cultural entertainment for 12.43%, alcohol for 7.67%, and marketing and advertising for 1.38% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and weight factors are adjusted accordingly [2]

Group 1 - The core index of the China Securities Hong Kong Technology Index reflects the overall performance of leading technology companies listed in Hong Kong, selected based on market capitalization, R&D investment, and revenue growth [1][2] - The China Securities Hong Kong Technology Index has seen a decline of 15.90% over the past month, an increase of 13.74% over the past three months, and a year-to-date increase of 13.70% [1] - The top ten holdings of the index include Xiaomi Group-W (12.3%), Alibaba-W (11.35%), Tencent Holdings (9.92%), BYD Company (8.16%), Meituan-W (7.21%), JD Group-SW (6.39%), NetEase-S (5.66%), Baidu Group-SW (4.24%), SMIC (4.0%), and BeiGene (3.22%) [1] Group 2 - The industry composition of the index shows that consumer discretionary accounts for 41.51%, communication services for 23.64%, information technology for 22.87%, healthcare for 11.57%, and industrials for 0.41% [2] - The sample of the China Securities Hong Kong Technology Index is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants China Securities Hong Kong Technology ETF [3]

纳斯达克金龙中国指数初步收跌0.4%。 中概ETF YINN和DRAG跌超1%，CQQQ跌超0.9%，KWEB跌超0.6%。 热门中概股小鹏初步收跌超5.9%，小马智行跌超3%，京东、理想、阿里巴巴、网易、B站、百胜中国 跌超1%，蔚来则涨0.5%，新东方涨3.8%。 ...

Financial Performance - Net revenues for Q4 2024 were RMB26.7 billion (US$3.7 billion), a decrease of 1.4% year-over-year[2] - Net income attributable to shareholders for Q4 2024 was RMB8.8 billion (US$1.2 billion), compared to RMB6.6 billion in Q4 2023, representing a 33.3% increase[23] - Non-GAAP net income for Q4 2024 was RMB9.7 billion (US$1.3 billion), up from RMB7.4 billion in Q4 2023, a 31.1% increase[24] - Fiscal year 2024 net revenues were RMB105.3 billion (US$14.4 billion), an increase from RMB103.5 billion in fiscal year 2023[25] - Net income attributable to the Company's shareholders for the year ended December 31, 2024, was RMB 29,697,609, up from RMB 29,416,552 in the previous year[54] - Non-GAAP basic net income for fiscal year 2024 was US$1.43 per share (US$7.17 per ADS), compared to US$1.39 per share (US$6.94 per ADS) in fiscal year 2023[35] Revenue Breakdown - Games and related value-added services net revenues were RMB21.2 billion (US$2.9 billion), an increase of 1.5% year-over-year[2] - Youdao's net revenues decreased by 9.5% year-over-year to RMB1.3 billion (US$183.6 million) in Q4 2024[10] - NetEase Cloud Music's net revenues were RMB1.9 billion (US$257.6 million), a decrease of 5.3% year-over-year[12] - The Games and related value-added services segment generated revenues of RMB 20,921,355 for the three months ended December 31, 2023, with a gross profit margin of 69.5%[59][60] - Youdao's revenues for the three months ended December 31, 2023, were RMB 1,480,521, with a gross profit margin of 49.9%[59][60] - NetEase Cloud Music reported revenues of RMB 1,985,548 for the three months ended December 31, 2023, with a gross profit margin of 30.3%[59][60] - Innovative businesses and others segment revenues were RMB 2,752,741 for the three months ended December 31, 2023, with a gross profit margin of 34.4%[59][60] Expenses and Profitability - Total operating expenses for Q4 2024 were RMB8.5 billion (US$1.2 billion), down 15.1% year-over-year[2] - Gross profit margin for games and related services was 66.7%, down from 69.5% in Q4 2023[16] - Total operating expenses for the year ended December 31, 2024, were RMB 36,223,094, an increase from RMB 35,354,250 in the previous year[54] - Operating profit for the three months ended December 31, 2024, was RMB 7,146,737, compared to RMB 6,868,491 in the previous quarter, indicating a growth of 4.0%[54] Cash Flow and Assets - As of December 31, 2024, the company's net cash totaled RMB 131.5 billion (US$ 18.0 billion), an increase from RMB 110.9 billion as of December 31, 2023, representing a growth of approximately 18.5%[36] - Net cash provided by operating activities for fiscal year 2024 was RMB 39.7 billion (US$ 5.4 billion), up from RMB 35.3 billion in fiscal year 2023, indicating a year-over-year increase of about 12.5%[36] - Total current assets increased to RMB 153.3 billion (US$ 21.0 billion) as of December 31, 2024, compared to RMB 142.7 billion as of December 31, 2023, reflecting a growth of about 7.5%[53] - Total assets reached RMB 195.99 billion (US$ 26.85 billion) as of December 31, 2024, up from RMB 185.92 billion as of December 31, 2023, marking an increase of approximately 5.8%[53] - Total liabilities decreased to RMB 53.5 billion (US$ 7.33 billion) as of December 31, 2024, down from RMB 57.8 billion as of December 31, 2023, representing a reduction of about 7.9%[53] - Net cash provided by financing activities was RMB (8,458,545) thousand for the three months ended December 31, 2023, compared to RMB (2,462,982) thousand in the previous quarter, indicating a larger cash outflow from financing activities[57] Shareholder Returns - The board of directors approved a dividend of US$ 0.24405 per share for the fourth quarter of 2024, payable on March 17, 2025, for ordinary shares[37] - A total of approximately 21.2 million ADSs had been repurchased under the share repurchase program for a total cost of US$ 1.9 billion as of December 31, 2024[39] Forward-Looking Statements - Forward-looking statements indicate potential risks related to market growth, competition, and regulatory changes that could impact future performance[47] - The company anticipates continued growth in net revenues and operating profit for the upcoming quarters, driven by new product launches and market expansion strategies[54] Other Financial Metrics - The company emphasizes the importance of non-GAAP financial measures, which exclude share-based compensation expenses, to assess its operating performance[49] - The conversion rate used for RMB to USD is based on RMB 7.2993 per USD as of December 31, 2024[61]

Financial Performance - NetEase reported a net revenue of RMB 105.3 billion for the year ended December 31, 2024, representing a 1.6% increase from RMB 103.5 billion in 2023[7] - Gross profit for 2024 was RMB 65.8 billion, up from RMB 63.1 billion in 2023, indicating a growth of 4.3%[7] - The net profit attributable to shareholders for 2024 was RMB 29.7 billion, a slight increase of 1.0% compared to RMB 29.4 billion in 2023[7] - The company reported a projected net income of RMB 30.26 billion for 2024, indicating a forecasted growth of approximately 3% from 2023[36] - Net profit for the year ended December 31, 2023, reached RMB 29,357,223, representing a 47.5% increase from RMB 19,843,290 in 2022[38] - The company plans to maintain a steady growth trajectory with a projected net profit of RMB 30,256,347 for 2024, representing a 2.4% increase from 2023[38] Assets and Liabilities - Total current assets increased to RMB 153.3 billion in 2024 from RMB 142.7 billion in 2023, reflecting a growth of 7.4%[7] - Total liabilities decreased to RMB 53.5 billion in 2024 from RMB 57.8 billion in 2023, showing a reduction of 7.5%[7] - The total assets of NetEase reached RMB 196.0 billion in 2024, up from RMB 185.9 billion in 2023, marking an increase of 5.7%[7] - Cash and cash equivalents rose significantly from RMB 21.43 billion in 2023 to RMB 51.38 billion in 2024, an increase of approximately 140%[32] - The total liabilities for 2024 are projected to be RMB 21,883,761, an increase from RMB 20,060,196 in 2023[51] Equity and Investments - NetEase's total equity increased to RMB 142.4 billion in 2024 from RMB 128.0 billion in 2023, representing a growth of 11.2%[7] - The total equity attributable to shareholders increased from RMB 124.29 billion in 2023 to RMB 138.69 billion in 2024, a growth of about 11.5%[35] - The group has long-term equity investments with a consolidated balance of RMB 11 billion as of December 31, 2024, which do not have easily determinable fair values[18] - Management regularly conducts impairment tests on these investments, assessing qualitative indicators against their carrying values to identify potential impairment signs[18] Revenue Recognition - Revenue recognition is based on the transfer of control of goods or services to customers, with estimates for returns, discounts, and VAT deducted from the recognized amount[73] - The company's revenue primarily comes from online gaming services, tutoring services, smart hardware sales, online music services, live streaming services, advertising services, e-commerce, and other paid value-added services[73] - Mobile game revenue is generated through the sale of virtual items, with revenue recognized proportionally based on the estimated average gaming time of paying players[75] - The group provides various integrated educational services through Youdao, including tutoring courses, digital learning content, and IT skills training, with revenue recognized proportionally during the estimated average learning time[79] Audit and Compliance - The board of directors is responsible for preparing consolidated financial statements that are free from material misstatement due to fraud or error, and for maintaining necessary internal controls[22] - The audit committee oversees the financial reporting process of the group[23] - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error[24] - The independent auditor's report was issued by PwC on April 15, 2025[30] Cash Flow and Financing - Operating cash flow for 2023 was RMB 35,331,275, up 27.5% from RMB 27,709,233 in 2022[41] - The company’s cash flow statement indicates a strong liquidity position, supporting ongoing investments and operational needs[40] - The company has established multiple guarantee agreements for credit facilities totaling USD 2.7 billion, with USD 1.5 billion remaining undrawn as of December 31, 2024[183] Employee and Incentive Expenses - Employee benefits expenses increased from RMB 3.18 billion in 2023 to RMB 3.19 billion in 2024, showing a slight growth of 0.04%[191] - The total equity incentive expenses for the years ended December 31, 2022, 2023, and 2024 were RMB 32 billion, RMB 32 billion, and RMB 39 billion, respectively, indicating a 21.9% increase in 2024[194] - The company expects to recognize RMB 402.1 million (approximately RMB 2.9 billion) in unrecognized incentive expenses related to the 2019 equity incentive plan by December 31, 2024[196] Regulatory and Legal Risks - The company believes its VIE agreements comply with Chinese law, although uncertainties in the legal framework may pose risks to enforcement[66] - The company may face significant costs and resource expenditures if VIE entities fail to fulfill their obligations under current agreements[66] - Any penalties imposed by the Chinese government could severely impact the company's ability to operate its business and may result in the loss of control over VIE entities[69] Research and Development - Research and development expenses increased from RMB 15.04 billion in 2022 to RMB 16.48 billion in 2023, marking a rise of about 9.7%[36] - Research and development expenses primarily include employee-related costs and technical service fees for online game development and other products[94]

[Company and Financial Overview](index=8&type=section&id=PART%20I) [Key Information](index=8&type=section&id=Item%203.%20Key%20Information) This chapter outlines the company's VIE structure, primary risks, and HFCAA compliance, with VIEs contributing **87.2%** of 2024 net revenue - The company, a Cayman Islands holding company, operates its primary online gaming, music streaming, smart learning, and internet content services in China through a VIE structure; in 2024, VIEs generated **87.2%** of total net revenue and held **6.1%** of consolidated total assets (excluding intercompany receivables)[25](index=25&type=chunk) - The company anticipates not being identified as a 'Commission-Identified Issuer' by the SEC following this annual report, as the PCAOB rescinded its determination regarding inability to fully inspect Chinese and Hong Kong accounting firms on December 15, 2022, though future risks remain[33](index=33&type=chunk)[287](index=287&type=chunk) [Risk Factors](index=11&type=section&id=D.%20Risk%20Factors) The company's operations face significant risks across business, industry, corporate structure, China operations, and ADS/stock-related factors - The company's business faces multiple significant risks categorized into four main types: business and industry risks, corporate structure risks, risks of operating in China, and risks related to ADSs and shares, all of which could materially adversely affect its business, financial condition, and operating results[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Information on the Company](index=71&type=section&id=Item%204.%20Information%20on%20the%20Company) This chapter details the company's history, organizational structure, business segments, sales strategies, intellectual property, competitive landscape, and risk management, highlighting its core gaming business and VIE operations in China - The company generates revenue through four main segments: Games and Related Value-Added Services, Youdao, NetEase Cloud Music, and Innovative Businesses and Others, with gaming being the primary revenue source[343](index=343&type=chunk) - The company operates its businesses in mainland China through subsidiaries and VIEs due to foreign investment restrictions in telecommunications, internet culture, and publishing, relying on contractual arrangements with VIEs and their nominee shareholders for core operations[338](index=338&type=chunk) - The company possesses a comprehensive intellectual property portfolio, including copyrights, trademarks, patents, and trade secrets, with extensive registrations in China and other jurisdictions to protect its self-developed games and online products[410](index=410&type=chunk)[411](index=411&type=chunk)[412](index=412&type=chunk) [History and Development of the Company](index=71&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) This section outlines the company's key milestones from its founding in 1997 to its dual listing and major product launches Key Company Development Milestones | Milestone | Year | | :--- | :--- | | Founded and launched free email service and www.163.com website | 1997-1998 | | Listed on Nasdaq | 2000 | | Launched first self-developed MMORPG "Fantasy Westward Journey" | 2001 | | Launched "Fantasy Westward Journey" series | 2004 | | Established Youdao | 2006 | | Launched NetEase Cloud Music | 2013 | | Launched first mobile game "Fantasy Westward Journey Mobile" | 2013 | | Launched e-commerce business "Yanxuan" | 2016 | | Youdao listed on NYSE | 2019 | | Listed on HKEX | 2020 | | NetEase Cloud Music listed on HKEX | 2021 | - The company's capital expenditures in 2022, 2023, and 2024, totaling approximately **RMB 1.3 billion**, **RMB 2.3 billion**, and **RMB 2.1 billion** respectively, were primarily for new office buildings in Shanghai and Hangzhou and new server purchases for business operations[334](index=334&type=chunk) [Business Overview](index=72&type=section&id=B.%20Business%20Overview) This section details the company's four main business segments: Games, Youdao, NetEase Cloud Music, and Innovative Businesses, highlighting their core offerings and strategic focus - The company's business is divided into four major segments: Games and Related Value-Added Services, Youdao, NetEase Cloud Music, and Innovative Businesses and Others, with gaming as the core, offering over **100** self-developed and licensed mobile and PC games[343](index=343&type=chunk) Key Self-Developed Mobile Games | Game | Type | First Release Date | | :--- | :--- | :--- | | Fantasy Westward Journey II Mobile | Turn-based MMORPG | July 2013 | | Fantasy Westward Journey Mobile | Turn-based MMORPG | March 2015 | | Westward Journey Mobile | Turn-based MMORPG | September 2015 | | Invincible | SLG | October 2015 | | A Chinese Ghost Story Mobile | Real-time MMORPG | May 2016 | | Onmyoji | CCG & RPG | September 2016 | | Knives Out | Battle Royale | November 2017 | | Identity V | Tactical Competition | April 2018 | | LifeAfter | Co-op Survival RPG | November 2018 | | Fantasy Westward Journey Web | MMORPG | June 2020 | | Eggy Party | Casual Party Mobile Game | May 2022 | | Diablo Immortal* | MMO Action RPG | June 2022 | | Ace Racer* | Racing Simulation | June 2023 | | Justice Mobile | MMORPG | June 2023 | | All-Star Streetball | Basketball | August 2023 | | Naraka: Bladepoint Mobile | Action Battle Royale | July 2024 | Key Self-Developed PC Games | Game | Type | Release/Major Update Date | | :--- | :--- | :--- | | Westward Journey 2 | 2D MMORPG | August 2002 / September 2013 | | Fantasy Westward Journey Online | 2D MMORPG | January 2004 / July 2013 | | Tian Xia III | 3D MMORPG | October 2011 | | New A Chinese Ghost Story | 2.5D MMORPG | April 2012 / September 2015 | | Justice | 3D MMORPG | June 2018 | | Naraka: Bladepoint | Action Battle Royale | July 2021 | | Once Human* | Survival/Open World/Crafting | July 2024 | | Marvel Rivals | Shooter | December 2024 | | Where Winds Meet* | Open World Action Adventure RPG | December 2024 | - Revenue from licensed games accounted for **9.5%**, **4.6%**, and **7.4%** of total revenue in 2022, 2023, and 2024, respectively, with the company partnering with international developers like Blizzard and Microsoft to operate popular titles[354](index=354&type=chunk)[358](index=358&type=chunk)[360](index=360&type=chunk) - Youdao has transitioned into an AI-driven solution provider focusing on learning and advertising, offering products such as learning services, AI-powered subscription services like Youdao Dictionary and Hi Echo, and smart hardware including Youdao Dictionary Pen[376](index=376&type=chunk)[377](index=377&type=chunk)[379](index=379&type=chunk)[380](index=380&type=chunk)[381](index=381&type=chunk) [Operating and Financial Review and Prospects](index=112&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This chapter reviews the company's three-year operating performance, financial condition, and cash flow, highlighting **RMB 105.3 billion** in 2024 net revenue, **62.5%** overall gross margin, healthy cash flow, and key accounting estimates Key Financial Data 2022-2024 | Metric (RMB million) | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | 96,496 | 103,468 | 105,295 | | **Gross Profit** | 52,766 | 63,063 | 65,807 | | **Operating Profit** | 19,629 | 27,709 | 29,584 | | **Net Profit Attributable to the Company's Shareholders** | 20,338 | 29,417 | 29,698 | - As of December 31, 2024, all consolidated VIEs operated by the company held total assets of **RMB 23.8 billion** and total liabilities of **RMB 21.9 billion**[583](index=583&type=chunk) - The company's operating and financial results are influenced by factors such as its ability to consistently deliver quality content, user base growth and engagement, proprietary technology development and application, effective cost management, and successful strategic investments and acquisitions[587](index=587&type=chunk)[588](index=588&type=chunk)[589](index=589&type=chunk)[591](index=591&type=chunk)[593](index=593&type=chunk) [Operating Results](index=112&type=section&id=A.%20Operating%20Results) This section analyzes the company's revenue and gross margin performance across its business segments for 2023 and 2024, highlighting key drivers and expense trends Segment Revenue 2023 vs 2024 (RMB million) | Business Segment | 2023 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Games and Related Value-Added Services | 81,565 | 83,623 | +2.5% | | Youdao | 5,389 | 5,626 | +4.4% | | NetEase Cloud Music | 7,867 | 7,950 | +1.1% | | Innovative Businesses and Others | 8,647 | 8,097 | -6.4% | | **Total** | **103,468** | **105,295** | **+1.8%** | Segment Gross Margin 2023 vs 2024 | Business Segment | 2023 | 2024 | | :--- | :--- | :--- | | Games and Related Value-Added Services | 68.2% | 68.7% | | Youdao | 51.4% | 48.9% | | NetEase Cloud Music | 26.7% | 33.7% | | Innovative Businesses and Others | 29.7% | 35.8% | | **Overall Gross Margin** | **60.9%** | **62.5%** | - Gaming business revenue grew by **2.5%** in 2024, driven by strong performance from self-developed games like Identity V and Naraka: Bladepoint (PC and mobile), and certain licensed games, with self-developed game revenue increasing by **2.3%** and licensed game revenue by **64.3%**[634](index=634&type=chunk)[635](index=635&type=chunk) - Research and development expenses increased by **6.3%** to **RMB 17.5 billion** in 2024, primarily due to higher employee-related costs and outsourced game development fees[652](index=652&type=chunk) - Investment income in 2024 significantly decreased to **RMB 355 million** from **RMB 1.307 billion** in 2023, mainly due to an increase in impairment provisions to **RMB 1.3 billion** and a shift from gains to losses in equity method investments[655](index=655&type=chunk) [Liquidity and Capital Resources](index=127&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) This section details the company's cash flow activities, liquidity position, and capital resources, including restrictions on fund transfers from its VIEs and Chinese subsidiaries Cash Flow Statement Summary 2022-2024 (RMB million) | Cash Flow Item | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 27,709 | 35,331 | 39,677 | | Net Cash (Outflow)/Inflow from Investing Activities | (7,370) | (17,043) | 17,916 | | Net Cash Outflow from Financing Activities | (10,238) | (21,467) | (27,336) | - As of December 31, 2024, the company held **RMB 51.4 billion** in cash and cash equivalents, **RMB 78.5 billion** in time deposits, and **RMB 10.8 billion** in short-term investments, with net cash generated from operating activities totaling **RMB 39.7 billion**[688](index=688&type=chunk)[692](index=692&type=chunk) - Due to Chinese regulations, the company's mainland China subsidiaries and VIEs face restrictions on transferring certain net assets (as dividends, loans, or advances) to the company; as of December 31, 2024, restricted net assets totaled approximately **RMB 14.2 billion**, representing **10%** of the company's consolidated net assets[704](index=704&type=chunk)[1272](index=1272&type=chunk) - In 2024, VIEs paid **RMB 73.8 billion** in service fees to the company's mainland China subsidiaries, and the company cumulatively injected **USD 2.3 billion** into its mainland China subsidiaries through intermediate holding companies[713](index=713&type=chunk) [Critical Accounting Estimates](index=140&type=section&id=E.%20Critical%20Accounting%20Estimates) This section identifies key accounting estimates, including the average game play period for revenue recognition and impairment assessment of long-term investments, which require significant management judgment - The company identifies the estimated average game play period for paying players and the impairment assessment of long-term investments as critical accounting estimates, requiring significant management judgment and potentially materially impacting financial condition and operating results[734](index=734&type=chunk)[735](index=735&type=chunk) - Revenue from in-game virtual items is recognized over the estimated average game play period of paying players, with this period estimated based on assumptions like player churn rates and similarities between new and existing games, subject to regular management evaluation and prospective application of changes[738](index=738&type=chunk)[739](index=739&type=chunk)[740](index=740&type=chunk) - For long-term equity investments without public market quotations, the company regularly assesses impairment risk, estimating fair value using income or market approaches if impairment indicators exist, and recognizing impairment losses for book values exceeding fair value; in 2024, the company recognized total investment impairment losses of **RMB 1 billion**[743](index=743&type=chunk)[745](index=745&type=chunk)[750](index=750&type=chunk) [Directors, Senior Management and Employees](index=143&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This chapter details the company's board members, senior management, compensation, equity incentive plans, and employee profile, noting founder William Lei Ding as CEO and **26,028** full-time employees as of year-end 2024 - Company founder William Lei Ding serves as Director and Chief Executive Officer, with the Board of Directors also including four independent directors[752](index=752&type=chunk)[753](index=753&type=chunk) - In 2024, the company paid total cash compensation of **RMB 466.1 million** (approximately **USD 63.8 million**) to executive officers and directors, and granted restricted share units under the 2019 Equity Incentive Plan[763](index=763&type=chunk) - The company implemented the 2019 Equity Incentive Plan, replacing the 2009 RSU Plan which expired in 2019, to grant restricted share units and stock options for incentivizing and retaining employees, directors, and consultants[767](index=767&type=chunk)[768](index=768&type=chunk) - As of December 31, 2024, the company had **26,028** full-time employees, a decrease from **29,128** in 2023, with R&D personnel accounting for **49.0%** of the total workforce[793](index=793&type=chunk) [Major Shareholders and Related Party Transactions](index=151&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This chapter discloses major shareholder ownership and significant related party transactions, including the company's control over VIEs and ongoing agreements with its listed subsidiaries Youdao and NetEase Cloud Music - As of February 28, 2025, company founder, CEO, and Director William Lei Ding is the largest shareholder, beneficially owning approximately **45.8%** of the company's issued shares through Shining Globe International Limited[796](index=796&type=chunk)[804](index=804&type=chunk) - The company's primary related party transactions involve a series of contracts with VIEs (e.g., Guangzhou NetEase, Hangzhou Leihuo) and their nominee shareholders (including Mr. Ding Lei), such as cooperation agreements, shareholder voting rights trust agreements, and exclusive call option agreements, enabling effective control over VIEs and access to their economic benefits[805](index=805&type=chunk)[808](index=808&type=chunk)[811](index=811&type=chunk)[815](index=815&type=chunk) - The company has entered into multiple related party agreements with its listed subsidiaries Youdao and NetEase Cloud Music, covering master transaction agreements, transitional services, non-competition, and intellectual property licenses with Youdao, and intellectual property licensing, advertising agency, and technical support services with NetEase Cloud Music[820](index=820&type=chunk)[833](index=833&type=chunk) [Financial Information](index=160&type=section&id=Item%208.%20Financial%20Information) This chapter outlines the company's legal proceedings and dividend policy, noting a settled lawsuit with Krafton and the quarterly dividend payments in 2024 - The company reached a settlement with Krafton, Inc. (formerly PUBG Corporation) regarding copyright infringement lawsuits for 'Rules of Survival' and 'Knives Out' and subsequent breach of settlement agreement litigation, with no material impact on the company's consolidated financial statements[837](index=837&type=chunk) 2024 Quarterly Dividends | Quarter | Dividend Per Share (USD) | Dividend Per ADS (USD) | | :--- | :--- | :--- | | Q1 | 0.0990 | 0.4950 | | Q2 | 0.0870 | 0.4350 | | Q3 | 0.0870 | 0.4350 | | Q4 | 0.24405 | 1.22025 | [Additional Information](index=161&type=section&id=Item%2010.%20Additional%20Information) This chapter details the company's articles of association, significant contracts, foreign exchange controls, and tax implications, including differences between Cayman Islands and US law, China's capital account restrictions, and potential PFIC risks for US investors - The company, an exempted company registered in the Cayman Islands, operates under corporate laws that significantly differ from US laws regarding mergers, shareholder lawsuits, and director indemnification, for instance, allowing statutory mergers or schemes of arrangement for reorganizations and specific provisions for minority shareholder 'squeeze-outs'[868](index=868&type=chunk)[871](index=871&type=chunk)[872](index=872&type=chunk)[873](index=873&type=chunk) - China implements foreign exchange controls, allowing free convertibility of RMB under current accounts but restricting capital account transactions like direct investments and loans, which require approval or registration with the State Administration of Foreign Exchange (SAFE)[880](index=880&type=chunk)[881](index=881&type=chunk) - The company faces the risk of being deemed a Chinese 'resident enterprise,' which would subject its worldwide income to a **25%** enterprise income tax and potentially require a **10%** withholding tax on dividends paid to non-resident enterprise shareholders[890](index=890&type=chunk) - For US investors, the company carries the risk of being classified as a Passive Foreign Investment Company (PFIC); based on its asset and income composition, the company believes it was not a PFIC for the 2024 tax year, but this determination is uncertain, and the company does not intend to provide information necessary for US investors to make a Qualified Electing Fund (QEF) election[324](index=324&type=chunk)[915](index=915&type=chunk)[927](index=927&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=178&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This chapter discloses the company's exposure to interest rate and foreign exchange risks, noting that most revenue is RMB-denominated while some assets and liabilities are USD-denominated, and no hedging activities are undertaken - The company's market risks primarily stem from changes in interest rates and foreign exchange rates, with interest rate risk affecting interest income from bank deposits and wealth management products, and interest expense from borrowings; a **10%** interest rate change would impact net interest income by **RMB 492.1 million** based on December 31, 2024 data[948](index=948&type=chunk)[949](index=949&type=chunk) - The company faces significant foreign exchange risk as most revenue is RMB-denominated while some cash and debt are USD-denominated; in 2024, the company recorded a net foreign exchange gain of **RMB 255.4 million** and does not engage in hedging transactions to mitigate this risk[950](index=950&type=chunk)[952](index=952&type=chunk) - As of December 31, 2024, the company had **USD 1 billion** in USD-denominated debt, where a **10%** appreciation/depreciation of the USD against the RMB would increase/decrease its RMB value by **RMB 729.9 million**; concurrently, the company held **USD 12.2 billion** in USD-denominated cash and deposits, where a **10%** appreciation/depreciation would increase/decrease their RMB value by **RMB 8.9 billion**[953](index=953&type=chunk)[954](index=954&type=chunk) [Controls and Procedures](index=183&type=section&id=Item%2015.%20Controls%20and%20Procedures) This chapter confirms the effectiveness of the company's disclosure controls and internal control over financial reporting as of December 31, 2024, as assessed by management and attested by PwC Zhong Tian LLP - The company's management assessed that its disclosure controls and procedures were effective as of December 31, 2024[983](index=983&type=chunk) - Based on management's assessment using the COSO 'Internal Control—Integrated Framework (2013),' the company's internal control over financial reporting was effective as of December 31, 2024, a conclusion also affirmed by the audit report from independent registered public accounting firm PwC[984](index=984&type=chunk)[985](index=985&type=chunk)[1028](index=1028&type=chunk)[1033](index=1033&type=chunk) - During the period covered by this annual report, no changes in the company's internal control over financial reporting have occurred that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting[986](index=986&type=chunk) [Corporate Governance and Other Matters](index=184&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This chapter covers the company's corporate governance, including the audit committee's financial expert, code of conduct, auditor fees, share repurchase program, and cybersecurity risk management strategy Accountant Fees 2023-2024 (RMB thousand) | Fee Category | 2023 | 2024 | | :--- | :--- | :--- | | Audit Fees | 30,491 | 27,649 | | Tax Fees | 1,712 | 1,064 | | All Other Fees | 346 | 8 | | **Total** | **32,549** | **28,721** | - On November 17, 2022, the company announced a share repurchase program authorizing the buyback of up to **USD 5 billion** in ADSs and ordinary shares over 36 months; as of December 31, 2024, approximately **21.2 million** ADSs had been repurchased under this plan at a total cost of approximately **USD 1.9 billion**[995](index=995&type=chunk) - The company has established a cybersecurity risk management program overseen by the Board of Directors and its Audit Committee, with management forming an Information Security Committee, comprising the CEO, Head of Information Security Office, and other senior management, responsible for implementing the global information security plan[1003](index=1003&type=chunk)[1006](index=1006&type=chunk)[1007](index=1007&type=chunk)[1008](index=1008&type=chunk) - As a Cayman Islands company listed on Nasdaq, the company is permitted to follow home country corporate governance practices, such as the Board of Directors adopting equity incentive plans without seeking shareholder approval, which is permissible under Cayman Islands law[999](index=999&type=chunk) [Financial Statements and Exhibits](index=188&type=section&id=PART%20III) [Financial Statements](index=188&type=section&id=Item%2018.%20Financial%20Statements) This chapter presents the company's audited consolidated financial statements as of December 31, 2024, prepared under US GAAP by PwC Zhong Tian LLP, including key audit matters related to revenue recognition and long-term investment impairment - Independent auditor PwC Zhong Tian LLP issued an unqualified audit opinion on the company's financial statements and internal control over financial reporting as of December 31, 2024, affirming that the financial statements fairly present the company's financial position and internal controls are effective in all material respects[1032](index=1032&type=chunk)[1033](index=1033&type=chunk) Consolidated Balance Sheet Summary (As of December 31, 2024) | Item (RMB million) | Amount | | :--- | :--- | | **Assets** | | | Cash, Deposits and Short-term Investments | 140,597 | | Total Current Assets | 153,325 | | Total Assets | 195,992 | | **Liabilities and Shareholders' Equity** | | | Total Current Liabilities | 49,668 | | Total Liabilities | 53,497 | | Equity Attributable to the Company's Shareholders | 138,686 | | Total Liabilities and Shareholders' Equity | 195,992 | Consolidated Statements of Operations and Comprehensive Income Summary (For the Year Ended December 31, 2024) | Item (RMB million) | Amount | | :--- | :--- | | Net Revenues | 105,295 | | Gross Profit | 65,807 | | Operating Profit | 29,584 | | Net Profit Attributable to the Company's Shareholders | 29,698 | - Critical Audit Matters identified by the auditor include: 1) the estimation of the average game play period for paying players in recognizing revenue from in-game virtual items; and 2) the impairment assessment of long-term equity investments without readily determinable fair values[1039](index=1039&type=chunk)[1040](index=1040&type=chunk)[1044](index=1044&type=chunk) [Exhibits](index=189&type=section&id=Item%2019.%20Exhibits) This chapter lists all exhibits accompanying the annual report, including the company's articles of association, ADS agreements, key VIE contracts, executive employment agreements, equity incentive plans, and certifications - The exhibit list includes the company's second amended and restated memorandum and articles of association[1013](index=1013&type=chunk) - The exhibits contain a series of key contracts with major VIEs (e.g., Guangzhou NetEase, Hangzhou Leihuo, Youdao Computer), including shareholder voting rights trust agreements, equity pledge agreements, exclusive call option agreements, and cooperation agreements[1013](index=1013&type=chunk)[1015](index=1015&type=chunk)[1016](index=1016&type=chunk) - Exhibits also include the company's 2019 Equity Incentive Plan, material transaction agreements with subsidiaries Youdao and NetEase Cloud Music, and certifications signed by the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act[1017](index=1017&type=chunk)[1018](index=1018&type=chunk)

Core Insights - In March 2025, Chinese mobile game publishers generated a total revenue of $2 billion, accounting for 36.9% of the global top 100 mobile game publishers' revenue, with 36 Chinese companies making the list [1][4]. Group 1: Market Performance - Tencent maintained its dominance with four games, including "Honor of Kings" and "Peacekeeper Elite," occupying the top four positions in the Chinese App Store revenue rankings for March [4]. - Point Interactive surpassed NetEase to claim the second position in the Chinese mobile game publisher revenue rankings, with its game "Whiteout Survival" achieving a historical monthly revenue high [8]. - The new game "Heroes Never Flash" and "Dragon Valley World" entered the top 20 revenue list, significantly boosting their respective publishers' rankings [5]. Group 2: Game-Specific Achievements - "Whiteout Survival" reached a cumulative global revenue of $2.25 billion, becoming one of the fastest mobile games to surpass $2 billion in revenue within five years of its launch [8]. - "Mobile Legends: Bang Bang" from ByteDance's subsidiary, Moonton, saw a 53% revenue increase in March after launching a new version and new heroes, elevating its ranking from 8th to 5th in the overseas mobile game revenue list [9]. - "Gossip Harbor" from Lemon Microfun also achieved a historical monthly revenue high, driven by seasonal events and new content [8]. Group 3: Industry Trends - The mobile gaming market is entering a stable cycle, with publishers focusing on high-quality operational strategies to enhance user retention and engagement amid intense competition [5]. - The overseas market for Chinese mobile games is characterized by significant fluctuations in rankings, providing opportunities for new entrants while posing challenges for established titles [10].

随着美元回落，国际油价企稳反弹，WTI原油近月合约涨2.39%，报61.50美元/桶。布伦特原油近月合约涨2.26%，报64.76美元/桶。 国际金价续创历史，纽约商品交易所4月交割的COMEX黄金期货合约涨2.12%，报3222.20美元/盎司。 机构指出，A股市场有望逐步摆脱短期扰动，受益于扩内需、促消费政策的行业值得关注，包括家用电器、食品饮料、社会服务、商贸零售等行业。 【财经日历】 中国3月贸易帐； 世界互联网大会亚太峰会； 第三届中国国际通用航空与无人机发展大会。 | 〜 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 40212.71 c 619.05 | | 1.56% | | 纳斯达克指数 | 16724.46 c 337.15 | | 2.06% | | 标普500 | 5363.36 c 95.31 1.81% | | | 截至上周五收盘，道指上涨619.05点，涨幅1.56%，报40212.71点，纳指涨2.06%，报16724.46点，标普500指数涨1.81% ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 各家的财报，也印证着这一趋势。 作者丨 刘毓航 编辑丨 魏佳 来源丨 定焦One 游戏厂商的"新品焦虑症"得到缓解。 就 在 厂商 们 苦于 二次元类游戏（以下简称"二游"） 吸引不动年轻人，就连品类头部《原神》和《崩铁》等都不可避免地迎来数据下滑之际 ，"叔系 手游"正在成为游戏行业的隐形金主。 这里的"叔系"，包含两重含义： 其一，指产品层面运营时间相对较长。像腾讯的《王者荣耀》《和平精英》，网易的《梦幻西游》都上线超过8年，且一直贡献着稳定的流水。 Sensor Tower发布的《2025移动游戏市场报告》显示，2024年，在大多数游戏类型中，老牌游戏的消费者支出占比超过80%。 其二，指玩家群体相对更成熟。这种成熟并不是完全指年龄更长，而是去圈层化且社交方式上相对更成熟。 当行业哀叹"年轻人玩不动了"，这些"叔系手游"的闷声发财，或许正是游戏行业逐渐醒悟的信号：不再一窝蜂模仿爆款，而是以长线运营为王。 "叔系手游" ，高歌猛进 这一轮在用户数量及流水方面创下好成绩的手游，可以被 ...