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]

2月11日，网易发布2025年Q4及全年财报。财报显示，网易业绩稳健，Q4营收275亿元，全年总营收 1126亿元，Non-GAAP净利润373亿元；全年研发投入177亿元，连续六年突破百亿。网易秉持AI实用主 义，已构建起以AI为核心的新质生产力体系，融入游戏、音乐、教育等业务全链条，驱动业绩长期稳 健增长。 2025年，网易全面深化AI应用，AI原生管线在美术、策划、编程、动画及质量保障等环节实现大规模 部署，AI原生玩法在多款旗舰产品中稳步落地。2025年，游戏及相关增值服务营收921亿元，其中在线 游戏净收入896亿元，同比增长11%，重回双位数增长。多款长青精品创新高，潜力长青产品不断突破 全球主流市场。 在"AI原生"战略推动下，网易有道全年营收59亿元，首次实现全年经营利润与现金流双正。网易云音乐 2025年营收78亿元，会员订阅业务稳健增长。通过发起百万奖金AI音乐创作大赛等活动深耕"AI音乐产 业化"，持续巩固音乐AI行业领跑地位。 得益于网易严选、广告等业务净收入的提升，创新及其他业务Q4营收20亿元，环比增长42%，全年营 收68亿元。网易严选持续夯实生活方式消费品牌定位，凭借技术创新和 ...

【环球网财经综合报道】2月11日，网易发布2025年第四季度及全年未经审计财务业绩。财报显示，公 司业绩保持稳健增长，全年研发投入连续第六年突破百亿，以AI为核心的新质生产力体系已全面融入 各业务链条，驱动长期增长。其中，旗舰产品《燕云十六声》全球用户数已突破8000万，成为出海最成 功的中国武侠游戏之一。 财报数据显示，网易2025年第四季度净收入为275亿元人民币，全年净收入为1126亿元人民币。全年非 公认会计准则下归属于公司股东的持续经营净利润为373亿元人民币。公司全年研发投入达177亿元，连 续六年超过百亿，持续夯实技术底座。 AI 工业化成果显著，部分环节提效达 300% 网易在财报中详细阐述了其"AI实用主义"的落地成果。通过构建AI原生研发管线，网易已将AI深度应 用于游戏等业务的美术、策划、编程、动画及质量保障等全流程生产环节，部分环节效能提升高达 300%。自研工具如CodeMaker、DreamMaker等全面赋能内容生产，推动开发与创作模式发生质变。 在AI原生玩法方面，网易率先规模化落地了智能NPC、AI队友、剧组模式等一系列创新应用。例如， 《逆水寒》手游的智能NPC系统获得国家 ...

Core Insights - NetEase Cloud Music Inc. reported a slight revenue decrease of 2.4% in fiscal year 2025, totaling RMB 7.8 billion compared to RMB 8.0 billion in 2024, while adjusted net profit increased significantly to RMB 2.86 billion from RMB 1.7 billion in 2024 [1][2][3] Financial Performance - Revenue for fiscal year 2025 was RMB 7,759,450, a decrease from RMB 7,950,146 in 2024 [1] - Gross profit increased to RMB 2,769,592 from RMB 2,681,512 in 2024, resulting in a gross margin of 35.7%, up from 33.7% [2] - Operating profit rose by 38.5% year on year to RMB 1,621,952, driven by business scale growth and improved online music monetization [2] - Revenue from online music services increased by 12.0% to RMB 6.0 billion, with membership subscription revenue rising to RMB 5.1 billion from RMB 4.5 billion [1][2] Business Overview - The company focused on enhancing user experience and engagement through improved music offerings and community features, resulting in a year-over-year growth in active user base and engagement [1][2] - The DAU/MAU ratio remained above 30%, indicating strong user retention and engagement [1] - The company expanded its music library, introducing content from Korean labels and promoting original Chinese music, while also enhancing partnerships with copyright holders [2][3] Product Innovation - The company upgraded its core product framework and introduced new features such as Climber, an AI-powered recommendation model, and various immersive audio-visual experiences [2][3] - New features included the "Magic Light Player" and "Automix," which enhanced the music listening experience [3] - The company also expanded its audio content offerings, including podcasts and audiobooks, to cater to diverse user interests [3] Community and Engagement - NetEase Cloud Music continued to nurture its independent artist ecosystem, with over 1 million independent artists contributing more than 5.6 million tracks [2][3] - The company launched initiatives to connect musicians with brands and enhance their commercial reach, including collaborations for customized songs and promotional activities [2][3] - The "Original Sound Promoters" campus ambassador program was introduced to promote original content and build a music discovery network among university students [3]

据介绍，目前在设备支持上，Lobster AI已打通移动端与PC端的连接，用户可通过手机端在钉钉、飞书 等软件中进行远程交互；哪怕用户不在电脑前，也能指挥家里的Lobster AI处理紧急工作。 Lobster AI采用了类似Claude Cowork的直观GUI（图形化交互）界面；无论是资讯获取、日程管理，还 是深度数据分析，用户只需与其对话，Lobster AI便能在获得授权后，自动在本地计算机中通过程序化 方式执行复杂流程，并交付结果。 随着AI从"能聊天"迈向"能办事"的Agent（智能体）阶段，个人AI Agent已成为科技圈公认的下一波浪 潮。2月11日，网易有道正式推出桌面级Agent"Lobster AI"（中文名：有道龙虾）。这是一个定位 为"7×24 小时帮你干活的全场景个人助理Agent"，目前已在官网开放内测申请。 ...

Core Viewpoint - Chinese videogame giant NetEase recorded lower net profit in the final quarter of 2025, partly due to a high base [1] Financial Performance - NetEase's net profit decreased in the final quarter of 2025 compared to previous periods [1]

网易发布财报，2025年第四季度净营收同比增3%至275亿元；归属公司股东净利润62亿元，上年同期 87.66亿元。网易2025年全年净营收1126.26亿元，上年同期1052.95亿元；归属公司股东净利润337.6亿 元，上年同期296.98亿元。 ...

每经上海2月11日电 （记者 张梓桐） 2月11日，网易发布2025年第四季度（Q4）及全年财报。财报显 示，2025年网易Q4营收275亿元，全年总营收1126亿元。全年营业利润358亿元，同比增长21%；Q4营 业利润83亿元，同比增长6%。全年研发投入达177亿元，连续6年研发投入突破百亿元。游戏及相关增 值服务净收入921亿元，其中在线游戏净收入达896亿元，同比增长11%，重回两位数增长。运营23年的 经典IP《梦幻西游》电脑版全年营收再创新高，《天下》端游最高在线人数突破近十年新高，用户付费 率创下历史新高。《燕云十六声》首个周年庆版本，刷新了日活与营收历史新高，全球用户突破8000 万。《蛋仔派对》人均在线时长再创新高。 ...

此外，2月11日，有道正式发布桌面级 Agent"LobsterAI"（中文名：有道龙虾），定位能"7×24 小时帮你 干活的全场景个人助理 Agent"，目前已在官网开放内测申请。同时透露将于3月开学季上线有道词典全 新版本，围绕学习、办公等深度场景，实现核心能力Agent升级。 2月11日，网易有道（NYSE：DAO）公布了2025年第四季度及全年未经审计财务报告。 财报显示，公 司全年净收入59.1亿元，同比增长5.0%；经营利润达2.2亿元，同比增长48.7%。公司首次实现全年经营 性现金净流入，共计5520万元。 2025年四季度，有道延续了稳健的盈利态势，净收入达15.6亿元，同比增长16.8%，连续第六个季度实 现盈利。当季经营利润为6020万元，其同比变化主要源于公司主动加大了对有道领世及广告业务等高增 长赛道的战略性投入。同期，经营性现金净流入达1.8亿，同比增长16.4% 。 ...

格隆汇2月11日｜网易发布2025年Q4及全年财报。财报显示，2025年网易业绩稳健，Q4营收275亿元， 全年总营收1126亿元。全年营业利润358亿元，同比增长21%；Q4营业利润83亿元，同比增长6%。年研 发投入达177亿元，连续六年研发投入突破百亿。游戏及相关增值服务净收入921亿元，其中在线游戏净 收入达896亿元，同比增长11%。 ...