Core Viewpoint - The gaming industry is witnessing a trend where mobile game manufacturers are withdrawing from channel servers due to the criticized high revenue-sharing model imposed by Android channels, particularly OPPO [1]. Group 1: Industry Trends - Since October, several popular mobile games from NetEase have withdrawn from OPPO channel servers, including titles like "Fantasy Westward Journey," "Sky: Children of the Light," and "Big Talk Westward Journey" [1]. - Players are required to migrate their accounts and assets within a limited timeframe to continue playing on NetEase's official servers [1]. Group 2: Company Actions - The withdrawal from channel servers is part of a long-standing conflict within the industry regarding channel partnerships and revenue sharing [1]. - In 2021, NetEase's founder, Ding Lei, publicly criticized the high revenue-sharing model of Android channels during a financial report conference call [1].

本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見上市 規則）作出。 於2025年11月20日（香港時間交易時段結束後），本公司控股股東及母公司網易股 份有限公司（「網易」）（美國納斯達克上市公司，納斯達克代號：NTES，及香港聯 合交易所有限公司（「聯交所」）上市公司，港交所代號：9999），公佈截至2025年9 月30日止第三季度的未經審計財務業績（「網易業績公佈」）。網易業績公佈載有對 本公司2025年第三季度的財務表現的提述。網易業績公佈的副本分別可於聯交所 網站www.hkexnews.hk及網易網站http://ir.netease.com/查閱。 網易業績公佈所載的財務業績，包括與本公司相關者，已按美國公認會計準則編 製，該準則與國際財務報告準則（「國際財務報告準則」）不同。本公司採用國際財 務報告準則編製及呈列本公司的財務資料。因此，網易業績公佈所載的財務資料 與本公司已公佈及將公佈的財務業績不可直接比較。 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 ...

Core Viewpoint - NetEase (NTES.US) reported a decline of 5.3% in pre-market trading, with shares priced at $126.35, following the release of its third-quarter earnings which fell short of market expectations [1] Financial Performance - The company reported third-quarter revenue of 28.36 billion yuan, representing a year-on-year increase of 8.2%, but below the market estimate of 29.22 billion yuan [1] - Gross profit for the quarter was 18.2 billion yuan, also missing the market forecast of 18.64 billion yuan [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, up from 7.5 billion yuan in the same period last year [1] - Adjusted earnings per ADS from continuing operations were 14.73 yuan, slightly below the market expectation of 14.76 yuan [1] Research and Development - The company invested 4.5 billion yuan in research and development, with an R&D intensity of 16%, which is leading in the industry [1] Online Gaming Services - Net revenue from online gaming services was 23.3 billion yuan, falling short of the market estimate of 23.88 billion yuan [1] Other Revenue Streams - Revenue from innovative businesses and other sources was 1.4 billion yuan, showing a decline of 18.9% [1]

Group 1: Financial Performance - Net income for Q3 2025 was RMB 28.4 billion (USD 4 billion), an increase of 8.2% year-over-year [1] - Gross profit for the same period was RMB 18.2 billion (USD 2.6 billion), reflecting a year-over-year increase of 10.3% [1] - Net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), showing a year-over-year growth of 31.77% [1] - Basic earnings per share for Q3 2025 was USD 0.38, with a quarterly dividend of USD 0.1140 per share [1] Group 2: Business Segments - Revenue from online games and related value-added services was RMB 23.3 billion (USD 3.3 billion), up from RMB 22.8 billion in the previous quarter and RMB 20.9 billion year-over-year [1] - Online games accounted for approximately 97.6% of the segment's revenue, compared to 97.1% in the previous quarter and 96.8% year-over-year [1] - The increase in online game revenue was driven by self-developed games such as "Dream of Dreams" and "Marvel Showdown," as well as several agency games [1] - Youdao's revenue for Q3 2025 was RMB 1.6 billion (USD 228.8 million), with a quarter-over-quarter increase attributed to smart hardware and online marketing services [1] Group 3: Other Business Segments - Net revenue from NetEase Cloud Music for Q3 2025 remained stable at RMB 2 billion (USD 275.9 million) compared to the previous quarter and year-over-year [2] - Revenue from innovation and other businesses was RMB 1.4 billion (USD 202.1 million), down from RMB 1.7 billion in the previous quarter and RMB 1.8 billion year-over-year [2] - The decline in this segment was primarily due to reduced revenue from NetEase Yanxuan and increased internal transaction offsets [2] Group 4: Share Buyback Program - The company announced an extension of its previously approved share buyback program, allowing for the repurchase of up to USD 5 billion of its American Depositary Shares and ordinary shares until January 9, 2029 [2] - As of September 30, 2025, approximately 22.1 million American Depositary Shares had been repurchased under this program, totaling around USD 2 billion [2]

11月20日，网易(09999)发布2025年第三季度财报。财报显示，《燕云十六声》国内三季度月活跃用户 数、收入均创新高。近期，网易加快游戏全球发行，《燕云十六声》海外版本拿下20个欧美地区Steam 畅销榜前十，Steam英语区好评率达84%，成为首款横扫欧美市场的中国武侠游戏，并在全球取得极具 开创性的品类表现。 | | | 商云十六届 | | 000 | | | BAND THE BEACH AND | | | 1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 游戏 | 社区 院计 | | | | 时戏 | H C | 1934 | | | | | | | | | | | | WHEDE | | | 1/10 | | 好评率统计 | | | | 121-P-10-18 | 全球好评事 | | | | | | | 好评数据 更新时间: 2025-11-19 | | | | | 培服 | | 超详情做 | 时代数 | 00 (7-85) | 好诗体 | | 83% | | 83% | 83% | #1034 ...

Core Insights - NetEase reported a total revenue of 28.4 billion yuan for Q3 2025, with net income from games and related value-added services reaching 23.3 billion yuan, reflecting a year-on-year growth of 11.8% [1] Financial Performance - Total revenue for Q3 2025 was 28.4 billion yuan [1] - Net income from games and related services was 23.3 billion yuan [1] - Year-on-year growth in gaming revenue was 11.8% [1]

Group 1: Net Income and Revenue - NetEase-S reported a net income of RMB 28.4 billion (USD 4 billion) for Q3 2025, representing an 8.2% year-on-year increase [1] - The gross profit for the same period was RMB 18.2 billion (USD 2.6 billion), showing a 10.3% year-on-year growth [1] - The net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), reflecting a year-on-year increase of 31.77% [1] Group 2: Gaming Revenue - Net revenue from games and related value-added services reached RMB 23.3 billion (USD 3.3 billion) in Q3 2025, compared to RMB 22.8 billion in the previous quarter and RMB 20.9 billion in the same quarter last year [1] - Online games accounted for approximately 97.6% of the net revenue in this segment, up from 97.1% in the previous quarter and 96.8% year-on-year [1] - The growth in online gaming revenue was driven by self-developed games such as "Dream of Dreams" PC version and "Nirvana in Fire" mobile game, as well as several agency games [1] Group 3: Other Business Segments - Youdao's net income for Q3 2025 was RMB 1.6 billion (USD 228.8 million), with a quarter-on-quarter increase attributed to smart hardware and online marketing services [2] - NetEase Cloud Music reported a stable net income of RMB 2 billion (USD 275.9 million) for Q3 2025, unchanged from the previous quarter and the same quarter last year [2] - The net income from innovation and other businesses was RMB 1.4 billion (USD 202.1 million), down from RMB 1.7 billion in the previous quarter and RMB 1.8 billion year-on-year, primarily due to a decrease in net income from NetEase Yanxuan [2] Group 4: Share Buyback Program - The company announced an extension of its previously approved share buyback program, allowing for the repurchase of up to USD 5 billion of its American Depositary Shares and ordinary shares for an additional 36 months, until January 9, 2029 [2] - As of September 30, 2025, the company had repurchased approximately 22.1 million American Depositary Shares, totaling around USD 2 billion under this program [2]

智通财经APP讯，网易-S(09999)发布公告，该公司将于2025年12月16日派发第三季度股息每股0.114美 元。 ...

网易-S(09999)发布公告，该公司将于2025年12月16日派发第三季度股息每股0.114美元。 ...

11月20日下午消息，网易（Nasdaq：NTES；HKEX： 9999）今日发布了截至9月30日的2025年第三季度 财报：净营收为284亿元，同比增长8.2%。归属于网易公司股东的净利润为86亿元，而上一季度和上年 同期分别为86亿元和65亿元。不按美国通用会计准则，归属于网易公司股东的净利润为95亿元，而上一 季度和上年同期分别为95亿元和75亿元。 专题：聚焦2025年第三季度美股财报 责任编辑：刘明亮 ...