网易(09999) - 2021 - 中期财报

Financial Performance - NetEase reported Q2 2021 net revenue of RMB 20.5 billion (USD 3.18 billion), a year-over-year increase of 12.9%[5] - Online gaming services net revenue reached RMB 14.5 billion (USD 2.25 billion), up 5.1% year-over-year[5] - Youdao net revenue was RMB 1.3 billion (USD 200.3 million), showing a significant increase of 107.5% year-over-year[5] - Gross profit for Q2 2021 was RMB 11.2 billion (USD 1.73 billion), reflecting a year-over-year growth of 14.3%[5] - In Q2 2021, the net profit attributable to shareholders was RMB 3,541.8 million (USD 548.5 million), down from RMB 4,439.2 million in the previous quarter and RMB 4,537.8 million in the same quarter last year[14] - The non-GAAP net profit attributable to shareholders for Q2 2021 was RMB 4,227.9 million (USD 654.8 million), compared to RMB 5,080.7 million in the previous quarter and RMB 5,226.0 million in the same quarter last year[15] - The basic earnings per share for Q2 2021 was USD 0.16, down from USD 0.21 in the previous quarter and USD 0.22 in the same quarter last year[15] - Net profit for the three months ended June 30, 2021, was RMB 4,651,280, showing an increase compared to RMB 3,476,364 for the same period in 2020[31] - The company reported a net profit attributable to shareholders of RMB 4,227,865 thousand for the three months ended June 30, 2021, compared to RMB 3,541,754 thousand for the same period in 2020, representing a year-over-year increase of 19.4%[34] Operating Expenses - Operating expenses totaled RMB 7.4 billion (USD 1.15 billion), a year-over-year increase of 32.2%[11] - Total operating expenses for the six months ended June 30, 2021, were RMB 14,208,554, an increase from RMB 10,513,479 in the same period of 2020, reflecting a rise of approximately 35.5%[30] Cash Flow and Investments - As of June 30, 2021, the company's cash and cash equivalents totaled RMB 108 billion (USD 16.7 billion), an increase from RMB 100.1 billion as of December 31, 2020[17] - The net cash inflow from operating activities for Q2 2021 was RMB 4.7 billion (USD 731.5 million), down from RMB 5.5 billion in the previous quarter[17] - The company reported a net cash outflow from investing activities of RMB 22,735,348 for the six months ended June 30, 2021[31] - The net cash inflow from financing activities was RMB 18,784,780 for the six months ended June 30, 2021[31] Market and Product Developments - The flagship game "Naraka: Bladepoint" topped the Steam sales chart after its global launch in August[6] - Upcoming mobile game "Harry Potter: Magic Awakened" is set to launch on September 9, 2021[7] - NetEase's CEO expressed excitement about the upcoming product launches, which are expected to strengthen the company's leading position in the gaming industry[6] - The company has expanded its business into international markets, including Japan and North America, and continues to develop popular online games and services[22] - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth[32] Regulatory and Market Risks - The company is expected to be significantly impacted by regulatory changes in the K-12 education sector in China, although the extent of the impact remains uncertain[18] - The company faces risks related to market growth, regulatory changes, and competition in the online gaming sector, which could impact future performance[24] Financial Metrics and Ratios - The effective tax rate for Q2 2021 was 24.3%, an increase from 22.0% in the previous quarter and 18.6% in the same quarter last year[13] - The company emphasizes the importance of non-GAAP financial metrics for investors to assess operational performance and future prospects[26] - Net income attributable to shareholders under non-GAAP was defined as net income excluding stock-based compensation expenses, providing a clearer view of operational performance[25] Assets and Liabilities - Total assets increased from RMB 141.87 billion in 2020 to RMB 154.86 billion in 2021, reflecting a growth of approximately 9%[28] - Current assets totaled RMB 115.96 billion as of June 30, 2021, up from RMB 107.83 billion in 2020, indicating an increase of about 7%[28] - Total liabilities rose from RMB 48.08 billion in 2020 to RMB 56.34 billion in 2021, representing an increase of approximately 17%[29] - The company reported a total equity attributable to shareholders of RMB 86.14 billion as of June 30, 2021, up from RMB 82.13 billion in 2020, reflecting an increase of about 5%[29] Research and Development - The company’s research and development expenses for the three months ended June 30, 2021, were RMB 217,766 thousand, slightly up from RMB 212,369 thousand for the same period in 2020[33]