网易-S(09999) - 2022 Q1 - 季度财报

Financial Performance - NetEase's net revenue for Q1 2022 was RMB 23.6 billion (USD 3.7 billion), representing a year-over-year increase of 14.8%[5] - Online gaming services net revenue reached RMB 17.3 billion (USD 2.7 billion), up 15.3% year-over-year[5] - Youdao's net revenue was RMB 1.2 billion (USD 189.4 million), a decrease of 10.4% year-over-year[5] - Cloud Music's net revenue increased to RMB 2.1 billion (USD 326.1 million), reflecting a year-over-year growth of 38.6%[5] - Gross profit for Q1 2022 was RMB 12.8 billion (USD 2.0 billion), a year-over-year increase of 16.1%[6] - The total operating expenses amounted to RMB 7.3 billion (USD 1.2 billion), an increase of 8.1% year-over-year[6] - Net profit attributable to shareholders was RMB 4.4 billion (USD 693.1 million), with a non-GAAP net profit of RMB 5.1 billion (USD 807.3 million)[6] - The effective tax rate for Q1 2022 was 22.0%, consistent with the previous year but up from 14.2% in the previous quarter[15] Margins and Profitability - The gross margin for online gaming services was 65.1%, compared to 64.1% in the previous quarter and 64.6% year-over-year[11] - Net profit attributable to shareholders for Q1 2022 was RMB 4,394,023 thousand, a slight decrease of 0.1% compared to Q4 2021[30] - Basic earnings per share for Q1 2022 was RMB 1.34, compared to RMB 1.33 in Q4 2021[30] - Non-GAAP net profit attributable to shareholders for Q1 2022 was RMB 5,117,626 thousand, reflecting a slight increase from RMB 5,080,686 thousand in Q1 2021[37] - The diluted non-GAAP earnings per American depositary share for Q1 2022 was RMB 7.81, up from RMB 7.58 in Q1 2021, showing a growth of 3.0%[37] Cash Flow and Investments - The net cash inflow from operating activities for Q1 2022 was RMB 4,582.6 million (USD 722.9 million), down from RMB 8,368.6 million in the previous quarter and RMB 5,542.7 million year-over-year[19] - The company reported a net cash outflow from investing activities of RMB 11,037,737 for the three months ended March 31, 2022, compared to RMB 15,567,468 for the same period in 2021, showing an improvement in cash management[32] - The net cash inflow from financing activities was RMB 2,288,974 for the three months ended March 31, 2022, compared to a net cash outflow of RMB 1,073,556 for the same period in 2021, indicating a positive shift in financing[32] Shareholder Returns - The company announced a quarterly dividend of USD 0.0644 per share, with payment expected on June 20, 2022, for common shareholders[18] - The company has repurchased approximately 20.1 million ADS for a total of about USD 1.9 billion under its share repurchase program as of March 31, 2022[20] Business Strategy and Market Expansion - The company continues to expand its business internationally, including markets in Japan and North America, while also collaborating with leading game developers[23] - The company aims to continue expanding its market presence and investing in new technologies and products[30] - The company plans to continue investing in new product development and market expansion strategies to drive future growth[36] - The company is focusing on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[36] Risks and Challenges - The company highlighted risks including potential market stagnation and regulatory changes affecting operations and financial performance[25] - The company noted that fluctuations in the RMB exchange rate could adversely impact business and financial performance[25] - The company emphasized the importance of non-GAAP financial metrics for investors to assess current operational performance and outlook[26] - The company has no obligation to update forward-looking statements unless required by applicable law[25]