网易-S(09999) - 2022 Q3 - 季度财报

Financial Performance - NetEase's net revenue for Q3 2022 was RMB 24.4 billion (USD 3.4 billion), representing a year-over-year increase of 10.1%[3] - Youdao's net revenue reached RMB 1.4 billion (USD 197.2 million), a year-over-year increase of 1.1%[3] - NetEase Cloud Music's revenue was RMB 2.4 billion (USD 331.4 million), reflecting a 22.5% year-over-year growth[3] - Gross profit for Q3 2022 was RMB 13.7 billion (USD 1.9 billion), an increase of 16.4% year-over-year[3] - The net profit attributable to shareholders in Q3 2022 was RMB 6,699.4 million (USD 941.8 million), compared to RMB 5,291.5 million in the previous quarter and RMB 3,181.8 million year-over-year[14] - The company reported a net profit margin of approximately 25.5% for the nine months ended September 30, 2022, compared to 22.5% in the same period of 2021[31] - The company reported a net profit attributable to shareholders of RMB 6,699,364 thousand for the nine months ended September 30, 2022, an increase of 43.3% compared to RMB 4,666,612 thousand in the same period of 2021[35] Gaming Revenue - Revenue from games and related value-added services was RMB 18.7 billion (USD 2.6 billion), up 9.1% year-over-year[3] - The flagship game series "Fantasy Westward Journey" continues to perform strongly, contributing to sustained revenue growth[6] - The game "Diablo® Immortal™" launched in mainland China, quickly topping the iOS download charts[4] - New mobile games such as "Naraka: Bladepoint" and "Nirvana in Fire" are set to be released soon, expanding the game portfolio[4] - Net revenue for the gaming and related value-added services segment reached RMB 18,699,106 thousand for the three months ended September 30, 2022, representing a year-over-year increase of 8.5%[33] Operating Expenses and Profitability - Operating expenses totaled RMB 9,002.1 million (USD 1,265.5 million) in Q3 2022, an increase from RMB 7,995.2 million in the previous quarter and RMB 8,035.6 million year-over-year[11] - The gross margin for gaming and related value-added services in Q3 2022 was 65.0%, compared to 64.9% in the previous quarter and 61.3% year-over-year[9] - The gross profit margin for the gaming and related value-added services segment improved to 65.0% for the three months ended September 30, 2022, compared to 64.9% in the previous quarter[33] Cash Flow and Dividends - The company reported a net cash inflow from operating activities of RMB 7.5 billion (USD 1.1 billion) in Q3 2022, compared to RMB 6.6 billion in the previous quarter and RMB 6.3 billion year-over-year[18] - The company approved a quarterly dividend of USD 0.0870 per share (USD 0.4350 per American Depositary Share) for Q3 2022, with payment expected on December 13, 2022[16] - The company has repurchased approximately 27.0 million American Depositary Shares for a total of about USD 2.5 billion under its share repurchase program as of September 30, 2022[20] Assets and Liabilities - Total assets increased from RMB 153.64 billion to RMB 172.71 billion, representing a growth of approximately 12.0%[30] - Current assets rose from RMB 113.12 billion to RMB 131.59 billion, an increase of about 16.3%[30] - Total liabilities increased from RMB 54.22 billion to RMB 63.06 billion, reflecting a rise of around 16.5%[30] - Shareholders' equity rose from RMB 99.28 billion to RMB 109.51 billion, an increase of approximately 10.3%[30] Research and Development - Research and development expenses totaled RMB 10,948,938 for the nine months ended September 30, 2022, reflecting an increase of 7.1% from RMB 10,228,287 in the same period of 2021[31] - The company’s R&D expenses for the nine months ended September 30, 2022, totaled RMB 288,598 thousand, indicating a focus on innovation and technology development[34] Market Strategy and Future Outlook - NetEase plans to prepare for the overseas launch of "Harry Potter: Magic Awakened" in 2023[4] - The company continues to expand its gaming ecosystem and develop popular mobile and PC games in China[23] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32] - Forward-looking statements indicate potential risks, including market growth sustainability and regulatory changes affecting operations[25] ESG Performance - The company has received an A rating from MSCI for its ESG performance, highlighting its commitment to environmental, social, and governance standards[24] Non-GAAP Metrics - Non-GAAP financial metrics are used to assess operational performance, excluding stock-based compensation expenses[27] - The company emphasizes the importance of considering all financial indicators rather than relying on a single metric for performance evaluation[28]