网易(09999) - 2023 Q4 - 季度业绩

Financial Performance - NetEase reported Q4 2023 net revenue of RMB 27.1 billion (USD 3.8 billion), a year-over-year increase of 7.0%[3] - Revenue from games and related value-added services reached RMB 20.9 billion (USD 2.9 billion), up 9.6% year-over-year[3] - Youdao's revenue was RMB 1.5 billion (USD 208.5 million), reflecting a year-over-year increase of 1.8%[3] - Cloud Music revenue decreased to RMB 2.0 billion (USD 279.7 million), down 16.4% year-over-year[3] - The company reported a total net revenue of RMB 103.5 billion (USD 14.6 billion) for 2023, an increase from RMB 96.5 billion in 2022[13] - The gross profit for 2023 was RMB 63.1 billion (USD 8.9 billion), up from RMB 52.8 billion in 2022, with growth attributed to increased net income from online games and other services[14] - The company reported a total net income of RMB 74,566,471 thousand for the year ending December 31, 2023, compared to RMB 81,565,449 thousand for the previous year[28] Profitability - Gross profit for Q4 2023 was RMB 16.8 billion (USD 2.4 billion), representing a 27.0% year-over-year increase[3] - Net profit attributable to shareholders was RMB 6.6 billion (USD 927.1 million) for Q4 2023[4] - In Q4 2023, the net income attributable to shareholders was RMB 6.6 billion (USD 927.1 million), a decrease from RMB 7.8 billion in the previous quarter and an increase from RMB 4.0 billion year-over-year[12] - The non-GAAP net income attributable to shareholders for Q4 2023 was RMB 7.4 billion (USD 1 billion), compared to RMB 8.6 billion in the previous quarter and RMB 4.8 billion year-over-year[12] Expenses and Margins - The total operating expenses for Q4 2023 amounted to RMB 10 billion (USD 1.4 billion), up from RMB 9.4 billion in the previous quarter and RMB 8.8 billion year-over-year, primarily due to increased marketing and R&D expenditures in gaming and related value-added services[9] - The gross margin for gaming and related value-added services in Q4 2023 was 69.5%, up from 69.0% in the previous quarter and significantly higher than 59.1% year-over-year, driven by increased net income contribution from self-developed games[12] - The gross margin for Youdao in Q4 2023 was 49.9%, down from 55.9% in the previous quarter and 53.3% year-over-year, primarily due to decreased contributions from learning services[12] - The gross margin for Cloud Music in Q4 2023 was 30.3%, up from 27.2% in the previous quarter and 17.8% year-over-year, driven by increased subscription revenue and improved cost control[12] Cash and Investments - As of December 31, 2023, the company's net cash balance was RMB 110.9 billion (USD 15.6 billion), an increase from RMB 95.6 billion at the end of 2022[16] - The company's cash and cash equivalents increased to RMB 24,889,000 thousand from RMB 21,428,902 thousand, representing a growth of approximately 11.5%[24] - The company's short-term investments increased significantly to RMB 7,622,673 thousand from RMB 4,436,057 thousand, reflecting a growth of approximately 71.5%[24] Shareholder Returns - The board approved a quarterly dividend of $0.21597 per share, payable on March 25, 2024, for common stockholders and approximately $1.07985 for American Depositary Share holders[17] - The third quarter dividend was $0.0990 per share, which has already been paid in December 2023[17] - The company announced a share repurchase plan of up to $5 billion, initiated on January 10, 2023, with approximately 7.2 million American Depositary Shares repurchased for about $644.1 million as of December 31, 2023[18] User Engagement - Daily active users for "Party Animals" reached 40 million during the Spring Festival, with total registered users surpassing 500 million since its launch in 2022[5] - "Nirvana in Fire" mobile game series attracted over 100 million active users, showcasing strong user engagement[5] Corporate Responsibility and Innovation - The company emphasized its commitment to social responsibility by enhancing its anti-addiction system for minors in its gaming products[6] - NetEase's diverse product line in gaming has seen significant innovation, contributing to healthy revenue growth across various segments[6] - NetEase is a leading internet and gaming service provider, continuously expanding its gaming ecosystem with a rich product matrix[20] - The in-house R&D team focuses on mobile, PC, and console game development, enhancing user experience and community engagement[21] Market Outlook and Risks - Forward-looking statements indicate potential risks related to market growth, competition, and regulatory changes that may impact business performance[22] Assets and Liabilities - As of December 31, 2023, the total assets of the company amounted to RMB 172,760,985 thousand, a decrease from RMB 185,924,978 thousand on December 31, 2022[24] - The total liabilities rose to RMB 63,887,505 thousand, up from RMB 57,840,897 thousand, indicating an increase of about 10.5%[24] - The total equity attributable to shareholders decreased to RMB 104,731,317 thousand from RMB 124,285,776 thousand, a decline of about 15.7%[24] - The company's current liabilities totaled RMB 56,828,847 thousand, an increase from RMB 53,842,484 thousand, marking a rise of approximately 5.8%[24]