网易Q2净收入279亿元，游戏业务增长，云音乐收入下滑

Core Insights - NetEase reported Q2 2025 net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, but below market expectations of 28.4 billion yuan [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, reflecting a year-on-year growth of 21.8% [1] Revenue Breakdown - Net revenue from gaming and related value-added services reached 22.8 billion yuan, up 13.7% year-on-year, accounting for 81.7% of total revenue [1] - Net revenue from Youdao business was 1.4 billion yuan, an increase of 7.2% year-on-year [1] - Net revenue from NetEase Cloud Music was 2 billion yuan, a decrease of 3.5% year-on-year [1] - Revenue from innovation and other businesses was 1.7 billion yuan, down 17.8% year-on-year [1]