Zheng Quan Shi Bao Wang·2025-11-20 09:09Core Insights - NetEase reported a net revenue of 28.4 billion yuan for Q3 2025, with a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, and R&D investment reaching 4.5 billion yuan, representing an R&D intensity of 16% [1] - The gaming segment, including classic IPs and new releases, contributed significantly to revenue, with net income from games and related services at 23.3 billion yuan [1] - AI technology has become a crucial driver for business growth and user experience enhancement across various segments [1][2] Gaming and Revenue Performance - NetEase's gaming and related services net revenue was 23.3 billion yuan in Q3, with the classic IP "Fantasy Westward Journey" achieving record online user numbers [1] - New game "Destiny: Stars" topped the iOS download charts in 19 regions on its launch day, indicating strong market reception [1] AI Integration and Growth - NetEase Youdao's net revenue reached 1.6 billion yuan, with a nearly 150% year-on-year increase in operating profit for the first three quarters of 2025, driven by an "AI-native" strategy [1][2] - AI subscription service sales approached 100 million yuan, marking a historical high, with AI-powered features significantly enhancing user engagement and revenue [2] Music and Content Innovation - NetEase Cloud Music launched the "AI Tuning Master," providing personalized audio experiences, showcasing the impact of AI in the music sector [3] - The generative recommendation model "Climber" received a global academic award and is applied across various recommendation scenarios, improving user music discovery [3] Other Business Segments - NetEase's innovative and other businesses generated 1.4 billion yuan in net revenue, with a focus on brand youthfulness and collaborations in gaming and music [2] - The community content volume on the NetEase News app grew by 31%, reflecting increased user engagement and content creation [2]