网易：Q4营业利润83亿元，同比增长6%

Core Insights - NetEase reported steady performance for Q4 2025, with revenue reaching 27.5 billion yuan and total annual revenue of 112.6 billion yuan [1] - The company achieved an operating profit of 35.8 billion yuan for the year, reflecting a year-on-year growth of 21%, while Q4 operating profit was 8.3 billion yuan, up 6% year-on-year [1] - Research and development investment reached 17.7 billion yuan, marking the sixth consecutive year of R&D spending exceeding 10 billion yuan [1] - The net income from games and related value-added services was 92.1 billion yuan, with online gaming net income at 89.6 billion yuan, showing an 11% year-on-year increase [1]