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Core Viewpoint - NetEase's Q4 2025 financial results showed a revenue of 27.5 billion RMB, a 3% year-on-year increase, but a net profit attributable to shareholders of 6.2 billion RMB, down nearly 30% from 8.8 billion RMB in the same period last year, falling short of market expectations [2][4]. Financial Performance - For Q4 2025, NetEase's revenue was 27.5 billion RMB, with a year-on-year growth of 3% [2]. - The net profit attributable to shareholders for Q4 was 6.2 billion RMB, a decrease of approximately 30% compared to 8.8 billion RMB in Q4 2024 [2][4]. - Total revenue for the full year 2025 reached 112.6 billion RMB, representing a year-on-year increase of about 7% [4]. - The net profit attributable to shareholders for the full year 2025 was 33.8 billion RMB, up 13.8% year-on-year [4]. Cost and Expenses - Sales and marketing expenses in Q4 increased by approximately 1.07 billion RMB to 3.89 billion RMB compared to the same period in 2024 [2]. - Overall investment losses reached 1.67 billion RMB, an increase of about 1.2 billion RMB, along with foreign exchange losses exceeding 500 million RMB [2]. Business Segments - The core gaming and related value-added services generated revenue of 22 billion RMB in Q4, a year-on-year increase of 3.4%, accounting for 80% of total revenue [4]. - The flagship games such as "Fantasy Westward Journey" and "Identity V" supported the revenue base, while new games like "Yanyun Sixteen Sounds" and "Marvel Showdown" contributed to revenue growth [4]. - Other business segments included NetEase Youdao with Q4 revenue of 1.6 billion RMB, up 16.8% year-on-year, and NetEase Cloud Music with revenue of 2 billion RMB, a 4.7% increase year-on-year [4]. Cash Flow and Financial Health - As of December 31, 2025, NetEase's net cash balance was 163.5 billion RMB, up from 131.5 billion RMB in 2024 [7]. - The net cash flow from operating activities for 2025 was 50.7 billion RMB, compared to 39.7 billion RMB in 2024 [7]. Industry Insights - Management discussed the impact of AI on the gaming industry, noting that while AI lowers the entry barrier for game development, it raises the success threshold for major commercial titles [5][6]. - The introduction of generative models like Google's Genie 3 has caused significant market reactions, but management believes the market may misunderstand its implications for the gaming industry [5][6].