网易2025年财报：全年营收1126亿元，游戏业务稳固，AI深度赋能

Core Insights - In 2025, NetEase achieved total revenue of 112.626 billion RMB, representing a year-on-year growth of 7.0% [1][2] - The Non-GAAP net profit attributable to shareholders was 37.3 billion RMB, reflecting an increase of 11.3% year-on-year [1][2] Business Performance - The net revenue from games and related value-added services reached 92.1 billion RMB for the year, with fourth-quarter revenue at 22 billion RMB, showing a growth of 3.4% [3] - Established titles like "Fantasy Westward Journey" and "Identity V" continued to generate stable revenue, while new games "Yanyun Sixteen Sounds" and "Marvel Duel" contributed additional income [3] Financial Status - The gross margin for 2025 improved to 64.29%, indicating optimization compared to the previous year [4] - The net cash flow from operating activities accounted for 45.05% of total revenue, demonstrating healthy cash flow [4] - The board approved a quarterly dividend and extended a stock repurchase plan of 5 billion USD until 2029, with approximately 2 billion USD of shares repurchased by the end of 2025 [4] Business and Technology Development - Management emphasized that AI has become a foundational capability in game development, operations, and innovation [5] - Research and development investment reached 17.7 billion RMB, maintaining an intensity of over 15% [5] - The application of AI technology in areas such as UGC content generation for games and intelligent interaction in educational products is deepening [5] Company Business Status - Youdao showed strong performance with fourth-quarter revenue of 1.6 billion RMB, a year-on-year increase of 16.8%, exceeding market expectations [6] - Cloud Music generated revenue of 2 billion RMB, reflecting a stable growth of 4.7% [6] - Revenue from innovative and other businesses was 2 billion RMB, down 10.4% year-on-year, primarily due to business adjustments [6] Strategic Advancement - New products like "Yanyun Sixteen Sounds" and "Marvel Duel" received positive responses in overseas markets, with plans to further increase the share of overseas revenue [7] - The return of Blizzard games to the domestic market has revitalized the user ecosystem [7]