证券时报·2025-11-20 13:57Core Viewpoint - NetEase reported a net revenue of 28.4 billion RMB for Q3 2025, representing an 8.2% year-on-year increase [1] Group 1: Financial Performance - The net profit attributable to shareholders for Q3 2025 was 8.6 billion RMB, consistent with the previous quarter and up from 6.5 billion RMB year-on-year [3] - Non-GAAP net profit attributable to shareholders was 9.5 billion RMB, unchanged from the previous quarter and up from 7.5 billion RMB year-on-year [3] Group 2: Business Segments - The gaming and related value-added services segment generated a net revenue of 23.3 billion RMB, up from 22.8 billion RMB in the previous quarter and 20.9 billion RMB year-on-year [4] - The net revenue from Youdao was 1.6 billion RMB, an increase from 1.4 billion RMB in the previous quarter but unchanged from the same quarter last year [5] - Net revenue from NetEase Cloud Music remained stable at 2 billion RMB for both the previous quarter and the same quarter last year [6] - The innovative and other businesses segment reported a net revenue of 1.4 billion RMB, down from 1.7 billion RMB in the previous quarter and 1.8 billion RMB year-on-year, primarily due to a decrease in revenue from NetEase Yanxuan [6] Group 3: Game Performance and New Releases - NetEase's online games continue to perform well, with the highest concurrent player count for "Fantasy Westward Journey" reaching 3.58 million [6] - New game releases such as "Destiny: Stars" and "Yanyun Sixteen Sounds" have been well-received, enhancing the company's global product matrix [7] - The company continues to support Blizzard's games, with the launch of the long-awaited "Titan Reforged" server for "World of Warcraft" [8] Group 4: Share Buyback Program - NetEase extended its share buyback program for up to 5 billion USD for an additional 36 months, with approximately 22.1 million American depositary shares repurchased for about 2 billion USD as of September 30, 2025 [9]