网易三季度营收284亿元，高管回应制作人离职事件

Core Viewpoint - NetEase's Q3 2025 financial results show a net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, up 32% year-on-year, driven by increased investment income and reduced foreign exchange losses [3][4]. Financial Performance - Q3 2025 net revenue reached 28.4 billion yuan, compared to 26.2 billion yuan in Q3 2024, marking an 8.2% increase [3][4]. - Net profit attributable to shareholders was 8.6 billion yuan, a 32% increase from 6.5 billion yuan in the same quarter last year [3][4]. - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, up 26.7% year-on-year [3][4]. - The gross profit margin for Q3 2025 was approximately 64% [4]. Revenue Breakdown - Revenue from online games and related value-added services was 23.3 billion yuan, an increase of 11.8% year-on-year, accounting for 97.6% of the segment's net revenue [6][7]. - Key contributors to online game revenue included classic IPs like "Fantasy Westward Journey" and new releases such as "Marvel's Avengers" [7]. - Other business segments, including Youdao Education and NetEase Cloud Music, underperformed analyst expectations, with Youdao's revenue at 1.6 billion yuan (up 3.6%) and NetEase Cloud Music's revenue at 2 billion yuan (down 1.8%) [7]. Cost and Investment - Operating costs for Q3 2025 were 10.2 billion yuan, leading to an operating profit of 8 billion yuan [4]. - R&D expenses for the quarter totaled 4.5 billion yuan, reflecting a commitment to innovation, particularly in AI applications within game development [7]. Cash Position - As of September 30, 2025, NetEase's net cash balance was 153.2 billion yuan, an increase from 131.5 billion yuan at the end of 2024 [8]. Management Insights - Management addressed recent executive turnover, emphasizing that personnel changes are normal and aimed at enhancing organizational focus and efficiency [5][6]. - The company plans to concentrate resources on established successful products while being cautious with new project developments [6].