Core Viewpoint - In Q3 2025, NetEase's net revenue was 28.4 billion yuan, representing a year-over-year increase of 8.2%, but falling short of Bloomberg's consensus estimate of 29.2 billion yuan [1] Group 1: Financial Performance - Game and related value-added services net revenue was 23.3 billion yuan, up 11.8% year-over-year, but below the expected 23.9 billion yuan [1] - Youdao's net revenue reached 1.6 billion yuan, reflecting a year-over-year increase of 3.6% [1] - NetEase Cloud Music's net revenue was 2 billion yuan, down 1.8% year-over-year [1] - Innovative and other businesses generated net revenue of 1.4 billion yuan, a decline of 18.9% year-over-year [1] - Gross profit for Q3 was 18.2 billion yuan, up 10.3% year-over-year [1] - GaaP net profit was 8.6 billion yuan, with adjusted net profit at 9.5 billion yuan, aligning with consensus expectations [1] Group 2: Game Performance - The performance of games remained robust, with a strong pipeline for future development [2] - The peak concurrent player count for "Fantasy Westward Journey" PC version reached 3.58 million, setting a new record [2] - New games such as "Destiny: Stars," "Infinite," and "Yuan Yun Sixteen Sounds" have been launched, enriching the global product matrix [2] - The upcoming game "Forgotten Sea" is expected to launch in 2026, with preparations underway [2] Group 3: Youdao and Cloud Music - Youdao's profitability improved, with net revenue growth driven by increases in smart hardware and online marketing services [2] - NetEase Cloud Music continues to focus on high-quality development of its music-centric ecosystem, despite a slight revenue decline [2] Group 4: Innovation and Other Businesses - The innovative and other businesses segment saw a significant revenue decline, primarily due to reduced income from NetEase Yanxuan and increased internal transaction offsets [2]