Core Points - Giant Network announced the resignation of General Manager Zhang Dong due to personal reasons, effective immediately upon delivery of the resignation report to the board [1][3] - Liu Wei has been appointed as the new General Manager, with his term starting from the board's approval until the end of the sixth board's term [3][4] Management Changes - Zhang Dong, aged 44, has nearly 20 years of experience in the gaming industry, having previously worked at Tencent and NetEase before returning to Giant Network as CEO in 2024 [3][4] - Liu Wei, who has a long tenure at Giant Network, previously served as General Manager from 2016 to 2023 and is now returning to the role [4] Compensation Details - Zhang Dong was the highest-paid executive at Giant Network, with a salary of 3.37 million yuan, significantly higher than the 1.19 million yuan received by Shi Yuzhu [4]

Core Viewpoint - Giant Network announced the resignation of General Manager Zhang Dong due to personal reasons, effective immediately upon delivery to the board, with no impact on the company's operations [2][4]. Group 1: Leadership Changes - Zhang Dong's resignation comes less than two years after he assumed the CEO position, which he took over in 2024 [4]. - Liu Wei, a long-time associate of the company's founder Shi Yuzhu, has been appointed as the new CEO, with her term lasting until the end of the current board's tenure [2][5]. - Liu Wei has a strong background in the company, having worked closely with Shi Yuzhu for over 20 years and previously serving as CEO of Giant Network [5]. Group 2: Background of Zhang Dong - Zhang Dong, 44 years old, graduated from Peking University in 2002 and has extensive experience in the gaming industry, including roles at Tencent and NetEase [2]. - He was responsible for significant projects at NetEase, including the Chinese versions of popular games like "Hearthstone" and "World of Warcraft" [2][3]. Group 3: Background of Liu Wei - Liu Wei, born in 1968, holds dual degrees in Chinese Language and Literature and Sociology, along with an MBA from CEIBS [5]. - She has held various leadership roles in the biotechnology sector before transitioning to the gaming industry, where she became a key figure at Giant Network [5].

Core Viewpoint - NetEase reported strong performance in Q1 2025, with net revenue of 28.829 billion RMB, reflecting a year-on-year growth of 7.4% and a quarter-on-quarter growth of 7.8% [1][2] Group 1: Financial Performance - NetEase's Q1 2025 gross profit reached 18.479 billion RMB, marking an 8.6% increase year-on-year, with a gross margin of 64.1% [2] - The company's operating expenses for Q1 2025 were 8.038 billion RMB, a decrease of 14.4% year-on-year, attributed to reduced marketing spending in the gaming sector [2] - Net profit attributable to shareholders for Q1 2025 was 10.301 billion RMB, showing a significant year-on-year increase of 34.9% [2] Group 2: Business Segments - Revenue from games and related value-added services in Q1 2025 was 24.048 billion RMB, accounting for approximately 83.4% of total revenue, with a year-on-year growth of 12.1% [1] - New game releases, such as "Yan Yun Shi Liu Sheng" and "Jie Wai Kuang Chao," contributed to the revenue growth, with the former surpassing 30 million registered players and the latter achieving a peak of over 110,000 concurrent players shortly after launch [1] - Non-gaming segments, including Youdao, NetEase Cloud Music, and other businesses, experienced revenue declines of 6.7%, 8.4%, and 17.6% respectively [1] Group 3: Market Reaction - Following the earnings announcement, NetEase's stock price rose by 1.2% to 168.1 HKD per share, with a market capitalization of 532.5 billion HKD [2] - In pre-market trading in the US, NetEase's stock price increased by 4.85%, reaching 112.3 USD per share [2]