Financial Data and Key Metrics Changes - Total annual net revenue for 2025 reached CNY 112.6 billion, representing a 10% increase year-over-year [27] - Fourth quarter total revenues were CNY 27.5 billion, with net revenues from games and related services at CNY 92.1 billion, up 10% from 2024 [27][28] - Gross profit margin for the full year was 64.3%, with a fourth quarter gross profit margin of 64.2%, up from 60.8% year-over-year [30][31] Business Line Data and Key Metrics Changes - Net revenues from online games for the full year were CNY 89.6 billion, up 11% from 2024, with fourth quarter revenues increasing 4% year-over-year to CNY 21.3 billion [28] - Youdao's net revenues increased approximately 5% year-over-year to CNY 5.9 billion, with fourth quarter revenues rising 17% year-over-year to CNY 1.6 billion [28] - NetEase Cloud Music's full year revenue decreased 2% to CNY 7.8 billion, but fourth quarter revenues increased 5% year-over-year to CNY 2 billion [29] Market Data and Key Metrics Changes - Where Winds Meet surpassed 80 million accumulated players and ranked number 2 on Steam's global top-seller chart [17] - Justice expanded internationally, topping download charts in multiple key Asian regions [18] - Marvel Rivals was recognized as one of TIME's Best Video Games of 2025 and ranked in Steam's Platinum Tier of Best of 2025 [19] Company Strategy and Development Direction - The company is focused on integrating AI into game development processes, enhancing productivity and player engagement [15][26] - There is a strong emphasis on global expansion and cultural resonance in game content, as seen with Where Winds Meet [17] - The company aims to leverage AI to create new interactive experiences and improve game development efficiency [15][26] Management's Comments on Operating Environment and Future Outlook - Management believes AI will fundamentally empower creators and reshape interactive entertainment [16] - The company is optimistic about the future, viewing 2025 as a critical year for AI integration and innovation [15][16] - Management acknowledges the challenges posed by AI but sees opportunities for enhanced creativity and player experiences [40][41] Other Important Information - The company has a strong cash position with net cash of approximately CNY 163.5 billion at year-end [34] - A dividend of $0.232 per share has been approved, and a $5 billion share repurchase program is ongoing [34] Q&A Session Summary Question: Impact of AI on the online gaming industry - Management believes the market has misinterpreted AI's impact, stating that while AI lowers entry barriers, it raises the success threshold for top-tier games [36][37] Question: Retention rate of overseas users for Where Winds Meet - The game has received positive feedback and high retention rates due to its immersive gameplay and continuous updates [44][45] Question: Plans for the Unlimited Server model in other titles - The company plans to replicate the Unlimited Server model across more titles, focusing on restoring classic gameplay while optimizing the gaming process [48][49] Question: Development status of Sea of Dawn - Development is on track for a Q3 launch, with positive feedback from recent testing [51][53] Question: Strategy for entering the auto chess market - The company aims to differentiate its auto chess titles by incorporating unique cultural elements and strong narrative [55][57]

Financial Data and Key Metrics Changes - Total annual net revenue for 2025 reached CNY 112.6 billion, representing a 10% increase year-over-year [28] - For Q4 2025, total revenues were CNY 27.5 billion, with net revenues from games and related services at CNY 92.1 billion, up 10% from 2024 [29] - Gross profit margin for the full year was 64.3%, with Q4 margin increasing to 64.2% from 60.8% year-over-year [32] Business Line Data and Key Metrics Changes - Net revenues from online games for 2025 were CNY 89.6 billion, up 11% from 2024, with Q4 revenues increasing 4% year-over-year to CNY 21.3 billion [29] - Youdao's net revenues increased approximately 5% year-over-year to CNY 5.9 billion, with Q4 revenues rising 17% year-over-year to CNY 1.6 billion [30] - NetEase Cloud Music's full-year revenue decreased 2% to CNY 7.8 billion, but Q4 revenues increased 5% year-over-year to CNY 2 billion [31] Market Data and Key Metrics Changes - "Where Winds Meet" surpassed 80 million accumulated players and ranked number 2 on Steam's global top-seller chart [19] - "Justice" expanded internationally, topping download charts in multiple key Asian regions [20] - "Marvel Rivals" was recognized as one of TIME's Best Video Games of 2025 and ranked in Steam's Platinum Tier of Best of 2025 [20] Company Strategy and Development Direction - The company is focused on integrating AI into game development processes, enhancing productivity and player engagement [27] - Plans to explore new frontiers in AI-native gameplay, aiming to dynamically construct in-game worlds tailored to individual player behaviors [17] - The company aims to maintain high-intensity investments in AI-native gameplay and talent nurturing to expand advantages in game development [44] Management Comments on Operating Environment and Future Outlook - Management believes AI will fundamentally empower creators and reshape interactive entertainment, marking a paradigm shift in the industry [18] - The company is optimistic about the future, viewing 2025 as a critical year for AI integration and innovation [17] - Management acknowledges the challenges posed by AI but emphasizes the importance of integrating AI technology with complex game systems [40] Other Important Information - The effective tax rate was 14.8% for the full year and 16.4% for Q4 [34] - The company approved a dividend of $0.232 per share or $1.16 per ADS [35] - The current share repurchase program has seen approximately 22.1 million ADS repurchased for a total cost of about $2 billion [36] Q&A Session Summary Question: Impact of AI on the online gaming industry - Management believes the market has misinterpreted AI's impact, stating that while AI lowers entry barriers, it raises the success threshold for top-tier games [39] Question: Retention rate of overseas users for "Where Winds Meet" - The game has received widespread acclaim for its immersive experience and operational focus on free-to-play and high-frequency updates [47] Question: Replication of the Unlimited Server model across other titles - Management confirmed plans to introduce updates across more titles, maintaining close interaction with the player community [51] Question: Current development status of "Sea of Dawn" - Development is on track for a Q3 launch, with positive feedback from recent testing [55] Question: Strategy for entering the auto chess market - The company aims to differentiate its auto chess titles by incorporating unique cultural elements and strong narrative potential [59] Question: Global expansion strategies and talent development - Management emphasized the importance of cultivating top-tier creative minds in China to deliver premium games for global markets [63]

Core Viewpoint - Netflix exceeded Wall Street's revenue and earnings estimates for the holiday quarter but experienced a decline in share price due to ongoing competition for Warner Bros Discovery [1][2] Financial Performance - Netflix reported revenue of $12.1 billion for the fourth quarter, surpassing analyst forecasts of $11.97 billion [2] - Adjusted earnings per share were 56 cents, slightly above the expected 55 cents [2] Subscriber Growth - The company achieved a membership increase, reaching 325 million paid subscribers, up from 300 million in late 2024 [3] Viewership Metrics - Nielsen reported a 10% increase in Netflix's monthly viewership in December, driven by the final season of "Stranger Things," which garnered 15 billion viewing minutes [4] Future Revenue Projections - Netflix provided a revenue forecast of $50.7 billion to $51.7 billion for 2026, with the lower end falling short of analysts' expectations of $50.98 billion [5] - The forecast includes a projected doubling of advertising revenue to approximately $3 billion [5] Strategic Initiatives - The company plans to invest in new initiatives, including expanding live events internationally and entering the video podcast space with notable personalities [6] - Netflix is establishing operation centers in the UK and Asia to support the growth of live events and enhance its advertising business [7] - The company is diversifying its advertising formats, including interactive video ads and creative combinations to improve business outcomes [7]

Mila Kunis says she has “mom guilt over everything.”Watch more as she discusses reconnecting with Ashton Kutcher years after being co-stars, the new “Knives Out” film and the best note she received from “Family Guy” creator Seth MacFarlane. 🔗 https://t.co/KMJsI0eDlG https://t.co/H6OOUU5GrR ...

The third and best film in the “Knives Out” whodunnit franchise deliciously illustrates the fun and freedom of the murder mystery formula https://t.co/mcf8XgM2AOPhoto: Courtesy of Netflix https://t.co/g0AsF6kzwe ...

Mila Kunis says she has “mom guilt over everything.”Watch more as she discusses reconnecting with Ashton Kutcher years after being co-stars, the new “Knives Out” film and the best note she received from “Family Guy” creator Seth MacFarlane: 🔗 https://t.co/p4piKBched https://t.co/Agbk4BQlsw ...

The third and best film in the “Knives Out” whodunnit franchise deliciously illustrates the fun and freedom of the murder mystery formula https://t.co/NqTp74NR7M ...

Netflix’s New ‘Knives Out’ Movie Already Has A Rotten Tomatoes Score https://t.co/FK1aGjI6NV ...

Core Insights - Lionsgate has promoted Erin Westerman to president of Lionsgate Motion Picture Group following Nathan Kahane's departure at the end of the year [1] - Westerman will oversee all aspects of the development and production of Lionsgate's theatrical slate, reporting to Adam Fogelson [1][2] Leadership and Impact - Adam Fogelson praised Westerman for her significant contributions to the studio, highlighting her intelligence, passion for theatrical moviegoing, and ability to attract filmmakers [2] - Westerman's leadership is expected to shape the future slate of Lionsgate films [2] Current Projects - Westerman is currently managing several upcoming films, including "The Long Walk" (September 12), "Now You See Me: Now You Don't" (November 14), "The Housemaid" (December 25), and a Michael Jackson biopic [3] - Other notable projects include "I Can Only Imagine 2" (February 20, 2026) and expansions of the John Wick Universe [3][4] Films in Development - Major films under Westerman's leadership include a re-imagining of "American Psycho," a "Monopoly" film, a "Naruto" adaptation, a new "Blair Witch Project," and various projects within the John Wick franchise [4] Previous Achievements - Westerman has been instrumental in the success of films like "John Wick: Parabellum," "John Wick: Chapter 4," and "The Hunger Games: The Ballad of Songbirds & Snakes," which grossed nearly $350 million worldwide [6] - Before joining Lionsgate, she produced successful films at Good Universe and worked at Walt Disney Studios [7]