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]

Group 1 - NetEase, Inc. will report its financial results for the fourth quarter and fiscal year 2025 on February 11, 2026, before the U.S. market opens [1] - The earnings teleconference call will occur at 7:00 a.m. Eastern Time on February 11, 2026, with management discussing the quarterly results and answering questions [2] - Interested parties can participate in the conference call by dialing 1-914-202-3258 and providing the conference ID: 10052758 [3] Group 2 - NetEase is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4] - The company has one of the largest in-house game R&D teams, focusing on mobile, PC, and console gaming to create superior gaming experiences [5] - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6]

Core Insights - NetEase, Inc. announced the retirement of Yingfeng Ding, Executive Vice President and head of the Interactive Entertainment Group, effective December 31, 2025, after 23 years with the company [1][2] - Mr. Ding will continue to serve as a consultant to NetEase in 2026 following his retirement [2] Company Overview - NetEase, Inc. is a leading internet and game services provider, known for its premium content and extensive offerings in the gaming ecosystem, including popular mobile and PC games in China and globally [3][4] - The company boasts one of the largest in-house game R&D teams, focusing on mobile, PC, and console gaming, aiming to create superior gaming experiences and deliver value to its community [4] Additional Services - Beyond gaming, NetEase's service offerings include Youdao, an intelligent learning and advertising solutions provider, NetEase Cloud Music, an online music platform, and Yanxuan, a private-label consumer lifestyle brand [5]

Core Viewpoint - NetEase, Inc. is set to report its financial results for the third quarter of 2025 on November 20, 2025, before the U.S. markets open [1]. Financial Reporting - The earnings teleconference call will occur at 7:00 a.m. Eastern Time on November 20, 2025, with management discussing quarterly results and answering questions [2]. - Interested parties can join the call by dialing 1-914-202-3258 and providing conference ID: 10051135, 15 minutes prior to the call [3]. - A replay of the call will be available until November 27, 2025, and will also be webcast live for 12 months on NetEase's Investor Relations website [3]. Company Overview - NetEase, Inc. is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4]. - The company operates popular mobile and PC games in China and globally, supported by one of the largest in-house game R&D teams [5]. - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6].

Core Viewpoint - NetEase, Inc. is set to report its financial results for the second quarter of 2025 on August 14, 2025, before the U.S. markets open [1] Group 1: Financial Reporting - The earnings teleconference call will occur at 8:00 a.m. Eastern Time on August 14, 2025, with management discussing quarterly results and answering questions [2] - Interested parties can participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10049137, 15 minutes prior to the call [3] - A replay of the call will be available until August 21, 2025, and will also be webcast live for 12 months on NetEase's Investor Relations website [3] Group 2: Company Overview - NetEase, Inc. is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4] - The company operates popular mobile and PC games in China and globally, supported by one of the largest in-house game R&D teams [5] - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6]

Financial Performance - NetEase's total net revenues for 1Q25 were $3.973 billion, a 7.4% increase year-over-year[39] - Games and related value-added services contributed $3.314 billion in net revenues for 1Q25, up 12.1% year-over-year[39] - Net income attributable to the company's shareholders for 1Q25 was $1.42 billion, a 34.9% increase year-over-year[39] - Basic net income per ADS (GAAP) for 1Q25 was $2.24[9] - The company's net cash position as of March 31, 2025, was $18.9 billion[9] Business Segments - Youdao's net revenues for 1Q25 were $179 million, a 6.8% decrease year-over-year[39] - NetEase Cloud Music's net revenues for 1Q25 were $256 million, reflecting an 8.5% decrease year-over-year[39] - Innovative businesses and others generated $224 million in net revenues for 1Q25, a 17.5% decrease year-over-year[39] Games Highlights - Online games accounted for 98% of games and related value-added services net revenues in 1Q25[12] - Where Winds Meet surpassed 30 million registered players as of March 2025[18] - Once Human mobile game quickly claimed the No1 position on the iOS download charts in more than 160 regions upon its April 2025 launch[18]

Core Viewpoint - NetEase, Inc. is set to report its financial results for the first quarter of 2025 on May 15, 2025, before the U.S. markets open [1] Group 1: Financial Reporting - The earnings teleconference call will occur at 8:00 a.m. Eastern Time on May 15, 2025, with management discussing quarterly results and answering questions [2] - Interested parties can participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10046898, 15 minutes prior to the call [3] - A replay of the call will be available until May 22, 2025, and will also be webcast live for 12 months on NetEase's Investor Relations website [3] Group 2: Company Overview - NetEase, Inc. is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4] - The company operates popular mobile and PC games in China and globally, supported by one of the largest in-house game R&D teams [5] - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6]

Core Viewpoint - NetEase, Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, which is accessible on its investor relations website [1] Company Overview - NetEase, Inc. is a leading internet and game services provider focused on premium content, with a diverse gaming ecosystem that includes popular mobile and PC games in China and globally [3][4] - The company boasts one of the largest in-house game R&D teams dedicated to mobile, PC, and console gaming, aiming to create superior gaming experiences and deliver value to its community [4] Service Offerings - In addition to gaming, NetEase's services include Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, a prominent online music platform with a vibrant content community [5]