Netease Inc · NASDAQ:NTES
Netease — Q4 2025 Earnings Presentation
14 slides from Netease's earnings presentation, Feb 11, 2026
Slide 1: 4Q25 Investor Presentation
NetEase 4Q25 Investor Presentation Investor Relations February 11, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This announcement contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expect
Slide 3: NetEase, Inc.
NetEase, Inc. NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase”) is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile
Slide 4: Market Snapshot
MARKET SNAPSHOT In USD $78.2 3.2 $3.9 $1.40 billion billion billion Market Cap 1 Shares Outstanding, Basic Net Income per ADS Net Revenues (2/10/26) Diluted (4Q25) (GAAP) (4Q25) (4Q25) $0.9 $23.4 billion billion AA Net income attributable to the Net cash 2 MSCI ESG Rating 3 Company's shareholders (G
Slide 5: Games and Related Value-Added Services
GAMES AND RELATED VALUE-ADDED SERVICES USD million1 Games and Related Value-added Services Net Revenues Online Games Related VAS 3,336 Online Games Related 3,141 3,038 VAS 97% (4Q25) 4Q24 3Q25 4Q25 Note: 1 US$1.00 = RMB6.9931 on December 31, 2025. Same exchange rate is applied to all years for illus
Slide 6: Online Games
ONLINE GAMES PC & CONSOLE GAMES MOBILE GAMES Flagship Self-Developed PC & Console Titles Self-Developed Mobile Games Mobile Games in Overseas Markets Licensed Mobile Games From Overseas Developers • After years of concentrated, purposeful effort, achieved comprehensive integration of AI across the f
Slide 7: Youdao
YOUDAO USD million1 Youdao Net Revenues • Youdao prioritized its AI-Native Strategy, drove healthy business development, and achieved its Net Revenues first-ever net cash inflow from operating activities in 2025. 233 236 230 224 224 218 • Learning Services segment experienced robust 212 206 quarterl
Slide 8: NetEase Cloud Music
NETEASE CLOUD MUSIC USD million1 NetEase Cloud Music Net Revenues Net Revenues • NetEase Cloud Music continued to drive high- quality development of its ecosystem. 281 281 269 • It enriched its differentiated music catalogue through both copyright collaborations and its in- house music production. •
Slide 9: Innovative Businesses and Others
INNOVATIVE BUSINESSES AND OTHERS USD million1 Innovative Businesses and Others NetEase Yanxuan Net Revenues Net Revenues • Leading private-label consumer lifestyle brand in China 327 • Continued to strengthen its brand presence with highly popular 293 products in focused categories • Maintained lead
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS USD billion1 Net Revenues Net Income Attributable to Shareholders (GAAP) 16.1 14.8 15.1 4.8 4.2 4.2 3.9 0.9 FY2023 FY2024 FY2025 4Q25 FY2023 FY2024 FY2025 4Q25 Value Returned to Shareholders Operating Cash Flow US$ FY2023 FY2024 FY2025 4Q25 Dividend per 7.3 $2.56485 $2.58525 $2.
Slide 11: ESG Performance
ESG PERFORMANCE MSCI Ratings S&P Global ESG Score Sustainalytics Ratings AA 50 14.3 Last Updated: December 2025 Last Updated: January 2026 Last Updated: August 2025 According to MSCI’s evaluation, NetEase has been selected as a NetEase is rated as a low-risk NetEase is a leader among over 200 member
Slide 12: Balance Sheet Summary
BALANCE SHEET SUMMARY 2024 2025 Dec 31, RMB Dec 31, RMB Dec 31, USD in millions (Unaudited) (Unaudited) ASSETS Current assets: Cash and cash equivalents 51,383 47,168 6,745 Time deposits 75,441 92,639 13,247 Other current assets 26,501 40,808 5,836 Total current assets 153,325 180,615 25,828 Propert
Slide 13: Unaudited Income Statement Summary
UNAUDITED INCOME STATEMENT SUMMARY 4Q24 3Q25 4Q25 4Q25 QoQ YoY in millions except per ADS data & percentage data RMB RMB RMB USD Change Change Total net revenues: 26,748 28,359 27,547 3,939 -2.9% 3.0% Games and related value-added services 21,242 23,328 21,967 3,141 -5.8% 3.4% Youdao 1,340 1,629 1,5
Slide 14: Thank You
THANK YOU