Hong Kong · Delayed Price · Currency is HKD NetEase Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 6% revenue growth to RMB 30.6 billion, led by record performance in games and global expansion. Gross margin improved to 69.4%, and non-GAAP net income was stable at RMB 11.3 billion. Major titles and new launches continue to drive engagement and growth.
Fiscal Year 2025
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Reported 2025 net revenue of RMB 112.6 billion, up 10% year-over-year, with strong growth in self-developed games and global expansion. AI integration drove productivity and innovation, while major titles set new records. Ended the year with robust cash, dividend, and buyback activity.
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Q3 2025 saw 8% year-over-year revenue growth to RMB 28.4 billion, driven by strong global game launches and record engagement in flagship titles. Gross profit rose 10% and non-GAAP net income jumped 27%. The company extended its $5B share repurchase program and maintained robust cash reserves.
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Q2 2025 net revenue rose 9.4% year-over-year to RMB 27.9 billion, driven by strong game launches and content updates. Non-GAAP net income grew 22%, and gross profit margin reached 64.7%. Global expansion, AI integration, and new titles remain strategic priorities.
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Q1 2025 saw 7.4% year-over-year revenue growth to RMB 28.8 billion, led by strong global gaming performance and new title launches. Non-GAAP net income rose 32% to RMB 11.2 billion, with robust cash reserves and continued investment in global expansion, esports, and AI innovation.
Fiscal Year 2024
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Record annual revenue and net income were driven by strong game launches, legacy franchise growth, and the return of Blizzard titles. Gross margins remained robust, with continued investment in innovation, global expansion, and AI integration supporting future growth.
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Q3 2024 saw 3% sequential revenue growth to RMB 26.2B, with PC games up 29% year-over-year and strong engagement from new and legacy titles. Blizzard games' relaunch in China drove record DAUs, and the company maintained robust cash and continued share buybacks.
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Q2 2024 net revenue rose 6% year-over-year to RMB 25.5 billion, led by strong mobile game and diversified segment growth. Gross margin improved to 62.9%, and non-GAAP net income reached RMB 7.8 billion. Major new game launches and global partnerships are driving future growth.