NetEase reported RMB 28.8 billion in first-quarter 2025 revenue, up 7.4%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

On May 15, 2025, NetEase published its unaudited results for the first quarter ended Mar 31, 2025, in a press release attached to a Form 6-K. A 6-K is a report that a foreign company files with the US Securities and Exchange Commission; this one was headed as a report of a foreign private issuer. Net revenues were RMB 28.8 billion, up 7.4% from RMB 26.9 billion in the same quarter of 2024. NetEase gave dollar equivalents, such as US$4.0 billion for revenue, for the reader's convenience, and calculated its percentage changes in renminbi.1^,2^,3^,4^,5^,6^,7

Games and related value-added services brought in RMB 24.0 billion, up 12.1% from RMB 21.5 billion a year earlier. Online games made up about 97.5% of that segment's revenue, against 95.2% in the same quarter of 2024. NetEase said the rise on a year earlier came mainly from Identity V, several newly launched titles and certain licensed games. Against the preceding quarter, it pointed to Identity V and to newly launched titles including Where Winds Meet and Marvel Rivals. NetEase is both developer and publisher of Marvel Rivals.8^,9^,10^,11^,12^,13

Among the operational highlights NetEase listed, Where Winds Meet, launched in December 2024, had passed 30 million registered players as of March 2025. It said Marvel Rivals topped Steam's global top sellers chart shortly after its Season 2 update in April 2025, and that FragPunk, launched in March 2025, ranked No. 6 on that chart with over 110,000 peak concurrent players in three days. On Blizzard titles in China, NetEase said the return of Overwatch pushed its regional peak concurrent players to a new record high, and that Diablo 3 was on track for its return to China after technical testing began on Apr 16, 2025.14^,15^,16^,17

Operating profit was RMB 10.4 billion, against RMB 7.6 billion a year earlier. Net income attributable to NetEase's shareholders, the profit that belongs to its own shareholders, was RMB 10.3 billion, against RMB 7.6 billion a year earlier. NetEase also gave a non-GAAP figure for that profit, which it defines as the same profit without share-based compensation expenses: RMB 11.2 billion, against RMB 8.5 billion a year earlier. Non-GAAP figures are not set by US accounting rules (U.S. GAAP), the company noted.18^,19^,20^,21^,22

The board approved a dividend of US$0.1350 per ordinary share for the quarter, which is US$0.6750 per ADS (an ADS stands for five ordinary shares), for holders on record on May 30, 2025.23^,24

The 6-K itself listed one attachment, Exhibit 99.1, the results press release, and the figures above were NetEase's own, taken from that unaudited release.2^,1^,3