NetEase reported 28.4 billion renminbi in net revenues for the third quarter of 2025, up 8.2% on the year

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.

NetEase said on Nov 20, 2025 that net revenues for the third quarter ended Sep 30, 2025 were 28.4 billion renminbi (US$4.0 billion), up 8.2% from the same quarter of 2024. It reported the figures in a Form 6-K, the report a foreign company listed in the US files with the SEC, with an earnings release attached whose financial statements are unaudited. Net income attributable to the company's shareholders was 8.6 billion renminbi (US$1.2 billion), against 6.5 billion renminbi a year earlier. NetEase's own non-GAAP measure of that profit, which is not defined under US accounting rules and excludes share-based compensation expenses, was 9.5 billion renminbi (US$1.3 billion).1^,2^,3^,4^,5^,6^,7^,8^,9^,10

The games and related value-added services segment brought in 23.3 billion renminbi (US$3.3 billion), up 11.8% from the same quarter of 2024. Online games made up about 97.6% of the segment's net revenues, against 96.8% in the third quarter of 2024. NetEase attributed the year-on-year increase in online games revenues to higher revenues from self-developed games such as Fantasy Westward Journey Online, Eggy Party and the newly launched Where Winds Meet and Marvel Rivals, and from some licensed games. It said Fantasy Westward Journey Online set four successive records for peak concurrent players since the third quarter, reaching 3.58 million.11^,12^,13^,14^,15

Total operating expenses were 10.2 billion renminbi (US$1.4 billion), up 8.9% on the year, which the company put mainly down to higher marketing spending on online games. Operating profit was 8.0 billion renminbi, against 7.1 billion renminbi a year earlier and 9.1 billion renminbi in the preceding quarter.16^,17^,18^,19

The release also pointed to Blizzard games in China: World of Warcraft launched its China-exclusive Titan Reforged Server on Nov 18, Diablo II: Resurrected returned to China on Aug 27 and StarCraft II on Oct 28, and Diablo IV was scheduled to launch on Dec 12. Destiny: Rising launched globally on Aug 28 and in China on Oct 16, and Sword of Justice and Where Winds Meet reached global markets on Nov 7 and 14, respectively. Chief executive William Ding said the quarter showed solid execution, healthy growth in China and rising global appeal.20^,21^,22^,23^,24

The board approved a dividend of US$0.5700 an ADS (US$0.1140 a share) for the third quarter of 2025, for holders as of the close of business on Dec 5, 2025; each ADS represents five ordinary shares. NetEase also extended its share repurchase program, of up to US$5.0 billion, by 36 months to Jan 9, 2029, and said about 22.1 million ADSs had been repurchased for US$2.0 billion as of Sep 30, 2025.25^,26^,27^,28

The release gives its US dollar amounts for the reader's convenience, converted at the noon buying rate of Sep 30, 2025, and calculates its percentage changes in renminbi.29^,30