NetEase's 2025 revenue rises 7.0% to RMB112.63 billion as games and related services grow 10.2%

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 filed its annual report on Form 20-F, the yearly report a non-US company listed in the US gives the SEC, on Apr 15, 2026, for the year ended Dec 31, 2025. The filing's consolidated financial statements are prepared under US GAAP, the accounting rules of the United States. Net revenues were RMB112.63 billion (US$16.1 billion in the filing's own conversion), up 7.0% from RMB105.3 billion in 2024. Operating income, the profit from running the business before other income and expenses and tax, rose 21.1% to RMB35.83 billion from RMB29.58 billion. Net income attributable to the company's shareholders was RMB33.8 billion against RMB29.7 billion in 2024, and diluted earnings per share were RMB10.48 against RMB9.19.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13

Games and related value-added services, the segment that holds NetEase's online games, brought in RMB92.15 billion, up 10.2%, and made up 81.9% of net revenues. The company said the rise came from online games, up RMB9.2 billion, driven by the strong performance of in-house titles such as Fantasy Westward Journey Online and Identity V and by newly launched games Where Winds Meet and Marvel Rivals. Revenue from in-house developed games rose 8.6% to RMB78.9 billion, and revenue from licensed games rose 37.8% to RMB10.8 billion, which the company attributed to the launch of Blizzard titles in mainland China and the improved performance of other licensed games. The segment's cost of revenues rose 6.8% to RMB27.9 billion, which the company put down to higher royalty fees on the increased revenue from licensed games. A year earlier, licensed-game revenue had risen 64.3% to RMB7.8 billion after the launch of certain Blizzard titles in 2024.14^,15^,16^,17^,18^,19^,20^,21

Among the other segments, Youdao rose 5.0% to RMB5.91 billion, NetEase Cloud Music fell 2.4% to RMB7.76 billion, and innovative businesses and others fell 15.9% to RMB6.81 billion. The company booked impairment provisions of RMB2.7 billion on certain investments, against RMB1.3 billion in 2024. Net cash provided by operating activities was RMB50.7 billion, and NetEase paid RMB13.8 billion in dividends and RMB639.3 million to repurchase its ADSs and buy subsidiaries' ADSs and shares.22^,23^,24^,25^,26^,27^,28^,29^,30

We hold only the management discussion of this filing, not its notes to the financial statements. Our records hold no net income figure for this report, so the shareholders' net income above is the filing's own statement, and our records cannot show whether the year-earlier figures were restated.31^,32^,33