NetEase's 2024 net revenues rise 1.8% to RMB105.3 billion, with games and related services up 2.5%

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's net revenues rose 1.8% to RMB105.3 billion (US$14.4 billion) in 2024 from RMB103.5 billion in 2023, its annual report shows. A 20-F is the annual report that a foreign company listed in the US files with the SEC; NetEase trades on Nasdaq as NTES, and this one was filed on Apr 15, 2025 for the year ended Dec 31, 2024. The report gives its results in renminbi (RMB) and puts a US dollar figure beside the 2024 amounts only, so changes over the year are given in renminbi.1^,2^,3^,4^,5^,6

Games and related value-added services brought in RMB83.6 billion (US$11.5 billion), up 2.5% from RMB81.6 billion, and made up 79.4% of net revenues. NetEase credits the strong performance of certain self-developed titles, such as Identity V and Naraka: Bladepoint PC and mobile games, and of certain licensed titles, partly offset by lower revenue from live streaming services. Its in-house developed games rose 2.3% to RMB72.6 billion (US$10.0 billion) from RMB71.0 billion, while licensed games rose 64.3% to RMB7.8 billion (US$1.1 billion) from RMB4.7 billion, which the company puts down mainly to the return of certain hit titles. Youdao rose 4.4% to RMB5.6 billion and NetEase Cloud Music rose 1.1% to RMB8.0 billion, while innovative businesses and others fell 6.4% to RMB8.1 billion.7^,8^,9^,10^,11^,12^,13^,14

Gross profit rose 4.4% to RMB65.8 billion (US$9.0 billion) from RMB63.1 billion, a margin of 62.5% against 60.9% in 2023. Operating profit for the year was RMB29.6 billion (US$4.05 billion), against RMB27.7 billion a year earlier. Research and development spending rose 6.3% to RMB17.5 billion (US$2.4 billion) from RMB16.5 billion, which the company puts down mainly to staff-related costs and outsourced game development. Net income attributable to the company's shareholders, the profit that belongs to NetEase's own shareholders, was RMB29.7 billion (US$4.1 billion), against RMB29.4 billion in 2023. Below operating profit, investment income fell to RMB355.3 million (US$48.7 million) from RMB1.3 billion, and the discussion lists impairment provisions related to certain investments of RMB1.3 billion (US$177.0 million), against RMB274.2 million in 2023, among the items that offset investment gains.15^,16^,17^,18^,19^,20^,21

At Dec 31, 2024, NetEase had RMB51.4 billion (US$7.0 billion) in cash and cash equivalents, RMB78.5 billion (US$10.7 billion) in time deposits and RMB10.8 billion (US$1.5 billion) in short-term investments, and net cash from operating activities was RMB39.7 billion (US$5.4 billion) in 2024.22^,23

Our records hold the report's management discussion and nothing else of it, and they hold revenue, operating income and diluted earnings per share for the year but not net income, which is taken here from the filing's own text. They cannot tell whether the year-earlier figures were restated.24^,25^,26