NTES

Key takeaways

• Total net revenues rose 7.0% to RMB112.6 billion, reversing a 1.0% decline in 2024, as the Games and related value-added services segment grew 10.2% to RMB92.1 billion.
• Games growth was led by in-house titles like Fantasy Westward Journey Online and Identity V, and new launches Where Winds Meet and Marvel Rivals, while licensed game revenue rose 37.8% with the return of Blizzard titles.
• Gross margin widened to 64.3% from 62.5%, with expansion at NetEase Cloud Music (to 35.7%) and Innovative businesses (to 40.8%), partially offset by a decline in Youdao's margin to 44.3%.