NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally.
Profile & Fundamentals
NetEase: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
NetEase Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; NetEase Cloud Music; and Innovative Businesses and Others segments. It develops and operates mobile and PC games; and offers games licensed from other developers. The company also provides live streaming service, and other related or ancillary value-added services related to games, such as the sale of game-themed merchandise. In addition, it offers digital content services with interactive learning features, including Youdao Lingshi and Youdao Literature; STEAM courses consisting computer coding courses and other STEAM courses; and adult courses, such as China University massive open online course. Further, the company provides Youdao Dictionary, an online language tool; Confucius, a large language model for the education sector; Hi Echo, an AI-driven virtual English-speaking tutor; Mr. P AI Tutor, a conversation-based tool; Youdao Desktop Translation, a desktop dictionary tool; U-Dictionary, an online dictionary and translation app; iRecord, an audio transcription tool; LectMate, an interpretation software for study-abroad lecture scenarios; iArch, an AI home design software; Baby Genius, an AI baby generator; and One Translate Translator, a translation tool for travelers. It also offers online marketing services consisting of performance-based advertising services, and global marketing and promotion services through banners, text links, videos, logos, buttons, and rich media. Additionally, the company develops and offers smart devices, including Youdao Dictionary Pen, Youdao Listening Pod, and Youdao Smart Learning Pad. NetEase, Inc. was formerly known as NetEase.com, Inc. and changed its name to NetEase, Inc. in March 2012. The company was founded in 1997 and is headquartered in Hangzhou, the People's Republic of China.
Company profile record
NetEase Inc
Common Stock · Information Technology · Internet Services & Infrastructure
Company
- Company / asset
- NetEase Inc
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Internet Services & Infrastructure
- HQ
- 🇨🇳 China
- Head office
- NetEase Building, Hangzhou, China, 310052
Leadership & scale
- Chief executive
- Mr. Lei Ding
- CEO year born
- 1972
- Full-time employees
- 25.4K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- HKD 597.9B
- P/E
- 16.3x
- Revenue (Q2 26)
- CNY 30.0B
- Profit (Q2 26)
- CNY 7.0B
- Dividend Yield
- 2.9%
- Revenue (FY 25)
- CNY 112.6B
- Shares in public float
- 1.8B
- Insider ownership
- 43.93%
Reporting & identifiers
- Symbol
- 9999.HKEX
- Listing
- 🇭🇰 Hong Kong | Dividend Tax: 0%
- Ticker Currency
- HKD
- Income Statement Currency
- CNY
- Balance Sheet Currency
- CNY
- Cash Flow Currency
- CNY
- EPS Currency
- CNY
- Contract Type
- SPOT
- ISIN
- KYG6427A1022
- Asset ID
- equity_345a5311-cbb1-5f16-9080-a36da2111f3a
Ownership
Shares Outstanding
Latest: 3.2B | Max: 3.4B | Min: 3.2B
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
54.37%
1.8B latest reported shares
Insider Ownership
43.92%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 3,310,586,000 |
| 2018-01-01 | 3,220,724,000 |
| 2019-01-01 | 3,266,587,000 |
| 2020-01-01 | 3,411,169,000 |
| 2021-01-01 | 3,323,004,000 |
| 2022-01-01 | 3,269,082,000 |
| 2023-01-01 | 3,253,166,000 |
| 2024-01-01 | 3,206,100,000 |
| 2025-01-01 | 3,227,907,000 |
| 2026-01-01 | 3,221,637,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's core financial engine remains extraordinarily healthy despite misleading headlines. In fiscal 2025, revenue reached CNY 113 billion with operating profit of CNY 35.8 billion, generating an incredible CNY 48.4 billion in free cash flow. While second-quarter 2026 headline net income dropped nineteen percent to CNY 6.95 billion, this decline was caused by paper losses on investment holdings and higher taxes rather than operational weakness. Actual gaming revenues expanded by nearly ten percent. This gap between reported profit and true cash generation creates a major investment opportunity. The core interactive entertainment business continues to compound cash reliably, converting over forty percent of revenue directly into unencumbered cash flow.
The company's core financial engine remains extraordinarily healthy despite misleading headlines. In fiscal 2025, revenue reached CNY 113 billion with operating profit of CNY 35.8 billion, generating an incredible CNY 48.4 billion in free cash flow. While second-quarter 2026 headline net income dropped nineteen percent to CNY 6.95 billion, this decline was caused by paper losses on investment holdings and higher taxes rather than operational weakness. Actual gaming revenues expanded by nearly ten percent. This gap between reported profit and true cash generation creates a major investment opportunity. The core interactive entertainment business continues to compound cash reliably, converting over forty percent of revenue directly into unencumbered cash flow.
Revenue, Net Income, and Free Cash Flow
Latest: CNY 112.6B | Max: CNY 112.6B | Min: CNY 6.2B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 19x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins have expanded into world-class territory through genuine structural improvements. Consolidated gross margins reached 64.3% in 2025 and surged past 70% in 2026, while games segment gross margins climbed to 76.1%. This expansion is driven by direct PC distribution and proprietary launchers that bypass traditional thirty-to-fifty percent mobile app store fees. Operating margins remain robust above thirty percent. Because live-service games cost very little to deliver once built, and internal generative AI tools reduce asset creation costs, these wide profit margins are durable and protect earnings from inflation.
Profitability margins have expanded into world-class territory through genuine structural improvements. Consolidated gross margins reached 64.3% in 2025 and surged past 70% in 2026, while games segment gross margins climbed to 76.1%. This expansion is driven by direct PC distribution and proprietary launchers that bypass traditional thirty-to-fifty percent mobile app store fees. Operating margins remain robust above thirty percent. Because live-service games cost very little to deliver once built, and internal generative AI tools reduce asset creation costs, these wide profit margins are durable and protect earnings from inflation.
Profitability Margins
Latest: 64.3% | Max: 64.3% | Min: 12.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
64.3%
Gross profit / revenue
Operating Margin
31.8%
Operating income / revenue
Net Margin
30.0%
Net income / revenue
FCF Margin
43.0%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 5,493,358,848.92 | 1,669,715,107.91 | 2,064,494,820.14 |
| 2017-12-31 | 6,826,014,592.93 | 1,644,844,700.46 | 1,542,210,752.69 |
| 2018-12-31 | 7,438,746,366.28 | 894,245,203.49 | 949,108,139.53 |
| 2019-12-31 | 8,511,658,764.37 | 3,051,367,241.38 | 1,995,355,459.77 |
| 2020-12-31 | 11,281,337,366 | 1,847,282,388.97 | 3,307,455,436.45 |
| 2021-12-31 | 13,774,532,389.94 | 2,650,446,855.35 | 3,430,301,572.33 |
| 2022-12-31 | 13,984,899,855.07 | 2,947,478,260.87 | 3,632,717,246.38 |
| 2023-12-31 | 13,248,163,764.4 | 3,766,523,943.66 | 4,373,999,718.31 |
| 2024-12-31 | 13,551,510,424.71 | 3,822,086,100.39 | 4,942,266,795.37 |
| 2025-12-31 | 16,112,418,741.06 | 4,829,728,183.12 | 6,922,574,391.99 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 19.24 | Trailing four quarters |
| 2024-12-31 | 14.43 | Trailing four quarters |
| 2023-12-31 | 14.21 | Trailing four quarters |
| 2022-12-31 | 16.26 | Annual net income |
| 2021-12-31 | 25.32 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 56.74 | 33.08 | 30.4 | 37.58 |
| 2017-12-31 | 56.36 | 29.24 | 24.1 | 22.59 |
| 2018-12-31 | 53.43 | 19.5 | 12.02 | 12.76 |
| 2019-12-31 | 53.27 | 23.28 | 35.85 | 23.44 |
| 2020-12-31 | 52.92 | 19.74 | 16.37 | 29.32 |
| 2021-12-31 | 53.62 | 18.74 | 19.24 | 24.9 |
| 2022-12-31 | 54.68 | 20.34 | 21.08 | 25.98 |
| 2023-12-31 | 60.95 | 26.78 | 28.43 | 33.02 |
| 2024-12-31 | 62.5 | 28.1 | 28.2 | 36.47 |
| 2025-12-31 | 64.29 | 31.82 | 29.98 | 42.96 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-10-01.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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