NetEase, Inc 6-K, filed Nov 20, 2025

NetEase, Inc. (NTES)

6-K 2025-11-20 For: 2025-11-20

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Added on April 02, 2026

About this 6-K

NetEase, Inc filed this 6-K on November 20, 2025.

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	NETEASE, INC.

	By:	/s/ William Lei Ding
	Name:	William Lei Ding
	Title:	Chief Executive Officer

	December 31,		September 30,		September 30,
	2024		2025		2025
	RMB		RMB		USD (Note 1)
Assets
Current assets:
Cash and cash equivalents		51,383,310		31,326,752		4,400,443
Time deposits		75,441,355		93,551,844		13,141,150
Restricted cash		3,086,405		8,654,295		1,215,662
Accounts receivable, net		5,669,027		5,962,060		837,486
Inventories		571,548		637,325		89,525
Prepayments and other current assets, net		6,416,868		6,863,085		964,050
Short-term investments		10,756,143		24,214,436		3,401,382
Total current assets		153,324,656		171,209,797		24,049,698

Non-current assets:
Property, equipment and software, net		8,520,101		8,517,182		1,196,401
Land use rights, net		4,172,465		4,078,719		572,934
Deferred tax assets		1,113,435		2,612,046		366,912
Time deposits		3,025,000		2,845,000		399,635
Restricted cash		5,208		3,900		548
Other long-term assets		25,830,685		25,222,219		3,542,944
Total non-current assets		42,666,894		43,279,066		6,079,374
Total assets		195,991,550		214,488,863		30,129,072

Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity
Current liabilities:
Accounts payable		720,549		718,393		100,912
Salary and welfare payables		4,683,009		3,004,519		422,042
Taxes payable		2,759,185		4,312,685		605,799
Short-term loans		11,805,051		7,349,967		1,032,444
Contract liabilities		15,299,222		19,473,595		2,735,440
Accrued liabilities and other payables		14,400,641		15,229,406		2,139,262
Total current liabilities		49,667,657		50,088,565		7,035,899

Non-current liabilities:
Deferred tax liabilities		2,173,117		2,212,733		310,821
Long-term loans		427,997		-		-
Other long-term liabilities		1,228,641		1,255,583		176,371
Total non-current liabilities		3,829,755		3,468,316		487,192
Total liabilities		53,497,412		53,556,881		7,523,091

Redeemable noncontrolling interests		84,272		89,465		12,567

NetEase,Inc.’s shareholders’ equity		138,685,606		156,256,172		21,949,174
Noncontrolling interests		3,724,260		4,586,345		644,240
Total equity		142,409,866		160,842,517		22,593,414

Total liabilities, redeemable noncontrolling interests and shareholders’ equity		195,991,550		214,488,863		30,129,072

	Three Months Ended								Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,		September 30,		September 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		USD (Note 1)		RMB		RMB		USD (Note 1)
Net revenues	26,209,879		27,891,664		28,358,625		3,983,512		78,547,425		85,078,834		11,950,953
Cost of revenues	(9,733,274	)	(9,839,182	)	(10,181,020	)	(1,430,119	)	(29,012,682	)	(30,369,341	)	(4,265,956	)
Gross profit	16,476,605		18,052,482		18,177,605		2,553,393		49,534,743		54,709,493		7,684,997

Operating expenses:
Selling and marketing expenses	(3,805,071	)	(3,578,174	)	(4,457,675	)	(626,166	)	(11,329,012	)	(10,731,446	)	(1,507,437	)
General and administrative expenses	(1,100,328	)	(1,056,578	)	(1,164,573	)	(163,587	)	(3,388,244	)	(3,177,488	)	(446,339	)
Research and development expenses	(4,424,469	)	(4,356,646	)	(4,541,891	)	(637,996	)	(13,054,944	)	(13,284,850	)	(1,866,112	)
Total operating expenses	(9,329,868	)	(8,991,398	)	(10,164,139	)	(1,427,749	)	(27,772,200	)	(27,193,784	)	(3,819,888	)
Operating profit	7,146,737		9,061,084		8,013,466		1,125,644		21,762,543		27,515,709		3,865,109

Other income/(expenses):
Investment income, net	578,398		328,444		1,379,402		193,763		861,363		2,400,597		337,210
Interest income, net	1,282,766		953,490		936,706		131,578		3,746,582		2,951,082		414,536
Exchange (losses)/gains, net	(1,055,518	)	114,037		(373,812	)	(52,509	)	(1,279,882	)	(257,972	)	(36,237	)
Other, net	43,600		192,167		153,198		21,520		323,182		600,680		84,377
Income before tax	7,995,983		10,649,222		10,108,960		1,419,996		25,413,788		33,210,096		4,664,995
Income tax	(1,289,545	)	(1,560,757	)	(1,316,356	)	(184,907	)	(4,076,394	)	(4,782,256	)	(671,760	)
Net income	6,706,438		9,088,465		8,792,604		1,235,089		21,337,394		28,427,840		3,993,235

Accretion of redeemable noncontrolling interests	(962	)	(1,051	)	(1,044	)	(147	)	(2,880	)	(3,144	)	(442	)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	(167,041	)	(486,404	)	(175,883	)	(24,706	)	(403,384	)	(906,852	)	(127,385	)
Net income attributable to the Company’s shareholders	6,538,435		8,601,010		8,615,677		1,210,236		20,931,130		27,517,844		3,865,408

Net income per share *
Basic	2.04		2.70		2.70		0.38		6.52		8.64		1.21
Diluted	2.03		2.67		2.67		0.38		6.46		8.55		1.20

Net income per ADS *
Basic	10.22		13.49		13.50		1.90		32.61		43.20		6.07
Diluted	10.14		13.36		13.36		1.88		32.30		42.77		6.01

Weighted average number of ordinary shares used in calculating net income per share *
Basic	3,198,646		3,188,634		3,191,231		3,191,231		3,209,298		3,184,651		3,184,651
Diluted	3,224,110		3,214,681		3,223,497		3,223,497		3,238,834		3,214,910		3,214,910

	Three Months Ended								Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,		September 30,		September 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		USD (Note 1)		RMB		RMB		USD (Note 1)
Cash flows from operating activities:
Net income	6,706,438		9,088,465		8,792,604		1,235,089		21,337,394		28,427,840		3,993,235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	520,567		428,427		617,872		86,792		1,720,447		1,527,060		214,505
Fair value changes of equity security, other investments and financial instruments	(824,608	)	55,715		(1,965,526	)	(276,096	)	(1,200,753	)	(2,468,310	)	(346,721	)
Impairment losses on investments	529,668		161,463		1,616,146		227,019		868,826		1,866,680		262,211
Fair value changes of short-term investments	(100,071	)	(344,604	)	(278,636	)	(39,140	)	(289,176	)	(824,849	)	(115,866	)
Share-based compensation cost	978,139		946,395		902,201		126,732		2,951,495		2,800,468		393,379
Allowance for expected credit losses	36,022		153,179		180,085		25,296		56,903		350,035		49,169
(Gains)/losses on disposal of property, equipment and software	(2,920	)	(30,920	)	404		57		(1,114	)	(10,223	)	(1,436	)
Unrealized exchange losses/(gains)	1,050,644		(165,662	)	368,559		51,771		823,824		174,444		24,504
Gains on disposal of long-term investments, business, subsidiaries and other financial instruments	(118,046	)	(141,078	)	(38,072	)	(5,348	)	(272,647	)	(167,475	)	(23,525	)
Deferred income taxes	711,639		(853,764	)	(933,553	)	(131,135	)	(83,383	)	(1,459,045	)	(204,951	)
Share of results on equity method investees	(28,466	)	13,479		1,389,265		195,149		175,005		1,384,076		194,420
Changes in operating assets and liabilities:
Accounts receivable	146,758		953,295		(194,823	)	(27,367	)	198,525		(330,488	)	(46,423	)
Inventories	(39,285	)	(73,944	)	(45,582	)	(6,403	)	81,645		(65,753	)	(9,236	)
Prepayments and other assets	(1,234,390	)	583,484		(889,519	)	(124,950	)	(377,394	)	(601,213	)	(84,452	)
Accounts payable	6,316		119,644		16,042		2,253		(127,547	)	(12,390	)	(1,740	)
Salary and welfare payables	(670,750	)	920,662		(566,362	)	(79,556	)	(1,970,300	)	(1,730,811	)	(243,126	)
Taxes payable	224,015		(764,372	)	517,353		72,672		33,137		1,549,104		217,601
Contract liabilities	1,928,060		(718,719	)	2,579,424		362,330		2,231,822		4,386,903		616,225
Accrued liabilities and other payables	755,882		530,718		880,072		123,623		507,904		1,120,416		157,383
Net cash provided by operating activities	10,575,612		10,861,863		12,947,954		1,818,788		26,664,613		35,916,469		5,045,156

Cash flows from investing activities:
Purchase of property, equipment and software	(379,520	)	(189,842	)	(283,645	)	(39,843	)	(963,418	)	(927,558	)	(130,293	)
Proceeds from sale of property, equipment and software	1,072		21,499		1,261		177		5,238		24,096		3,385
Purchase of intangible assets, content and licensed copyrights	(222,247	)	(313,349	)	(190,983	)	(26,827	)	(810,601	)	(803,103	)	(112,811	)
Net changes of short-term investments with terms of three months or less	1,585,395		776,428		(1,111,376	)	(156,114	)	(4,207,245	)	(6,473,504	)	(909,328	)
Purchase of short-term investments with terms over three months	(3,675,000	)	(5,800,000	)	(7,270,000	)	(1,021,211	)	(3,675,000	)	(16,040,000	)	(2,253,126	)
Proceeds from maturities of short-term investments with terms over three months	-		5,745,454		1,426,005		200,310		-		9,880,060		1,387,844
Investment in long-term investments and acquisition of subsidiaries	(226,086	)	(2,741,641	)	(95,169	)	(13,368	)	(901,340	)	(2,927,776	)	(411,262	)
Proceeds from disposal of long-term investments, businesses, subsidiaries and other financial instruments	1,541,338		784,855		1,554,537		218,365		2,467,443		2,416,820		339,489
Placement/rollover of matured time deposits	(36,766,094	)	(27,980,605	)	(49,326,969	)	(6,928,918	)	(133,100,536	)	(126,909,381	)	(17,826,855	)
Proceeds from maturities of time deposits	37,546,192		33,617,510		30,600,384		4,298,410		138,806,413		108,144,376		15,190,950
Change in other long-term assets	(125,911	)	(27,367	)	75,342		10,583		(333,079	)	47,297		6,644
Net cash (used in)/provided by investing activities	(720,861	)	3,892,942		(24,620,613	)	(3,458,436	)	(2,712,125	)	(33,568,673	)	(4,715,363	)

Cash flows from financing activities:
Net changes from loans with terms of three months or less	(4,778,301	)	2,017,570		536,886		75,416		(7,263,080	)	300,041		42,146
Proceeds of loans with terms over three months	5,395,810		1,231,000		1,481,550		208,112		13,463,080		5,460,100		766,976
Payment of loans with terms over three months	(3,100,520	)	(1,804,730	)	(5,879,605	)	(825,903	)	(14,739,347	)	(10,620,012	)	(1,491,784	)
Net amounts (paid)/received related to repurchase of or capital contribution from noncontrolling interests shareholders	(8,394	)	42,400		18,072		2,539		84,392		102,989		14,467
Net amount (paid)/received related to repurchase of NetEase’s ADSs/purchase of subsidiaries’ ADSs and shares	(3,994,212	)	(355,563	)	35,227		4,948		(7,235,022	)	(623,937	)	(87,644	)
Dividends paid to NetEase’s shareholders	(1,972,928	)	(3,082,122	)	(2,583,740	)	(362,936	)	(9,182,743	)	(11,250,394	)	(1,580,333	)
Net cash used in financing activities	(8,458,545	)	(1,951,445	)	(6,391,610	)	(897,824	)	(24,872,720	)	(16,631,213	)	(2,336,172	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies	(68,136	)	(31,749	)	(117,878	)	(16,558	)	(103,040	)	(206,559	)	(29,015	)
Net increase/ (decrease) in cash, cash equivalents and restricted cash	1,328,070		12,771,611		(18,182,147	)	(2,554,030	)	(1,023,272	)	(14,489,976	)	(2,035,394	)
Cash, cash equivalents and restricted cash, at the beginning of the period	21,855,316		45,395,483		58,167,094		8,170,683		24,206,658		54,474,923		7,652,047
Cash, cash equivalents and restricted cash, at the end of the period	23,183,386		58,167,094		39,984,947		5,616,653		23,183,386		39,984,947		5,616,653

Supplemental disclosures of cash flow information:
Cash paid for income taxes, net	554,867		2,184,556		1,967,228		276,335		4,586,071		5,358,339		752,681
Cash paid for interest expenses	165,881		64,366		207,879		29,201		465,279		369,669		51,927

	Three Months Ended								Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,		September 30,		September 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		USD (Note 1)		RMB		RMB		USD (Note 1)
Net revenues:
Games and related value-added services	20,864,036		22,806,459		23,327,508		3,276,796		62,380,233		70,181,974		9,858,403
Youdao	1,572,541		1,417,541		1,628,524		228,757		4,286,121		4,344,327		610,244
NetEase Cloud Music	1,999,163		1,968,729		1,964,063		275,890		6,069,656		5,791,180		813,482
Innovative businesses and others	1,774,139		1,698,935		1,438,530		202,069		5,811,415		4,761,353		668,824
Total net revenues	26,209,879		27,891,664		28,358,625		3,983,512		78,547,425		85,078,834		11,950,953

Cost of revenues:
Games and related value-added services	(6,503,146	)	(6,792,240	)	(7,151,130	)	(1,004,513	)	(19,067,061	)	(21,438,632	)	(3,011,467	)
Youdao	(783,085	)	(808,181	)	(940,661	)	(132,134	)	(2,178,383	)	(2,432,877	)	(341,744	)
NetEase Cloud Music	(1,343,921	)	(1,258,855	)	(1,269,289	)	(178,296	)	(3,988,683	)	(3,703,921	)	(520,287	)
Innovative businesses and others	(1,103,122	)	(979,906	)	(819,940	)	(115,176	)	(3,778,555	)	(2,793,911	)	(392,458	)
Total cost of revenues	(9,733,274	)	(9,839,182	)	(10,181,020	)	(1,430,119	)	(29,012,682	)	(30,369,341	)	(4,265,956	)

Gross profit:
Games and related value-added services	14,360,890		16,014,219		16,176,378		2,272,283		43,313,172		48,743,342		6,846,936
Youdao	789,456		609,360		687,863		96,623		2,107,738		1,911,450		268,500
NetEase Cloud Music	655,242		709,874		694,774		97,594		2,080,973		2,087,259		293,195
Innovative businesses and others	671,017		719,029		618,590		86,893		2,032,860		1,967,442		276,366
Total gross profit	16,476,605		18,052,482		18,177,605		2,553,393		49,534,743		54,709,493		7,684,997