NetEase, Inc. logo

NetEase, Inc.

9999.HK

HKSETechnologyElectronic Gaming & Multimedia

Latest quote

HK$194.9

−HK$7.10 · -3.51%

Aug 24, 4:08 PM HKT

9999.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

NetEase, Inc. delivers a broad spectrum of online services across the People's Republic of China and internationally, focusing on diverse areas such as content, community engagement, communication, and e-commerce. Its business is structured into four main segments: Online Game Services, Youdao, Cloud Music, and Innovative Businesses and Others. The company develops and operates its own PC and mobile games, in addition to publishing titles licensed from other developers. Its Youdao segment is dedicated to education technology, offering digital knowledge and translation tools like Youdao Dictionary and U-Dictionary, along with smart learning devices such as the Dictionary Pen and Smart Lamp. This segment also provides online courses, interactive learning apps, and enterprise solutions, including the AI-driven Youdao Smart Learning Terminal for schools and Youdao Smart Cloud for advanced OCR and neural machine translation capabilities. NetEase Cloud Music forms the core of its Cloud Music segment, operating as a popular music streaming platform. The Innovative Businesses and Others segment encompasses offerings like Yanxuan, an e-commerce platform selling private label general merchandise; NetEase Media, an internet media platform; NetEase Mail for email services; NetEase CC Live, a live streaming platform primarily for game content; and NetEase Pay, a payment service. Established in 1997 and based in Hangzhou, People's Republic of China, the company changed its name from NetEase.com, Inc. to NetEase, Inc. in March 2012.

Industry
Electronic Gaming & Multimedia
Sector
Technology
Headquarters
CN
CEO
Lei Ding
Listed since
Jun 11, 2020
Employees
25,382

Market position

52-week range

Current HK$194.9

Open
HK$194.9
Previous close
HK$202
Volume
0
0× average
Average volume
8.14M
Average daily volume
Market cap
623.92B HKD
Beta
0.79
Market reference 1
50-day average
HK$199.42
-2.27% below average
200-day average
HK$196.71
-0.92% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
570.11B CNY
P/E (TTM)
16.49×
P/B (TTM)
3.21×
P/S (TTM)
4.59×
EV / EBITDA
13.24×
Earnings yield
5.49%
Free cash flow yield
7.87%
Dividend yield
2.43%

Profitability & efficiency

Gross margin
67.15%
Operating margin
35.22%
Net margin
27.89%
Return on equity
21.05%
Return on assets
15.24%
Return on invested capital
17.40%

Financial health

Debt / equity
0.08×
Current ratio
3.45×
Altman Z-score
8.07
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends69%51%32%14%Gross margin, FY2021: 53.62%Gross margin, FY2022: 54.68%Gross margin, FY2023: 60.95%Gross margin, FY2024: 62.50%Gross margin, FY2025: 64.29%Operating margin, FY2021: 18.74%Operating margin, FY2022: 20.34%Operating margin, FY2023: 26.78%Operating margin, FY2024: 28.10%Operating margin, FY2025: 31.82%Net margin, FY2021: 19.24%Net margin, FY2022: 21.08%Net margin, FY2023: 28.43%Net margin, FY2024: 28.20%Net margin, FY2025: 29.98%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 53.62%. Gross margin FY2022 54.68%. Gross margin FY2023 60.95%. Gross margin FY2024 62.50%. Gross margin FY2025 64.29%. Operating margin FY2021 18.74%. Operating margin FY2022 20.34%. Operating margin FY2023 26.78%. Operating margin FY2024 28.10%. Operating margin FY2025 31.82%. Net margin FY2021 19.24%. Net margin FY2022 21.08%. Net margin FY2023 28.43%. Net margin FY2024 28.20%. Net margin FY2025 29.98%.

Income trends

Revenue

112.63B CNY+6.96%

Operating income

35.83B CNY+21.13%

Net income

33.76B CNY+13.68%
Income trends across reported periods122.25B CNY83.76B CNY45.28B CNY6.8B CNYRevenue, FY2021: 87.61B CNYRevenue, FY2022: 96.5B CNYRevenue, FY2023: 103.47B CNYRevenue, FY2024: 105.3B CNYRevenue, FY2025: 112.63B CNYOperating income, FY2021: 16.42B CNYOperating income, FY2022: 19.63B CNYOperating income, FY2023: 27.71B CNYOperating income, FY2024: 29.58B CNYOperating income, FY2025: 35.83B CNYNet income, FY2021: 16.86B CNYNet income, FY2022: 20.34B CNYNet income, FY2023: 29.42B CNYNet income, FY2024: 29.7B CNYNet income, FY2025: 33.76B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 87.61B CNY. Revenue FY2022 96.5B CNY. Revenue FY2023 103.47B CNY. Revenue FY2024 105.3B CNY. Revenue FY2025 112.63B CNY. Operating income FY2021 16.42B CNY. Operating income FY2022 19.63B CNY. Operating income FY2023 27.71B CNY. Operating income FY2024 29.58B CNY. Operating income FY2025 35.83B CNY. Net income FY2021 16.86B CNY. Net income FY2022 20.34B CNY. Net income FY2023 29.42B CNY. Net income FY2024 29.7B CNY. Net income FY2025 33.76B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue112.63B CNY105.3B CNY103.47B CNY96.5B CNY87.61B CNY
Cost of goods sold40.22B CNY39.49B CNY40.4B CNY43.73B CNY40.64B CNY
Gross profit72.4B CNY65.81B CNY63.06B CNY52.77B CNY46.97B CNY
Research and development17.72B CNY17.52B CNY16.48B CNY15.04B CNY14.08B CNY
Selling, general, and administrative18.85B CNY18.7B CNY18.87B CNY18.1B CNY16.48B CNY
Operating expenses36.57B CNY36.22B CNY35.35B CNY33.14B CNY30.55B CNY
Interest income4.62B CNY4.92B CNY4.12B CNY2.15B CNY1.52B CNY
Depreciation and amortization2.24B CNY2.42B CNY3.06B CNY2.86B CNY3.28B CNY
Operating income35.83B CNY29.58B CNY27.71B CNY19.63B CNY16.42B CNY
Net income33.76B CNY29.7B CNY29.42B CNY20.34B CNY16.86B CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
45%
5 beats, 6 misses, 0 met estimates
Average EPS surprise
+2.87%
11 comparable reports
Latest EPS result
2.8
Estimate 3.6 · Miss by 22.22%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates4.193.572.942.32Q1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 20, 2025: actual 3.24, estimate 2.69, surprise +20.45%, Beat. Q2 2025, reported May 15, 2025: actual 3.79, estimate 2.97, surprise +27.61%, Beat. Q3 2025, reported Aug 14, 2025: actual 3.23, estimate 3.25, surprise -0.62%, Miss. Q4 2025, reported Nov 20, 2025: actual 2.92, estimate 3.19, surprise -8.46%, Miss. Q1 2026, reported Feb 11, 2026: actual 2.48, estimate 3.14, surprise -21.02%, Miss. Q2 2026, reported May 21, 2026: actual 4.03, estimate 3.42, surprise +17.84%, Beat. Q3 2026, reported Aug 20, 2026: actual 2.8, estimate 3.6, surprise -22.22%, Miss. Q4 2026, reported Nov 12, 2026: actual —, estimate 3.83, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates36.79B33.54B30.29B27.04BQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 20, 2025: actual 28.45B HKD, estimate 30.27B HKD, surprise -6.00%, Miss. Q2 2025, reported May 15, 2025: actual 30.76B HKD, estimate 28.78B HKD, surprise +6.88%, Beat. Q3 2025, reported Aug 14, 2025: actual 30.46B HKD, estimate 30.95B HKD, surprise -1.60%, Miss. Q4 2025, reported Nov 20, 2025: actual 30.99B HKD, estimate 31.48B HKD, surprise -1.55%, Miss. Q1 2026, reported Feb 11, 2026: actual 31.16B HKD, estimate 31.76B HKD, surprise -1.90%, Miss. Q2 2026, reported May 21, 2026: actual 35.26B HKD, estimate 33.37B HKD, surprise +5.68%, Beat. Q3 2026, reported Aug 20, 2026: actual 35.12B HKD, estimate 34B HKD, surprise +3.30%, Beat. Q4 2026, reported Nov 12, 2026: actual —, estimate 35.38B HKD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Rating distribution

26 ratings
Strong buy00%
Buy2181%
Hold415%
Sell14%
Strong sell00%

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$4.7601

2025 complete year+267.9% since 2021

2026 partial: HK$2.9479

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 2, 2026

HK$0.7527

Quarterly

Record Sep 3, 2026 · Payment Sep 15, 2026

Dividend

Ex-dividend Jun 4, 2026

HK$1.1287

Quarterly

Record Jun 5, 2026 · Payment Jun 15, 2026

Dividend

Ex-dividend Mar 13, 2026

HK$1.8192

Quarterly

Record Mar 16, 2026 · Payment Mar 25, 2026

Dividend

Ex-dividend Dec 4, 2025

HK$0.8939

Quarterly

Record Dec 5, 2025 · Payment Dec 16, 2025

Dividend

Ex-dividend Aug 27, 2025

HK$0.8939

Quarterly

Record Aug 28, 2025 · Payment Sep 8, 2025

Dividend

Ex-dividend May 29, 2025

HK$1.0586

Quarterly

Record May 30, 2025 · Payment Jun 10, 2025

9999.HK peers

ETFs holding 9999.HK

Funds reporting this stock among their holdings, ordered by reported position size.

Continue in GoAI

Research 9999.HK

research.disclaimer