Business Segments NetEase, Inc.

Equities

Market Closed - Hong Kong S.E. Other stock markets 16:08:35 18/07/2025 HKT			5-day change	1st Jan Change
213.20 ^HKD	+2.50%		+5.65%	+54.05%

07-17	Nomura Adjusts NetEase's Price Target to HK$242 From HK$233, Keeps at Buy	MT
07-17	Nomura Raises Price Target on NetEase to $157 From $149, Keeps Buy Rating	MT

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Breakdown by Business Segment (CNY)

Fiscal Period: December	2020	2021	2022	2023	2024
Entertainment Software
Games and Related Value-Added Services	54.61B	62.81B	74.57B	81.57B	83.62B
Gross Profit	34.76B	40.71B	46.78B	55.63B	57.48B
D&A	258M	252M	339M	223M	246M
Broadcast Advertising
Innovative Businesses and Others (Excluding Cloud Music)	-	12.45B	7.92B	8.65B	8.1B
Gross Profit	-	3.22B	2.11B	2.57B	2.9B
D&A	-	142M	130M	60.13M	47.08M
Advertising Services	-	-	-	-	-
Gross Profit	-	-	-	-	-
D&A	-	-	-	-	-
Online Specialty Retail
NetEase Cloud Music	-	7B	8.99B	7.87B	7.95B
Gross Profit	-	143M	1.29B	2.1B	2.68B
D&A	-	3.83M	6.04M	2.45M	3.03M
Innovative Businesses and Others	15.89B	-	-	-	-
Gross Profit	2.77B	-	-	-	-
D&A	209M	-	-	-	-
Online Education Courses
Youdao	3.17B	5.35B	5.01B	5.39B	5.63B
Gross Profit	1.45B	2.91B	2.58B	2.77B	2.75B
D&A	7.24M	9.33M	11.61M	9.28M	9.12M
Online Services
e-Commerce	-	-	-	-	-
Gross Profit	-	-	-	-	-
D&A	-	-	-	-	-
e-mail, e-commerce and others	-	-	-	-	-
Gross Profit	-	-	-	-	-

Geographical breakdown of sales (CNY)

Fiscal Period: December	2020	2021	2022	2023	2024
China	73.67B	87.61B	96.5B	103B	105B
Total Assets	142B	154B	173B	186B	196B
Interest Expense	-248M	-191M	-650M	-884M	-598M
Income Tax Expense	3.04B	4.13B	5.03B	4.7B	5.46B
D&A	3.46B	3.28B	-	3.06B	2.42B
CAPEX	-3.29B	-3.11B	-	-2.3B	-1.28B
Gross Profit	38.98B	46.97B	52.77B	63.06B	65.81B
Net Income	12.06B	16.86B	20.34B	29.42B	29.7B
EBT	15.37B	21.1B	24.25B	34.06B	35.72B
Operating Income	14.54B	16.42B	19.63B	27.71B	29.58B