{
  "schemaVersion": 1,
  "organisationId": "O-2267db10900d4d629d1beda646f9c6aa",
  "slug": "netease",
  "name": "NetEase, Inc.",
  "updatedAt": "2026-09-28T12:07:04.74522Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "NetEase, Inc. is a China-based internet company whose core business is developing and operating video games for mobile and PC players. Founded in 1997, it also operates Youdao, an education-technology business, NetEase Cloud Music, a music-streaming platform, and other internet services. NetEase develops games in-house and publishes licensed titles, serving players in China and international markets. [P151103771][P151103796][P151103850][P151103853][P151103941][P151103899]\n\nNetEase describes its purpose as using play, culture, education and technology to help build a more entertaining and enlightened world. Games and related services account for most of its revenue: the company reported total 2025 net revenue of approximately RMB112.6 billion, of which approximately RMB92.2 billion came from that business. It had 25,382 full-time employees at the end of 2025. [https://ir.netease.com/company-overview/corporate-profile][T17351388][https://www.sec.gov/Archives/edgar/data/1110646/000110465926043468/ntes-20251231x20f.htm]\n[P151103771][P151103796][P151103850][P151103853][P151103941][P151103899][T17351388][T17351388][https://ir.netease.com/company-overview/corporate-profile][https://www.sec.gov/Archives/edgar/data/1110646/000110465926043468/ntes-20251231x20f.htm]",
      "updatedAt": "2026-09-28T12:07:04.74522Z"
    },
    {
      "type": "PRODUCTS",
      "text": "NetEase’s largest product category is online games. Its portfolio spans more than 100 mobile, PC, console and cross-platform games, including Fantasy Westward Journey, Onmyoji, Identity V, Eggy Party, Naraka: Bladepoint, Marvel Rivals and Where Winds Meet. Games earn revenue through virtual-item purchases, charges for gameplay time and other paid services. Games and related value-added services generated about 82% of NetEase’s 2025 revenue. [P151077932][T17351366][T17351393]\n\nThrough Youdao, NetEase offers learning services, online marketing and educational devices. Products include Youdao Dictionary, AI-assisted learning tools and Dictionary Pen devices; its learning applications include Hi Echo and Mr. P AI Tutor. Youdao contributed about 5% of 2025 revenue. [P151077569][P151077570][P151077571][T17351370][T17351371][T17351377][T17351393]\n\nNetEase Cloud Music provides music streaming, licensed and original music, podcasts, audiobooks and radio dramas, alongside livestreaming and social features. It earns revenue from memberships, social-entertainment virtual items, advertising, digital music sales and copyright sublicensing. The service contributed about 7% of 2025 revenue. [P151077941][P151077942][P151077944][T17351393]\n\nOther offerings include Yanxuan, a private-label consumer lifestyle brand selling products across categories such as home goods, apparel, food and personal care. Yanxuan sits within the innovative businesses and others segment, which also includes advertising and premium email services; the segment contributed about 6% of 2025 revenue, rather than representing Yanxuan’s sales alone. [P151077610][P151077612][P151077613][T17351393]\n[P151077932][T17351366][T17351393][P151077569][P151077570][P151077571][T17351370][T17351371][T17351377][T17351393][P151077941][P151077942][P151077944][T17351393][P151077610][P151077612][P151077613][T17351393]",
      "updatedAt": "2026-09-28T12:07:04.74522Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "NetEase’s operations and sales are concentrated in mainland China. In 2025, mainland China accounted for 89.9% of reportable-segment revenue, with the remaining 10.1% derived from elsewhere; substantially all of its long-lived assets were also in mainland China. The company does not provide a further country-by-country revenue breakdown. [P151079379]\n\nNetEase operates primarily through mainland Chinese subsidiaries and contractual arrangements. It owns and occupies office buildings in Hangzhou, Shanghai, Guangzhou, Beijing and other mainland cities, and has a data center in Gui’an, Guizhou. Its principal executive office is in Kowloon, Hong Kong. NetEase has launched games in North America, Europe and other Asian markets, but does not report sales or employee counts separately for those regions. [P151076809][P151077890][T17351152][P151077514]\n[P151079379][P151076809][P151077890][T17351152][P151077514]",
      "updatedAt": "2026-09-28T12:07:04.74522Z"
    },
    {
      "type": "SEGMENTS",
      "text": "NetEase reports four business segments. Based on 2025 revenue, games and related value-added services contributed approximately 81.8% of the total, Youdao 5.2%, NetEase Cloud Music 6.9%, and innovative businesses and others 6.0%. These are shares of revenue, not profit. [https://www.sec.gov/Archives/edgar/data/1110646/000110465926043468/ntes-20251231x20f.htm]\n\nGames and related value-added services covers NetEase’s mobile and PC games, including internally developed and licensed titles, together with related services. [P151103796][P151103850] Youdao provides learning services and devices as well as online marketing services. [P151103853][P151103856] NetEase Cloud Music operates online music and social-entertainment services, with revenue sources including subscriptions and virtual items. [P151103883][P151103884] Innovative businesses and others includes the Yanxuan private-label consumer business, advertising, email and other services. [P151103894][P151077615]\n[T17351388][T17351388][T17351388][T17351388][T17351388][P151103796][P151103850][P151103853][P151103856][P151103883][P151103884][P151103894][P151077615][https://www.sec.gov/Archives/edgar/data/1110646/000110465926043468/ntes-20251231x20f.htm]",
      "updatedAt": "2026-09-28T12:07:04.74522Z"
    },
    {
      "type": "HISTORY",
      "text": "NetEase was founded by William Lei Ding in 1997. It launched web-based email and the 163.com portal in 1998, then listed on Nasdaq in June 2000. The company moved into online games with *Westward Journey Online* in 2001 and launched *Fantasy Westward Journey* in 2004. It founded its education business, Youdao, in 2006. [https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0602/9302683/2020060200053.pdf][https://www.sec.gov/Archives/edgar/data/1110646/000141057825000728/ntes-20241231x20f.htm]\n\nNetEase expanded its games business through agreements with Blizzard Entertainment in 2008 and 2009 to operate Blizzard titles in mainland China, including *World of Warcraft*. It introduced NetEase Cloud Music in 2013. In 2019, Youdao listed on the New York Stock Exchange and NetEase sold its Kaola e-commerce platform to Alibaba. NetEase completed a secondary listing in Hong Kong in 2020, followed by the Hong Kong listing of NetEase Cloud Music in 2021. [https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-and-netease-introduce-starcraftr-ii-and][https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-partner-netease-mainland-china-world][https://ir.netease.com/news-releases/news-release-details/alibaba-acquires-import-e-commerce-platform-kaola-netease][https://www.sec.gov/Archives/edgar/data/1110646/000141057825000728/ntes-20241231x20f.htm]\n[https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0602/9302683/2020060200053.pdf][https://www.sec.gov/Archives/edgar/data/1110646/000141057825000728/ntes-20241231x20f.htm][https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-and-netease-introduce-starcraftr-ii-and][https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-partner-netease-mainland-china-world][https://ir.netease.com/news-releases/news-release-details/alibaba-acquires-import-e-commerce-platform-kaola-netease]",
      "updatedAt": "2026-09-28T12:07:04.74522Z"
    }
  ],
  "sources": [
    {
      "id": "P151103771",
      "href": "https://app.finbar.com/go?id=P151103771",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103796",
      "href": "https://app.finbar.com/go?id=P151103796",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103850",
      "href": "https://app.finbar.com/go?id=P151103850",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103853",
      "href": "https://app.finbar.com/go?id=P151103853",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103941",
      "href": "https://app.finbar.com/go?id=P151103941",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103899",
      "href": "https://app.finbar.com/go?id=P151103899",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "https://ir.netease.com/company-overview/corporate-profile",
      "href": "https://ir.netease.com/company-overview/corporate-profile",
      "label": "ir.netease.com"
    },
    {
      "id": "T17351388",
      "href": "https://app.finbar.com/go?id=T17351388",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "https://www.sec.gov/Archives/edgar/data/1110646/000110465926043468/ntes-20251231x20f.htm",
      "href": "https://www.sec.gov/Archives/edgar/data/1110646/000110465926043468/ntes-20251231x20f.htm",
      "label": "www.sec.gov"
    },
    {
      "id": "P151077932",
      "href": "https://app.finbar.com/go?id=P151077932",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "T17351366",
      "href": "https://app.finbar.com/go?id=T17351366",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "T17351393",
      "href": "https://app.finbar.com/go?id=T17351393",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077569",
      "href": "https://app.finbar.com/go?id=P151077569",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077570",
      "href": "https://app.finbar.com/go?id=P151077570",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077571",
      "href": "https://app.finbar.com/go?id=P151077571",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "T17351370",
      "href": "https://app.finbar.com/go?id=T17351370",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "T17351371",
      "href": "https://app.finbar.com/go?id=T17351371",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "T17351377",
      "href": "https://app.finbar.com/go?id=T17351377",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077941",
      "href": "https://app.finbar.com/go?id=P151077941",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077942",
      "href": "https://app.finbar.com/go?id=P151077942",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077944",
      "href": "https://app.finbar.com/go?id=P151077944",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077610",
      "href": "https://app.finbar.com/go?id=P151077610",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077612",
      "href": "https://app.finbar.com/go?id=P151077612",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077613",
      "href": "https://app.finbar.com/go?id=P151077613",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151079379",
      "href": "https://app.finbar.com/go?id=P151079379",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151076809",
      "href": "https://app.finbar.com/go?id=P151076809",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077890",
      "href": "https://app.finbar.com/go?id=P151077890",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "T17351152",
      "href": "https://app.finbar.com/go?id=T17351152",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151077514",
      "href": "https://app.finbar.com/go?id=P151077514",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "P151103856",
      "href": "https://app.finbar.com/go?id=P151103856",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103883",
      "href": "https://app.finbar.com/go?id=P151103883",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103884",
      "href": "https://app.finbar.com/go?id=P151103884",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151103894",
      "href": "https://app.finbar.com/go?id=P151103894",
      "label": "NetEase, Inc. — Full financial report (2024 Y)",
      "documentId": "D-1c5ac4095d1349569bb18e0fcafb95cf"
    },
    {
      "id": "P151077615",
      "href": "https://app.finbar.com/go?id=P151077615",
      "label": "NetEase, Inc. — Full financial report (2025 Y)",
      "documentId": "D-e3da320801db42dbbdb760c23e8deba4"
    },
    {
      "id": "https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0602/9302683/2020060200053.pdf",
      "href": "https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0602/9302683/2020060200053.pdf",
      "label": "www1.hkexnews.hk"
    },
    {
      "id": "https://www.sec.gov/Archives/edgar/data/1110646/000141057825000728/ntes-20241231x20f.htm",
      "href": "https://www.sec.gov/Archives/edgar/data/1110646/000141057825000728/ntes-20241231x20f.htm",
      "label": "www.sec.gov"
    },
    {
      "id": "https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-and-netease-introduce-starcraftr-ii-and",
      "href": "https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-and-netease-introduce-starcraftr-ii-and",
      "label": "ir.netease.com"
    },
    {
      "id": "https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-partner-netease-mainland-china-world",
      "href": "https://ir.netease.com/news-releases/news-release-details/blizzard-entertainmentr-partner-netease-mainland-china-world",
      "label": "ir.netease.com"
    },
    {
      "id": "https://ir.netease.com/news-releases/news-release-details/alibaba-acquires-import-e-commerce-platform-kaola-netease",
      "href": "https://ir.netease.com/news-releases/news-release-details/alibaba-acquires-import-e-commerce-platform-kaola-netease",
      "label": "ir.netease.com"
    }
  ]
}