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Stocks / Foreign companies / NTES · Services-Prepackaged Software

NetEase, Inc. (NTES)

NetEase, Inc. files a 20-F with the SEC once a year, in renminbi. In the year to 31 December 2025 it reported revenue of CNY 112,626 million, up 7.0% on the year before. Its profit attributable to shareholders was CNY 33,760 million, up 13.7%, and diluted earnings per share CNY 10.48.

Earnings per share are per ordinary share, in renminbi. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on NTES

Planned insider sales2 Form 144 notices in twelve months, $1.4 million; latest 1 September 2026
Options tapeput/call 0.95 by open interest on 26 September 2026; the straddle prices a 6.2% move to 16 October 2026
Holders8 of the followed funds hold it; largest FMR LLC; 0 Schedule 13D or 13G filings in twelve months
Congress0 House trades disclosed in six months
Short interest3.0 million shares short, 4.24 days to cover at 15 September 2026

Profit and loss, 12 fiscal years

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020*Dec 2019Dec 2018*Dec 2017*Dec 2016Dec 2015Dec 2014
Revenue112,626105,295103,46896,49687,60673,66759,24151,17944,43738,17922,80312,480
Cost of sales40,22439,48840,40543,73040,63534,68427,68623,83228,18916,5159,3993,262
Gross profit72,40265,80763,06352,76646,97138,98331,55527,34625,04321,66413,4048,451
Research and development17,71917,52516,48515,03914,07610,3698,4137,3784,1623,0472,1591,323
Operating profit35,83529,58427,70919,62916,41714,53813,7919,97712,99512,6297,2724,765
Profit before tax40,83035,71834,05724,25021,10415,37216,38311,07713,84013,8958,1105,458
Income tax6,0335,4614,7005,0324,1283,0422,9152,4612,1562,1021,273663
Profit for the year34,79830,25629,35719,84316,97612,33021,4316,47710,84911,7936,8374,796
Profit attributable to shareholders33,76029,69829,41720,33816,85712,06321,2386,15210,70811,6056,7354,757

CNY million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the US GAAP tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. A year marked * shows the figure as the company restated it in a later annual report (Dec 2017, Dec 2018, Dec 2020); the first-filed figure is in the CSV. For Dec 2017, Dec 2018, Dec 2019, Dec 2020, Dec 2021, Dec 2022, Dec 2023, Dec 2024, Dec 2025 the company files only its profit available to ordinary shareholders, after amounts due to holders of preference shares, and that is the figure shown; the other years are the profit attributable to the parent's shareholders. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020*Dec 2019Dec 2018*Dec 2017*Dec 2016Dec 2015Dec 2014
Diluted EPS10.489.199.056.175.013.606.531.893.233.512.041.45
Basic EPS10.599.289.156.235.073.656.591.903.253.542.051.46

CNY per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020*Dec 2019Dec 2018*Dec 2017*Dec 2016Dec 2015Dec 2014
Cash from operations50,74039,67735,33127,70924,92724,88817,21613,41611,88915,4888,077n/a
Purchase of property, plant and equipment1,0651,2752,3022,1001,6021,0561,2092,1691,6541,136866537
Free cash flow49,67438,40133,03025,60923,32523,83316,00711,24610,23514,3537,211n/a
Dividends paid13,82611,1658,0146,7243,5084,2808,8411,4403,2582,5461,4681,983

CNY million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020*Dec 2019Dec 2018*Dec 2017*Dec 2016Dec 2015Dec 2014
Total assets221,415195,992185,925172,761153,644141,875112,12486,96871,03158,03241,15730,355
Equity attributable to shareholders160,296138,686124,286104,73195,32882,12761,45445,23245,73238,19129,24023,390
Cash and cash equivalents47,16851,38321,42924,88914,4989,1173,2464,9772,7645,4396,0712,021
Trade and other receivables5,3385,6696,4225,0035,5084,5764,1694,0023,6204,2512,614873
Inventories6895726959949655926511,0665,4751,57881828.3
Goodwill1,8551,8551,8552,166595319n/an/an/an/an/an/a

CNY million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020*Dec 2019Dec 2018*Dec 2017*Dec 2016Dec 2015Dec 2014
Gross margin64.3%62.5%60.9%54.7%53.6%52.9%53.3%53.4%56.4%56.7%58.8%67.7%
Operating margin31.8%28.1%26.8%20.3%18.7%19.7%23.3%19.5%29.2%33.1%31.9%38.2%
Net margin30.0%28.2%28.4%21.1%19.2%16.4%35.8%12.0%24.1%30.4%29.5%38.1%
Free cash flow margin44.1%36.5%31.9%26.5%26.6%32.4%27.0%22.0%23.0%37.6%31.6%n/a
Return on year-end equity21.1%21.4%23.7%19.4%17.7%14.7%34.6%13.6%23.4%30.4%23.0%20.3%
Effective tax rate14.8%15.3%13.8%20.7%19.6%19.8%17.8%22.2%15.6%15.1%15.7%12.1%

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202515 April 2026EDGAR
20-F31 December 202415 April 2025EDGAR
20-F31 December 202325 April 2024EDGAR
20-F31 December 202227 April 2023EDGAR
20-F31 December 202128 April 2022EDGAR
20-F31 December 202028 April 2021EDGAR
20-F31 December 201929 April 2020EDGAR
20-F31 December 201826 April 2019EDGAR
20-F31 December 201720 April 2018EDGAR
20-F31 December 201621 April 2017EDGAR
20-F31 December 201522 April 2016EDGAR
20-F31 December 201424 April 2015EDGAR

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