Key takeaways from Netease's 2Q26 earnings call.

Non-GAAP net profit attributable to shareholders was RMB 7.7bn, down YoY on investment losses. Investment losses were the key drag.

The July release 'Sea of Remnants' drew heavy negative feedback due to a steep early learning curve. The company is leaning into a 'fewer-but-better' pipeline and AI-driven efficiency. The upcoming title 'Ananta' will be showcased at Gamescom next week.

$NTES(09999.HK) $NetEase(NTES.US) released its Q2 2026 results after the HK close on Aug. 20 (Beijing time). The Q2 print was decent. Headline profit appeared to miss, largely due to investment losses.

Underlying core operations stayed strong, with profit growth supported by a higher mix of self-developed titles and tight cost control. The key drawback remains a thin pipeline, which kept a lid on the top line and was already reflected in deferred revenue in Q2.

Specifically: 1) slight beat overall. Total revenue was RMB 30.1bn (+8% YoY), driven by the core games biz...

Below is Dolphin Research's transcript of $NetEase(NTES.US) $NTES(09999.HK) 1Q26 earnings call.

$NetEase(NTES.US) released its Q1 2026 results after the Hong Kong close on May 21 (Beijing time).

Below is Dolphin Research's FY25 Q4 earnings call Trans for $NetEase(NTES.US). For the earnings analysis, cf. 'NetEase: The Pig Farm Still Has to Hold On'.

$NTES(09999.HK) $NetEase(NTES.US) released its Q4 2025 results after the Hong Kong close on Feb 11 (Beijing time). Overall, Q4 missed consensus as mobile titles stayed weak.

The following are the Minutes of the 2025 Q3 earnings call for $NetEase-S (09999.HK)$ NetEase (NTES.US) organized by Dolphin Research. For an interpretation of the financial report, please refer to "NetEase: The Last Kneel Before the 'Pig Cycle'?" 1. Review of Core Financial Data 1. Revenue Overview: Total net revenue: RMB 28.4 billion (approximately USD 4 billion), an 8% year-over-year increase. Net revenue from games and related value-added services: RMB 23.3 billion, a 12% year-over-year increase. Net revenue from online games: RMB 22.8 billion, a 3% quarter-over-quarter increase and a 13% year-over-year increase...

$NTES(09999.HK) $NetEase(NTES.US) released its Q3 2025 financial report for the Hong Kong stock market after hours on November 20th, Beijing time. Similar to Q2, it was another miss under full expectations. Considering that some institutions mentioned the risk of overly high expectations at the beginning of the month, some funds may have taken precautions. In the current emotional environment, the market is certainly dissatisfied with this performance. However, considering that the stock price has been adjusted for a long time, it may improve due to the resilience of the gaming sector and the expected improvement in the pipeline next year...

The following are the minutes of NetEase's Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "NetEase's Volatility? Veterans Still Have Strong Capabilities." 1. Review of Core Financial Information: 1. Cash Flow: As of June 30, 2025, the company's net cash totaled approximately RMB 142.1 billion, compared to RMB 137 billion at the end of the previous quarter, indicating a strong cash position. 2. Shareholder Return Plan: (1) The board has approved a second-quarter dividend of $0.1140per share, or $0.57 per ADS...

$NTES(09999.HK) $NetEase(NTES.US) released its Q2 2025 financial report after the Hong Kong stock market closed on August 14, Beijing time. The overall performance was not bad, but it did not match the optimistic expectations and the valuation increase under positive sentiment before the financial report, so the market feedback was relatively negative, and there is a short-term need to digest the expectation gap. Specifically: 1. Game revenue was below expectations: Q2 game and value-added services combined grew by 13.7%, with the core game segment growing by 15%, which was below the market's positive expectations...