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    Dolphin ResearchNov 20, 2025 at 04:18 PM

    NetEase (Minutes): Resources Focused on High-Confidence Products

    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...

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    NetEaseConference Minutes