--- title: "NetEase (Minutes): Don't worry too much about the future Pipeline" description: "Below is the $NetEase(NTES.US) Q1 2025 earnings call Minutes. For the Quick Interpretation of the earnings report, please refer to "NetEase: From Defense to Offense? Don’t Underestimate the ‘Old T" type: "topic" locale: "en" url: "https://longbridge.com/en/topics/29717707.md" published_at: "2025-05-15T17:23:57.000Z" author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)" --- # NetEase (Minutes): Don't worry too much about the future Pipeline **Below is the earnings call summary for** $NetEase(NTES.US) **Q1 2025. For earnings analysis, please refer to《**[**NetEase: Defense Turns to Offense? The Old Ginger is Still Spicy!**](https://longportapp.cn/zh-CN/topics/29700900)**》** **1\. Key Earnings Highlights:** ![Automatically generated table description](https://pub.pbkrs.com/uploads/2025/bd66d497cdf4a6e257d49d363055f6e1?x-oss-process=style/lg) **2\. Detailed Earnings Call Content** **2.1 Core Management Discussion:** **2.1.1: Games** **Marvel Rivals:** Its successful December launch marked a major milestone for our portfolio and a meaningful step in globalization, building strong momentum globally thanks to acclaimed gameplay and dedicated operations. Q1 saw sustained high engagement, with April’s Season 2 introducing new attractions like the "Hellfire Gala" event, new maps/heroes, and the mutant island Krakoa. Post-update, it reclaimed #1 on Steam’s global top-sellers. To deepen community ties, we’ll adopt 2-month seasons starting Season 3 while rolling out monthly heroes. **FragPunk:** This 5v5 tactical shooter hit 110K peak players within 3 days of March’s PC launch, ranking #6 on Steam. Chapter 2 (April 29) added 70+ vehicles, updated heroes/maps, and debuted on consoles. **Once Human:** The mobile version launched April 24 topped iOS revenue charts in 160+ regions. Its optimized cross-platform experience boosted Steam rankings to #5, expanding our open-world PVP phenomenon. **Where Winds Meet:** Since its December debut, this immersive open-world RPG has attracted 30M+ players with its narrative depth and historical authenticity. A multi-platform global release is planned for late this year. **Blizzard:** Blizzard’s 2024 return drove record engagement—*Overwatch 2* set concurrent player records, *WoW* led social-commerce sales, and *Diablo III* re-entered China via April tech tests. **Legacy Titles:** *Fantasy Westward Journey* celebrated its mobile decade with *White Cat Legend* collaborations; *Identity V* surpassed 400M registrations during its 7th anniversary; *Naraka: Bladepoint* hit revenue highs with new PVE content. Both *Identity V* and *Naraka* were named official esports titles for the 2026 Asian Games—an industry first. **Eggy Party:** Lunar New Year events with *Calabash Brothers* IP drew 100M+ players, setting MAU records. *Justice Mobile*’s "Starry Amusement Park" update and AI-driven NPCs boosted engagement ahead of its Western/SEA expansion in May. **Racing Master** dominated download charts in Japan/Korea/SEA, while *Marvel Duel* gears up for global launch after positive March tests. **2.1.2: Youdao** Youdao’s Q1 operating profit hit new highs. Its AI-powered "Ziyue" LLM now drives dictionary/translation services, boosting ad revenue via overseas influencer campaigns. New products like the tutor-like *Spaceone* device (with open-ended Q&A) further solidify its edtech lead. **2.1.3: Yanxuan** Pet/cleaning products remained top-sellers, with Carsen cups and cat food winning industry awards. **2.2 Q&A Highlights** **Q1:** *Identity V*’s sustained success—lessons for reviving other games? **A:** Its 6-year refinement (especially in Japan) provides a playbook for live ops. We’ll keep investing to expand its asymmetric PVP appeal. **Q2:** *Marvel Rivals*’ season-length adjustments—impact on monetization? **A:** April’s Season 2 lifted metrics. Shifting to 2-month seasons + May esports events will stabilize performance. **Q3:** Overseas studio closures vs. self-published hits like *FragPunk*—strategy shift? **A:** Closures were product-specific. Our global focus (EU/NA/JP/KR) remains, with homegrown titles validating our approach. **Q4:** *Where Winds Meet*’s next steps after strong launch? **A:** This 5-year passion project will be a decade-long staple, with PC-first polish informing future titles. **Q5:** *Once Human* mobile’s soft monetization—plans to boost PC-mobile synergy? **A:** Cross-platform play drove 90% PC concurrency/500% spending spikes post-mobile launch. We’ll add scripted PVP modes and private servers. **Q6:** *FragPunk*’s post-launch dip—differentiation in competitive FPS market? **A:** Its innovative healing mechanics allow rapid iteration. We’ll sustain marketing/IP collaborations while giving the team runway. **Q7:** Domestic vs. overseas resource allocation? **A:** Two decades of tools/talent let us execute globally, though we’re improving on overseas player insights. **Q8:** New game evaluation criteria—what’s next in the pipeline? **A:** Team passion is key. We’ll open our platform to external creators while keeping an unannounced slate. **Q9:** Esports ambitions after *Identity V*/*Naraka*’s Asian Games inclusion? **A:** Our Hangzhou/Shanghai esports arenas will host more premium events, with long-term investments continuing. **Q10:** AI’s impact on content cadence/promotion? **A:** We’ve used AI in development for 5+ years. It’s an industry-wide lever—we’ll keep deepening applications. **Disclosures:** [**Dolphin Research Disclaimer**](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [NTES.US - NetEase](https://longbridge.com/en/quote/NTES.US.md) - [09999.HK - NTES-S](https://longbridge.com/en/quote/09999.HK.md) --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.