NetEase FY2025 Q4 Earnings Release

4Q25Investor PresentationInvestor Relations February 11, 2026NetEase

This announcement contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions. In addition, statementsthat are not historical facts, including statements about NetEase’s strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may beimpacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase’s business and operating strategies and its ability to implement suchstrategies; NetEase’s ability to develop and manage its operations and business; competition for, among other things, capital, technologyand skilled personnel; potential changes in regulatory environment in the markets where NetEase operates; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical tensions, including the direct or indirect impacts of national trade, investment, protectionist, tax or other laws or policies as well as export controls and economic or trade sanctions; risks related to the expansion of NetEase’s businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase’s business and financial results. Further information regarding these and other risks is included in NetEase’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law. SAFE HARBOR STATEMENT

NetEase, Inc.NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase”) is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile and PC games available in China and globally.Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education withtechnology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.Beyond games, NetEase service offerings include its majority-controlled subsidiaries Yo u d a o(NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase’s private-label consumer lifestyle brand. For more information, please visit: http://ir.netease.com/.

MARKET SNAPSHOTIn USDNotes: 1Market Cap is calculated usingthe closing price on NASDAQ; Our market cap is HK$611.0 billion based on the closing price on the Hong Kong Stock Exchange2Net cash refers to total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus short-term and long-term loans3The result is based on the latest update in December 2025$78.2 billionMarket Cap 1(2/10/26)Shares Outstanding,Diluted (4Q25)3.2billionBasic Net Income per ADS (GAAP) (4Q25)$1.40Net Revenues (4Q25)$3.9billionNet income attributable to the Company’s shareholders (GAAP) (4Q25)$0.9billionNet cash 2(12/31/25)$23.4billionAAMSCI ESG Rating 3

3,038 3,336 3,141 4Q243Q254Q25Online GamesRelated VASGAMES AND RELATED VALUE-ADDED SERVICES Games and Related Value-added Services Net RevenuesNote: 1 US$1.00 = RMB6.9931 on December 31, 2025. Same exchange rate is applied to all years for illustrative purposesOnline Games97% (4Q25)RelatedVASUSD million1

•After years of concentrated, purposeful effort, achieved comprehensive integration of AI across the full game development andgameplay innovation cycle –from art and design to programming, animation and quality assurance –strengthening high volume, scalable production and enabling the smooth rollout ofdynamic, AI-native gameplay features in multiple flagship titles.•Sustained strong engagement across the Company’s established franchises, demonstrating the durability of its long-term operatingcapabilities. Key titles, including the Fantasy Westward Journeyfranchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet, continued to introduce high-quality content and maintain healthy player communities.•Further strengthened the game portfolio globally. Sword of Justice received a strong reception following its global launch, and Where Winds Meet gained traction on multiple platforms, surpassing 80 million cumulative players and delivering high engagement worldwide. Marvel Rivals also further expanded its global influence through player engagement and industry recognition.•Blizzard titles delivered sustained engagement in China through enriched content and localized experiences, achieving record-high annual revenue and reaffirming NetEase’s long-term commitment to the market.ONLINE GAMESPC & CONSOLE GAMESMOBILE GAMESFlagship Self-Developed PC & Console TitlesSelf-Developed Mobile GamesLicensed Mobile Games From Overseas DevelopersMobile Games in Overseas Markets

192 233 224 80 86 92 98 104 110 116 122 128 134 140 146 152 158 164 170 176 182 188 194 200 206 212 218 224 230 2364Q243Q254Q25Net R evenuesYOUDAOYo u d a o Net RevenuesUSD million1•Yo u d a oprioritized its AI-Native Strategy, drove healthy business development, and achieved its first-ever net cash inflow from operating activities in 2025. •Learning Services segment experienced robust quarterly growth with ongoing tutoring feature iteration. •Online Marketing Services supports growth for clients with enhanced advertising efficiency and streamlined advertising production. •Smart Devices segment was supported by the ongoing popularity of Yo u d a oTutoring Pen products.Note: 1 US$1.00 = RMB6.9931 on December 31, 2025. Same exchange rate is applied to all years for illustrative purposes

2692812814Q243Q254Q25Net RevenuesNETEASE CLOUD MUSICNetEase Cloud MusicNet RevenuesUSD million1Note: 1 US$1.00 = RMB6.9931 on December 31, 2025. Same exchange rate is applied to all years for illustrative purposes•NetEase Cloud Music continued to drive high-quality development of its ecosystem. •It enriched its differentiated music catalogue through both copyright collaborations and its in-house music production.•It also continued to add new features and upgrades to its music discovery and listening experiences. •In 2025, it delivered steady year-over-year growth in both active user base and overall engagement.

INNOVATIVE BUSINESSES AND OTHERSInnovative Businesses and Others Net RevenuesUSD million1NetEaseYa n x u a nWangyiXinwen•163.com Portal & Wa n g y iXinwen App: Delivering quality content across news, sports, technology, fashion, and entertainmentE-mail Services•China’sleading e-mail service provider since 1997•Leading private-label consumer lifestyle brand in China•Continued to strengthen its brand presence with highly popular products in focused categories•Maintained leading sales positions on e-commerce platforms for categories like pet products and household cleaning products327 206 293 4Q243Q254Q25Net R evenuesNote: 1 US$1.00 = RMB6.9931 on December 31, 2025. Same exchange rate is applied to all years for illustrative purposes

5.15.77.32.1FY2 02 3FY2 02 4FY2 02 54Q 2514.815.116.13.9FY2 02 3FY2 02 4FY2 02 54Q 25FINANCIAL HIGHLIGHTSNet RevenuesNet Income Attributable to Shareholders(GAAP)Operating Cash FlowVa l u e R e t u r n e d t o S h a r e h o l d e r sUS$FY2023FY2024FY20254Q25Dividend per ADS (declared)$2.56485$2.58525$2.97500$1.16Total Dividends (declared)$1,649 m$1,651 m$1,896 m$740 mShare Buyback$687 m$1,230 m$93 m-4.2 4.2 4.8 0.9 FY2 02 3FY2 02 4FY2 02 54Q 25Notes: 1US$1.00 = RMB6.9931 on December 31, 2025. Same exchange rate is applied to all years for illustrative purposes2Total dividends (declared) equal to dividend per ADS (declared) multiplied by each quarter’s corresponding weighted average number of ADS outstanding, basic USD billion12

ESG PERFORMANCEMSCI RatingsS&P Global ESG ScoreSustainalyticsRatingsLast Updated: December 2025According to MSCI’s evaluation,NetEase is a leader among over 200 companies in the media & entertainment industryAALast Updated: January 2026NetEase has been selected as a member of the 2022 Dow Jones Sustainability World Index and Dow Jones Sustainability Emerging Markets Index. The Company is also included in the S&P Global Sustainability Yearbook 2025 and 20225014.3Last Updated: August2025NetEase is rated as a low-risk companyNetEase was included in Sustainalytics’list of ESG Top-Rated Companies in 2023

BALANCE SHEET SUMMARY
2024
Dec 31, RMB Dec 31, RMB Dec 31, USD
(Unaudited) (Unaudited)
AS S E T S
Current assets:
Cash and cash equivalents 51,383 47,168 6,745
Time deposits 75,441 92,639 13,247
Other current assets 26,501 40,808 5,836
To ta l c u r r e n t a s s e ts 153,325 180,615 25,828
Property, equipment and software, net 8,520 8,425 1,205
Other non-current assets 34,147 32,375 4,629
To ta l a s s e ts 195,992 221,415 31,662
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS & SHAREHOLDERS’ EQUITY
Current liabilities:
Contract liabilities 15,299 20,515 2,934
Other current liabilities 34,369 31,854 4,555
To ta l c u r r e n t li a b i li ti e s 49,668 52,369 7,489
To ta l li a b i li ti e s 53,497 56,311 8,052
Redeemable nonc ontr olli ng i nter ests 85 91 13
To ta l e q u i ty 142,410 165,013 23,597
To ta l li a b i li ti e s , r e d e e ma b le n o n c o n tr o lli n g i n te r e s ts
and shareholders’ equity 195,992 221,415 31,662
in millions
2025

UNAUDITED INCOME STATEMENT SUMMARYNote: All percentages are calculated based on numbers in millions except per ADS data
4Q24 3Q25 4Q25 4Q25 QoQ YoY
RMB RMB RMB USD Change Change
Total net revenues: 26,748 28,359 27,547 3,939 -2.9% 3.0%
Games and related value-added services 21,242 23,328 21,967 3,141 -5.8% 3.4%
Youdao 1,340 1,629 1,565 224 -3.9% 16.8%
NetEa se Clo u d Mu sic 1,880 1,964 1,968 281 0.2% 4.7%
Innovative businesses and others 2,286 1,438 2,047 293 42.4% -10.5%
Gross profit 16,272 18,178 17,692 2,530 -2.7% 8.7%
Gross profit margin 60.8% 64.1% 64.2% 64.2%
Operating profit 7,821 8,013 8,319 1,190 3.8% 6.4%
Operating profit margin 29.2% 28.3% 30.2% 30.2%
Net income attributable to the Company’s shareholders 8,766 8,616 6,242 893 -27.6% -28.8%
Diluted net income per ADS ¥13.67 ¥13.36 ¥9.66 $1.38 -27.7% -29.3%
in m illions except per ADS data & percentage data

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