NetEase FY2025 Q3 Earnings Release

3Q25Investor PresentationInvestor Relations November 20, 2025NetEase

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$682.6 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 October 2024$84.5 billionMarket Cap 1(11/19/25)Shares Outstanding,Diluted (3Q25)3.2billionBasic Net Income per ADS (GAAP) (3Q25)$1.90Net Revenues (3Q25)$4.0billionNet income attributable to the Company’s shareholders (GAAP) (3Q25)$1.2billionNet cash 2(9/30/25)$21.5billionAAMSCI ESG Rating 3

2,931 3,204 3,277 3Q242Q253Q25Online GamesRelated VASGAMES AND RELATED VALUE-ADDED SERVICES Games and Related Value-added Services Net RevenuesNote: 1 US$1.00 = RMB7.1190 on September 30, 2025. Same exchange rate is applied to all years for illustrative purposesOnline Games98% (3Q25)RelatedVASUSD million1

•Showcased strong long-term operating capabilities with enduring player engagement across well-established titles. Notably, Fantasy Westward Journey Onlineachieved foursuccessive record peak concurrent player counts since the third quarter, reaching a height of 3.58 million. Multiple establishedtitles strengthened player appeal through innovative gameplay updates and crossover synergy events, including Fantasy Westward Journey mobile game, Identity V, Eggy Party, Sword of Justice and Where Winds Meet.•Strengthened the global portfolio and pipeline with new games across a variety of genres.•Destiny: Rising topped the iOS download chart in multiple regions across Western markets with its August 28 global launch, as well as in China with its October 16 domestic launch.•ANANTAsparked substantial enthusiasm with its brand-new experience at Tokyo Games Show 2025’splaytesting session.•Sword of Justice and Where Winds Meethit global markets on November 7 and 14, respectively, bringing captivating, distinctive Wuxia worlds to players everywhere.•Sea of Remnants is advancing steadily toward its planned 2026 launch.•Blizzard titles continued to deliver enhanced experiences to Chinese players. World of Warcraftlaunched the long-awaited, China-exclusive Titan Reforged Server on November 18, igniting strong enthusiasm among local players. Diablo II: Resurrected returned to China on August 27, followed by StarCraft II on October 28, while Diablo IV is scheduled to launch on December 12, to deliver another exceptional experience to players in China.ONLINE GAMESPC & CONSOLE GAMESMOBILE GAMESFlagship Self-Developed PC & Console TitlesSelf-Developed Mobile GamesLicensed Mobile Games From Overseas DevelopersMobile Games in Overseas Markets

221 199 229 3Q242Q253Q25Net R evenuesYOUDAOYo u d a o Net RevenuesUSD million1•Yo u d a ocontinued to solidly execute its AI-Native strategy.•Its learning services partnered with the Yau Mathematical Sciences Center of Tsinghua University, providing technical support to a platform, which is designed to identify and support mathematically gifted students.•Online marketing services continued to capture the growing demand from the gaming industry and overseas markets, achieving robust growth.•Its smart devices continued to enrich product offerings with technology upgrades, and launched a new tutoring pen, Yo u d a oSpace X in the third quarter.Note: 1 US$1.00 = RMB7.1190 on September 30, 2025. Same exchange rate is applied to all years for illustrative purposes

2812772763Q242Q253Q25Net RevenuesNETEASE CLOUD MUSICNetEase Cloud MusicNet RevenuesUSD million1Note: 1 US$1.00 = RMB7.1190 on September 30, 2025. Same exchange rate is applied to all years for illustrative purposes•One of the leading online music platforms in China, featuring an interactive content community for music enthusiasts in terms of user scale and engagement•Provide community-centric online music services and social entertainment services•Leveraging its iconic cornerstone product and ancillary, and social entertainment products, NetEase Cloud Music empowers music enthusiasts with a wide variety of technology-driven tools to discover, enjoy, share and create diverse music and music-inspired content and to interact with each other

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 products249 239 202 -90. 0%-70. 0%-50. 0%-30. 0%-10. 0%10. 0%30. 0%50. 0%3Q242Q253Q25Net R evenuesNote: 1 US$1.00 = RMB7.1190 on September 30, 2025. Same exchange rate is applied to all years for illustrative purposes

3.95.05.61.8FY2 02 2FY2 02 3FY2 02 43Q 2513.614.514.84.0FY2 02 2FY2 02 3FY2 02 43Q 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$FY2022FY2023FY20243Q25Dividend per ADS (declared)$1.38700$2.56485$2.58525$0.57000Total Dividends (declared)$906 m$1,649 m$1,651 m$364 mShare Buyback$1,187 m$687 m$1,230 m-2.94.14.21.2 FY2 02 2FY2 02 3FY2 02 43Q 25Notes: 1US$1.00 = RMB7.1190 on September 30, 2025. Same exchange rate is applied to all years for illustrative purposes2Total dividends (declared) equals 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: October2024According to MSCI’s evaluation,NetEase is a leader among 232 companies in the media & entertainment industryAALast Updated: September 2024NetEase 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 20225214.3Last 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, RM B Sep 30, RMB Sep 30, USD
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents 51,383 31,327 4,400
Time deposits 75,441 93,552 13,141
Other current assets 26,501 46,331 6,509
Total current assets 153,325 171,210 24,050
Property, equipment and software, net 8,520 8,517 1,196
Other non-current assets 34,147 34,762 4,883
Total assets 195,992 214,489 30,129
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS &
SHAREHOLDERS’ EQUITY
Current liabilities:
Contract liabilities 15,299 19,474 2,735
Other current liabilities 34,369 30,615 4,301
Total current liabilities 49,668 50,089 7,036
Total liabilities 53,497 53,557 7,523
Redeemable noncontrolling interests 85 89 13
Total equity 142,410 160,843 22,593
Total liabilities, redeemable noncontrolling interests
and shareholders’ equity 195,992 214,489 30,129
in millions
2025

UNAUDITED INCOME STATEMENT SUMMARYNote: All percentages are calculated based on numbers in millions except per ADS data
3Q24 2Q25 3Q25 3Q25 QoQ YoY
RMB RMB RMB USD Change Change
Total net revenues: 26,210 27,892 28,359 3,984 1.7% 8.2%
Games and related value-added services 20,864 22,806 23,328 3,277 2.3% 11.8%
Youdao 1,573 1,418 1,629 229 14.9% 3.6%
NetEa se Clo u d Mu sic 1,999 1,969 1,964 276 -0.2% -1.8%
Innovative businesses and others 1,774 1,699 1,438 202 -15.4% -18.9%
Gross profit 16,477 18,052 18,178 2,553 0.7% 10.3%
Gross profit margin 62.9% 64.7% 64.1% 64.1%
Operating profit 7,147 9,061 8,013 1,126 -11.6% 12.1%
Operating profit margin 27.3% 32.5% 28.3% 28.3%
Net income attributable to the Company’s shareholders 6,538 8,601 8,616 1,210 0.2% 31.8%
Diluted net income per ADS ¥10.14 ¥13.36 ¥13.36 $1.88 0.0% 31.8%
in m illions except per ADS data & percentage data

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