NetEase's (09999) game business grew steadily, and net profit to mother in the fourth quarter was 8.766.5 billion yuan, up 33.18% year on year

According to the Zhitong Finance App, NetEase (09999) announced the main financial results for the fourth quarter of 2024, with net revenue of RMB 26.748 billion, of which net revenue from games and related value-added services was RMB 212 billion, an increase of 1.5% over the previous year. Gross profit was RMB 16.272 billion, and net profit attributable to the company's shareholders was RMB 8.766.5 billion, an increase of 33.18% over the previous year. Basic net profit per share was $0.38, and the fourth quarter dividend was $0.24405 per share.

Net revenue for 2024 was RMB 105.295 billion, up 1.77% year on year; gross profit of about RMB 65.807 billion, up 4.35% year on year; net profit attributable to shareholders of the company was approximately RMB 29.698 billion, up 0.96% year on year; and basic net profit per share was RMB 9.28 billion.

According to the announcement, the year-on-year increase in gross profit of games and related value-added services was mainly due to an increase in net revenue from online games such as “The Fifth Personality”, “Eternity” mobile games, etc. The year-on-year increase in NetEase Cloud Music's gross profit was mainly due to an increase in net revenue from membership subscriptions and continued improvements in cost control. The year-on-year increase in gross profit from innovation and other businesses was mainly due to the increase in gross profit of NetEase Select and some other businesses in this segment.

“In 2024, we will continue to innovate and bring more groundbreaking gaming experiences to players around the world,” said Mr. Ding Lei, CEO and Director of NetEase. “Our popular new game not only innovated gameplay, but also set a benchmark for the industry. At the same time, our flagship products also remain vibrant, constantly being updated and iterated in design, narrative, and immersive content. Our diverse game product matrix is still expanding categories and attracting more players from around the world, and we continue to focus on improving our ability to innovate, maintain close cooperation with top talents and strategic partners, and lead the gaming boom.”

“In addition to games, Youdao and NetEase Cloud Music will develop healthily in 2024, continuing to focus on providing quality content and excellent user experience. Our pursuit of innovation, global layout, and game diversification continues to drive us to create long-term value for our entire industry, partners, and shareholders.” Mr. Ding Lei concluded.