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    NetEase Announces Second Quarter 2024 Unaudited Financial Results

    8/22/24 5:01:00 AM ET
    $DAO
    $NTES
    Other Consumer Services
    Real Estate
    Computer Software: Prepackaged Software
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    HANGZHOU, China, Aug. 22, 2024 /PRNewswire/ -- NetEase, Inc. (NASDAQ:NTES, ", NetEase", or the ", Company", ))), a leading internet and game services provider, today announced its unaudited financial results for the second quarter ended June 30, 2024.

    Second Quarter 2024 Financial Highlights

    • Net revenues were RMB25.5 billion (US$3.5 billion), an increase of 6.1% compared with the same quarter of 2023.
      • Games and related value-added services net revenues were RMB20.1 billion (US$2.8 billion), an increase of 6.7% compared with the same quarter of 2023.
      • Youdao net revenues were RMB1.3 billion (US$181.9 million), an increase of 9.5% compared with the same quarter of 2023.
      • Cloud Music net revenues were RMB2.0 billion (US$280.8 million), an increase of 4.7% compared with the same quarter of 2023.
      • Innovative businesses and others net revenues were RMB2.1 billion (US$284.5 million), which was relatively stable compared with the same quarter of 2023.
    • Gross profit was RMB16.0 billion (US$2.2 billion), an increase of 11.6% compared with the same quarter of 2023.
    • Total operating expenses were RMB9.0 billion (US$1.2 billion), an increase of 8.9% compared with the same quarter of 2023.
    • Net income attributable to the Company's shareholders was RMB6.8 billion (US$930.0 million). Non-GAAP net income attributable to the Company's shareholders was RMB7.8 billion (US$1.1 billion).[1]
    • Basic net income per share was US$0.29 (US$1.45 per ADS). Non-GAAP basic net income per share was US$0.33 (US$1.67 per ADS).[1]

    [1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement.

    Second Quarter 2024 and Recent Operational Highlights

    • Launched popular new titles, further enhancing our appeal in diversified genres:
      • Lost Light mobile game, a multiplayer tactical shooter game, topped the iOS download charts in China following its June launch.
      • Once Human, a multiplayer open-world survival game set in a post-apocalyptic world, attained over 230,000 peak concurrent users on Steam soon after its launch, ranking among the top 5 most-played games in the world.
      • Naraka: Bladepoint mobile game hit the top 3 on iOS grossing charts soon after launch in China, and topped the iOS download chart for over a week.
    • Generated continued popularity of hit games, with Naraka: Bladepoint reaching record-high DAUs on its three-year anniversary, and Identity V continuing its strong performance, hitting record-high DAUs in July and August, consecutively.
    • Brought highly anticipated NetEase titles to partners' world-leading gaming platforms:
      • Unveiled plans to bring Where Winds Meet and Marvel Rivals to consoles at PlayStation State of Play. Marvel Rivals also announced during Gamescom its release date for December 6th.
      • Announced FragPunk, a 5v5 first-person hero shooter game, at the Xbox Games Showcase 2024, highlighting its innovative shooting experience with unique card mechanics.
      • Eggy Party joined Nintendo Direct with upcoming plans for a worldwide release on Switch.
    • Brought World of Warcraft back to China with players enthusiastically welcoming the unfolding return of Blizzard's game portfolio.
    • Youdao continued to drive growth in digital content services, online marketing services and AI-driven subscription services, recording historic-high operating cash flow and significantly narrowed operating loss compared with the same quarter of last year.
    • Cloud Music continued to propel quality development across its music-centric ecosystem, further augmented its unique community, and kept bringing users high-quality music experiences.

    "The robust R&D and operating capabilities we've built over the past two decades have shaped our formidable games portfolio of time-honored titles and newer innovative hits that redefine genres and diversify our offerings," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "With a growing portfolio of games that feature higher quality and cover more genres, we are thrilled to bring exciting NetEase gaming experiences to more players around the globe. As we expand our reach to players in China and worldwide, innovation remains our priority. We will continue to explore opportunities with talent and partners in the industry to drive the next wave of gaming trends. 

    "Alongside our games, Cloud Music and Youdao are also on track for continued growth this year. Superior content is the thread that connects our NetEase family, and we continue to bring experiences that resonate with our users across our businesses," Mr. Ding concluded. 

    Second Quarter 2024 Financial Results

    Net Revenues

    Net revenues for the second quarter of 2024 were RMB25.5 billion (US$3.5 billion), compared with RMB26.9 billion and RMB24.0 billion for the preceding quarter and the same quarter of 2023, respectively.

    Net revenues from games and related value-added services were RMB20.1 billion (US$2.8 billion) for the second quarter of 2024, compared with RMB21.5 billion and RMB18.8 billion for the preceding quarter and the same quarter of 2023, respectively. Net revenues from the operation of online games accounted for approximately 96.1% of the segment's net revenues for the second quarter of 2024, compared with 95.2% and 91.7% for the preceding quarter and the same quarter of 2023, respectively. Net revenues from mobile games accounted for approximately 76.4% of net revenues from the operation of online games for the second quarter of 2024, compared with 78.6% and 73.6% for the preceding quarter and the same quarter of 2023, respectively. 

    Net revenues from Youdao were RMB1.3 billion (US$181.9 million) for the second quarter of 2024, compared with RMB1.4 billion and RMB1.2 billion for the preceding quarter and the same quarter of 2023, respectively.

    Net revenues from Cloud Music were RMB2.0 billion (US$280.8 million) for the second quarter of 2024, compared with RMB2.0 billion and RMB1.9 billion for the preceding quarter and the same quarter of 2023, respectively.

    Net revenues from innovative businesses and others were RMB2.1 billion (US$284.5 million) for the second quarter of 2024, compared with RMB2.0 billion and RMB2.1 billion for the preceding quarter and the same quarter of 2023, respectively.

    Gross Profit

    Gross profit for the second quarter of 2024 was RMB16.0 billion (US$2.2 billion), compared with RMB17.0 billion and RMB14.4 billion for the preceding quarter and the same quarter of 2023, respectively.

    The quarter-over-quarter decrease in games and related value-added services' gross profit was primarily due to lower net revenues from certain mobile games. The year-over-year increase was primarily due to increased net revenues from mobile games such as Identity V and Justice mobile game, launched in 2023.

    The quarter-over-quarter decrease in Youdao's gross profit was primarily due to lower net revenues from its learning services. The year-over-year increase was primarily due to higher net revenues from its online marketing services.

    The quarter-over-quarter decrease in Cloud Music's gross profit primarily resulted from the one-off adjustment of certain copyright costs in the preceding quarter. The year-over-year increase was primarily due to increased net revenues from sales of membership subscriptions and continued improvement in cost control measures.

    The quarter-over-quarter and year-over-year increases in innovative businesses and others' gross profit were primarily due to increased gross profit from Yanxuan and several other businesses included within the segment.

    Gross Profit Margin

    Gross profit margin for games and related value-added services for the second quarter of 2024 was 70.0%, compared with 69.5% and 67.4% for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter and year-over-year increases were mainly attributable to changes in product mix.

    Gross profit margin for Youdao for the second quarter of 2024 was 48.2%, compared with 49.0% and 47.0% for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter decrease was mainly due to decreased revenue contribution from its learning services. The year-over-year increase was mainly due to the improvement of gross profit margin from its online marketing services.

    Gross profit margin for Cloud Music for the second quarter of 2024 was 32.1%, compared with 38.0% and 27.0% for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter and year-over-year fluctuations were mainly due to the factors enumerated above. The one-off adjustment of copyright costs mentioned above increased the gross profit margin in the preceding quarter by approximately five percentage points. 

    Gross profit margin for innovative businesses and others for the second quarter of 2024 was 34.0%, compared with 33.4% and 29.5% for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter and year-over-year increases were mainly due to changes in the product mix within the segment.

    Operating Expenses

    Total operating expenses for the second quarter of 2024 were RMB9.0 billion (US$1.2 billion), compared with RMB9.4 billion and RMB8.3 billion for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter decrease was mainly due to decreased marketing expenditures related to games and related value-added services. The year-over-year increase was mainly due to increased research and development investments and marketing expenditures associated with games and related value-added services.

    Other Income/(Expenses)

    Other income/(expenses) consisted of investment income, interest income, exchange gains/(losses) and others. The quarter-over-quarter and year-over-year decreases were mainly due to net exchange losses in the second quarter of 2024 compared with net exchange gains recorded in the preceding quarter and the same quarter of 2023.

    Income Tax

    The Company recorded a net income tax charge of RMB1.3 billion (US$179.0 million) for the second quarter of 2024, compared with RMB1.5 billion and RMB712.1 million for the preceding quarter and the same quarter of 2023, respectively. The effective tax rate for the second quarter of 2024 was 16.0%, compared with 16.0% and 8.0% for the preceding quarter and the same quarter of 2023, respectively. The effective tax rate represents certain estimates by the Company as to the tax obligations and benefits applicable to it in each quarter.

    Net Income and Non-GAAP Net Income

    Net income attributable to the Company's shareholders totaled RMB6.8 billion (US$930.0 million) for the second quarter of 2024, compared with RMB7.6 billion and RMB8.2 billion for the preceding quarter and the same quarter of 2023, respectively.

    NetEase reported basic net income of US$0.29 per share (US$1.45 per ADS) for the second quarter of 2024, compared with US$0.33 per share (US$1.64 per ADS) and US$0.35 per share (US$1.76 per ADS) for the preceding quarter and the same quarter of 2023, respectively.

    Non-GAAP net income attributable to the Company's shareholders totaled RMB7.8 billion (US$1.1 billion) for the second quarter of 2024, compared with RMB8.5 billion and RMB9.0 billion for the preceding quarter and the same quarter of 2023, respectively.

    NetEase reported non-GAAP basic net income of US$0.33 per share (US$1.67 per ADS) for the second quarter of 2024, compared with US$0.36 per share (US$1.82 per ADS) and US$0.39 per share (US$1.93 per ADS) for the preceding quarter and the same quarter of 2023, respectively.

    Other Financial Information

    As of June 30, 2024, the Company's net cash (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 loans) totaled RMB116.1 billion (US$16.0 billion), compared with RMB110.9 billion as of December 31, 2023. Net cash provided by operating activities was RMB6.5 billion (US$898.8 million) for the second quarter of 2024, compared with RMB9.6 billion and RMB7.7 billion for the preceding quarter and the same quarter of 2023, respectively.

    Quarterly Dividend

    The board of directors has approved a dividend of US$0.0870 per share (US$0.4350 per ADS) for the second quarter of 2024 to holders of ordinary shares and holders of ADSs as of the close of business on September 6, 2024, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on September 6, 2024 (Beijing/ Hong Kong Time). The payment date is expected to be September 17, 2024 for holders of ordinary shares and on or around September 20, 2024 for holders of ADSs.

    NetEase paid a dividend of US$0.0990 per share (US$0.4950 per ADS) for the first quarter of 2024 in June 2024.

    Under the Company's current dividend policy, the determination to make dividend distributions and the amount of such distribution in any particular quarter will be made at the discretion of its board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.

    Share Repurchase Program

    On November 17, 2022, the Company announced that its board of directors had approved a share repurchase program of up to US$5.0 billion of the Company's ADSs and ordinary shares in open market transactions. This share repurchase program commenced on January 10, 2023 and will be in effect for a period not to exceed 36 months from such date. As of June 30, 2024, approximately 11.9 million ADSs had been repurchased under this program for a total cost of US$1.1 billion.

    The extent to which NetEase repurchases its ADSs and its ordinary shares depends upon a variety of factors, including market conditions. These programs may be suspended or discontinued at any time.

    ** The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB. 

    Conference Call

    NetEase's management team will host a teleconference call with a simultaneous webcast at 8:00 a.m. New York Time on Thursday, August 22, 2024 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, August 22, 2024). NetEase's management will be on the call to discuss the quarterly results and answer questions.

    Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10040836, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10040836. The replay will be available through August 29, 2024.

    This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.

    About NetEase, Inc.

    NetEase, Inc. (NASDAQ:NTES, ", 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 with technology, 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 Youdao (NYSE:DAO), an intelligent learning company with industry-leading technology, and 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/.

    Forward Looking Statements

    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, statements that 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 be impacted 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 such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in government regulation that could adversely affect the industry and geographical markets in which 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 economic uncertainty and capital market disruption; risks related to the expansion of NetEase's businesses and operations internationally; risks associated with cybersecurity threats or incidents; and the risk that fluctuations in the value of the Renminbi with respect to other currencies 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.

    Non-GAAP Financial Measures

    NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per ADS and per share, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

    NetEase defines non-GAAP net income attributable to the Company's shareholders as net income attributable to the Company's shareholders excluding share-based compensation expenses. Non-GAAP net income attributable to the Company's shareholders enables NetEase's management to assess its operating results without considering the impact of share-based compensation expenses. NetEase believes that this non-GAAP financial measure provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors' assessment of its operating performance.

    Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income attributable to the Company's shareholders is that it does not reflect all items of expense/ income that affect our operations. Share-based compensation expenses have been and may continue to be incurred in NetEase's business and are not reflected in the presentation of non-GAAP net income attributable to the Company's shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.

    NetEase compensates for these limitations by reconciling non-GAAP net income attributable to the Company's shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.

    Contact for Media and Investors:

    Email: [email protected]

    Tel: (+86) 571-8985-3378

     

    NETEASE, INC.











    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS





    (in thousands)













     December 31,  



     June 30,  



     June 30,  



    2023



    2024



    2024



     RMB  



     RMB  



     USD (Note 1) 

    Assets











    Current assets:











       Cash and cash equivalents

    21,428,902



    18,982,239



    2,612,043

       Time deposits

    100,856,034



    93,456,225



    12,860,005

       Restricted cash

    2,777,206



    2,869,827



    394,901

       Accounts receivable, net

    6,422,417



    6,364,847



    875,832

       Inventories

    695,374



    574,441



    79,046

       Prepayments and other current assets, net

    6,076,595



    5,487,749



    755,139

       Short-term investments

    4,436,057



    10,417,802



    1,433,537

    Total current assets

    142,692,585



    138,153,130



    19,010,503













    Non-current assets:











       Property, equipment and software, net 

    8,075,044



    8,092,032



    1,113,501

       Land use rights, net

    4,075,143



    4,022,255



    553,481

       Deferred tax assets 

    1,560,088



    1,504,697



    207,053

       Time deposits

    1,050,000



    3,940,000



    542,162

       Restricted cash

    550



    3,250



    447

       Other long-term assets

    28,471,568



    27,627,257



    3,801,637

    Total non-current assets

    43,232,393



    45,189,491



    6,218,281

    Total assets 

    185,924,978



    183,342,621



    25,228,784













    Liabilities, Redeemable Noncontrolling Interests

        and Shareholders' Equity











    Current liabilities:











       Accounts payable 

    881,016



    792,003



    108,983

       Salary and welfare payables

    4,857,206



    3,606,360



    496,252

       Taxes payable

    2,571,534



    2,381,220



    327,667

       Short-term loans

    19,240,163



    13,187,247



    1,814,626

       Contract liabilities

    13,362,166



    13,615,857



    1,873,604

       Accrued liabilities and other payables

    12,930,399



    12,345,208



    1,698,757

    Total current liabilities

    53,842,484



    45,927,895



    6,319,889













    Non-current liabilities:











       Deferred tax liabilities

    2,299,303



    1,448,781



    199,359

       Long-term loans

    427,997



    427,997



    58,894

       Other long-term liabilities

    1,271,113



    1,192,543



    164,099

    Total non-current liabilities

    3,998,413



    3,069,321



    422,352

    Total liabilities

    57,840,897



    48,997,216



    6,742,241













    Redeemable noncontrolling interests 

    115,759



    119,498



    16,443













    NetEase, Inc.'s shareholders' equity

    124,285,776



    130,909,906



    18,013,803

    Noncontrolling interests

    3,682,546



    3,316,001



    456,297

    Total equity

    127,968,322



    134,225,907



    18,470,100













    Total liabilities, redeemable noncontrolling 

        interests and shareholders' equity    

    185,924,978



    183,342,621



    25,228,784













    The accompanying notes are an integral part of this announcement.









     

     

    NETEASE, INC.





























    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME





















    (in thousands, except per share data or per ADS data)





























     Three Months Ended 



    Six Months Ended





    June 30, 



    March 31, 



    June 30, 



     June 30,  



     June 30,  



    June 30, 



    June 30, 





    2023



    2024



    2024



    2024



    2023



    2024



    2024





     RMB 



     RMB 



     RMB 



     USD (Note 1) 



    RMB



    RMB



    USD (Note 1)































    Net revenues



    24,011,301



    26,851,741



    25,485,805



    3,506,963



    49,057,588



    52,337,546



    7,201,886

    Cost of revenues



    (9,635,888)



    (9,835,821)



    (9,443,587)



    (1,299,481)



    (19,785,629)



    (19,279,408)



    (2,652,935)

    Gross profit



    14,375,413



    17,015,920



    16,042,218



    2,207,482



    29,271,959



    33,058,138



    4,548,951































    Operating expenses:





























    Selling and marketing expenses 



    (3,271,705)



    (4,022,204)



    (3,501,737)



    (481,855)



    (6,176,751)



    (7,523,941)



    (1,035,329)

    General and administrative expenses



    (1,132,147)



    (1,196,475)



    (1,091,441)



    (150,187)



    (2,153,825)



    (2,287,916)



    (314,828)

    Research and development expenses 



    (3,908,907)



    (4,174,758)



    (4,455,717)



    (613,127)



    (7,658,639)



    (8,630,475)



    (1,187,593)

    Total operating expenses



    (8,312,759)



    (9,393,437)



    (9,048,895)



    (1,245,169)



    (15,989,215)



    (18,442,332)



    (2,537,750)

    Operating profit



    6,062,654



    7,622,483



    6,993,323



    962,313



    13,282,744



    14,615,806



    2,011,201































    Other income/(expenses):





























    Investment income, net



    287,691



    179,291



    103,674



    14,266



    759,059



    282,965



    38,937

    Interest income, net



    935,578



    1,277,597



    1,186,219



    163,229



    1,711,608



    2,463,816



    339,032

    Exchange gains/(losses), net



    1,464,956



    15,011



    (239,375)



    (32,939)



    1,078,388



    (224,364)



    (30,874)

    Other, net



    120,826



    193,888



    85,694



    11,792



    378,859



    279,582



    38,472

    Income before tax



    8,871,705



    9,288,270



    8,129,535



    1,118,661



    17,210,658



    17,417,805



    2,396,768

    Income tax



    (712,090)



    (1,485,910)



    (1,300,939)



    (179,015)



    (2,340,649)



    (2,786,849)



    (383,483)

    Net income



    8,159,615



    7,802,360



    6,828,596



    939,646



    14,870,009



    14,630,956



    2,013,285































    Accretion of redeemable noncontrolling

        interests



    (868)



    (958)



    (960)



    (132)



    (1,728)



    (1,918)



    (264)

    Net loss/(income) attributable to noncontrolling

        interests and redeemable noncontrolling

        interests



    84,020



    (167,456)



    (68,887)



    (9,479)



    129,120



    (236,343)



    (32,522)

    Net income attributable to the

        Company's shareholders



    8,242,767



    7,633,946



    6,758,749



    930,035



    14,997,401



    14,392,695



    1,980,499































    Net income per share *





























    Basic



    2.56



    2.38



    2.10



    0.29



    4.66



    4.48



    0.62

    Diluted



    2.54



    2.35



    2.08



    0.29



    4.61



    4.43



    0.61































    Net income per ADS *





























    Basic



    12.80



    11.88



    10.50



    1.45



    23.29



    22.39



    3.08

    Diluted



    12.69



    11.75



    10.42



    1.43



    23.05



    22.17



    3.05































    Weighted average number of ordinary

        shares used in calculating net income

        per share *





























    Basic



    3,218,783



    3,211,665



    3,217,699



    3,217,699



    3,219,926



    3,214,682



    3,214,682

    Diluted



    3,248,916



    3,249,452



    3,243,056



    3,243,056



    3,252,707



    3,246,254



    3,246,254































    *  Each ADS represents five ordinary shares.





























    The accompanying notes are an integral part of this announcement.























     

     

    NETEASE, INC.

























































    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS





















    (in thousands)



























































    Three Months Ended



    Six Months Ended

































     June 30,  



     March 31,  



     June 30,  



     June 30,  



     June 30,  



     June 30,  



     June 30,  

































    2023



    2024



    2024



    2024



    2023



    2024



    2024

































     RMB  



     RMB  



     RMB  



     USD (Note 1) 



     RMB  



     RMB  



     USD (Note 1) 































    Cash flows from operating activities:

























































        Net income 

    8,159,615



    7,802,360



    6,828,596



    939,646



    14,870,009



    14,630,956



    2,013,285































        Adjustments to reconcile net income to net cash provided

            by operating activities:

























































        Depreciation and amortization

    661,363



    567,923



    631,957



    86,960



    1,743,632



    1,199,880



    165,109































        Fair value changes of equity security and other investments

    (78,035)



    (368,258)



    (7,887)



    (1,085)



    (304,755)



    (376,145)



    (51,759)































        Impairment losses on investments

    47,870



    128,417



    210,741



    28,999



    47,870



    339,158



    46,670































        Fair value changes of short-term investments

    (96,884)



    (60,810)



    (128,295)



    (17,654)



    (234,800)



    (189,105)



    (26,022)































        Share-based compensation cost

    787,862



    894,300



    1,079,056



    148,482



    1,610,275



    1,973,356



    271,543































        Allowance for expected credit losses

    8,540



    11,600



    9,281



    1,277



    29,260



    20,881



    2,873































        Losses/(gains) on disposal of property, equipment and software 

    252



    2,132



    (326)



    (45)



    (358)



    1,806



    249































        Unrealized exchange (gains)/losses

    (1,466,295)



    (17,509)



    (209,311)



    (28,802)



    (1,080,334)



    (226,820)



    (31,211)































        Gains on disposal of long-term investments, business and

            subsidiaries

    (16,382)



    (13,487)



    (141,114)



    (19,418)



    (22,150)



    (154,601)



    (21,274)































        Deferred income taxes

    (334,380)



    485,054



    (1,280,076)



    (176,144)



    243,286



    (795,022)



    (109,399)































        Share of results on equity method investees

    (129,292)



    164,271



    39,200



    5,394



    (225,100)



    203,471



    27,999































        Changes in operating assets and liabilities: 

























































            Accounts receivable

    770,551



    (1,358,711)



    1,410,478



    194,088



    (345,731)



    51,767



    7,123































            Inventories

    69,410



    91,378



    29,552



    4,067



    186,740



    120,930



    16,641































            Prepayments and other assets

    (7,233)



    326,140



    530,856



    73,048



    118,594



    856,996



    117,927































            Accounts payable

    (115,791)



    (7,001)



    (126,862)



    (17,457)



    (728,730)



    (133,863)



    (18,420)































            Salary and welfare payables

    758,106



    (2,178,608)



    879,058



    120,963



    (1,467,631)



    (1,299,550)



    (178,824)































            Taxes payable

    (992,892)



    1,271,822



    (1,462,700)



    (201,274)



    (259,176)



    (190,878)



    (26,266)































            Contract liabilities

    (41,196)



    1,574,086



    (1,270,324)



    (174,801)



    448,795



    303,762



    41,799































            Accrued liabilities and other payables

    (306,784)



    242,070



    (490,048)



    (67,433)



    (950,620)



    (247,978)



    (34,123)































        Net cash provided by operating activities

    7,678,405



    9,557,169



    6,531,832



    898,811



    13,679,076



    16,089,001



    2,213,920

























































































    Cash flows from investing activities:

























































        Purchase of property, equipment and software

    (520,544)



    (415,018)



    (168,880)



    (23,239)



    (1,173,483)



    (583,898)



    (80,347)































        Proceeds from sale of property, equipment and software

    4,292



    3,506



    660



    91



    6,796



    4,166



    573































        Purchase of intangible assets, content and licensed copyrights    

    (283,321)



    (188,821)



    (399,533)



    (54,978)



    (1,110,003)



    (588,354)



    (80,960)































        Net changes of short-term investments with terms of three

            months or less

    1,630,013



    2,401,649



    (8,194,289)



    (1,127,572)



    906,862



    (5,792,640)



    (797,094)































        Proceeds from maturities of short-term investments with terms

            over three months

    -



    -



    -



    -



    104,269



    -



    -































        Investment in long-term investments and acquisition of

            subsidiaries

    (270,228)



    (481,804)



    (193,450)



    (26,620)



    (1,499,276)



    (675,254)



    (92,918)































        Proceeds from disposal of long-term investments, businesses

            and subsidiaries

    16,531



    85,456



    840,649



    115,677



    57,811



    926,105



    127,436































        Placement/rollover of matured time deposits

    (10,874,831)



    (34,558,836)



    (61,775,606)



    (8,500,606)



    (47,194,934)



    (96,334,442)



    (13,256,060)































        Proceeds from maturities of time deposits

    21,918,791



    46,048,382



    55,211,839



    7,597,402



    44,251,140



    101,260,221



    13,933,870































        Change in other long-term assets

    (31,189)



    (34,625)



    (172,543)



    (23,743)



    (152,030)



    (207,168)



    (28,507)































        Net cash provided by/(used in)  investing activities

    11,589,514



    12,859,889



    (14,851,153)



    (2,043,588)



    (5,802,848)



    (1,991,264)



    (274,007)

























































































    Cash flows from financing activities:

























































        Net changes from loans with terms of three months or less  

    (14,970,935)



    (399,726)



    (2,085,053)



    (286,913)



    (12,332,895)



    (2,484,779)



    (341,917)































        Proceeds of loans with terms over three months

    2,171,541



    6,998,250



    1,069,020



    147,102



    3,451,100



    8,067,270



    1,110,093































        Payment of loans with terms over three months

    (3,233,500)



    (957,000)



    (10,681,827)



    (1,469,868)



    (3,273,922)



    (11,638,827)



    (1,601,556)































        Net amounts received related to capital contribution from

            noncontrolling interests shareholders

    22,228



    42,214



    50,572



    6,959



    46,577



    92,786



    12,768































        Cash paid for repurchase of NetEase's ADSs/purchase of

            subsidiaries' ADSs and shares      

    (2,195,210)



    (1,233,780)



    (2,007,030)



    (276,177)



    (4,311,967)



    (3,240,810)



    (445,950)































        Dividends paid to NetEase's shareholders

    (2,119,316)



    (4,945,016)



    (2,264,799)



    (311,647)



    (3,331,656)



    (7,209,815)



    (992,104)































        Net cash used in financing activities     

    (20,325,192)



    (495,058)



    (15,919,117)



    (2,190,544)



    (19,752,763)



    (16,414,175)



    (2,258,666)

























































































        Effect of exchange rate changes on cash, cash equivalents and

            restricted cash held in foreign currencies

    (47,876)



    (43,138)



    8,234



    1,133



    (32,378)



    (34,904)



    (4,803)































    Net (decrease)/increase in cash, cash equivalents and restricted cash          

    (1,105,149)



    21,878,862



    (24,230,204)



    (3,334,188)



    (11,908,913)



    (2,351,342)



    (323,556)































    Cash, cash equivalents and restricted cash, at the beginning

        of the period

    16,784,561



    24,206,658



    46,085,520



    6,341,579



    27,588,325



    24,206,658



    3,330,947































    Cash, cash equivalents and restricted cash, at end of the period

    15,679,412



    46,085,520



    21,855,316



    3,007,391



    15,679,412



    21,855,316



    3,007,391

























































































    Supplemental disclosures of cash flow information:

























































        Cash paid for income taxes, net

    1,625,045



    1,182,711



    2,848,493



    391,966



    2,699,624



    4,031,204



    554,712































        Cash paid for interest expenses

    326,646



    146,455



    152,943



    21,046



    602,360



    299,398



    41,199

























































































    The accompanying notes are an integral part of this announcement.

























































     

     

    NETEASE, INC.





























    UNAUDITED SEGMENT INFORMATION

























    (in thousands, except percentages)































































    Three Months Ended



    Six Months Ended





     June 30,  



     March 31,  



     June 30,  



     June 30,  



     June 30,  



    June 30, 



    June 30, 





    2023



    2024



    2024



    2024



    2023



    2024



    2024





    RMB



    RMB



    RMB



    USD (Note 1)



    RMB



    RMB



    USD (Note 1)

    Net revenues:





























    Games and related value-added services 



    18,798,646



    21,460,378



    20,055,819



    2,759,772



    38,864,243



    41,516,197



    5,712,819

    Youdao



    1,206,634



    1,391,859



    1,321,721



    181,875



    2,369,904



    2,713,580



    373,401

    Cloud Music



    1,948,539



    2,029,541



    2,040,952



    280,844



    3,908,380



    4,070,493



    560,118

    Innovative businesses and others



    2,057,482



    1,969,963



    2,067,313



    284,472



    3,915,061



    4,037,276



    555,548

    Total net revenues



    24,011,301



    26,851,741



    25,485,805



    3,506,963



    49,057,588



    52,337,546



    7,201,886































    Cost of revenues:





























    Games and related value-added services 



    (6,122,836)



    (6,555,311)



    (6,008,604)



    (826,812)



    (12,805,884)



    (12,563,915)



    (1,728,853)

    Youdao



    (639,459)



    (710,356)



    (684,942)



    (94,251)



    (1,200,879)



    (1,395,298)



    (191,999)

    Cloud Music



    (1,422,855)



    (1,259,006)



    (1,385,756)



    (190,686)



    (2,943,233)



    (2,644,762)



    (363,931)

    Innovative businesses and others



    (1,450,738)



    (1,311,148)



    (1,364,285)



    (187,732)



    (2,835,633)



    (2,675,433)



    (368,152)

    Total cost of revenues



    (9,635,888)



    (9,835,821)



    (9,443,587)



    (1,299,481)



    (19,785,629)



    (19,279,408)



    (2,652,935)































    Gross profit:





























    Games and related value-added services 



    12,675,810



    14,905,067



    14,047,215



    1,932,960



    26,058,359



    28,952,282



    3,983,966

    Youdao



    567,175



    681,503



    636,779



    87,624



    1,169,025



    1,318,282



    181,402

    Cloud Music



    525,684



    770,535



    655,196



    90,158



    965,147



    1,425,731



    196,187

    Innovative businesses and others



    606,744



    658,815



    703,028



    96,740



    1,079,428



    1,361,843



    187,396

    Total gross profit



    14,375,413



    17,015,920



    16,042,218



    2,207,482



    29,271,959



    33,058,138



    4,548,951































    Gross profit margin:





























    Games and related value-added services 



    67.4 %



    69.5 %



    70.0 %



    70.0 %



    67.0 %



    69.7 %



    69.7 %

    Youdao



    47.0 %



    49.0 %



    48.2 %



    48.2 %



    49.3 %



    48.6 %



    48.6 %

    Cloud Music



    27.0 %



    38.0 %



    32.1 %



    32.1 %



    24.7 %



    35.0 %



    35.0 %

    Innovative businesses and others



    29.5 %



    33.4 %



    34.0 %



    34.0 %



    27.6 %



    33.7 %



    33.7 %































    The accompanying notes are an integral part of this announcement.





















    NETEASE, INC.

    NOTES TO UNAUDITED FINANCIAL INFORMATION

    Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.2672 on the last trading day of June 2024 (June 28, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on June 28, 2024, or at any other certain date.

    Note 2: Share-based compensation cost reported in the Company's unaudited condensed consolidated statements of comprehensive income is set out as follows in RMB and USD (in thousands):



    Three Months Ended



    Six Months Ended



    June 30, 



    March 31, 



    June 30, 



    June 30, 



    June 30, 



    June 30, 



    June 30, 



    2023



    2024



    2024



    2024



    2023



    2024



    2024



    RMB



    RMB



    RMB



    USD (Note 1)



    RMB



    RMB



    USD (Note 1)

    Share-based compensation cost included in:



























    Cost of revenues

    193,001



    254,935



    319,949



    44,026



    396,515



    574,884



    79,107

    Operating expenses



























      Selling and marketing expenses

    31,069



    17,869



    42,865



    5,898



    63,422



    60,734



    8,357

      General and administrative expenses

    281,326



    289,636



    286,350



    39,403



    575,607



    575,986



    79,258

      Research and development expenses

    282,466



    331,860



    429,892



    59,155



    574,731



    761,752



    104,821





























    The accompanying notes are an integral part of this announcement.





















    Note 3: The financial information prepared and presented in this announcement might be different from those published and to be published by NetEase's listed subsidiary to meet the disclosure requirements under different accounting standards requirements.

    Note 4: The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and USD (in thousands, except per share data or per ADS data):





    Three Months Ended



    Six Months Ended





     June 30,  



     March 31,  



     June 30,  



     June 30,  



     June 30,  



    June 30, 



    June 30, 





    2023



    2024



    2024



    2024



    2023



    2024



    2024





    RMB



    RMB



    RMB



    USD (Note 1)



    RMB



    RMB



    USD (Note 1)

    Net income attributable to the Company's shareholders



    8,242,767



    7,633,946



    6,758,749



    930,035



    14,997,401



    14,392,695



    1,980,499

    Add: Share-based compensation



    774,683



    876,898



    1,059,939



    145,852



    1,586,283



    1,936,837



    266,518

    Non-GAAP net income attributable to the Company's shareholders



    9,017,450



    8,510,844



    7,818,688



    1,075,887



    16,583,684



    16,329,532



    2,247,017































    Non-GAAP net income per share *





























    Basic



    2.80



    2.65



    2.43



    0.33



    5.15



    5.08



    0.70

    Diluted



    2.78



    2.62



    2.41



    0.33



    5.10



    5.03



    0.69































    Non-GAAP net income per ADS *





























    Basic



    14.01



    13.25



    12.15



    1.67



    25.75



    25.40



    3.49

    Diluted



    13.88



    13.10



    12.05



    1.66



    25.49



    25.15



    3.46































    *  Each ADS represents five ordinary shares.





























    The accompanying notes are an integral part of this announcement.





























    Note 5: Reconciliation between U.S. GAAP and International Financial Reporting Standards

    The unaudited condensed consolidated financial information is prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards ("IFRSs"). The effects of material differences between the unaudited condensed consolidated financial information prepared under U.S. GAAP and IFRSs ("Reconciliation Statement") are as follows in RMB (in thousands).

    PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited assurance engagement on the Reconciliation Statement in accordance with International Standard on Assurance Engagements 3000 (Revised) "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information". 

    Reconciliation of unaudited condensed consolidated statements of income (Extract):









    For the Six Months Ended June 30, 2023 IFRSs adjustments





    Amounts as

    reported under U.S.

    GAAP

    Investments measured at fair

    value

    Redeemable

    noncontrolling interests

    Amounts as

    reported under

    IFRSs



    (Note (a))

    (Note (b))

    Investment income, net

    759,059

    694,453

    -

    1,453,512

    Income before tax

    17,210,658

    694,453

    -

    17,905,111

    Income tax

    (2,340,649)

    15,289

    -

    (2,325,360)

    Net income

    14,870,009

    709,742

    -

    15,579,751

    Accretion of redeemable noncontrolling interests

    (1,728)

    -

    1,728

    -

    Net loss attributable to noncontrolling interests and

      redeemable noncontrolling interests

    129,120

    -

    (3,879)

    125,241

    Net income attributable to the Company's shareholders

    14,997,401

    709,742

    (2,151)

    15,704,992















    For the Six Months Ended June 30, 2024 IFRSs adjustments





    Amounts as

    reported under U.S.

    GAAP

    Investments measured at fair

    value

    Redeemable

    noncontrolling interests

    Amounts as

    reported under

    IFRSs



    (Note (a))

    (Note (b))

    Fair value changes of redeemable noncontrolling interests

    -

    -

    (571)

    (571)

    Investment income, net

    282,965

    (108,548)

    -

    174,417

    Income before tax

    17,417,805

    (108,548)

    (571)

    17,308,686

    Income tax

    (2,786,849)

    7,127

    -

    (2,779,722)

    Net income

    14,630,956

    (101,421)

    (571)

    14,528,964

    Accretion of redeemable noncontrolling interests

    (1,918)

    -

    1,918

    -

    Net income attributable to noncontrolling interests and

      redeemable noncontrolling interests

    (236,343)

    -

    571

    (235,772)

    Net income attributable to the Company's shareholders

    14,392,695

    (101,421)

    1,918

    14,293,192

    Reconciliation of unaudited condensed consolidated balance sheets (Extract):  















    As of December 31, 2023 IFRSs adjustments





    Amounts as

    reported under U.S.

    GAAP

    Investments measured at fair

    value

    Redeemable

    noncontrolling interests

    Amounts as

    reported under

    IFRSs



    (Note (a))

    (Note (b))

    Other long-term assets

    28,471,568

    (15,673,947)

    -

    12,797,621

    Financial assets at fair value through profit or loss

    -

    18,369,496

    -

    18,369,496

    Total Assets

    185,924,978

    2,695,549

    -

    188,620,527

    Financial liabilities at fair value through profit or loss

    -

    -

    37,961

    37,961

    Deferred tax liabilities

    2,299,303

    29,886

    -

    2,329,189

    Total Liabilities

    57,840,897

    29,886

    37,961

    57,908,744

    Redeemable noncontrolling interests

    115,759

    -

    (115,759)

    -

    Total equity

    127,968,322

    2,665,663

    77,798

    130,711,783

    Total liabilities, redeemable noncontrolling interests  

      and shareholders' equity

    185,924,978

    2,695,549

    -

    188,620,527















    As of June 30, 2024 IFRSs adjustments





    Amounts as

    reported under U.S.

    GAAP

    Investments measured at fair

    value

    Redeemable

    noncontrolling interests

    Amounts as

    reported under

    IFRSs



    (Note (a))

    (Note (b))

    Other long-term assets

    27,627,257

    (14,942,321)

    -

    12,684,936

    Financial assets at fair value through profit or loss

    -

    17,529,322

    -

    17,529,322

    Total Assets

    183,342,621

    2,587,001

    -

    185,929,622

    Financial liabilities at fair value through profit or loss

    -

    -

    38,532

    38,532

    Deferred tax liabilities

    1,448,781

    22,759

    -

    1,471,540

    Total Liabilities

    48,997,216

    22,759

    38,532

    49,058,507

    Redeemable noncontrolling interests

    119,498

    -

    (119,498)

    -

    Total equity

    134,225,907

    2,564,242

    80,966

    136,871,115

    Total liabilities, redeemable noncontrolling interests 

      and shareholders' equity

    183,342,621

    2,587,001

    -

    185,929,622

     

    Notes:

    Basis of Preparation

    The Company is responsible for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules and relevant guidance in HKEX-GL111-22. The Reconciliation Statement was prepared based on the Company's unaudited condensed consolidated financial information for the six months ended June 30, 2024 prepared under U.S. GAAP, with material adjustments made (if any) thereto in arriving at the unaudited financial information of the Company prepared under IFRSs. The adjustments reflect the material differences between the Company's accounting policies under U.S. GAAP and IFRSs.

    Note a. Investments measured at fair value

    Under U.S. GAAP, the investments in convertible redeemable preferred shares and ordinary shares with preferential rights that are issued by privately-held companies and therefore without readily determinable fair values could be accounted for using measurement alternative as an accounting policy choice. NetEase elected the measurement alternative to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes.

    Under IFRSs, these investments were classified as financial assets at fair value through profit or loss and measured at fair value with changes in fair value recognized through profit or loss.

    Note b. Redeemable noncontrolling interests

    Under U.S. GAAP, SEC guidance provides for mezzanine-equity (temporary equity) category in addition to the financial liability and permanent equity categories. The purpose of this "in-between" category is to indicate that a security whose redemption is outside the control of the issuer may not be classified as a permanent part of equity. NetEase classified the redeemable preferred shares issued by certain subsidiaries as redeemable noncontrolling interests in the condensed consolidated balance sheets and recorded them initially at fair value, net of issuance costs. NetEase recognized accretion to the respective redemption value of the redeemable preferred shares over the period starting from issuance date to the earliest redemption date.

    Under IFRSs, there is no concept of mezzanine or temporary equity classification. NetEase designated the redeemable preferred shares as financial liabilities at fair value through profit or loss which are measured at fair value. Subsequent to initial recognition, the amounts of changes in fair value that were attributed to changes in credit risk of the issuer were recognized in other comprehensive income, and the remaining amounts of changes in fair value were recognized in the profit or loss.

     

    Cision View original content:https://www.prnewswire.com/news-releases/netease-announces-second-quarter-2024-unaudited-financial-results-302228472.html

    SOURCE NetEase, Inc.

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