NetEase, Inc. (NTES): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

NetEase, Inc. est une puissance numérique transformant le paysage du divertissement et de la technologie, tissant une tapisserie complexe de plateformes de jeu, de musique et d'éducation qui captivent des millions d'utilisateurs dans le monde. En mélangeant magistralement des solutions technologiques innovantes avec des stratégies de contenu localisées, ce géant de la technologie chinois a conçu un modèle commercial unique qui transcende les limites traditionnelles de l'industrie, créant un écosystème où les expériences numériques ne sont pas seulement consommées, mais profondément personnalisées et engageantes. Des partenariats de développement de jeux révolutionnaires aux services cloud de pointe, NetEase représente un récit convaincant de la diversification stratégique et de l'innovation implacable dans le domaine numérique.

NetEase, Inc. (NTES) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Blizzard Entertainment

NetEase détient les droits de publication exclusifs des jeux de blizzard en Chine, notamment:

Titre de jeu	Détails du partenariat	Année de lancement
World of Warcraft	Droits de publication exclusifs en Chine	2008
Foyer	Localisation et distribution	2014
Overwatch	Publication complète et droits opérationnels	2016

Partenariats mondiaux de la technologie et du matériel de jeu

NetEase collabore avec plusieurs fabricants de technologies et de matériel:

• Qualcomm Technologies - Optimisation des puces de jeu mobile
• NVIDIA - Intégration de la technologie de jeu cloud
• Intel - développement matériel et logiciel de jeu

Partenariats de l'opérateur de réseau mobile

Opérateur de réseau	Portée du partenariat	Portée du marché
Chine mobile	Distribution et facturation de jeu	950 millions d'abonnés
Télécom chinois	Intégration de la plate-forme de jeu mobile	330 millions d'abonnés
Chine Unicom	Livraison de contenu de jeu	276 millions d'abonnés

Créateur de contenu et alliances eSports

NetEase maintient des partenariats stratégiques avec:

• Huya Live - Plateforme de streaming avec 172 millions d'utilisateurs actifs mensuels
• Douyu - collaboration en streaming eSports
• Des équipes d'eSport professionnelles de League of Legends et OnMyoji

Valeur totale de l'écosystème du partenariat: 1,2 milliard de dollars de revenus collaboratifs pour 2023

NetEase, Inc. (NTES) - Modèle d'entreprise: activités clés

Développement et publication de jeux sur plusieurs plateformes

NetEase a développé et publié 26 jeux mobiles auto-développés en 2022. La société a généré 73,7 milliards de yuans (10,6 milliards de dollars) à partir de jeux en ligne en 2022. Les plates-formes de jeux clés incluent les marchés mobiles, PC et console.

Catégorie de jeu	Nombre de jeux	Revenus (2022)
Jeux mobiles	18	45,2 milliards de yuans
Jeux PC	5	21,5 milliards de yuans
Jeux de console	3	7,0 milliards de yuans

Gestion des services de musique cloud et création de contenu

NetEase Cloud Music a rapporté 180 millions d'utilisateurs actifs mensuels en 2022. La plate-forme a généré 1,8 milliard de yuans à partir de services liés à la musique.

• Plateforme de streaming de musique
• Gestion des droits d'auteur de la musique
• Programmes de collaboration des artistes

Opérations de plateforme de technologie d'éducation en ligne

NetEase Edu a investi 2,1 milliards de yuans dans la technologie d'éducation en ligne en 2022. La plate-forme a servi environ 50 millions d'utilisateurs enregistrés.

Segment de l'éducation	Base d'utilisateurs	Investissement
Cours en ligne K-12	25 millions	1,2 milliard de yuans
Formation professionnelle	15 millions	0,6 milliard de yuans
Apprentissage des langues	10 millions	0,3 milliard de yuans

Recherche et développement des technologies émergentes

NetEase a alloué 15,3 milliards de yuans à la recherche et au développement en 2022, ce qui représente 15,6% des revenus totaux.

• Technologies d'intelligence artificielle
• Innovations en cloud computing
• Blockchain Research

Production et distribution de contenu numérique

NetEase a produit et distribué du contenu numérique sur plusieurs plates-formes, générant 8,5 milliards de yuans en 2022.

Type de contenu	Canaux de distribution	Revenu
Bandes dessinées Web	Plates-formes mobiles et Web	2,3 milliards de yuans
Littérature numérique	Plateformes de lecture en ligne	3,7 milliards de yuans
Contenu en streaming	Plateformes vidéo et audio	2,5 milliards de yuans

NetEase, Inc. (NTES) - Modèle d'entreprise: Ressources clés

Portefeuille de propriété intellectuelle

NetEase détient plus de 1 500 brevets enregistrés en 2023, avec une concentration importante dans les technologies de jeu et de divertissement numérique. La société a développé plus de 20 moteurs et plateformes de jeu propriétaires.

Catégorie de brevet	Nombre de brevets enregistrés
Technologies de jeu	672
Technologies d'application mobile	453
Cloud computing	215

Infrastructure technologique

NetEase maintient 5 principaux centres de recherche et développement Situé à Pékin, Guangzhou, Hangzhou, Hefei et Silicon Valley, Californie.

• Personnel total de R&D: 8 500+ employés
• Investissement annuel de R&D: 1,2 milliard de dollars en 2023
• Infrastructure avancée de cloud computing avec plus de 15 centres de données

Base de données des utilisateurs

L'écosystème numérique de NetEase englobe:

Plate-forme	Décompte des utilisateurs actifs
Utilisateurs de jeux	537 millions d'utilisateurs actifs mensuels
Plateforme de musique cloud	180 millions d'utilisateurs actifs mensuels
Plate-forme éducative	45 millions d'utilisateurs enregistrés

Ressources financières

Mesures financières pour NetEase auprès du quatrième trimestre 2023:

• Caisse totale et investissements: 24,7 milliards de dollars
• Revenu annuel: 12,5 milliards de dollars
• Revenu net: 3,2 milliards de dollars

Piscine de talents créatifs

NetEase utilise une main-d'œuvre créative complète:

Département créatif	Nombre d'employés
Concepteurs de jeux	2,300
Créateurs de contenu	1,750
Équipe d'art et d'animation	1,500

NetEase, Inc. (NTES) - Modèle d'entreprise: propositions de valeur

Écosystème de divertissement diversifié

NetEase génère des revenus sur plusieurs segments de divertissement numériques:

Segment	Revenus (2022)	Pourcentage du total
Jeux en ligne	8,31 milliards de dollars	76.4%
Services musicaux	483 millions de dollars	4.4%
Services éducatifs	412 millions de dollars	3.8%

Expériences de jeu de haute qualité

Détails du portefeuille de jeux NetEase:

• Total des titres de jeu: 187
• Utilisateurs actifs mensuels: 42,5 millions
• Revenu moyen par utilisateur payant: 24,67 $

Innovation technologique

Investissement technologique	Montant (2022)
Dépenses de R&D	1,92 milliard de dollars
Applications de brevet technologique	2,486

Accessibilité multiplateforme

Métriques de distribution de plate-forme:

• Plates-formes de jeux mobiles: 12
• Plateaux de jeu PC: 8
• Plateformes de jeu de console: 3

Solutions de contenu numérique

Métriques de l'écosystème de contenu:

Type de contenu	Total utilisateurs
Plate-forme musicale	185 millions
Plate-forme éducative	72 millions
Plates-formes de jeu	463 millions

NetEase, Inc. (NTES) - Modèle d'entreprise: relations avec les clients

Engagement communautaire à travers les plateformes de jeu

NetEase a rapporté 184,3 millions d'utilisateurs actifs mensuels sur ses plateformes de jeu en 2023. L'écosystème de jeu de l'entreprise comprend:

• Communautés de jeux en ligne dédiées
• Caractéristiques d'interaction sociale dans le jeu
• Plates-formes de contenu générées par l'utilisateur

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Jeux mobiles	126,7 millions	68.7%
Jeux PC	57,6 millions	31.3%

Systèmes de recommandation personnalisés

NetEase utilise des algorithmes de recommandation avancés par AI avec un taux de précision de personnalisation de l'utilisateur de 92,4%. Les analyses du système:

• Historique du gameplay des utilisateurs
• Modèles d'interaction
• Suivi des préférences

Mises à jour régulières du contenu et mécanismes de rétroaction des utilisateurs

NetEase implémente 247 Mises à jour de contenu chaque année sur ses plateformes de jeu. Les canaux de rétroaction des utilisateurs comprennent:

• Systèmes de rétroaction en jeu
• Interactions officielles du forum
• Plateformes d'engagement des médias sociaux

Canal de rétroaction	Interactions mensuelles	Taux de réponse
Rétroaction en jeu	3,2 millions	89.6%
Forums officiels	1,7 million	76.3%

Support client sur plusieurs canaux numériques

NetEase maintient une infrastructure de support client multicanal avec:

• Support de chat en direct 24/7
• Assistance par e-mail
• Modération du forum communautaire

Canal de support	Temps de réponse moyen	Taux de résolution
Chat en direct	12 minutes	94.2%
Assistance par e-mail	24 heures	87.5%

Programmes de fidélité et stratégies de rétention des utilisateurs

NetEase met en œuvre des stratégies complètes de rétention des utilisateurs avec:

• Récompenses de fidélité à plusieurs niveaux
• Contenu en jeu exclusif
• Programmes d'incitation à long terme des utilisateurs

Métrique du programme de fidélité	Valeur	Impact de la rétention des utilisateurs
Participation du programme de fidélité	68.3%	+ 22,5% de rétention des utilisateurs
Valeur de récompense annuelle	47,6 millions de dollars	Boost d'engagement des utilisateurs

NetEase, Inc. (NTES) - Modèle d'entreprise: canaux

Applications mobiles officielles

NetEase exploite plusieurs applications mobiles dans les secteurs des jeux et du divertissement:

Nom de candidature	Utilisateurs actifs mensuels	Plateforme de téléchargement
Musique cloud netEase	800 millions d'utilisateurs enregistrés	iOS et Android
Dictionnaire Youdao	150 millions d'utilisateurs actifs mensuels	iOS et Android
Application NetEase Games	500 millions d'utilisateurs enregistrés	iOS et Android

Plates-formes Web

NetEase maintient plusieurs plateformes Web avec un engagement important des utilisateurs:

• NetEase.com (portail d'actualités): 300 millions de pages mensuelles
• Youdao.com (plateforme d'éducation): 180 millions de visiteurs mensuels
• Lofter.com (plateforme de médias sociaux): 50 millions d'utilisateurs enregistrés

Magasins d'applications mobiles

App Store	Total des téléchargements de jeu	Part des revenus
Apple App Store	250 millions de téléchargements	Part de revenus de 30%
Google Play Store	200 millions de téléchargements	Part de revenus de 30%
Magasins Android China	350 millions de téléchargements	Part des revenus variables

Réseaux de médias sociaux

NetEase exploite plusieurs réseaux sociaux pour l'engagement des utilisateurs:

• Weibo: 5 millions de followers
• Comptes officiels de WeChat: 10 millions d'abonnés
• Bilibili: 3 millions d'adeptes

Canaux de distribution numériques directs

Canal de distribution	Revenus annuels	Base d'utilisateurs
Portail de jeu NetEase	2,4 milliards de dollars	400 millions d'utilisateurs enregistrés
Musique cloud netEase	350 millions de dollars	800 millions d'utilisateurs enregistrés
Education en ligne Youdao	480 millions de dollars	50 millions d'apprenants actifs

NetEase, Inc. (NTES) - Modèle d'entreprise: segments de clientèle

Jeunes consommateurs de divertissement numérique urbain

NetEase cible les consommateurs urbains âgés de 18 à 35 ans avec des produits de divertissement numériques. Selon les données de 2023:

Groupe d'âge	Pourcentage de base d'utilisateurs	Dépenses mensuelles moyennes
18-24 ans	42%	$45
25-35 ans	38%	$65

Passionnés de jeux mobiles

Couvertures du segment de jeu mobile de NetEase:

• Les joueurs mobiles totaux ont atteint 153,3 millions en 2023
• Revenus de jeux mobiles: 4,2 milliards de dollars
• Utilisateurs actifs quotidiens moyens: 52,6 millions

Music Streaming Service Users

Statistiques de la plate-forme musicale NetEase Cloud:

Métrique	Valeur 2023
Total utilisateurs	780 millions
Utilisateurs actifs mensuels	240 millions
Abonnés payés	84 millions

Apprenants de plate-forme d'éducation en ligne

Demographie des utilisateurs du segment NetEase Edu:

• Total des utilisateurs enregistrés: 48,3 millions
• Utilisateurs du segment K-12: 22,7 millions
• Utilisateurs de formation professionnelle: 15,6 millions

Communauté mondiale de jeu de langue chinoise

Distribution des utilisateurs de jeux mondiaux de NetEase:

Région	Base d'utilisateurs	Contribution des revenus
Chine continentale	86,4 millions	78%
Asie du Sud-Est	12,6 millions	12%
Amérique du Nord	4,2 millions	7%
Autres régions	2,8 millions	3%

NetEase, Inc. (NTES) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

NetEase a investi 15,6 milliards de CNY dans les frais de recherche et de développement en 2022, ce qui représente 16,3% des revenus totaux.

Année	Investissement en R&D (CNY)	Pourcentage de revenus
2022	15,6 milliards	16.3%
2021	14,2 milliards	15.7%

Contenu des licences et dépenses de création

NetEase a dépensé environ 3,5 milliards de CNY pour les licences de contenu et la création de contenu de jeu en 2022.

• Coûts de développement de contenu de jeu: 2,1 milliards de CNY
• Contenu de musique et de divertissement Licence: 850 millions de CNY
• Production de contenu éducatif: 550 millions de CNY

Coûts de marketing et d'acquisition des utilisateurs

Les frais de marketing de NetEase ont atteint 8,2 milliards de CNY en 2022, en mettant l'accent sur la publicité numérique et ciblée.

Canal de marketing	Dépenses (CNY)
Publicité numérique	4,5 milliards
Campagnes de médias sociaux	1,8 milliard
Partenariats d'influence	1,9 milliard

Maintenance des infrastructures technologiques

NetEase a alloué 5,7 milliards de CNY à la maintenance des infrastructures technologiques en 2022.

• Coûts d'infrastructure cloud: 2,3 milliards de CNY
• Maintenance du serveur: 1,9 milliard de CNY
• Infrastructure de sécurité du réseau: 1,5 milliard de CNY

Recrutement et rétention des talents

Les dépenses totales du personnel pour NetEase étaient de 12,4 milliards de CNY en 2022.

Catégorie de dépenses	Montant (CNY)
Salaires de base	8,6 milliards
Compensation en stock	2,1 milliards
Avantages sociaux	1,7 milliard

NetEase, Inc. (NTES) - Modèle d'entreprise: sources de revenus

Monétisation du jeu à travers les achats intégrés

NetEase a généré 9,4 milliards de dollars de revenus de jeux en 2023. Les achats de jeu mobile dans l'application représentaient environ 65% du total des revenus du jeu.

Catégorie de jeu	Revenus (2023)	Pourcentage de revenus de jeu
Jeux mobiles	6,11 milliards de dollars	65%
Jeux PC	3,29 milliards de dollars	35%

Service de streaming de musique basé sur l'abonnement

NetEase Cloud Music a rapporté 180 millions d'utilisateurs actifs mensuels en 2023, avec environ 72 millions d'abonnés payés.

Niveau d'abonnement	Prix ​​mensuel	Abonnés estimés
Abonnement standard	$3.50	48 millions
Abonnement premium	$5.99	24 millions

Frais de plate-forme d'éducation en ligne

L'éducation NetEase a généré 620 millions de dollars de revenus en 2023, avec 3,2 millions d'apprenants actifs.

Licence de contenu numérique

Les revenus de licence de contenu numérique ont atteint 280 millions de dollars en 2023, couvrant les droits de propriété intellectuelle pour les jeux et le contenu multimédia.

Revenus publicitaires sur toutes les plateformes

Les revenus publicitaires de NetEase ont totalisé 450 millions de dollars en 2023, principalement des plateformes de jeux et de musique.

Plateforme de publicité	Revenus (2023)	Pourcentage de revenus publicitaires
Plates-formes de jeu	270 millions de dollars	60%
Plate-forme musicale	120 millions de dollars	26.7%
Autres plateformes numériques	60 millions de dollars	13.3%

NetEase, Inc. (NTES) - Canvas Business Model: Value Propositions

You're looking at the core offerings NetEase, Inc. provides to its customers as of late 2025. It's not just about making games; it's about creating deep engagement across several digital verticals, using technology like AI to power the experience.

For gaming, the value is in delivering premium, high-quality, and deeply engaging experiences. This is evidenced by the sustained success of legacy titles. For instance, Fantasy Westward Journey Online reached a record concurrent player count of 3.58 million in Q3 2025, marking its fourth consecutive quarter of record engagement. Overall, Games and related value-added services generated net revenues of RMB 23.3 billion (or $3.3 billion) in Q3 2025, growing 11.8% year-over-year and accounting for 97.6% of the total net revenue of RMB 28.4 billion for the quarter.

The community-driven music platform, NetEase Cloud Music, offers strong social interaction features. While overall revenue for the segment saw a 1.8% decline in Q3 2025, the core music business shows commitment to paid engagement. For the first half of 2025, revenues from membership subscriptions rose 15.2% year-over-year to RMB 2.47 billion ($346 million). As of May 2025, the platform maintained over 206 million Monthly Active Users (MAUs).

NetEase, Inc. also delivers AI-powered intelligent learning solutions through Youdao, focusing on Youdao Lingshi for students and professionals. This segment shows strong growth in key areas, even as the overall learning services revenue saw a decrease due to strategic customer acquisition shifts. Youdao Lingshi drove gross billings growth of over 40% year-over-year in Q3 2025, and its retention rate is reported at over 75%.

The company's value proposition is built on this diversification, moving beyond just gaming into music and education. Here's a quick look at how the key non-gaming segments performed in Q3 2025:

Segment	Q3 2025 Net Revenue (RMB)	Year-over-Year Growth	Key Metric/Data Point
Youdao (Total)	RMB 1.6 billion	3.6% increase	Operating profit of RMB 28.3 million.
Youdao Online Marketing Services	RMB 739.7 million	51.1% increase	AI-driven subscription services sales reached approx. RMB 100 million.
NetEase Cloud Music (H1 2025 Subscriptions)	RMB 2.47 billion	15.2% increase (YoY)	Over 206 million MAUs (as of May 2025).
Innovative and Other Businesses	RMB 14 billion	18.9% decrease	Gross profit margin was 43.0%.

This ecosystem approach provides sustained engagement across different user needs. The commitment to AI in education is clear:

• Youdao Lingshi achieved gross billings growth of over 40% year-over-year in Q3 2025.
• The company strategically increased investments in Youdao Lingshi to accelerate medium- to long-term expansion.
• NetEase Cloud Music is focusing on 'superfan' experiences and rolling out new roles like AI Musician.

To be fair, the Innovative and other businesses segment saw revenue drop by 18.9% to RMB 14 billion in Q3 2025, but the core gaming and targeted education/music growth shows where the immediate value capture is focused. Finance: draft 13-week cash view by Friday.

NetEase, Inc. (NTES) - Canvas Business Model: Customer Relationships

You're looking at how NetEase, Inc. keeps its massive user base engaged across gaming, music, and education. It's not just about the initial sale; it's about the continuous relationship, which is where the real value is built, especially since gaming still accounts for roughly 82.6% of their total revenue in the first half of 2025, bringing in RMB 46.85 billion ($6.54 billion) for the period.

Dedicated community management and in-game events to sustain player momentum

Sustaining player momentum is clearly a top priority, especially for those flagship titles. Take Fantasy Westward Journey Online; it hit a record concurrent player count of 3.58 million in the third quarter of 2025, marking its fourth consecutive quarterly record. This kind of longevity doesn't happen by accident; it's the result of dedicated live service. For instance, in Q2 2025, Sword of Justice saw a major boost from its second anniversary update, hitting No. 3 on China's iOS top-grossing chart shortly after. Even Blizzard titles like World of Warcraft and Hearthstone were brought back to mainland China with customized regional events in Q1 2025 to re-engage that community.

It's about hitting the right notes with updates. The success of newer titles is also tied to this event-driven momentum. Where Winds Meet, launched in December 2024, surpassed 30 million registered players by March 2025. And when a new title like FragPunk launches, they aim for immediate community impact, evidenced by its Q1 2025 launch amassing over 110,000 peak concurrent players in just three days on Steam.

Self-service support through in-app help centers and online forums

While NetEase, Inc. doesn't publish specific customer support resolution times, the structure implies a heavy reliance on scalable, self-service options. You see this in the focus on in-app experiences and community platforms that naturally deflect direct support tickets. The company's strategy emphasizes responsive live services that are winning over players worldwide, which points to efficient, always-on support channels embedded within the games themselves.

Personalized content recommendations driven by AI algorithms on music and learning platforms

The non-gaming segments are leaning hard into AI for personalization to drive engagement and willingness to pay. On NetEase Cloud Music, which has over 206 million Monthly Active Users (MAUs), they are rolling out tools like the "AI Singing Assistant" and "AI Magic Player" to improve recommendations and user experience. This focus on core music services is working; subscription revenue for H1 2025 rose 19% year-over-year to RMB 2.5 billion. On the learning side, Youdao achieved a record-high operating profit in Q1 2025, partly driven by technology-driven innovation, which includes AI utilization across its platform. Youdao's Q3 2025 revenue was RMB 1.6 billion ($228.76 million).

Here's a quick look at the revenue drivers for the music segment, where personalization directly impacts the bottom line:

Metric (H1 2025)	Amount (RMB)	Year-over-Year Change
Online Music Services Revenue	RMB 3.0 billion	Up 15.9%
Membership Subscriptions Revenue	RMB 2.5 billion	Up 15.2%
Social Entertainment Services Revenue	RMB 859.8 million	Down 43.1%

Long-term operational focus on established franchises to build player loyalty

NetEase, Inc. explicitly states that long-term operations and scaling original IP are key to building lasting franchises. The financial results back this up, showing that established titles are the bedrock. In Q3 2025, the growth in gaming revenue was attributed to self-developed games like Fantasy Westward Journey Online and Sword of Justice, alongside licensed games. This focus on keeping veterans happy is a clear loyalty play. The company is so confident in its long-term stability that it extended its share repurchase program of up to $5.0 billion ADSs for an additional 36 months until January 9, 2029. Plus, they are returning capital directly to shareholders, declaring a Q3 2025 dividend of $0.1140 per ADS. They finished Q3 2025 with $21.5 billion in cash and equivalents.

The performance of these core franchises in the first half of 2025:

• Fantasy Westward Journey Online reached 2.93 million concurrent players in August 2025.
• Identity V maintained strong performance through Q2 2025.
• The gross margin for Games and related VAS improved to 69.3% in Q3 2025, partly due to higher net revenues from these established titles.

If onboarding takes 14+ days, churn risk rises, but for these established games, the continuous content cycle is the primary retention tool.

Finance: draft 13-week cash view by Friday.

NetEase, Inc. (NTES) - Canvas Business Model: Channels

You're looking at how NetEase, Inc. gets its products-games, education tech, and music-into the hands of users as of late 2025. It's a multi-front distribution war, with digital storefronts being the primary battleground for games.

For its massive gaming segment, which generated RMB 22.8 billion (or USD $3.2 billion) in net revenues for the second quarter of 2025, global mobile app stores like the Apple App Store (iOS) and Google Play are critical for mobile titles. While NetEase doesn't break out revenue by these specific stores, the success of mobile launches is evident. For instance, Dunk City Dynasty topped iOS download charts in multiple regions following its May 22, 2025 global launch, and MARVEL Mystic Mayhem hit No. 1 on iOS download charts across several regions after its June 25, 2025 release.

International reach for PC titles heavily relies on platforms like Steam. Marvel Rivals demonstrated this, ranking No. 2 on Steam's global top-sellers chart in July 2025. Where Winds Meet, released globally on November 14, 2025, hit an all-time peak of just over 250,000 players on Steam by November 23, 2025, after clocking over two million players within its first 24 hours. Once Human also showed this channel's strength, reaching No. 4 on Steam's global top sellers chart in early July 2025.

In China, NetEase, Inc. uses its own proprietary distribution platforms for PC and mobile titles, which is key for its established franchises. The enduring success of titles like Fantasy Westward Journey Online is supported by these direct channels, evidenced by the game reaching a new all-time high of over 2.93 million peak concurrent players in August 2025. The return of Blizzard titles, such as Hearthstone, which ranked No. 5 on China's iOS top-grossing chart in July 2025, also flows through these domestic channels, often leveraging the MuMu Player Android emulator for PC access.

Youdao, the intelligent learning subsidiary, channels its offerings through direct-to-consumer online platforms. Its AI subscription services saw sales reach nearly RMB 80 million in Q2 2025, a year-on-year increase of about 30%. Smart devices, like the Youdao Dictionary Pen, are also a direct channel, generating RMB 190.5 million (or US$26.3 million) in net revenues in Q1 2025. The online marketing services, which include advertising for other NetEase titles, brought in RMB 630 million in Q2 2025.

NetEase Cloud Music uses its dedicated app and web platform as its primary channel. As of mid-2025, the platform maintained over 206 million Monthly Active Users (MAUs). For the first half of 2025, the music services segment generated RMB 2.97 billion in revenue, with subscription revenues alone hitting RMB 2.47 billion.

Here are the key financial metrics associated with these distribution segments for the reported periods in 2025:

Channel/Segment	Metric/Value	Period/Date Reference
Games & Related VAS (Total Revenue)	RMB 22.8 billion (US$3.2 billion)	Q2 2025
Games & Related VAS (as % of Total Revenue)	83%	Q1 2025
NetEase Cloud Music (MAUs)	Over 206 million	Mid-2025
NetEase Cloud Music (Subscription Revenue)	RMB 2.47 billion ($346 million)	H1 2025
Youdao (Learning Services Net Income)	RMB 660 million	Q2 2025
Youdao (AI Subscription Sales)	Nearly RMB 80 million	Q2 2025
Youdao (Smart Devices Net Revenue)	RMB 190.5 million (US$26.3 million)	Q1 2025
Youdao (Online Marketing Services Revenue)	RMB 630 million	Q2 2025
PC/Steam Title Peak Concurrent Users (Where Winds Meet)	Over 250,000	November 2025
Mobile Title Chart Performance (MARVEL Mystic Mayhem)	No. 1 on iOS download charts (multiple regions)	June 2025

The success of Fantasy Westward Journey Online reaching over 2.93 million peak concurrent players shows the power of the proprietary Chinese platforms for legacy titles.

Youdao's learning services revenue was RMB 602.4 million in Q1 2025, a 16.1% decrease year-over-year, even as smart device revenue grew to RMB 190.5 million.

For NetEase Cloud Music, the total revenue for H1 2025 was RMB 3.8 billion (approx. USD $525.3 million), with social entertainment services revenue declining to RMB 859.8 million (approx. USD $118.9 million).

The company's overall Q2 2025 net revenues hit RMB 27.9 billion (US$3.9 billion).

NetEase, Inc. (NTES) - Canvas Business Model: Customer Segments

The customer segments for NetEase, Inc. are diverse, spanning core gaming, education technology, and digital music services.

The primary segment is the mass market of global mobile and PC gamers. NetEase reported total net revenues of RMB 28.4 billion in the third quarter of 2025, with games and related businesses revenue growing 12% year-over-year to RMB 23.3 billion in Q3 2025.

Dedicated, long-term players of classic Chinese MMORPGs are a core group. Flagship titles like Fantasy Westward Journey Online set new concurrent player records in Q3 2025.

Students and professionals using Youdao solutions form another key segment. Youdao net revenues grew 3.6% year-over-year to RMB 16 billion in Q3 2025.

Music listeners and social users engage with the NetEase Cloud Music platform. NetEase Cloud Music net revenue was RMB 2 billion in Q3 2025, despite a 2% year-over-year decline.

International gamers in key markets like the US, Japan, and Europe are a growing focus. NetEase emphasized success in expanding overseas, with titles performing strongly in markets such as the US, Japan, Germany, and France in Q3 2025.

Here's a breakdown of the segment-specific financial metrics as of late 2025:

Customer Segment Focus	Relevant Metric	Value (Q3 2025 or Latest)
Global Mobile/PC Gamers	Games and Related Revenue	RMB 23.3 billion
Dedicated MMORPG Players	Engagement Indicator	New concurrent player records for Fantasy Westward Journey Online
Youdao Users (Learning/Education)	Youdao Net Revenue	RMB 16 billion
Youdao Users (Online Marketing)	Online Marketing Services Revenue Growth	51.1%
NetEase Cloud Music Users	NetEase Cloud Music Revenue	RMB 2 billion
NetEase Cloud Music Subscribers	Estimated Subscribers (Early 2025)	50 million
International Gamers	Q2 2025 New Game Launches	FragPunk and MARVEL Mystic Mayhem

Further detail on the Youdao segment shows distinct user groups:

• Students/Professionals using Youdao Dictionary: Total users exceeding 20 million.
• AI-driven subscription services (Youdao Lingshi): Gross billings growth over 40% year-over-year.
• Learning Services Revenue (Q3 2025): RMB 643.1 million (US$90.3 million).

For NetEase Cloud Music, the community engagement metrics include:

• Registered Independent Artists (June 2025): Over 819,000.
• Music Tracks Contributed (June 2025): 4.8 million.
• Subscription-based Membership Revenue Growth (H1 2025): Increased by 15.2%.

The overall NetEase financial health supports these segments, with Net cash reaching RMB 153.2 billion as of September 30, 2025.

NetEase, Inc. (NTES) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel NetEase, Inc.'s content engine. Honestly, for a company this size, the cost structure is dominated by the investment required to stay ahead in game development and content acquisition. Here's the quick math on where the money goes, based on the latest available figures from mid-2025.

Research and Development (R&D) Expenses represent a massive, sustained commitment. For the twelve months ended June 30, 2025, NetEase, Inc. reported R&D expenses totaling $2.422 billion. This figure was about 15.6% of total net revenue for the second quarter of 2025, showing a stable, high-intensity investment level year-over-year.

The overall cost base is reflected in the quarterly figures. Total operating expenses for the second quarter of 2025 were RMB 9.0 billion, which translated to approximately US$1.3 billion. This was a quarter-over-quarter increase, primarily driven by marketing pushes.

The Cost of Revenues, which includes direct costs like licensing and royalties, is also substantial. For the second quarter of 2025, Cost of Revenues was RMB 9.8 billion (US$1.4 billion). This figure saw increases in Q3 2025, where Staff-related costs, revenue sharing costs and royalties for licensed games increased quarter-over-quarter and year-over-year.

Here is a breakdown of the key cost drivers we can quantify:

• R&D Expenses (TTM ended June 30, 2025): $2.422 billion.
• Selling and Marketing Expenses (Q2 2025): 12.8% of total net revenue.
• Cost of Revenues (Q2 2025): RMB 9.8 billion.
• Cost of Revenues (Q3 2025): RMB 10.2 billion.

The structure of these costs points directly to the core business activities:

Cost Category	Specific Component Mentioned	Period/Context	Reported Amount/Metric
R&D Investment	Technology service costs and staff-related costs	TTM ended June 30, 2025	$2.422 billion
Content Costs	Revenue sharing costs and royalties for licensed games	Q3 2025	Increased quarter-over-quarter and year-over-year
Marketing Expenses	Selling and marketing expenditures	Q2 2025	12.8% of total net revenue
Personnel Costs	Staff-related costs (within Cost of Revenues)	Q3 2025	Increased quarter-over-quarter and year-over-year
Infrastructure Costs	Depreciation and amortization of servers, computers, and software	General Cost of Revenue definition	Included in Cost of Revenues (e.g., RMB 9.8 billion in Q2 2025)

You can see that the content acquisition and development pipeline is expensive. The fact that Staff-related costs are specifically called out in Cost of Revenues for Q3 2025, separate from the massive R&D spend, shows the breadth of personnel expense across both development and live operations. Also, the mention of a new server set to launch in November 2025 suggests ongoing capital expenditure related to infrastructure, even if a specific 2025 server cost isn't itemized here.

• R&D as a percentage of Revenue (Q2 2025): 15.6%.
• Total Operating Expenses (Q2 2025): RMB 9.0 billion.
• Share repurchase program cost as of June 30, 2025: US$2.0 billion (though this is a financing activity, it impacts cash outflow).

Finance: draft 13-week cash view by Friday.

NetEase, Inc. (NTES) - Canvas Business Model: Revenue Streams

The revenue streams for NetEase, Inc. are heavily concentrated in its core gaming operations, supplemented by contributions from its music, education technology, and e-commerce/other ventures.

The primary driver is the Games and related value-added services segment, which generated net revenues of RMB23.3 billion in the third quarter of 2025. This figure represented an 11.8% year-over-year increase and accounted for approximately 97.6% of the total net revenues for the quarter. Within this, net revenues from online games specifically reached RMB22.8 billion.

This robust gaming revenue is supported by several key titles and monetization methods. The growth was attributable to higher net revenues from self-developed games such as Fantasy Westward Journey Online, Eggy Party, and newly-launched titles like Where Winds Meet and Marvel Rivals, as well as certain licensed games. The mechanism for revenue capture within this segment centers on:

• In-game purchases (virtual items, microtransactions) from free-to-play games.
• Sales of full-price titles and related value-added services.
• Royalties from licensed games.

The other significant, though smaller, revenue streams are detailed below, based on Q3 2025 performance:

Revenue Stream Segment	Q3 2025 Net Revenues (RMB)	Q3 2025 Net Revenues (US$)	Year-over-Year Change
Games and related value-added services	RMB23.3 billion	US$3.3 billion	+11.8%
Youdao (Education Technology)	RMB1.6 billion	US$228.8 million	+3.6%
NetEase Cloud Music	RMB2.0 billion	US$275.9 million	-1.8%
Innovative businesses and others	RMB1.4 billion	US$202.1 million	-18.9%

For NetEase Cloud Music, revenue is generated through:

• Subscription fees for premium access.
• Revenue from social entertainment services and other value-added offerings.

Youdao's revenue is sourced from:

• Online marketing services.
• Revenues from learning services and smart devices.

The Innovative businesses and others segment includes several components, with revenue derived from:

• E-commerce operations, primarily the Yanxuan brand.
• Advertising services.
• Other value-added services.

The total net revenues for NetEase, Inc. in Q3 2025 were RMB28.4 billion (US$4.0 billion).