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Financial Statements — NTES

Balance Sheet

(in billions CNY)

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Cash & Equivalents	47.17	51.38	21.43	3.61	14.50	9.12	3.25
Short-term Investments	22.80	10.76	4.44	7.62	1.93	2.03	2.20
Accounts Receivable	5.34	0.78	0.90	0.73	0.86	0.70	0.60
Inventory	0.10	0.57	0.70	0.99	0.96	0.62	0.09
Total Current Assets	180.62	153.32	142.69	131.60	113.12	107.83	85.11
Property, Plant & Equipment	1.20	8.52	8.08	6.34	5.43	0.70	4.62
Goodwill	1.86	1.86	1.86	2.17	0.60	0.32	--
Total Non-current Assets	40.80	42.67	43.23	41.16	6.36	34.04	27.02
Total Assets	31.66	26.85	26.19	25.05	24.11	21.74	16.11
Accounts Payable	0.09	0.72	0.12	1.51	0.99	0.17	0.17
Total Current Liabilities	7.49	6.80	53.84	56.83	7.92	46.74	38.24
Long-term Debt	--	0.43	0.06	0.53	0.20	--	--
Total Non-current Liabilities	3.94	3.83	4.00	1.02	3.72	1.34	0.84
Total Liabilities	8.05	53.50	57.84	63.89	8.51	48.08	39.08
Retained Earnings	149.76	130.33	112.21	13.20	77.49	9.83	8.10
Total Stockholder Equity	160.30	138.69	17.51	15.18	14.96	12.59	8.83

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Income Statement

(in billions CNY) (except per-share rows)

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Total Revenue	16.11	105.30	103.47	96.50	13.75	73.67	8.51
Cost of Revenue	40.22	39.49	5.69	43.73	40.64	5.32	27.69
Gross Profit	72.40	65.81	63.06	52.77	46.97	38.98	31.56
Research & Development	17.72	17.52	2.32	2.18	2.21	1.59	1.21
Selling, General & Admin	4.23	4.55	0.69	0.68	0.67	3.37	3.13
Total Operating Expenses	36.57	36.22	35.35	33.14	4.79	24.44	17.76
Operating Income	35.83	4.05	3.90	2.85	2.58	2.23	1.98
Pretax Income	5.84	35.72	34.06	24.25	21.10	15.37	16.38
Tax Provision	6.03	5.46	4.70	5.03	0.65	3.04	0.42
Net Income	4.98	30.26	4.13	2.88	2.66	12.33	21.43
Basic EPS	1.52	9.28	9.15	0.90	0.80	0.56	0.95
Diluted EPS	10.48	9.19	9.05	0.89	0.79	3.60	0.94

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Cash Flow Statement

(in billions USD)

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Operating Cash Flow	50.74	5.44	4.98	27.71	24.93	24.89	2.47
Capital Expenditures	1.07	0.17	0.32	0.30	0.25	0.16	0.17
Free Cash Flow*	49.67	5.26	4.65	27.40	24.68	24.73	2.30
Investing Cash Flow	(4.74)	17.92	(17.04)	(1.07)	(7.08)	(29.19)	(3.18)
Financing Cash Flow	(20.16)	(27.34)	(3.02)	(10.24)	(1.97)	1.52	0.16

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* Derived from reported values