NetEase's 2024 net profit rose by 2.77 percent

Staff reporter

Chinese internet and game services provider NetEase (9999) saw its net profit increase by 2.77 percent to 33.51 million yuan (HK$35.78 million) year-on-year in 2024, partly driven by its core business development in games and music.

Net revenue last year reached 105.3 billion yuan, representing a year-on-year increase of 1.77 percent. Games and related services contributed 83.62 billion yuan, an increase of 2.52 percent.

Online game operations contributed 96.2 percent of the segment’s net revenues in 2024, up from 92.9 percent in 2023. Mobile games comprised 72.7 percent of online game revenues in 2024, slightly down from 75.2 percent in 2023.

For the fourth quarter, NetEase’s net profit grew by 31.2 percent year-on-year to 96.82 billion yuan, while its net revenue was 26.75 billion yuan, representing a year-on-year decrease of 1.4 percent.

NetEase's intelligent learning subsidiary, Youdao reported net revenue of 1.3 billion yuan in the quarter, achieving positive full-year operating profit for the first time. The company said it will continue technology-driven innovation.