NetEase earnings up 2.7pc

Chinese internet and games provider NetEase (9999) saw its net profit rise by 2.77 percent to 33.51 million yuan (HK$35.78 million) year-on-year in 2024.

Net revenue rose 1.77 percent to 105.3 billion yuan.

Games and related services contributing 83.62 billion yuan, an increase of 2.52 percent. Online game operations contributed 96.2 percent of the segment's 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.

Fourth net profit grew by 31.2 percent year-on-year to 96.82 billion yuan while net revenue was 26.75 billion yuan, representing a 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.

Meanwhile, NetEase Cloud Music's (9899) net profit in 2024 rose 113 percent year-on-year to 1.57 billion yuan from 734.18 million yuan in 2023.

Staff reporter