网易-S(09999) - 2024 Q4 - 季度业绩

Financial Performance - NetEase's net revenue for Q4 2024 was RMB 26.7 billion (USD 3.7 billion), a decrease of 1.4% year-over-year[7] - Youdao's net revenue was RMB 1.3 billion (USD 183.6 million), a decrease of 9.5% year-over-year[7] - NetEase Cloud Music's net revenue was RMB 1.9 billion (USD 257.6 million), a decrease of 5.3% year-over-year[7] - For the fiscal year 2024, total net revenue was RMB 105.3 billion (USD 14.4 billion), up from RMB 103.5 billion in 2023[24] - Total revenue for the fiscal year ended December 31, 2023, was RMB 103,468,159, compared to RMB 105,295,236 in the previous fiscal year[54] Profitability - Gross profit for Q4 2024 was RMB 16.3 billion (USD 2.2 billion), a decrease of 3.3% year-over-year[14] - The net profit attributable to shareholders was RMB 8.8 billion (USD 1.2 billion), with a non-GAAP net profit of RMB 9.7 billion (USD 1.3 billion)[9] - The net profit attributable to shareholders in Q4 2024 was RMB 8.8 billion (USD 1.2 billion), compared to RMB 6.5 billion and RMB 6.6 billion in the previous quarter and year-over-year[22] - The net income from Youdao in 2024 was RMB 5.6 billion (USD 770.7 million), an increase from RMB 5.4 billion in 2023[25] - The basic earnings per share for Q4 2024 was USD 0.38, compared to USD 0.28 in the previous quarter and year-over-year[22] Operating Expenses - Operating expenses totaled RMB 8.5 billion (USD 1.2 billion), a decrease of 15.1% year-over-year[7] - Total operating expenses in Q4 2024 were RMB 8.5 billion (USD 1.2 billion), a decrease from RMB 9.3 billion and RMB 10 billion in the previous quarter and year-over-year, respectively[19] - Research and development expenses for the year ended December 31, 2023, totaled RMB 16,484,910, compared to RMB 17,524,812 for the year ended December 31, 2024[49] Cash and Assets - As of December 31, 2024, the company's net cash balance was RMB 131.5 billion (USD 18 billion), up from RMB 110.9 billion at the end of 2023[34] - Cash and cash equivalents rose significantly from RMB 21,428,902 in 2023 to RMB 51,383,310 in 2024, marking an increase of about 140%[47] - Total assets increased from RMB 185,924,978 in 2023 to RMB 195,991,550 in 2024, reflecting a growth of approximately 5.74%[47] - The total current assets increased from RMB 142,692,585 in 2023 to RMB 153,324,656 in 2024, reflecting a growth of approximately 7.5%[47] Shareholder Returns - The company declared a quarterly dividend of USD 0.24405 per share, payable on March 17, 2025[35] - The company announced a share repurchase plan approved by the board on November 17, 2022, allowing for the repurchase of up to $5 billion of its American Depositary Shares and common stock over a period of 36 months[37] - As of December 31, 2024, the company has repurchased approximately 21.2 million American Depositary Shares for a total of about$1.9 billion under this plan[37] Business Development - The company launched several new games globally, including "Marvel's Contest of Champions," which quickly topped the Steam global sales chart[9] - Youdao achieved a 10.3% year-over-year increase in operating profit for Q4 2024, marking its first positive annual operating profit[12] - NetEase Cloud Music continues to expand its subscription base, driving its music-centric commercialization process[12] - The company plans to expand its market presence and invest in new product development to drive future growth[53] Research and Development - The company is focusing on enhancing its technological capabilities through ongoing research and development initiatives[53] - The company's self-developed team focuses on mobile, PC, and console game development, contributing to a rich product matrix and enhancing user engagement[41] Financial Metrics - The effective tax rate for Q4 2024 was 13.4%, down from 16.1% in the previous quarter and 13.8% year-over-year[21] - The company uses non-GAAP financial metrics, such as net profit attributable to shareholders, to assess operational performance and business planning[45] - Non-GAAP financial metrics exclude stock-based compensation expenses, providing a clearer view of operational performance[45] - The company acknowledges the limitations of non-GAAP financial metrics and encourages a comprehensive review of its financial information[46]