NetEase

NetEase is a Chinese internet company, and most of its revenue comes from online games. It develops and runs PC and mobile games such as the Fantasy Westward Journey franchise, Identity V, Eggy Party, Where Winds Meet and Marvel Rivals, and it earns money mainly from in-game purchases. Games and related services had RMB25.0 billion of the RMB30.1 billion of net revenue in Q2 2026.

NetEase also owns stakes in Youdao, an online learning company, and NetEase Cloud Music, a music streaming service, and it runs Yanxuan, an e-commerce brand. It sells more games outside China, but China is still its main market. The ADSs trade on Nasdaq, and each ADS is five ordinary shares; the shares also trade in Hong Kong, where NetEase became a dual-primary listed company on June 30, 2026.

The market prices NetEase with a China discount and doubts about how long its games can grow. Chinese regulators approve new games and can limit play time and spending, and tension between the United States and China adds a risk to US-listed Chinese companies. Investors also fear that NetEase depends on old franchises and on a small number of new hits, while research and development costs rise. In Q2 2026, games revenue rose 9.7%, but it fell from Q1 2026, and net income fell to RMB7.0 billion from RMB8.6 billion a year earlier because of investment losses and a higher tax rate.

NetEase has net cash of RMB167.5 billion, a dividend and a US$5.0 billion buyback program, but the market gives little value to this cash. For the gap to narrow, games revenue must keep growing, new titles such as Sea of Remnants, Ananta and Blood Message must succeed, and international revenue from games such as Where Winds Meet and Marvel Rivals must grow. The Q3 2026 report on November 19, 2026, the global launch of Ananta on January 15, 2027, and a launch date for Blood Message give the next evidence. Because the China discount depends on regulation and politics, which NetEase cannot control, the gap will probably not close fully.

1. Nov 19, 2026Pending

   Q3 2026 results: games growth and new titlesGames revenue growth near 10% year over year with a good start for Sea of Remnants passes; a fall in games revenue or more investment losses fail.
2. Jan 15, 2027Pending

   Ananta global launchA launch on time with strong early player numbers and spending passes; a delay or a weak start fails.
3. Mar 2027 · est.Pending

   Q4 2026 results and new game launchesGrowth in international games revenue, a good first quarter for Ananta and a firm launch date for Blood Message pass; delays or weak new titles fail.

Every passed and failed checkpoint across all picks

• November 5, 2026NetEase said that its board will approve the Q3 2026 results on November 19, 2026, and that it will publish them and hold its earnings call on that day, Beijing time.
• October 8, 2026NetEase Cloud Music announced a strategic partnership with gamma. to bring music from artists such as Mariah Carey, Usher and Snoop Dogg to its platform in China.
• August 25, 2026NetEase and the developer Naked Rain said at Gamescom that Ananta will launch worldwide on January 15, 2027, on PC, PlayStation 5 and mobile.

Next earnings

November 19, 2026, as the company confirmed.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 15, 2026 · ntes-20251231x20f
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 15, 2025 · ntes-20241231x20f

Every filing on SEC EDGAR (CIK 1110646)

• Chinese regulators approve new games and set rules on play time, spending and content. New rules or slower approvals can cut revenue from games in China.
• Tension between the United States and China can affect US-listed Chinese companies, for example through audit or delisting rules, and can lower the value of the ADSs.
• Games revenue depends on a few large franchises and new hits. If new titles such as Ananta and Blood Message do not succeed, growth can slow while research and development costs rise.
• NetEase holds large equity investments. Falls in their fair value and impairments cut net income in Q2 2026.
• NetEase reports in renminbi and pays dividends in US dollars. Exchange rates change the US dollar value of its earnings and cash.

NetEase has a large net cash position. Cash here is the total of cash and cash equivalents, current and non-current time deposits, restricted cash and short-term investments at June 30, 2026, RMB180.1 billion. Read more

Yield at the current rate

1.6% (current annual rate, at today’s price)

Dividend yield

2.4% (last 12 months, at today’s price of $122.13)

Paid per share

$2.93 in the last 12 months (4 payments)

Current annual rate

$1.92 ($0.48 × 4 a year)

Latest ex-dividend date

September 3, 2026, $0.48 per share

Special payment or a cut. The last 12 months paid at least 25% more than the current annual rate. The company may have paid a special dividend, or it may have cut its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 26.7% a year. From 2015 to 2025, the dividend grew by about 23.9% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.