NetEase Inc (NTES) 2025 Q3 法說會逐字稿

Good day, and welcome to the NetEase third-quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brandi Piacente. Please go ahead.

大家好，歡迎參加網易2025年第三季財報電話會議。今天的會議正在錄影。此時，我想把會議交給布蘭迪‧皮亞琴特。請繼續。

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the future performance of the company and are intended to qualify for the safe harbor from liability, as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion.

謝謝接線生。請注意，今天的討論將包含有關公司未來業績的前瞻性陳述，旨在符合美國《私人證券訴訟改革法案》規定的免責條款。此類聲明並非對未來績效的保證，並受某些風險、不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天新聞稿和本次討論中提到的結果有重大差異。

A general discussion of the risk factors that could affect NetEase's business and financial results is included in certain filings of the company with the Securities and Exchange Commission, including its annual report on Form 20-F, and in announcements and filings on the Hong Kong Stock Exchange's website. The company does not undertake any obligation to update this forward-looking information except as required by law.

網易向美國證券交易委員會提交的某些文件中，包括其 20-F 表格年度報告，以及香港聯合交易所網站上的公告和文件中，都包含了對可能影響網易業務和財務業績的風險因素的一般性討論。除法律要求外，本公司不承擔更新此等前瞻性資訊的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the third quarter 2025 earnings release issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the NetEase's corporate website at ir.netease.com.

在今天的電話會議上，管理階層還將討論一些非GAAP財務指標，僅用於比較目的。有關非GAAP財務指標的定義以及GAAP與非GAAP財務結果的調節，請參閱今天稍早發布的2025年第三季財報。再次提醒，本次會議正在錄影。此外，投資者簡報和本次電話會議的網路直播回放將在網易公司網站 ir.netease.com 上提供。

Joining us today on the call from NetEase's senior management, are Mr. William Ding, Chief Executive Officer; Mr. Zhipeng Hu, Executive Vice President; and Mr. Bill Pang, Vice President of Corporate Development.

今天參加電話會議的網易高階管理層成員有：執行長丁偉強先生、執行副總裁胡志鵬先生和企業發展副總裁龐炳強先生。

I will now turn the call over to Bill, who will read the prepared remarks on William's behalf.

現在我將把電話交給比爾，他將代表威廉宣讀準備好的演講稿。

Thank you, Brandi and welcome, everyone, to today's call. Before we begin, I would like to remind everyone that all percentages are based on RMB. The third quarter marked continued momentum and strong execution across our NetEase family. By uniting creativity with exceptional operations, we created more meaningful connections with players. Driven by our diverse portfolio of games that expanded our global reach and reignited player enthusiasm for our hit franchises, total revenues increased 8% year-over-year, reaching RMB28.4 billion in the third quarter. And revenues from our games and related VAS grew 12% in the third quarter, compared with the same period last year.

謝謝布蘭迪，也歡迎各位參加今天的電話會議。在開始之前，我想提醒大家，所有百分比都是以人民幣為基準。第三季度，網易旗下各業務部門持續保持強勁的成長動能與優異的執行力。透過將創意與卓越的營運結合，我們與玩家建立了更有意義的聯繫。由於我們多元化的遊戲組合擴大了我們的全球影響力，並重新點燃了玩家對我們熱門遊戲系列的熱情，第三季總收入年增 8%，達到 284 億元人民幣。與去年同期相比，我們遊戲及相關增值服務的營收在第三季成長了 12%。

Innovative creativity and long-term operation remain the defining force behind NetEase's ongoing player engagement and global expansion. Whether for new launches or established titles, our teams are dedicated to delivering unexpected gaming experiences and responsive live services that are winning over players worldwide. This strategic and creative approach continued to gain traction overseas, amplifying the influence and excitement of multiple games in the third quarter, including our new releases. Destiny: Rising, our new free-to-play mobile sci-fi RPG shooter, quickly topped iOS download charts in the United States and other major Western markets following it's global launch on August 28. The game has received widespread acclaim, securing leading positions on iOS download charts across nearly 100 markets worldwide. Featuring Destiny’s iconic, powerful gunplay across diverse modes set in a new timeline, the game has earned positive feedback from longtime fans while gaining traction within the broader shooter-game community. The excitement continued in China, where Destiny: Rising debuted on October 16 and immediately topped the iOS download chart, drawing in players nationwide to experience its thrilling shooting action at their fingertips.

創新創造力和長期營運仍然是網易持續吸引玩家和實現全球擴張的決定性動力。無論是新遊戲發布還是舊遊戲，我們的團隊都致力於提供意想不到的遊戲體驗和響應迅速的線上服務，從而贏得全球玩家的喜愛。這種策略性和創造性的方法在海外持續獲得認可，在第三季度擴大了多款遊戲的影響力和熱度，包括我們的新遊戲。我們的全新免費科幻角色扮演射擊手機遊戲《天命：崛起》於 8 月 28 日全球發布後，迅速登上了美國和其他主要西方市場的 iOS 下載排行榜榜首。該遊戲廣受好評，在全球近 100 個市場的 iOS 下載排行榜上名列前茅。該遊戲以《命運》系列標誌性的強大槍戰為特色，涵蓋多種遊戲模式，並設定在全新的時間線中，不僅贏得了老玩家的積極反饋，也在更廣泛的射擊遊戲社區中獲得了關注。這股熱潮在中國持續升溫，《天命：崛起》於 10 月 16 日在中國首發，並立即登上 iOS 下載排行榜榜首，吸引了全國各地的玩家體驗其激動人心的射擊動作。

Marvel Rivals continued to captivate Super Hero shooter fan base around the world. Kicking off its fourth season on September 12, the game introduced a wealth of refreshing new content, features, special events and Team-Ups. Following the updates, it reached No.3 on Steam's global top-sellers chart. The new map, K'un-Lun: Heart of Heaven, transports players to the ancient East, while the debut of Angela, an eagerly anticipated Vanguard, spurred excitement across the player community. Additionally, inspired by Marvel Animation's Marvel Zombies, a limited-time PvE Zombie Mode was released, featuring challenging bosses Zombie Namor and Queen of the Dead, just in time for Halloween. Beyond the game, Marvel Rivals Ignite celebrated its grand finals at DreamHack Atlanta, held in collaboration with ESL FACEIT Group. Elite players from around the world showcased their exceptional skills and strategies, drawing massive engagement in both on-site and online, and reflecting Marvel Rivals’ growing appeal.

《漫威宿敵》繼續吸引世界各地的超級英雄射擊遊戲粉絲。該遊戲於 9 月 12 日開啟了第四賽季，推出了大量令人耳目一新的新內容、功能、特別活動和組隊活動。更新後，遊戲在Steam全球暢銷榜上排名第三。新地圖崑崙：天之心將玩家帶到古代東方，而備受期待的先鋒安吉拉的首次亮相，則在玩家群體中引發了興奮之情。此外，受漫威動畫《漫威殭屍》的啟發，遊戲還推出了限時 PvE 殭屍模式，其中包含極具挑戰性的 Boss 殭屍納摩和亡靈女王，恰逢萬聖節之際推出。除了遊戲本身，Marvel Rivals Ignite 還在 DreamHack Atlanta 舉辦了總決賽，該賽事由 ESL FACEIT Group 共同舉辦。來自世界各地的精英玩家展示了他們卓越的技能和策略，在現場和線上都吸引了大量玩家參與，反映了漫威宿敵日益增長的吸引力。

As we continue to enrich our global portfolio through diverse partnerships, our original titles are also gaining increasing momentum worldwide. Delivering a distinctive survival- open-world experience to players globally, Once Human launched engaging updates in the third quarter, energizing its growing global community. On October 30, the game introduced a major new scenario centered on the capture and customization of Deviations, alongside a significant refresh of the PvP experience that provides more intense combat options. The highly anticipated collaboration event with the global hit game Palworld also went live on the same day, bringing popular Pals to a dedicated in-game island, which further invigorated the player community.

隨著我們透過各種合作關係不斷豐富我們的全球產品組合，我們的原創作品也在全球範圍內獲得了越來越大的發展勢頭。《Once Human》為全球玩家帶來獨特的生存開放世界體驗，並在第三季推出了引人入勝的更新，為其不斷壯大的全球社群注入了活力。10 月 30 日，遊戲推出了以捕捉和自訂變異體為中心的新大型場景，同時對 PvP 體驗進行了重大更新，提供了更激烈的戰鬥選擇。備受期待的與全球熱門遊戲 Palworld 的合作活動也於同一天上線，將人氣角色帶到了專門的遊戲內島嶼，進一步激發了玩家社群的活力。

We recently shared some of our upcoming international expansion plans at worldwide gaming events like Gamescom and the Tokyo Game Show 2025, generating even more excitement in the community with engaging player interactions. We exhibited Where Winds Meet at Gamescom 2025, showcasing our creative ambition in cultural storytelling and next-generation Wuxia world-building. In China, Where Winds Meet continues to captivate Wuxia fans with its narrative-rich setting, authentic Chinese martial arts themes, and its innovative gameplay that combines single and multiplayer modes. Each newly unveiled district not only engages our existing fans but also attracts new players, driving continued growth in both revenue and monthly active users to new highs in the third quarter. On November 14, we brought Where Winds Meet’s eastern-themed open-world, featuring dynamic combat to the global market on both PC and PlayStation 5. Within just 2 days, we achieved a peak of 190,000 concurrent players, securing the No.5 spot among the most played games and the No.4 position for top sellers globally on Steam. Additionally, it became one of the top 10 best sellers across the United States, Germany, France, and several other regions on PlayStation. This underscores the widespread appeal of our captivating Wuxia universe to an even broader audience. To further enhance community engagement, the mobile version has commenced pre-registration and is set to launch soon. Our highly anticipated title, ANANTA, also garnered significant attention at the Tokyo Game Show. Players show enthusiasm for our in-depth gameplay trailers and engaging hands-on play testing. They were drawn in by the game's imaginative action design, high-fidelity visuals and modern urban storytelling. Set in a dynamic and immersive city environment., ANANTA blends high-energy action with open-world freedom, offering players an experience that goes well beyond conventional gameplay. We are pleased to see mounting excitement and anticipation around this title, including recognition from the Japan Game Awards 2025 Future Division, where it was named as one of the most promising upcoming games.

我們最近在 Gamescom 和 2025 年東京電玩展等全球遊戲盛會上分享了我們即將推出的一些國際擴張計劃，透過與玩家的互動，在社群中引起了更大的興奮。我們在 2025 年科隆遊戲展上展出了《風的交匯處》，展現了我們在文化敘事和下一代武俠世界構建方面的創意雄心。在中國，《風之交會》憑藉其豐富的劇情設定、地道的中國武術主題以及結合單人和多人遊戲模式的創新玩法，持續吸引著武俠迷。每個新推出的區域不僅吸引了我們現有的粉絲，還吸引了新的玩家，推動收入和每月活躍用戶數在第三季度持續增長並創下新高。11 月 14 日，我們推出了以東方為主題的開放世界遊戲《風之交匯處》，該遊戲擁有動態戰鬥系統，登陸 PC 和 PlayStation 5 平台，面向全球市場。短短兩天內，我們的同時線上玩家人數就達到了19萬的峰值，在Steam平台最受歡迎的遊戲中排名第五，在全球暢銷遊戲中排名第四。此外，它還成為美國、德國、法國以及其他幾個地區 PlayStation 平台上最暢銷的 10 款遊戲之一。這凸顯了我們引人入勝的武俠世界對更廣泛受眾的廣泛吸引力。為了進一步加強社區參與，行動版已開始預先註冊，並將很快上線。我們備受期待的遊戲《ANANTA》在東京電玩展上也引起了廣泛關注。玩家們對我們深入的遊戲演示預告片和引人入勝的實際遊戲測試表現出了極大的熱情。他們被遊戲富有想像力的動作設計、高保真視覺效果和現代都市故事情節所吸引。《ANANTA》以充滿活力和沈浸感的城市環境為背景，將高能量的動作與開放世界的自由度相結合，為玩家提供超越傳統遊戲體驗的感受。我們很高興看到這款遊戲越來越受到關注和期待，包括獲得了 2025 年日本遊戲大獎未來組的認可，被評為最有前途的即將推出的遊戲之一。

Our groundbreaking MMO, Sword of Justice went global across mobile and PC platforms on November 7, topping the iOS download charts in multiple regions. The international release included AI-powered NPCs and an intelligent face-creation system. We showcased thess at the Tokyo Game Show in September, highlighting how emerging technologies are reshaping gameplay experiences. Sword of Justice also continued to engage domestic players in the third quarter with its ever-evolving gameplay and rich content. With the global version now live, Sword of Justice is bringing its immersive world and cutting-edge AI enhancements to broader international audiences.

我們開創性的MMO遊戲《正義之劍》於11月7日在全球行動和PC平台上線，並在多個地區的iOS下載排行榜上名列前茅。國際版包含了人工智慧驅動的NPC和智慧臉部創建系統。我們在九月份的東京電玩展上展示了這些技術，並重點介紹了新興技術如何重塑遊戲體驗。第三季度，《正義之劍》憑藉著不斷進化的遊戲玩法和豐富的內容，繼續吸引國內玩家。隨著全球版的上線，《正義之劍》將其沉浸式的世界和尖端人工智慧增強功能帶給了更廣泛的國際受眾。

On top of the new releases we’ve brought to the international stage, our established games are also gaining steam in multiple regions worldwide. Our realistic car simulation game, Racing Master has continued to gain popularity overseas through localized content, making it highly resonant with players in Japan since its launch there last year. Player engagement spiked in August during its anniversary celebration with carefully designed in-game content, boosting the game’s performance in Japan. Exciting e-sports events, like the Racing Master 2025 Legend Cup finals, held in Bangkok in August, brought passionate racers and fans from across Asia together, uniting Racing Master's distinctive global community. As firm believers in live operations, we stay closely attuned to players’ evolving expectations across every title, and our domestic games continued to deliver strong performances. Each game update presents new opportunities to entertain, engage and grow our communities. This approach continues to resonate with players, driving steady growth across our domestic portfolio for both new titles and games that have been around for decades.

除了我們推向國際舞台的新遊戲之外，我們已有的遊戲也在全球多個地區獲得了越來越多的關注。我們的逼真汽車模擬遊戲《賽車大師》透過在地化內容在海外持續走紅，自去年在日本推出以來，在日本玩家中引起了強烈共鳴。8 月份，遊戲週年慶期間，精心設計的遊戲內內容大大提升了玩家參與度，從而提高了遊戲在日本的表現。像 8 月在曼谷舉行的 Racing Master 2025 Legend Cup 總決賽這樣的激動人心的電競賽事，將來自亞洲各地的熱情賽車手和粉絲聚集在一起，團結了 Racing Master 獨特的全球社群。我們堅信即時營運的重要性，因此我們密切關注玩家對每款遊戲不斷變化的期望，而我們的國內遊戲也持續取得了強勁的成績。每次遊戲更新都為我們提供了新的機會，讓我們能夠娛樂、吸引和發展我們的社區。這種方法持續受到玩家的歡迎，推動了我們國內遊戲產品組合的穩定成長，包括新遊戲和已經存在了幾十年的遊戲。

Turning to Fantasy Westward Journey Online, one of our longest-running flagship titles at 22 years and counting, exemplifies our dedication to sustained, high-quality operations. The game is built around an inclusive ecosystem that allows players of all types to find enjoyment. We continue to inject fresh vitality through new features and mechanics. In July, we launched our innovative Unlimited Server, which offers classic gameplay under a popular modern model that eliminates the entry barrier of upfront time-based payments. This generated substantial enthusiasm from long-time fans and newcomers alike, significantly boosting player engagement. As a result, it has achieved four successive record-peak concurrent player counts since the third quarter, reaching a height of 3.58 million in early November. Westward Journey mobile also continues to evolve as we regularly introduce new features that players love. To meet players demands, we launched our new Casual Server, which is designed for fun and streamlined play. It offers Fantasy Westward Journey mobile’s signature gameplay in a lighter format, featuring simple progression, low threshold and intuitive controls. With a surge of new and returning players, monthly active users reached a two-year high in September.

以《幻想西部之旅 Online》為例，這款我們營運時間最長的旗艦遊戲之一，至今已有 22 年的歷史，體現了我們對持續、高品質營運的承諾。這款遊戲圍繞著一個包容性的生態系統構建，讓各種類型的玩家都能找到樂趣。我們不斷透過新功能和機制注入新的活力。7 月，我們推出了創新的無限伺服器，它以流行的現代模式提供經典的遊戲玩法，消除了預先按時間付費的准入門檻。這激發了老玩家和新玩家的極大熱情，並顯著提高了玩家的參與度。因此，自第三季以來，該平台已連續四次創下同時線上玩家人數的最高紀錄，並在 11 月初達到 358 萬的峰值。《西部之旅》手遊版也不斷發展，我們會定期推出玩家喜愛的新功能。為了滿足玩家的需求，我們推出了全新的休閒伺服器，旨在提供輕鬆愉快的遊戲體驗。它以更輕量級的形式提供了《幻想西行記》手機版的標誌性遊戲玩法，具有簡單的進度推進、低門檻和直觀的控制。隨著新玩家和回歸玩家的大量湧入，9 月的月活躍用戶數達到了兩年來的最高水準。

Another long-beloved MMO, Tianxia, continues to engage its community with deeply resonant updates. In October, we concluded closed beta testing for Tianxia 2 Classic. This version recreates the game's iconic art style and slower-paced gameplay, allowing players to experience its distinctive Chinese cultural essence. Meanwhile, the existing Tianxia clients will undergo a complete upgrade, with player progression seamlessly shared with Tianxia: Wanxiang, the brand-new cross-platform client powered by Messiah, our flagship in-house engine. The upgrade will both enhanced graphic quality and expand access for players across PC and mobile platforms, allowing them to experience the Tianxia universe everywhere.

另一款深受玩家喜愛的網遊《天下》也持續透過引人深思的更新來吸引玩家社群。10月份，我們結束了《天下2經典版》的封閉測試。這個版本重現了遊戲標誌性的藝術風格和較慢的節奏，讓玩家體驗其獨特的中國文化精髓。同時，現有的天下客戶端將進行全面升級，玩家進度將與天下：萬象無縫共享，天下：萬像是由我們旗艦級自主研發引擎 Messiah 提供支援的全新跨平台用戶端。此次升級將提升畫面質量，並擴大PC和行動平台玩家的存取權限，讓他們隨時隨地體驗天下世界。

Identity V's fan base maintained high engagement levels in the third quarter, supported by our steady cadence of seasonal updates and partnerships. New characters released along with each season update, including Hunter of Cueist and Survivor of Lanternist in the third quarter, infused new energy into Identity V's distinctive world, reinforcing Identity V as a top destination for asymmetric gameplay fans. In addition, the games collaboration with The Palace Museum Classic on September 25, added majestic rooftops of the Forbidden City to Identify V’s manor, adding a new layer of cultural depth. Eggy Party also experienced robust growth with its 3rd anniversary celebration in July, sparking renewed enthusiasm across the player community. Daily active users exceeded 30 million, and average playtime hit a record high, driving historic engagement levels. Two new gameplay modes quickly followed in September - Spooky Treasury Squad presents an intense extraction experience, and Crazy Farm introduces a casual and social farming simulator. Both were highly praised and attracted a wave of returning users during the National Day holiday. Meanwhile, we continued to evolve Eggy Party's AI-powered UGC tools, making map design faster, easier and more enjoyable. We believe that, together, these innovations are keeping Eggy Party fresh and its community inspired. Thanks to these ongoing efforts, we saw Eggy Party's performance recover to historic peak levels in both daily active users and average play time, which we expect will pave the way for smooth development in the coming years.

在第三季度，《第五人格》的粉絲群保持了較高的參與度，這得益於我們穩定的季節性更新和合作關係。隨著每個賽季更新推出的新角色，包括第三季度推出的獵殺者“線索者”和倖存者“燈籠者”，為《第五人格》獨特的世界注入了新的活力，鞏固了《第五人格》作為非對稱遊戲愛好者首選平台的地位。此外，9月25日與故宮博物院經典版的遊戲聯動，將紫禁城雄偉的屋頂添加到Identify Vâf ...Eggy Party 在 7 月迎來了三週年慶典，也實現了強勁增長，重新點燃了玩家社群的熱情。日活躍用戶超過 3,000 萬，平均遊戲時長創歷史新高，推動用戶參與度達到歷史新高。9 月又推出了兩種新的遊戲模式——「幽靈寶庫小隊」帶來緊張刺激的提取體驗，「瘋狂農場」則引入了休閒社交的農場模擬器。這兩款產品都獲得了很高的評價，並在國慶假期期間吸引了大量回頭客。同時，我們不斷改進 Eggy Party 的 AI 驅動用戶生成內容 (UGC) 工具，讓地圖設計更快、更容易、更有趣。我們相信，這些創新共同作用，使 Eggy Party 保持新鮮感，並激勵著它的社區。由於這些持續不斷的努力，我們看到 Eggy Party 的日活躍用戶數和平均遊戲時長均恢復到了歷史最高水平，我們預計這將為未來幾年的平穩發展鋪平道路。

Another example of our player-first philosophy and commitment to innovative, high-quality content is Onmyoji, one of China's earliest and most iconic anime-style games. On September 10, we launched its 9th anniversary celebration, featuring rich new content and gameplay updates shaped by player feedback. A highlight was the new character, Yuki Gozen, whose beautifully crafted CG trailer gained widespread attention on social media from both longtime fans and the broader anime community. It was broadly heralded for its innovative use of stereoscopic screens and 2D animation techinques to create a naked-eye 3D visual effect. With strong community support, Onmyoji quickly entered China's top 10 iOS grossing chart, demonstrating the vitality of this enduring IP and the strength of our long-term operations. Our commitment to engaging players and continuous innovation is also evident in NARAKA: BLADEPOINT. In the third quarter, we rolled out new heroes and exciting collaborations, such as Armor Hero in September and a time-limited return of NieR in October. NARAKA: BLADEPOINT esports presence is also growing. The 2025 NARAKA: BLADEPOINT Pro League, NBPL, Autumn Season marked its first professional league since being selected for the 2026 Aichi-Nagoya Asian Games, culminating in thrilling finals in October. Now in its fourth year, NBPL has become the cornerstone of NARAKA's esports ecosystem and China's top professional league for the title, driving increasing social media engagement across major platforms.

我們以玩家為先的理念和對創新、高品質內容的承諾的另一個例子是《陰陽師》，它是中國最早、最具代表性的動漫風格遊戲之一。9月10日，我們推出了9週年慶典活動，其中包含豐富的新內容和根據玩家回饋進行的遊戲玩法更新。其中的一大亮點是新角色雪禦前，其精美製作的 CG 預告片在社交媒體上引起了廣泛關注，不僅受到了老粉絲的喜愛，也受到了更廣泛的動漫愛好者的追捧。它因創新地運用立體螢幕和 2D 動畫技術創造出肉眼可見的 3D 視覺效果而廣受讚譽。憑藉強大的社區支持，《陰陽師》迅速躋身中國 iOS 暢銷榜前十，這證明了這一經久不衰的 IP 的活力以及我們長期運營的實力。我們對玩家的投入和持續創新的承諾在《NARAKA: BLADEPOINT》中也得到了體現。第三季度，我們推出了新的英雄和令人興奮的合作項目，例如 9 月的 Armor Hero 和 10 月限時回歸的 NieR。NARAKA：BLADEPOINT 電競的影響力也不斷成長。2025 年 NARAKA: BLADEPOINT 職業聯賽 (NBPL) 秋季賽是自入選 2026 年愛知名古屋亞運會以來舉辦的首個職業聯賽，並在 10 月份舉行了激動人心的總決賽。NBPL 至今已進入第四個年頭，已成為 NARAKA 電競生態系統的基石，也是中國該賽事的頂級職業聯賽，推動了各大社交媒體平台上的參與度不斷提高。

We continue to expand our domestic portfolio with new, light-hearted experiences that appeal to a wide range of audiences. Lingshou Damaoxian, our MMO featuring magical, heartwarming creatures inspired by Chinese fairytales, has built a dedicated fan base since its launch in August. Designed with a portrait interface for easy one-handed play, the game combines the joy of capturing and nurturing creatures with strategic turn-based combact and building a homeland for them to thrive in.

我們不斷拓展國內產品組合，推出輕鬆愉快的新體驗，以吸引廣大的受眾。我們的 MMO 遊戲《靈獸大魔仙》以中國童話故事為靈感，擁有神奇而溫馨的生物，自 8 月上線以來，已經積累了一批忠實的粉絲。這款遊戲採用垂直螢幕介面設計，方便單手操作，將捕捉和培育生物的樂趣與策略性的回合製戰鬥以及為它們建造家園使其繁榮發展結合起來。

Backed by our players, and supported by world-class partners and global teams, we're building enduring collaborations that keep expanding what's possible in gaming. Blizzard titles continued to elevate the gaming experience for Chinese players. World of Warcraft rolled out updates across both classic and modern servers during the third quarter, sustaining strong engagement among long-time fans and newcomers alike. To further enhance the localized experience, the game just launched the highly anticipated China-exclusive Titan Reforged Server this week. Blending the nostalgia of classic expansions with modern gameplay elements, this new server fulfills players’ long-awaited expectations and has reignited excitement across the World of Warcraft community. Overwatch 2 has also recently introduced a new Chinese hero, Wuyang, further deepening the game's diverse roster of characters. Meanwhile, Hearthstone celebrated its 11th anniversary, amassing over 100 million registered players in China. A series of special anniversary events drove enthusiastic participation from both loyal fans and newcomers to the game. The Diablo franchise also continued to capture attention. Diablo II: Resurrected the legendary remaster of the installment that helped define the franchise returned to China on August 27. The newest season, released in October, pushed the game’s daily active player base to a record high. In parallel, Diablo IV, the latest blockbuster bringing the serie’s signature dark aesthetic to new heights, will launch in China on December 12. Furthermore, the genre-defining real-time strategy game, StarCraft II, also returned on October 28, triggering excitement among fans.

在玩家的支持下，以及世界一流合作夥伴和全球團隊的協助下，我們正在建立持久的合作關係，並不斷拓展遊戲領域的可能性。暴雪遊戲持續提升中國玩家的遊戲體驗。《魔獸世界》在第三季對經典伺服器和現代伺服器都進行了更新，保持了老玩家和新玩家的強烈參與度。為了進一步提昇在地化體驗，該遊戲本週推出了備受期待的中國專屬泰坦重鑄伺服器。這款新伺服器融合了經典擴充的懷舊元素和現代遊戲玩法，滿足了玩家們長久以來的期待，並重新點燃了魔獸世界社群的熱情。《鬥陣特攻2》最近也推出了一位新的中國英雄－無陽，進一步豐富了遊戲中多樣化的角色陣容。同時，《爐石戰記》慶祝了其11週年紀念日，在中國累積了超過1億的註冊玩家。一系列特別的周年紀念活動激發了忠實粉絲和新玩家的熱情參與。《暗黑破壞神》系列遊戲也持續吸引玩家的注意。《暗黑破壞神 II：復活》這款幫助定義了該系列的傳奇重製版於 8 月 27 日重返中國。最新賽季於 10 月發布，使該遊戲的每日活躍玩家數量達到了歷史新高。同時，將系列標誌性的黑暗美學提升到新高度的最新大作《暗黑破壞神 IV》將於 12 月 12 日在中國上線。此外，定義了即時戰略遊戲類型的《星海爭霸II》也於10月28日回歸，引發了粉絲們的興奮之情。

Minecraft: China Edition, the localized version of the globally popular sandbox game, reached 1.25 million concurrent players on August 17, an impressive milestone in its 8th year of operation. Committed to nurturing its UGC ecosystem, the game continues to enhance creation tools and expand exposure for community creators, now supporting over 300,000 creators. By delivering enriched, locally tailored experiences, Minecraft: China Edition has fostered a highly engaged and loyal player community.

全球熱門沙盒遊戲《我的世界：中國版》的在地化版本在 8 月 17 日達到了 125 萬同時線上玩家，這是該遊戲運營 8 年來的一個令人矚目的里程碑。遊戲致力於培養其用戶生成內容（UGC）生態系統，不斷增強創作工具，擴大社群創作者的曝光度，目前已支援超過 30 萬名創作者。透過提供豐富且在地化的體驗，《我的世界：中國版》培養了一個高度活躍且忠誠的玩家群。

Beyond above titles, other globally renowned franchises in our portfolio also continued to thrive in China, engaging vast creative communities and expanding local ecosystems. Along with our expanding global presence and evolving development capabilities, our domestic community continues to thrive. Regardless of geography or genre, we'll continue to put players first and work closely with our partners to deliver memorable, high-quality experiences across our beloved franchises and exciting new titles still to come.

除了上述作品之外，我們旗下其他享譽全球的品牌在中國也持續蓬勃發展，吸引了龐大的創意社群，並拓展了當地的生態系統。隨著我們全球業務的不斷拓展和研發能力的不斷提升，我們的國內社區也持續蓬勃發展。無論地理或類型如何，我們將繼續把玩家放在首位，並與我們的合作夥伴緊密合作，為我們備受喜愛的遊戲系列和即將推出的激動人心的新遊戲帶來難忘的、高品質的體驗。

Turning to Youdao. Youdao continued to solidly execute its AI-Native strategy in the third quarter, with healthy development of both its education and advertising businesses. For learning services, Youdao Lingshi grew gross billings by over 40% year-over-year in the third quarter. Notably, it partnered with the Yao Mathematical Science Center of Tsinghua University, providing technical support to a platform, which is designed to identify and support mathematically gifted students. The platform is currently being piloted in top-tier schools with a national rollout planed following further refinements. Youdao's online marketing services achieved robust growth in the third quarter. As we advance the use of AI across multiple advertising processes, we further enhance our expertise in programmatic advertising and influencer marketing campaigns, elevating the efficiency and effectiveness of advertising. For smart devices, we continued to enrich our offerings with technology upgrades. In the third quarter, we launched a new tutoring pen,Youdao Space X, which features a series of intelligent capabilities, such as precise scanning for long form and multi-graphic problems, to help students learn more effectively.

轉向有道。第三季度，有道持續穩定推動AI原生策略，教育和廣告業務均取得健康發展。在學習服務方面，有道靈仕第三季毛收入年增超過 40%。值得一提的是，它與清華大學姚氏數學科學中心合作，為旨在識別和支持數學天才學生的平台提供技術支援。該平台目前正在一流學校進行試點，經過進一步完善後計劃在全國推廣。有道的線上行銷服務在第三季度實現了強勁成長。隨著我們在多個廣告流程中推進人工智慧的應用，我們進一步增強了在程序化廣告和網紅行銷活動方面的專業知識，從而提高了廣告的效率和效果。對於智慧型設備，我們不斷透過技術升級來豐富我們的產品。第三季度，我們推出了一款新的輔導筆——有道Space X，它具備一系列智慧功能，例如對長篇幅和多圖問題進行精確掃描，以幫助學生更有效地學習。

Turning to Yanxuan. The business continued to perform well across major e-commerce platforms, led by steady development in its core categories, such as pet food, home scents and home goods. Propelling technology-driven innovations, Yanxuan's product launches have consistently stood out in the market. Its new pet food product uses a refined production process, making it smoother and easier for pets to digest, earning it widespread praise for addressing common digestive issues. Across the NetEase family of businesses, we continue to build on a foundation of creativity, quality and disciplined execution. Looking ahead, we are focused on advancing our development capabilities and global reach, scaling our original IP into lasting franchises and elevating every experience we deliver. Guided by innovation and the trust of our communities, we're shaping a future defined by meaningful growth and enduring impact.

轉向彥軒。在寵物食品、家居香氛和家居用品等核心品類穩定發展的帶動下，公司在各大電商平台上的業務持續表現良好。憑藉著技術驅動的創新，燕軒的產品發佈在市場上一直脫穎而出。其新推出的寵物食品產品採用改良的生產工藝，使其更易於寵物消化，並因能解決常見的消化問題而廣受讚譽。在網易集團旗下所有業務中，我們始終秉持著創新、品質和嚴謹執行的原則。展望未來，我們將專注於提升我們的開發能力和全球影響力，將我們的原創智慧財產權擴展為持久的特許經營權，並提升我們提供的每一次體驗。在創新和社區信任的指引下，我們正在塑造一個以有意義的成長和持久的影響為特徵的未來。

That concludes William's comments.

威廉的發言到此結束。

I will now provide a brief review of our 2025 third-quarter financial results. Given the limited time on today's call, I will be presenting abbreviated financial highlights. We encourage you to read through our press release issued earlier today for further details. As a reminder, all amounts are in RMB unless otherwise stated.

接下來，我將簡要回顧我們2025年第三季的財務表現。鑑於今天電話會議時間有限，我將簡要介紹財務亮點。我們建議您閱讀今天早些時候發布的新聞稿，以了解更多詳情。再次提醒，除非另有說明，所有金額均以人民幣計價。

Total net revenue for the third quarter were RMB28.4 billion, or USD4 billion, representing an 8% increase year-over-year. Total net revenues from our games and related VAS were RMB23.3 billion, up 12% year-over-year. Specifically, net revenues from online games were RMB22.8 billion, up 3% quarter-over-quarter and 13% year-over-year. The quarter-over-quarter increase in online games net revenue was due to higher net revenues from self-developed games such as Fantasy Westward Journey Online and Sword of Justice, as well as certain licensed games. The year-over-year increase was attributable to a higher net revenue from self-developed games, such as Fantasy Westward Journey Online, Eggy Party, and newly-launched Where Winds Meet and Marvel Rivals, as well as certain licensed games. Youdao's net revenues reached RMB1.6 billion, representing a 15% increase quarter-over-quarter, driven by growth in smart devices and online marketing services. Year-over-year, revenue rose by 4%, attributed to a higher contribution from online marketing services.

第三季總淨收入為人民幣284億元，約40億美元，較去年同期成長8%。我們遊戲及相關增值服務的總淨收入為人民幣233億元，較去年同期成長12%。具體而言，網路遊戲淨收入為人民幣228億元，季增3%，年增13%。網路遊戲淨收入季增，是由於自主開發的遊戲（如《幻想西遊記》和《正義之劍》）以及某些授權遊戲的淨收入增加所致。年比成長主要歸功於自主開發遊戲（如《幻想西遊記Online》、《蛋蛋派對》以及新推出的《風之交匯》和《漫威勁敵》）和某些授權遊戲帶來的淨收入增加。受智慧型設備和線上行銷服務成長的推動，有道淨收入達到人民幣16億元，季增15%。與去年同期相比，營收成長了 4%，這主要歸功於網路行銷服務貢獻的增加。

NetEase Cloud Music’s net revenues were RMB2 billion, stable quarter-over-quarter but down 2% year-over-year. Notably, revenue from membership subscriptions continued to show healthy growth both sequentially and year-over-year. Revenues from social entertainment services and others, though still lower compared with the same period last year, stabilized quarter-over-quarter.

網易雲音樂淨收入為人民幣20億元，較上季持平，但較去年同期下降2%。值得注意的是，會員訂閱收入持續保持健康成長，無論是環比還是同比增長。社交娛樂服務和其他服務的收入雖然仍低於去年同期水平，但環比趨於穩定。

Net revenues for innovative businesses and others were RMB1.4 billion, down 15% quarter-over-quarter and 19% year-over-year. The sequential decline was mainly driven by Yanxuan due to its high base during the 618 E-commerce Festival. The year-over-year decrease reflected an increase in certain inter-segment transaction elimination and, to a lesser extent, decreased net revenues from Yanxuan and certain other businesses.

創新業務及其他業務的淨收入為人民幣14億元，季減15%，較去年同期下降19%。此次環比下跌主要是因為燕軒股價在618電商節期間基數較高所致。同比下降反映了某些部門間交易抵消的增加，以及在較小程度上，燕軒和其他一些業務的淨收入下降。

Gross profit for the third quarter of 2025 was RMB18.2 billion, up 10% year-over-year, primarily driven by increased net revenues from online games. This quarter, our total gross profit margin was 64.1%. Looking at our third quarter margin in more detail: Gross profit margin was 69.3% for our games and related VAS, compared with 68.8% in the same period of last year. The improvement was mainly driven by a higher mix of PC games in China, which typically have higher margins. Our gross profit margin for Youdao was 42.2%, compared with 50.2% in the same period of last year. The decrease was mainly due to the declined gross profit margin of online marketing services. Gross profit margin for NetEase Cloud Music was 35.4% in the third quarter, versus 32.8% in the same period a year ago. The margin improvement was primarily driven by steady growth in our core online music business, with lower contributions from social entertainment and other lower-margin services. For our innovative businesses and others, gross profit margin was 43.0%, compared with 37.8% in the third quarter of 2024.

2025年第三季毛利為人民幣182億元，較去年成長10%，主要得益於網路遊戲淨收入的成長。本季度，我們的總毛利率為 64.1%。更詳細地來看我們第三季的利潤率：我們的遊戲及相關增值服務的毛利率為 69.3%，而去年同期為 68.8%。這項改善主要得益於中國PC遊戲佔比的提高，而PC遊戲通常利潤率更高。有道的毛利率為 42.2%，去年同期為 50.2%。下降的主要原因是網路行銷服務的毛利率下降。網路易雲音樂第三季的毛利率為 35.4%，去年同期為 32.8%。利潤率的提高主要得益於我們核心線上音樂業務的穩定成長，而社交娛樂和其他低利潤率服務的貢獻則有所下降。對於我們的創新業務和其他業務，毛利率為 43.0%，而 2024 年第三季為 37.8%。

Despite the impact of intersegment eliminations mentioned earlier, the improvement was mainly driven by better margins at Yanxuan and a higher revenue contribution from certain innovative businesses with relatively stronger margins. The total operating expenses for the third quarter was RMB10 billion, or 36% of our net revenues.

儘管前面提到了部門間業務抵銷的影響，但業績改善主要得益於燕軒業務利潤率的提高以及某些利潤率相對較高的創新業務的收入貢獻增加。第三季總營運支出為人民幣100億元，佔淨收入的36%。

Taking a closer look at our cost composition: Our selling and marketing expenses as a percentage of total net revenues were 15.7%, compared with 14.5% for the same period last year, primarily due to increased marketing expenditures related to online games. Our R&D expenses remained stable at 16% of total net revenues in the third quarter compared with 16.9% for the same period last year, reflecting our consistent investment in content creation and product development. The effective tax rate was 13% for the third quarter. As a reminder, the effective tax rate is presented on an accrual basis, in accordance with applicable policies and our operations. Our non-GAAP net income attributable to shareholders for the third quarter totaled RMB9.5 billion, or USD1.3 billion, up 27% year-over-year. Non-GAAP basic earnings per ADS for the quarter was USD2.09 or USD0.42 per share.

仔細分析我們的成本組成：我們的銷售和行銷費用佔總淨收入的 15.7%，而去年同期為 14.5%，這主要是由於與網路遊戲相關的行銷支出增加所致。第三季度，我們的研發支出佔淨收入總額的比例保持穩定，為 16%，而去年同期為 16.9%，這反映了我們對內容創作和產品開發的持續投入。第三季實際稅率為13%。再次提醒，實際稅率是根據適用的政策和我們的營運情況，按權責發生製計算的。第三季歸屬於股東的非GAAP淨利總計人民幣95億元，即13億美元，較去年同期成長27%。本季非GAAP基本每股收益為2.09美元，即每股0.42美元。

Additionally, our cash position remains robust, with net cash of approximately RMB153.2 billion as of September 30, 2025, compared with RMB142.1 billion at the end of last quarter. In accordance with our dividend policy, we are pleased to report that our Board of Directors has approved a dividend of USD0.114 per share or USD0.57 per ADS.

此外，我們的現金狀況依然穩健，截至2025年9月30日，淨現金約為人民幣1,532億元，而上一季末為人民幣1,421億元。根據我們的股利政策，我們很高興地宣布，董事會已批准派發每股 0.114 美元或每份美國存託股份 0.57 美元的股息。

The company announced today that its previously approved share repurchase program of up to USD5 billion of the company's ADS and ordinary shares in open market or other transactions will be extended for an additional 36 months until January 9, 2029. As of September 30, 2025, approximately 22.1 million ADSs had been repurchased under this program for a total cost of approximately USD2 billion.

該公司今天宣布，先前批准的股份回購計畫（最高可達 50 億美元，透過公開市場或其他交易回購公司 ADS 和普通股）將再延長 36 個月，至 2029 年 1 月 9 日。截至 2025 年 9 月 30 日，根據該計劃已回購約 2,210 萬份 ADS，總成本約為 20 億美元。

Thank you for your attention. We would now like to open the call to your questions. Operator, please.

感謝您的關注。現在我們來回答大家的問題。接線員，請說。

(Operator Inscrutions)

（操作員審查）

Xueqing Zhang, CICC.

張學慶，中金公司。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks management for taking my question and congratulations on the third quarter. My question is about Fantasy Westward Journey. Given that FWJ PC has consistently set new records for online player count since this summer. We would appreciate that the company sharing its operational structure for this evergreen title. And we have several follow-up questions on it.

（翻譯）感謝管理層回答我的問題，並祝賀你們第三季業績出色。我的問題是關於《奇幻西行記》的。鑑於 FWJ PC 自今年夏天以來一直在不斷刷新線上玩家人數的記錄。我們希望該公司能分享其關於這款常青產品的營運結構。我們還有一些後續問題。

Firstly, what's the core driving factors behind the Unlimited Server. And secondly, what's the user profile with the ratio of retaining players to new players. And lastly, is this model replicable across other flagship titles? Thank you.

首先，無限伺服器背後的核心驅動因素是什麼？其次，留存玩家與新進玩家的比例是多少？最後，這種模式能否複製到其他旗艦遊戲中？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) The longevity Fantasy Westward Journey Online PC is based on its highly stable economic system and unique, rich gaming experiences, which are very rare in most other games. Our team has been dedicated to providing sustainable fun experience, stable ecosystem and innovative content.This commitment has been recognized and appreciated by the players as well as we can see from the market. In the Unlimited Server, we have removed the upfront time-based payment and streamlined the gameplay and systems offer a lighter format, while preserving the core designs that has evolved in our Classic Server over time. Compared with the comprehensive and diverse game experience of the Time-based Server, the Unlimited Server offers enjoyable experiences in a simpler and more direct manner with a smooth learning curve. The Unlimited Server has attracted both many former players back to the game as well as new players. The Unlimited Server actually also benefited the Classic Server by bringing in additional new and returning players. Fantasy Westward Journey Online is a legacy game that has been operated for 22 years. We remain committed to the innovation and diversified fun experience to continue meeting the demands from our player community. Looking ahead, we will continue to focus on long-term development, providing our broad player community with various choices within the game. Thank you.

（解讀）《幻想西遊記Online PC版》的持久生命力源自於其高度穩定的經濟體系和獨特、豐富的遊戲體驗，這在大多數其他遊戲中都非常罕見。我們的團隊一直致力於提供永續的娛樂體驗、穩定的生態系統和創新的內容。這項承諾得到了玩家的認可和讚賞，我們也從市場上看到了這一點。在無限伺服器中，我們取消了預先按時間付費，簡化了遊戲玩法和系統，提供了更輕的形式，同時保留了隨著時間推移在經典伺服器中發展而來的核心設計。與限時伺服器全面多樣的遊戲體驗相比，無限伺服器以更簡單、更直接的方式提供愉悅的遊戲體驗，學習曲線也更加平緩。無限伺服器吸引了許多老玩家回歸遊戲，同時也吸引了許多新玩家。無限伺服器實際上也讓經典伺服器受益，因為它吸引了更多的新玩家和回歸玩家。《幻想西行記》是一款經營了 22 年的經典遊戲。我們將繼續致力於創新和多元化的娛樂體驗，以滿足玩家群的需求。展望未來，我們將繼續專注於長期發展，為我們廣大玩家群提供遊戲中的各種選擇。謝謝。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

Hi. Good evening. Thank you management for taking my question. Can management comment on the demand trend in China as well as overseas? On the other hand, can management also talk about the overseas expansion strategy? Thank you.

你好。晚安.感謝管理層抽空回答我的問題。管理階層能否就中國及海外的需求趨勢發表一下看法？另一方面，管理階層能否談談海外擴張策略？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) During our business operation in overseas market, we have accumulated many successful experiences, which is powered by the strong development capabilities we have in-house. For example, in Japan, we have Knives Out, and Identify V, both very popular national games. And last December, we released Marvel Rivals globally, which has been super successful. And on November 15 this month, we released Where Winds Meet in the global market. And all these products have achieved a very good level of success overseas, and we have received a lot of positive feedback from the community as well. What we see is in the overseas market is that NetEase is one of the most prominent game development powerhouses in the industry. And we are also the only game company that has successfully brought a truly authentic Chinese-themed online game to the global market. For example, Where Winds Meet, which features a fully traditional Chinese Wuxia setting, has received very positive feedback from players globally. Looking ahead, we believe we have the capability to bring more and more successful cases to oversea markets and provide global gamers with more and more high-quality content and services. We have confidence in that. Thank you.

（譯文）我們在海外市場開展業務的過程中，累積了許多成功的經驗，這得益於我們強大的內部研發能力。例如，在日本，我們有《利刃出鞘》和《辨認V》，這兩款遊戲都非常受歡迎。去年 12 月，我們在全球發布了 Marvel Rivals，這款遊戲取得了巨大的成功。本月11月15日，我們向全球市場發布了《風的交會處》。所有這些產品在海外都取得了非常好的成功，我們也收到了許多來自社群的正面回饋。我們看到，在海外市場，網易是業界最傑出的遊戲開發巨頭之一。我們也是唯一一家成功將真正道地的中國主題網路遊戲推向全球市場的遊戲公司。例如，《風之交會》是一款以中國傳統武俠為背景的遊戲，受到了全球玩家的正面評價。展望未來，我們相信我們有能力將越來越多的成功案例帶到海外市場，並為全球遊戲玩家提供越來越多的高品質內容和服務。我們對此充滿信心。謝謝。

There are some further comments from William. Also, earlier this month, we rolled out Sword of Justice in the global market. Three years ago, we rolled out NARAKA: BLADEPOINT PC overseas, which also achieved great sucess. And as you may have seen, we showcased both ANANTA and Sea of Remnants to the public, and the market has very high expectations for these upcoming titles. At this year’s Tokyo Game Show, ANANTA was named one of the most promising upcoming games by the Japan Games Awards 2025 Future Division. NetEase is deeply rooted in the China market, and we are also actively expanding our territory in the global market. That is what we have been doing. We have seen some success already on this front. We’ll continue to push forward. Thank you.

威廉還有一些補充說明。此外，本月初，我們在全球市場推出了《正義之劍》。三年前，我們在海外推出了 NARAKA: BLADEPOINT PC 版，也取得了巨大的成功。正如您可能已經看到的，我們向公眾展示了《ANANTA》和《Sea of​​​​ Remnants》，市場對這兩款即將推出的遊戲寄予厚望。在今年的東京電玩展上，《ANANTA》被2025年日本遊戲大獎未來部門評為最有前途的即將推出的遊戲之一。網易在中國市場根基深厚，同時也積極拓展全球市場。我們一直都是這麼做的。我們在這方面已經取得了一些成功。我們將繼續前進。謝謝。

Ritchie Sun, HSBC.

孫里奇，匯豐銀行。

Thank you, management for taking my questions. Regarding Identity V, we have seen the volatility in grossing and DAU in recent months. Can management discuss the reasons behind it and the strategy to improve the performance? Secondly, World of Warcraft and Hearthstone have returned to China for one year already and about to face tough comps. Can management discuss the performance metrics now versus one year ago and plans to drive sustainable growth in the future? And Diablo IV is also coming back soon. Can management discuss the monetization potential considering the more intense competition in the ARPG genre? Thank you.

感謝管理層抽空回答我的問題。關於 Identity V，我們已經看到近幾個月來其總收入和每日活躍用戶數出現了波動。管理階層能否討論背後的原因以及改善績效的策略？其次，《魔獸世界》和《爐石戰記》已經在中國回歸一年了，即將面臨激烈的競爭。管理階層能否討論目前的績效指標與一年前相比的變化，以及未來推動永續成長的計畫？《暗黑破壞神IV》也即將回歸。鑑於ARPG遊戲類型競爭日益激烈，管理階層能否討論獲​​利潛力？謝謝。

(spoken in foreign language) (interpreted) Indeed, Identity V faced some impact from competing products during the summer holidays, particularly in lower-tier cities. However, since the start of back-to-school season, these impacts have eased. And in fact, in September, Identity V’s metrics reached historical high starting from the new semester compared to the same period in previous years. While Q4 historically has never been the peak season for Identity V, our team has been focused on preparing new content and marketing campaigns for the Chinese New Year cycle. We expect players who enjoy Identity V’s artistic style will also have growing demands for more diversified gameplays. So we have been preparing more comprehensive and large scale fun game modes, while working on the next chapters of the game.

（外語）（翻譯）事實上，《第五人格》在暑假期間受到了競爭產品的影響，尤其是在低線城市。然而，自開學季開始以來，這些影響已經有所緩解。事實上，從新學期開始，Identity V 的各項指標在 9 月達到了歷史新高，與往年同期相比。雖然第四季歷來都不是《第五人格》的旺季，但我們的團隊一直專注於為春節週期準備新的內容和行銷活動。我們預計，喜歡《第五人格》藝術風格的玩家也會對更多樣化的遊戲玩法提出越來越高的要求。因此，我們在開發遊戲後續章節的同時，也正在準備更全面、更大規模的趣味遊戲模式。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you. As we approach the end of current expansion of a World of Warcraft is indeed expected to see decline in performance compared to this last period. Meanwhile, Hearthstone has a steady maintains cadence of expansion pace updates over the past years. With different operation strategy from the past, both games have performed well above the levels seen before the service suspension. Moving forward, we'll continue to deepen our collaboration to sustain the unique competitive edge of these two titles in the China market. And one specific example we want to share is the Titan Reforged Server of World of Warcraft, which was desgined and planned together by our Chinese team and US team and has achieved excellent results, showing that working closer together, we can deliver better outcomes than in the past. Talking about Diablo. Diablo IV has its own unique quality, and we have brand new business plans in place. We believe it will earn deserved market share and commercial performance in the ARPG segment after launch. In addition, StarCraft II has achieved record high user engagement since its launch, reinvigorating the RTS genre. Thank you.

（翻譯）謝謝。隨著目前《魔獸世界》資料片的結束，其性能與上個時期相比確實預計會有所下降。同時，《爐石戰記》在過去幾年中一直保持著穩定的擴展更新節奏。與以往不同的營運策略，這兩款遊戲的表現都遠遠超出服務暫停前的水平。展望未來，我們將繼續深化合作，以保持這兩款遊戲在中國市場的獨特競爭優勢。我們想分享的一個具體例子是《魔獸世界》的泰坦重鑄伺服器，它是由我們的中國團隊和美國團隊共同設計和規劃的，並取得了優異的成績，這表明透過更緊密的合作，我們可以取得比過去更好的成果。聊聊暗黑破壞神。《暗黑破壞神IV》擁有其獨特的品質，我們也制定了全新的商業計劃。我們相信，這款遊戲上市後將在ARPG領域贏得應有的市佔率和商業成功。此外，《星海爭霸 II》自發布以來用戶參與度創下歷史新高，重振了即時戰略遊戲類型。謝謝。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

So just wanted to follow up. I think management earlier mentioned ANANTA was recently showcased at the Tokyo Game Show and had a pretty good feedback. Just wanted to know more details about the user feedback. And then how should we think about the market positioning and also the differentiation of this game?

所以想跟進​​一下。我認為管理層之前提到過，ANANTA 最近在東京電玩展上展出，並且獲得了相當不錯的回饋。我想了解更多用戶回饋的細節。那麼，我們該如何考慮這款遊戲的市場定位和差異化呢？

And then it also seems that the game included pretty decent amount of rich content and an innovative gameplay. So any comments on that? And then are there any updates regarding the next testing timing and also the official launch timing in 2026 that you can share? Thank you.

此外，這款遊戲似乎還包含了相當豐富的遊戲內容和創新的遊戲玩法。對此大家有什麼看法？那麼，關於下一次測試的時間安排以及2026年的正式發佈時間，您能否分享一些最新消息？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) We showcased the latest playtest content of ANANTA at the Tokyo Game Show, which attracted significant attention on social media across the world and won the most promising upcoming titles by the Japan Game Award 2025 Future Division. We believe that with a combination of console-level quality content, innovative monetization strategy as well as our focus on long-term operations, the game will carve out a new niche in the industry ecosystem. The development is progressing as planned, and we'll continue with testing and launches according to schedule. Further updates will be shared at the appropriate time.

（翻譯）我們在東京電玩展上展示了 ANANTA 的最新試玩內容，這在世界各地的社交媒體上引起了廣泛關注，並贏得了 2025 年日本遊戲大獎未來部門最有前途的新作獎。我們相信，憑藉主機級品質的內容、創新的獲利模式以及我們對長期營運的關注，這款遊戲將在產業生態系統中開闢出一個新的領域。開發工作正按計劃進行，我們將繼續按計劃進行測試和發布。後續進展將在適當的時候公佈。

Jialong Shi, Nomura.

石家龍，野村。

We noticed from media, it seems to us the number of new games in your pipeline every year is smaller than in the past few years. If our observation is correct, I just wonder what is your current strategy towards launching new games into the market? And if NetEase does not launch as many new games each year, what will be the growth driver for your online gaming business? Thank you.

我們從媒體報導中註意到，你們每年推出的新遊戲數量似乎比過去幾年少。如果我們的觀察是正確的，我想知道你們目前向市場推出新遊戲的策略是什麼？如果網易每年推出的新遊戲數量減少，那麼你的線上遊戲業務的成長動力將是什麼？謝謝。

(spoken in foreign language) (interpreted) The whole company will be very focused on our existing successful products. We will keep refining and remain focused. We don't want to get distracted too much by starting many new products in which we don't have full confidence.

（外語）（翻譯）整個公司將非常專注於我們現有的成功產品。我們將繼續改進並保持專注。我們不想因為推出太多我們還沒有完全信心的新產品而分心。

For new products, we'll be very prudent and focused, making sure that whatever new product we're building is competitive in the market. We actually don't see these as contradictory. We believe being focus is one of the core strength a company needs to have. That's our view. Thank you.

對於新產品，我們將非常謹慎和專注，確保我們開發的任何新產品在市場上都具有競爭力。我們其實不認為這兩者是矛盾的。我們認為專注是公司必須具備的核心優勢之一。這是我們的觀點。謝謝。

Felix Liu, UBS.

瑞銀集團的劉菲利克斯。

Thank you, management, for taking my question. My question is on the recent news of organizational changes in your game department. Will these changes impact the near-term operations of the related games and how does management think about the current organizational structure under the context of your game strategy? And should we expect more changes to come? Thank you.

謝謝管理層抽空回答我的問題。我的問題是關於最近貴公司遊戲部門組織架構調整的消息。這些變化是否會影響相關遊戲的近期運作？在你們的遊戲策略背景下，管理階層如何看待目前的組織結構？我們是否應該預期未來會有更多改變？謝謝。

(spoken in foreign language) (interpreted) Regarding the recent adjustments and changes, these are part of the company's normal personnel turnover process. And that's been carried out without impacting the daily operations of our games. Rest assured.

（外語）（翻譯）關於最近的調整和變化，這些都是公司正常人員更替流程的一部分。而這一切的完成並沒有影響我們遊戲的日常運作。放心。

The purpose of the adjustments is to make the operation more focused and efficient, allowing us to concentrate on creating enduring, high-quality products. For existing evergreen titles, we ask our teams to continuously refine and optimize the games.

調整的目的是使營運更加專注和高效，使我們能夠專注於創造持久耐用的高品質產品。對於現有的常青遊戲，我們會要求團隊不斷改進和優化遊戲。

For new titles that show evergreen potential, we'll allocate sufficient resources to develop them into long-lasting, successful games. However, for teams that are not keeping up with the market trends and user demands, we also must trim decisively to make sure healthy growth of our core initiatives. NetEase has been established for 28 years, and our commitment to creating high-quality products has remained unchanged. We'll allocate more resources to evergreen titles and provide more opportunities to teams who are creative and willing to innovate. Thank you.

對於展現出經久不衰潛力的新遊戲，我們將投入足夠的資源，將其開發成持久成功的遊戲。然而，對於那些未能跟上市場趨勢和用戶需求的團隊，我們也必須果斷地進行裁員，以確保我們核心業務的健康發展。網易成立至今已有28年，我們對打造高品質產品的承諾始終不變。我們將為常青遊戲分配更多資源，並為有創造力、願意創新的團隊提供更多機會。謝謝。

Lincoln Kong, Goldman Sachs.

林肯·孔，高盛。

Thank you, management, for taking my questions. So my first question is about AI. So we have actually seen some of the games like Eggy Party or Justice Mobile has already integrated AI applications. So going forward, for our existing portfolio and the new games, how should we think about AI can bring additional opportunities to our games?

謝謝管理層抽空回答我的問題。我的第一個問題是關於人工智慧的。所以我們已經看到一些遊戲，像是 Eggy Party 或 Justice Mobile，已經整合了人工智慧應用。那麼展望未來，對於我們現有的遊戲產品組合和新遊戲，我們該如何看待人工智慧能為我們的遊戲帶來更多機會呢？

And the second question is in terms of the future new games, given that the company now is more focused on quality of those new games, so how should we think about the potential important game genre going forward, specifically like for the shooting game genre that we have seen a rapid growth globally. So how would NetEase differentiate itselves in the shooting genre? Thank you.

第二個問題是關於未來的新遊戲，鑑於公司現在更注重新遊戲的質量，那麼我們應該如何看待未來潛在的重要遊戲類型，特別是像射擊遊戲這種在全球範圍內快速增長的類型。那麼網易如何在射擊遊戲領域中脫穎而出呢？謝謝。

(spoken in foreign language) (interpreted) First of all, AI is very important in game development and operation, and we have accumulated tons of hands-on experiences in this area. Especially compared to many of our peer companies overseas, we have more hands-on experience in this area. We have deployed massive resources into the research of AI and how to apply AI in game development, innovation and operations. Actually, user experience is the best guide for how we should deploy technologies. But we don't have the time today for a detailed specific explanation. Regarding your next question on the future direction of products, as we mentioned, we'll focus on concentrating resources on building truly high-quality flagship products that we have conviction in. We don’t want to aggressively or blindly start many products. That's not our approach. Rather, we will be focused and targeted. And in the upcoming years, we believe NetEase, compared to most other companies in our industry globally, has a clearer vision of future innovations and product directions, and we expect to make grand breakthroughs in these areas. Thank you.

（外語）（翻譯）首先，人工智慧在遊戲開發和營運中非常重要，我們在這一領域積累了大量的實踐經驗。尤其與許多海外同行公司相比，我們在這一領域擁有更豐富的實務經驗。我們投入了大量資源用於人工智慧的研究，以及如何將人工智慧應用於遊戲開發、創新和營運。事實上，使用者體驗才是指導我們如何部署技術的最佳指南。但我們今天沒有時間進行詳細的具體解釋。關於您提出的下一個問題，即產品的未來發展方向，正如我們之前提到的，我們將集中資源打造我們真正有信心的高品質旗艦產品。我們不想貿然或盲目地推出太多產品。這不是我們的做法。相反，我們將更加專注和有針對性。我們相信，在未來的幾年裡，與全球同行業的大多數其他公司相比，網易對未來的創新和產品方向有著更清晰的願景，我們期待在這些領域取得重大突破。謝謝。

Yang Liu, Morgan Stanley.

楊柳，摩根士丹利。

My question is about the new game - Sea of Remnants. Could the management share about its R&D development and expected launch timing? And what will be the commercial strategy for this title? And is there any direct peers or competitors for this game? And what NetEase can do to differentiate? Thank you.

我的問題是關於新遊戲《Sea of​​​​ Remnants》的。管理階層能否分享研發進度和預計上市時間？那麼，這款遊戲的商業策略是什麼呢？這款遊戲有直接的同類遊戲或競爭對手嗎？網易可以採取哪些措施來實現差異化？謝謝。

(spoken in foreign language) (interpreted) First of all, Sea of Remnants is a very important product to us. We are highly focused on it. The team behand it has very rich development and operational experience within the company. And the game is built out our self-developed game engine and will support PC, mobile and console at the same time.

（外語）（翻譯）首先，《殘影之海》對我們來說是一款非常重要的產品。我們對此高度重視。該團隊在公司內部擁有非常豐富的開發和營運經驗。遊戲採用我們自主研發的遊戲引擎打造，並將同時支援PC、行動裝置和遊戲主機。

Regarding the gameplay and content, we believe we have a clear vision. We believe it's going to be a refreshing, open-world, multi-character cultivation kind of type, but not in the traditional anime style. The sailing experience on the ocean, as well as the rich combination of characters and classes, forms diverse combat styles and will bring a fresh, unexperienced experience of an ocean world to the gamers. Thank you.

關於遊戲玩法和內容，我們認為我們有一個清晰的願景。我們相信這將會是一款令人耳目一新的開放世界多角色養成遊戲，但並非傳統動漫風格。海洋上的航行體驗，以及豐富的角色和職業組合，形成了多樣化的戰鬥風格，並將為玩家帶來全新的、前所未有的海洋世界體驗。謝謝。

And that concludes the question-and-answer session. I would like to turn the conference back over to Brandi Piacente for any additional or closing remarks.

問答環節到此結束。我謹將會議交還給布蘭迪·皮亞琴特，請她作補充或總結發言。

Thank you once again for joining us today. If you have any further questions, please feel free to contact us directly. Have a great day. Thank you.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時直接與我們聯繫。祝你有美好的一天。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。