NetEase Inc (NTES) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加網易2025年第四季及全年業績電話會議。今天的會議正在錄影。現在，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.

有關可能影響網易業務和財務業績的風險因素的一般性討論，請參閱公司向美國證券交易委員會提交的某些文件，包括其 20-F 表格年度報告，以及在香港聯合交易所網站上發布的公告和文件。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 which should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the fourth quarter and full year 2025 earnings release issued earlier today.

在今天的電話會議中，管理階層還將討論一些非GAAP財務指標，這些指標不應單獨考慮，也不應取代根據美國GAAP編制和列報的財務資訊。有關非GAAP財務指標的定義以及GAAP與非GAAP財務結果的調節，請參閱今天早些時候發布的2025年第四季度和全年收益報告。

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.

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. HU Zhipeng, Executive Vice President; and Mr. Bill Pang, Vice President of Corporate Development. I will now turn the call over to Bill, who will read the prepared remarks on William's behalf.

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。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 thank you, everyone, for participating in today's call. Before we begin, I would like to remind everyone that all percentages are based on RMB.

謝謝布蘭迪，也謝謝大家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。

In 2025, our total annual net revenues reached RMB112.6 billion, with RMB92.1 billion from games and value-added services. These metrics represent another milestone for our company, reflecting 23 consecutive years of online game operations revenue growth since we started the business a quarter of a century ago. In our 25 years in the gaming business, our pursuit has always been trying to provide extraordinary player experiences, and we have never stopped investing in the continuous exploration of creativity and pushing technical boundaries.

到 2025 年，我們的年度淨收入總額將達到 1,126 億元，其中遊戲和增值服務收入將達到 921 億元。這些指標代表了我們公司的另一個里程碑，反映了自25年前我們開始這項業務以來，線上遊戲營運收入連續23年成長。在遊戲產業的 25 年裡，我們始終致力於提供非凡的玩家體驗，並且從未停止對創造力的持續探索和對技術界限的突破進行投資。

In our early years, our proprietary 2D game engine made Fantasy Westward Journey Online the benchmark of its time. When we moved to mobile in the early 2010s, our flagship in-house engines enabled us to deliver low-latency, high-performance experiences on smaller pocket-sized screens. This new capability was instrumental in unleashing the full potential of iconic titles, such as Knives Out and Diablo Immortal, on mobile devices. Today, as we continue refining these engines to support AAA-quality, cross-platform experiences, they have laid the indispensable foundation for the success of our recent global sensations, like Where Winds Meet.

在公司成立初期，我們自主研發的 2D 遊戲引擎讓《幻想西遊記 Online》成為當時的標竿之作。2010 年代初期，當我們進軍行動領域時，我們自主研發的旗艦引擎使我們能夠在更小的口袋大小的螢幕上提供低延遲、高性能的體驗。這項新功能對於在行動裝置上充分發揮《荒野行動》和《暗黑破壞神：不朽》等經典遊戲的潛力起到了至關重要的作用。今天，隨著我們不斷改進這些引擎以支援 AAA 級跨平台體驗，它們為我們最近風靡全球的遊戲（如《風之交匯處》）的成功奠定了不可或缺的基礎。

In conjunction with the evolution of our in-house proprietary game engines, we also built our full-stack tool chains that empowers our teams to innovate at scale. Drawing on our DNA as an internet company, we continually scout new technologies that can improve the game development process. We study emerging technological trends, determine if they can be harnessed to enhance our game development and develop proprietary solutions to incorporate the most impactful ones into our production pipeline. This long-standing practice has enabled us to integrate countless new technologies, substantially boosting productivity over the years.

隨著我們內部專有遊戲引擎的不斷發展，我們也建立了全端工具鏈，使我們的團隊能夠大規模地進行創新。秉承我們作為網路公司的基因，我們不斷探索能夠改善遊戲開發流程的新技術。我們研究新興技術趨勢，確定它們是否可以用來增強我們的遊戲開發，並開發專有解決方案，將最具影響力的技術融入我們的生產流程中。這種長期實踐使我們能夠整合無數新技術，多年來大幅提高了生產力。

Back in 2017, we saw that Artificial Intelligence would have a transformative impact on our industry. Because AI research is closer to academic science than traditional technology, we set up two dedicated research labs - NetEase Fuxi Lab and NetEase Games AI Lab - to study AI and explore its real-world applications in gaming. These teams have made exceptional strides over the years in both research and practice, winning dozens of AI algorithm competitions, publishing hundreds of papers, and securing hundreds of patents. We're now far beyond the experimental phase, and the culmination of this work is the full integration of our AI technology into the game development process, with AI playing an important role across our portfolio.

早在 2017 年，我們就預見到人工智慧將對我們的產業產生變革性影響。由於人工智慧研究更接近學術科學而非傳統技術，我們設立了兩個專門的研究實驗室——網易伏曦實驗室和網易遊戲人工智慧實驗室——來研究人工智慧並探索其在遊戲領域的實際應用。多年來，這些團隊在研究和實踐方面都取得了非凡的進步，贏得了數十項人工智慧演算法競賽，發表了數百篇論文，並獲得了數百項專利。我們現在已經遠遠超越了實驗階段，這項工作的最終成果是將我們的人工智慧技術完全整合到遊戲開發過程中，而人工智慧在我們的所有產品組合中都發揮著重要作用。

AIGC has accelerated quickly in recent years. We have been monitoring that progress closely and making substantial efforts to embed it into our production pipelines. Importantly, we don't see AI as a replacement for human creativity. We see it as a force multiplier - one that can bring paradigm-shifting to the game development process when used responsibly. It can elevate creative work and introduce real change in how games are built.

近年來，AIGC發展迅速。我們一直在密切關注這項進展，並做出實質努力將其融入我們的生產流程中。重要的是，我們並不認為人工智慧可以取代人類的創造力。我們認為它是一種力量倍增器——如果負責任地使用，它可以為遊戲開發過程帶來範式轉移。它可以提升創意作品的質量，並真正改變遊戲的製作方式。

As a new technology with core attributes that are fundamentally different from traditional technologies, such as its probabilistic nature, AI presents unique challenges. Figuring out how to harness it, how to fit it into a sophisticated game software engineering process, and how to turn probabilistic AI output into reliable, high-quality components is far from easy. There are very few precedents in the history of game-making. Fortunately, with our many years of game-making experience, we have deep expertise in building production toolchains, along with a data and asset library spanning hundreds of games. Most importantly, we have over 10,000 top-tier developers, which puts us in a strong position to approach these challenges pragmatically. Over the past three years, our engineers have worked closely with our designers to explore how to unleash the power of AI while building clear guardrails. At the same time, we focused on how to use AI to take on the tedious, repetitive, non-creative tasks, without getting in the way of human creativity. After many iterations, we believe we have established robust human oversight and feedback loops in place, and AI has become a highly effective part of our game development process.

人工智慧作為一項與傳統技術有著根本不同核心屬性的新技術，例如其機率性質，帶來了獨特的挑戰。弄清楚如何利用它，如何將其融入複雜的遊戲軟體工程流程，以及如何將機率性 AI 輸出轉化為可靠的高品質組件，絕非易事。遊戲製作史上鮮有先例。幸運的是，憑藉我們多年的遊戲製作經驗，我們在建立生產工具鏈方面擁有深厚的專業知識，以及涵蓋數百款遊戲的數據和資源庫。最重要的是，我們擁有超過 10,000 名頂尖開發人員，這使我們能夠以務實的態度應對這些挑戰。過去三年，我們的工程師與設計師緊密合作，探索如何在建立清晰的防護措施的同時，釋放人工智慧的力量。同時，我們專注於如何利用人工智慧來承擔枯燥乏味、重複性、缺乏創造性的任務，而不妨礙人類的創造力。經過多次迭代，我們相信我們已經建立了健全的人工監督和回饋機制，而人工智慧已成為我們遊戲開發過程中非常有效的一部分。

Today, we are pleased to report that we have comprehensively integrated AI across our internal workflows, encompassing design, programming, art and QA. This integration is not limited to a few elite teams; it is broadly accessible to developers at NetEase, driving meaningful efficiency across the board.

今天，我們很高興地宣布，我們已將人工智慧全面整合到我們的內部工作流程中，涵蓋設計、程式設計、美術和品質保證。這種整合並非僅限於少數菁英團隊；網易的開發者都可以廣泛使用，從而全面提升了效率。

In programming, our self-developed tool, CodeMaker, has evolved from a simple AI-powered code completion tool to providing “agent-level” services. Our internal data shows a qualitative shift in developer habits: they have moved from using AI to “complete a line of software code” to leveraging AI to “solve a complete development task.” In art and animation, AI is easily accelerating the early-stage exploration process, with our in-house tools, DreamMaker and Danqing, turning creative ideas into deliverable outputs in minutes. Our AI animation technologies, including multi-camera motion capture, facial motion capture and generative AI-driven animation tools, have significantly reduced production costs and time required for character movement and expression animation workflows, while substantially expanding our animation asset libraries and empowering artists to deliver richer and more expressive virtual characters and worlds.

在程式設計方面，我們自主開發的工具 CodeMaker 已經從一個簡單的 AI 程式碼補全工具發展成為提供「代理級」服務。我們的內部數據顯示，開發人員的習慣發生了質的轉變：他們已經從使用人工智慧「完成一行軟體程式碼」轉變為利用人工智慧「解決完整的開發任務」。在藝術和動畫領域，人工智慧可以輕鬆加速早期探索過程，我們自主研發的工具 DreamMaker 和 Danqing 可以在幾分鐘內將創意轉化為可交付的成果。我們的 AI 動畫技術，包括多攝影機動作捕捉、臉部動作捕捉和生成式 AI 驅動的動畫工具，顯著降低了角色動作和表情動畫工作流程的製作成本和所需時間，同時大幅擴展了我們的動畫資產庫，並賦予藝術家創作更豐富、更富有表現力的虛擬角色和世界的能力。

Furthermore, in quality assurance, we utilize AI to model more than 1 million diverse player behaviors to ensure stability in increasingly complex game worlds. This augments traditional, time-consuming manual testing with data-driven validation, providing us with greater mathematical confidence in game balance and stability before public launch.

此外，在品質保證方面，我們利用人工智慧對超過 100 萬種不同的玩家行為進行建模，以確保在日益複雜的遊戲世界中保持穩定。這種測試方法結合了傳統的、耗時的手動測試和數據驅動的驗證，使我們在遊戲公開發布前對遊戲的平衡性和穩定性更有信心。

But beyond efficiency, the ultimate goal is gameplay innovation. We have unlocked massive new interactive experiences for our players that were previously out of reach, and we still remain at a relatively early stage in exploring all the possibilities.

但除了效率之外，最終目標是遊戲玩法創新。我們為玩家解鎖了大量以前無法體驗的全新互動體驗，目前我們仍處於探索所有可能性的早期階段。

Our exploration of AI-driven interactive characters began early on with Sword of Justice, which pioneered one of the industry's earliest commercial implementations of intelligent NPC systems powered by large language models in a live game environment. This laid important technological groundwork for expanding AI-driven character ecosystems.

我們對人工智慧驅動的互動式角色的探索始於《正義之劍》，它開創了業界最早的商業化應用之一，在即時遊戲環境中實現了由大型語言模型驅動的智慧 NPC 系統。這為擴展人工智慧驅動的角色生態系統奠定了重要的技術基礎。

In Where Winds Meet, we have deployed over 10,000 AI-powered NPCs that engage players with natural language, realistic voices and the potential for unexpected story outcomes, creating a level of vivid interaction that was previously impossible. Most importantly, these AI-powered NPCs are not static quest-givers; they reflect the shadow of real human existence. Some may be struggling with poverty and resorting to petty theft in a village; if a player has the patience to follow them, they could discover sub-stories like the hardships of adult life. These NPCs may not always be brilliant or lucky, but they're “living” their lives within their own reality, mirroring our own world. This level of detail creates a world that is not just a sandbox, but a living society. This is the essence of the open worlds we're building: places where every interaction feels authentic, unpredictable and deeply immersive. This not only provides players with more depth and in-game experiences, but it also help address the challenge of players consuming content much faster than developers can create it.

在《風之交匯處》中，我們部署了超過 10,000 個 AI 驅動的 NPC，他們透過自然語言、逼真的聲音以及意想不到的故事結局與玩家互動，創造了以前無法想像的生動互動。最重要的是，這些由人工智慧驅動的NPC並非一成不變的任務發布者；它們反映了真實人類存在的影子。有些人可能生活在貧困之中，被迫在村莊裡偷竊；如果玩家有耐心跟隨他們，就能發現諸如成年生活的艱辛等支線故事。這些NPC可能並不總是聰明或幸運，但他們在自己的現實中「生活」著，反映著我們自己的世界。這種細節程度創造了一個不僅僅是沙盒遊戲，而是一個鮮活的社會的世界。這就是我們正在建構的開放世界的精髓：在這樣的世界裡，每一次互動都感覺真實、不可預測且具有深度沉浸感。這不僅為玩家提供了更豐富的遊戲深度和更豐富的遊戲體驗，而且還有助於解決玩家消費內容的速度遠超過開發者創作內容速度的難題。

We are also seeing AI act as a powerful personalized copilot and ecosystem multiplier. In NARAKA: BLADEPOINT mobile game, the Voice AI Teammate system represents a major inflection point: AI that doesn't just follow; it collaborates. With Copilot Teammates, AI provides customized, interactive assistance to help players learn the ropes of the game, making the complex, high-skill PvP gameplay more accessible to a much broader audience and significantly increasing newcomer retention. Meanwhile, the Crew Mode in Sword of Justice empowers players to direct their own short videos with simple AI workflows, attracting millions of players who have created tens of millions of UGC works. Meanwhile, integrating these tools into the Eggy Party toolchain has empowered 50 million creators to transform a single game into a self-evolving platform driven by the collective creativity of its players.

我們也看到人工智慧正在發揮強大的個人化副駕駛和生態系統倍增器的作用。在 NARAKA: BLADEPOINT 手機遊戲中，語音 AI 隊友系統代表了一個重要的轉折點：AI 不僅會跟隨，還會合作。透過 Copilot Teammates，AI 提供客製化的互動式幫助，幫助玩家學習遊戲規則，使複雜、高技能的 PvP 遊戲玩法更容易被更廣泛的受眾所接受，並顯著提高新玩家的留存率。同時，《正義之劍》中的「船員模式」讓玩家能夠透過簡單的 AI 工作流程執導自己的短視頻，吸引了數百萬玩家，他們已經創作了數千萬個用戶生成內容作品。同時，將這些工具整合到 Eggy Party 工具鏈中，使 5000 萬創作者能夠將單一遊戲轉變為由玩家集體創造力驅動的自我進化平台。

Beyond enhancing our existing portfolio, we're also exploring new frontiers in AI-native game play. Moving beyond fixed preset logic, we're trying to utilize AI as a core engine to dynamically construct the in-game world and tailor real-time elements like missions, plans and other content to individual players' unique behaviors, unlocking infinite potential through deep customization. Underpinning this work is our experiment in AI-native production pipelines that leverage integrated tool chains to streamline workflow and significantly accelerate our innovation cycle.

除了增強我們現有的產品組合外，我們還在探索人工智慧原生遊戲玩法的新領域。我們不再局限於固定的預設邏輯，而是嘗試利用人工智慧作為核心引擎，動態建立遊戲世界，並根據玩家的獨特行為自訂任務、計劃和其他內容等即時元素，透過深度自訂釋放無限潛力。這項工作的基礎是我們對人工智慧原生生產流程的實驗，該流程利用整合工具鏈來簡化工作流程並顯著加快我們的創新週期。

2025 has been a year in which our long-term vision for AI has reached a critical point. We're no longer just talking about the potential of AI; we're seeing the results in the form of enhanced productivity, deeper player engagement and expanded creative boundaries. We're on the threshold of a paradigm shift, and we believe we are well-positioned to serve as the epicenter of industry-defining innovations. We have built a very solid technological foundation - the proprietary engines, the full stack toolchains, which already internalized Artificial Intelligence capabilities, including AIGC capabilities, and we have seen early results from AI-powered gameplay.

2025 年是我們對人工智慧的長期願景達到關鍵節點的一年。我們不再只是談論人工智慧的潛力；我們已經看到了它帶來的成果，例如更高的生產力、更深入的玩家參與度和更廣泛的創作邊界。我們正處於範式轉變的門檻上，我們相信我們已做好充分準備，成為引領產業變革的創新中心。我們已經建立了一個非常堅實的技術基礎——專有引擎、全端工具鏈，這些工具鏈已經內部化了人工智慧能力，包括 AIGC 能力，並且我們已經看到了 AI 驅動的遊戲玩法的早期成果。

What we have achieved in the first 25 years of our game business was unimaginable when we started. We're at the dawn of a new time in our industry where productivity can be much more enhanced, and creativity can be much more amplified.

我們在遊戲業務發展的前 25 年所取得的成就，在我們創業之初是無法想像的。我們正處於行業新時代的黎明，生產力可以大大提高，創造力可以大大增強。

As we look ahead, we believe AI will fundamentally empower our creators to transcend traditional development limits and reshape how interactive entertainment is created and experienced in the years to come. We think this is going to be the best time in the industry.

展望未來，我們相信人工智慧將從根本上賦能我們的創作者，使他們能夠超越傳統的開發限制，並在未來幾年重塑互動娛樂的創作和體驗方式。我們認為這將是業內最好的時代。

With that, I would like to walk through several recent operational highlights, starting with our global expansion achievements.

接下來，我想介紹我們近期的一些營運亮點，首先是我們的全球擴張成就。

Where Winds Meet has gained strong global traction through its staged cross-platform launch, surpassing 80 million cumulative players and marking a meaningful milestone in our global expansion. Rooted in Eastern aesthetics and Wuxia storytelling, the game demonstrates how authentic cultural content can resonate with players worldwide. Following it's global launch, it ranked No.2 on Steam's Global Top-Sellers Chart, won PlayStation's November Players’ Choice Award, and topped iOS download charts across more than 60 regions. Ongoing live-service updates resulted in sustained strong engagement globally and domestically, with the title delivering its highest monthly revenue and daily active user on record in China in December, reinforcing its long-term momentum.

《風之交匯》透過分階段的跨平台發布獲得了強大的全球影響力，累計玩家人數超過 8000 萬，標誌著我們在全球擴張中取得了重要的里程碑式進展。這款遊戲植根於東方美學和武俠故事，展現了真實的文化內容如何能引起世界各地玩家的共鳴。該遊戲在全球發布後，在 Steam 全球暢銷榜上排名第二，榮獲 PlayStation 11 月玩家選擇獎，並在 60 多個地區的 iOS 下載榜上名列前茅。持續的即時服務更新帶來了全球和國內持續強勁的用戶參與度，該遊戲在 12 月於中國創下了月收入和每日活躍用戶數的最高紀錄，鞏固了其長期發展勢頭。

Meanwhile, Sword of Justice successfully expanded internationally in November, introducing its next-generation MMO experience to more audiences. Topping download chart in multiple key Asian regions, this title is another example that illustrates how AI-integrated production pipelines now directly elevate gameplay in large-scale online worlds, delivering richer responsiveness, deeper interactivity and more immersive player experiences globally. Domestically, player engagement remains strong, supported by innovative live events and culturally-grounded content that continues to deepen community resonance.

同時，《正義之劍》於 11 月成功拓展國際市場，將其次世代 MMO 體驗帶給了更多玩家。這款遊戲在多個亞洲主要地區的下載排行榜上名列前茅，再次證明了人工智慧整合的製作流程如何直接提升大型線上世界的遊戲體驗，為全球玩家帶來更豐富的回應、更深入的互動和更沉浸式的體驗。在國內，玩家參與度依然強勁，這得益於創新的現場活動和植根於文化的內容，這些內容不斷加深了社群的共鳴。

Marvel Rivals, our Super Hero team-based PvP shooter, continues to build strong global momentum. The title earned broad industry recognition, including being named one of TIME's Best Video Games of 2025, winning the Grand Award at the PlayStation Partner Awards 2025, and ranking in Steam's Platinum tier of Best of 2025. Continuous seasonal updates and new character releases have sustained strong player engagement, with Season Six featuring Deadpool, propelling the game to No.2 globally and No.1 in multiple markets, including the United States and Canada. A rapidly expanding international player community is further reinforcing the long-term durability of this growing franchise.

我們的超級英雄團隊 PvP 射擊遊戲《漫威勁敵》在全球範圍內持續保持強勁勢頭。該遊戲獲得了廣泛的業界認可，包括被《時代》雜誌評為 2025 年最佳電子遊戲之一，在 2025 年 PlayStation 合作夥伴獎中獲得最高獎項，並在 Steam 2025 年最佳遊戲白金級榜單中名列前茅。持續的賽季更新和新角色發布維持了玩家的強烈參與度，第六季推出的死侍更是將遊戲推向全球第二，並在包括美國和加拿大在內的多個市場排名第一。迅速壯大的國際玩家群進一步鞏固了這一不斷發展的系列遊戲的長期生命力。

Looking ahead, we continue to strengthen our pipeline to support the next wave of global growth. Sea of Remnants began technical testing across China and selected global market earlier this month. Featuring a distinctive art style and a richly imagined open world, this ambitious original title aims to deliver a deeply immersive exploration experience with extensive player freedom, where every naval journey feels unique.

展望未來，我們將持續加強產品線建設，以支持下一波全球成長浪潮。《Sea of​​​​ Remnants》於本月初在中國和部分全球市場開始了技術測試。這款雄心勃勃的原創遊戲擁有獨特的藝術風格和豐富的開放世界想像，旨在提供深度沉浸式的探索體驗，並賦予玩家極大的自由度，讓每一次海上航行都獨一無二。

Development is also progressing steadily on Ananta, our highly anticipated urban open-world title. Building on valuable insights from previous testing, the team is diligently refining core systems and content to meet the high expectations of our global community.

我們備受期待的都市開放世界遊戲《Ananta》的開發也正在穩步推進。基於先前測試中獲得的寶貴見解，團隊正在努力改進核心系統和內容，以滿足全球社群的高期望。

Shifting to our domestic portfolio, our long-standing franchises continue to demonstrate strong vitality supported by continuous content innovation and deeply engaged player communities. These titles remain a testament to our ability to operate large-scale live-service ecosystems over decades.

再來看我們的國內產品組合，我們歷史悠久的系列遊戲在持續的內容創新和深度參與的玩家社群的支持下，繼續展現出強勁的活力。這些成就證明了我們有能力運作大規模的即時服務生態系統長達數十年。

Now in its 23rd year of operation, Fantasy Westward Journey Online delivered record-high annual revenue in 2025, driven by historical peak revenue in the fourth quarter. Its ecosystem continues to evolve through innovative content designed to meet diverse player needs while preserving the classic mechanics cherished by long-time fans. The Unlimited Server, with its streamlined, accessible gameplay, has been particularly effective at reigniting player enthusiasm. Fantasy Westward Journey Mobile also maintained strong momentum, delivering record-high annual revenue in 2025. Diversified server models and ongoing content initiatives reinforce its leadership position within the MMO category.

Fantasy Westward Journey Online 營運至今已 23 年，在 2025 年實現了創紀錄的年度收入，這主要得益於第四季度收入的歷史性峰值。其生態系統不斷發展，透過創新內容滿足玩家多樣化的需求，同時保留老玩家珍視的經典機制。無限伺服器憑藉其簡化、易上手的遊戲玩法，在重新點燃玩家熱情方面尤其有效。《奇幻西部之旅》手遊版也保持了強勁的發展勢頭，在 2025 年實現了創紀錄的年度收入。多樣化的伺服器模式和持續的內容更新鞏固了其在大型多人線上遊戲領域的領先地位。

Beyond these legacy franchises, several established titles continue to deliver stable engagement and underscore the breadth of our diversified portfolio. Identity V is strengthening its global e-sports ecosystem through major competitive events and ongoing content updates. Eggy Party maintains strong player engagement, supported by expanding gameplay modes and continued investment in its fast-growing UGC ecosystem. Infinite Borders continues to drive long-term retention through innovative gameplay updates and specialized server models that deepen strategic complexity. NARAKA: BLADEPOINT is expanding its global community and e-sports presence, highlighted by successfully hosting the J Cup World Championship and active content roadmap updates designed to sustain long-term player engagement.

除了這些經典系列之外，還有幾款成熟的遊戲繼續保持穩定的用戶參與度，凸顯了我們多元化產品組合的廣度。第五人格正透過大型競技賽事和持續的內容更新來加強其全球電子競技生態系統。Eggy Party 保持著強大的玩家參與度，這得益於不斷擴展的遊戲模式以及對快速增長的用戶生成內容 (UGC) 生態系統的持續投入。Infinite Borders 透過創新的遊戲玩法更新和專門的伺服器模式，不斷加深策略複雜性，從而持續推動玩家的長期留存。NARAKA: BLADEPOINT 正在擴大其全球社群和電競影響力，其亮點包括成功舉辦 J Cup 世界錦標賽以及積極更新內容路線圖，旨在維持玩家的長期參與。

Beyond the games we develop in-house, we also continue to expand our ecosystem through strategic partnerships. Blizzard titles have driven sustained engagement for the past year, achieving record-high revenue in China and reaffirming our long-term commitment to the market.

除了我們自主開發的遊戲之外，我們還透過策略合作不斷擴展我們的生態系統。過去一年，暴雪遊戲持續吸引玩家，在中國取得了創紀錄的收入，並重申了我們對該市場的長期承諾。

The launch of World of Warcraft's China-exclusive Titan Reforged Servers on November 14 sparked strong excitement among domestic players and interest from international influencers, while StarCraft II once again saw enthusiastic support from Chinese players and set a new record in daily active users in China. Through close collaboration with our partners and a shared commitment to putting player first, we remain focused on delivering high-quality experiences while strengthening our long-term global gaming ecosystem.

11月14日，《魔獸世界》中國專屬的「泰坦重製版」伺服器上線，引發了國內玩家的強烈興奮和國際網紅的關注；與此同時，《星際爭霸II》再次獲得了中國玩家的熱情支持，並在中國創下了日活躍用戶數的新紀錄。透過與合作夥伴的緊密協作以及對玩家至上的共同承諾，我們將繼續專注於提供高品質的遊戲體驗，同時加強我們長期的全球遊戲生態系統。

We're also committed to delivering exceptional user experiences across our other business lines. Youdao continued to advance its AI-native strategy in 2025, driving healthy business development and achieving its first-ever net cash inflow from operating activities. Its Learning Services segment delivered robust growth through ongoing iterations of its tutoring features, while Online Marketing services helped clients improve advertising effectiveness and streamlined advertising production. The Smart Devices segment was supported by the ongoing popularity of Youdao Tutoring Pen products. NetEase Cloud Music continued to advance the high-quality development of its ecosystem. The platform enriched its differentiated music catalogue through both copyright collaborations and our in-house music production, while introducing new features and experience upgrades that enhanced music discovery and listening. In 2025, the platform delivered steady year-over-year growth in both its active user base and overall engagement. Yanxuan continued to strengthen its positioning as a private-label brand known for premium-quality products across its key categories, supported by an expanded product lineup and enhancements to key hero products.

我們也致力於在其他業務領域提供卓越的用戶體驗。2025年，有道持續推動其人工智慧原生策略，推動業務健康發展，並實現了有史以來首次經營活動淨現金流入。其學習服務部門透過不斷迭代輔導功能實現了強勁成長，而線上行銷服務則幫助客戶提高了廣告成效並簡化了廣告製作流程。智慧型設備板塊的成長得益於有道輔導筆產品的持續受歡迎程度。網易雲音樂持續推動其生態系的高品質發展。該平台透過版權合作和內部音樂製作豐富了其差異化的音樂目錄，同時引入了新功能和體驗升級，從而增強了音樂發現和聆聽體驗。2025年，該平台的活躍用戶數量和整體參與度均實現了逐年穩定成長。燕軒繼續鞏固其作為自有品牌的地位，該品牌以其主要品類中的優質產品而聞名，並透過擴大產品線和改進重點明星產品來支持這一目標。

In closing, the results and operational milestones we have discussed highlight a clear trajectory: NetEase is not merely adapting to the AI era; we are advancing it through the industrial application of technologies we have been building for years. Our large-scale integration of AI is a natural extension of our long-standing strategy and leadership in technological innovation. By embedding AI into the core of our production pipelines and product designs - from the living, breathing worlds of our games to the intelligent productivity tools of Youdao and the personalized discovery algorithm of NetEase Cloud Music - we are exploring and shaping what's possible for future user experiences across a range of scenarios.

最後，我們討論的成果和營運里程碑凸顯了一個清晰的發展軌跡：網易不僅僅是在適應人工智慧時代；我們正在透過將我們多年來構建的技術應用於產業領域來推進人工智慧時代。我們對人工智慧的大規模應用，是我們長期以來在技術創新領域策略和領導地位的自然延伸。透過將人工智慧嵌入我們生產流程和產品設計的核心——從我們遊戲中鮮活生動的世界到有道的智慧生產力工具，再到網易雲音樂的個人化發現演算法——我們正在探索和塑造未來用戶體驗在各種場景下的可能性。

Looking ahead, we remain focused on advancing technology and creative innovation to drive sustainable growth. We view AI not as a replacement but as a powerful amplifier of human ingenuity, enabling us to deliver to our users worldwide what was previously out of reach. By staying at the epicenter of this technical paradigm shift, we're uniquely positioned to unlock unprecedented long-term value for our users, creators and all of our stakeholders.

展望未來，我們將繼續專注於推進技術和創新，以推動永續成長。我們認為人工智慧不是人類智慧的替代品，而是人類智慧的強大放大器，使我們能夠為全球用戶提供以前無法企及的服務。透過始終處於這項技術範式轉變的中心，我們擁有獨特的優勢，能夠為我們的用戶、創作者和所有利害關係人釋放前所未有的長期價值。

That concludes William's comments. I will now provide a brief review of our 2025 annual results with a focus on the fourth quarter. Given the limited time on today's call, I'll be presenting some financial highlights in a streamlined manner. 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.

威廉的發言到此結束。接下來，我將簡要回顧我們 2025 年的年度業績，並將重點放在第四季度。鑑於今天電話會議時間有限，我將以簡潔扼要的方式介紹一些財務亮點。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。提醒各位，除非另有說明，所有金額均以人民幣計價。

Our total net revenues for 2025 were RMB112.6 billion, or USD16.1 billion, representing a 7% increase year-over-year. For the fourth quarter, total revenues were RMB27.5 billion, or USD3.9 billion. In 2025, net revenues from games and related value-added services reached RMB92.1 billion, up 10% from 2024. In the fourth quarter, net revenues grew 3% year over year to RMB22 billion. Specifically, net revenues from online games were RMB89.6 billion for the full year, up 11% from 2024. In the fourth quarter, online games net revenues increased 4% year over year to RMB21.3 billion. The quarter-over-quarter decrease in online games net revenue reflected the fact that the prior quarter benefited from the seasonal trends of more events targeting the summer holidays. The year-over-year growth in the fourth quarter was attributable to higher net revenues from self-developed games, such as Fantasy Westward Journey Online and the newly-launched games Where Winds Meet and Marvel Rivals.

我們預計 2025 年的總淨收入為人民幣 1,126 億元，即 161 億美元，年增 7%。第四季總收入為人民幣275億元，約39億美元。2025年，遊戲及相關增值服務的淨收入達到人民幣921億元，較2024年成長10%。第四季，淨收入年增3%，達到人民幣220億元。具體而言，全年網路遊戲淨收入為人民幣896億元，比2024年成長11%。第四季，網路遊戲淨收入較去年同期成長4%，達到人民幣213億元。線上遊戲淨收入環比下降，反映出上一季受益於夏季假期期間更多活動的季節性趨勢。第四季年增主要歸功於自主開發遊戲（如《幻想西遊記Online》）以及新推出的遊戲《風之交匯》和《漫威勁敵》帶來的淨收入增加。

Youdao's net revenues for 2025 increased approximately 5% year over year to RMB5.9 billion. In the fourth quarter, net revenues rose 17% year over year to RMB1.6 billion and were broadly stable quarter over quarter. The year-over-year increase in the fourth quarter was due to increased net revenues from Youdao's online marketing services and learning services.

有道2025年的淨收入預計將年增約5%，達到人民幣59億元。第四季，淨收入年增17%至人民幣16億元，較上季基本維持穩定。第四季年增率主要得益於有道線上行銷服務和學習服務的淨收入成長。

NetEase Cloud Music net revenues decreased 2% year over year to RMB7.8 billion for the full year. In the fourth quarter, net revenues were RMB2 billion, representing a 5% year-over-year increase and remaining broadly stable quarter-over-quarter. The year-over-year growth in the fourth quarter was driven by continued healthy growth in membership subscriptions. Revenues from social entertainment services and others, however, remained lower compared with the same period last year.

網易雲音樂全年淨收入較去年同期下降2%至人民幣78億元。第四季淨收入為人民幣20億元，較去年同期成長5%，較上季基本維持穩定。第四季年增率主要得益於會員訂閱量的持續健康成長。然而，社交娛樂服務和其他方面的收入與去年同期相比仍然較低。

Net revenues from innovative businesses and others totaled RMB6.8 billion for the full year. In the fourth quarter, net revenues were RMB2 billion, representing a 10% decrease year-over-year, while increasing 42% quarter-over-quarter. The year-over-year decrease reflected an increase in certain inter-segment transaction eliminations. The quarter-over-quarter increase was led by increased net revenues from Yanxuan advertising services and several other businesses included within the segment.

全年創新業務及其他業務淨收入總計人民幣68億元。第四季淨收入為人民幣20億元，年減10%，季增42%。年比下降反映了某些部門間交易抵銷的增加。環比成長主要得益於燕軒廣告服務及該業務板塊內其他幾項業務的淨收入成長。

For the year, our total gross profit margin was 64.3%. In the fourth quarter, our gross profit margin increased year over year to 64.2% from 60.8% in the prior-year period. Looking at our fourth quarter margins in more detail. Gross profit margin was 70.5% (corrected by company after the call) for our games and related VAS, compared with 66.7% in the same period of last year. The improvement reflects changes in product mix, including a lower proportion of net revenues from licensed games which generally have lower margins than our self-developed titles.

本年度總毛利率為 64.3%。第四季度，我們的毛利率年增至 64.2%，而去年同期為 60.8%。讓我們更詳細地分析一下第四季的利潤率。我們的遊戲及相關加值服務的毛利率為 70.5%（該公司在電話會議後進行了修正），而去年同期為 66.7%。這項改善反映了產品組合的變化，包括授權遊戲淨收入佔比下降，因為授權遊戲的利潤率通常低於我們自主開發的遊戲。

Our gross profit margin for Youdao was 45.1%, compared with 47.8% in the same period of last year. The decrease was primarily driven by higher net revenue contribution from online marketing services, which has lower gross profit margin.

有道的毛利率為 45.1%，去年同期為 47.8%。下降的主要原因是來自網路行銷服務的淨收入貢獻較高，而網路行銷服務的毛利率較低。

Gross profit margin for NetEase Cloud Music was 34.7% in the fourth quarter, versus 31.9% in the same period a year ago, primarily driven by steady growth in its core online music business. For our innovative businesses and others, gross profit margin was 39.6%, compared with 37.8% in the fourth quarter of 2024. The improvement was primarily driven by margin expansion in certain innovative businesses within the segment, along with the impact of certain inter-segment eliminations. Total operating expense for the fourth quarter was RMB9.4 billion, or 34% of our net revenues.

網路易雲音樂第四季毛利率為 34.7%，去年同期為 31.9%，主要得益於其核心線上音樂業務的穩定成長。對於我們的創新業務和其他業務，毛利率為 39.6%，而 2024 年第四季為 37.8%。這項改善主要得益於該業務板塊內某些創新業務的利潤率擴張，以及某些業務板塊間業務抵銷的影響。第四季總營運支出為人民幣94億元，佔淨收入的34%。

Taking a closer look at our cost composition. Our selling and marketing expenses accounted for 14.1% of the total net revenues in the fourth quarter. For the full year 2025, the ratio was 13%, remaining broadly in line with the prior year.

仔細分析一下我們的成本組成。第四季度，我們的銷售和行銷費用佔總淨收入的 14.1%。2025 年全年，該比例為 13%，與前一年基本持平。

Our R&D expenses remained stable at 16.1% of total net revenues in the fourth quarter. For the full year 2025, the ratio was 15.7%, broadly in line with 2024, reflecting our continued and consistent investment in content creation and product development.

第四季度，我們的研發費用佔總淨收入的比例保持穩定，為 16.1%。2025 年全年，該比例為 15.7%，與 2024 年基本持平，反映了我們對內容創作和產品開發的持續穩定的投資。

The effective tax rate was 14.8% for the full year and 16.4% for the fourth quarter. As a reminder, the effective tax rate is presented on an accrual basis, and the tax credit vary across each of our entities at different time periods, depending on applicable policies and our operations.

全年實際稅率為 14.8%，第四季實際稅率為 16.4%。需要提醒的是，實際稅率是按權責發生製計算的，稅收抵免額因適用政策和我們的運營情況而異，且在不同時期內，各實體的稅收抵免額也會有所不同。

Our non-GAAP net income attributable to shareholders for the fourth quarter totaled RMB7.1 billion, or USD1 billion, down 27% year-over-year. Non-GAAP basic earnings per ADS for the quarter was USD1.58 or USD0.32 per share. For the full year, non-GAAP net income attributable to shareholders was up 11% to RMB37.3 billion, or USD5.3 billion, which is USD8.38 per ADS, or $1.68 per share.

第四季歸屬於股東的非GAAP淨利總計人民幣71億元（約10億美元），較去年同期下降27%。本季非GAAP基本每股收益為1.58美元，即每股0.32美元。全年歸屬於股東的非GAAP淨利潤成長11%至人民幣373億元，即53億美元，即每股ADS 8.38美元，或每股1.68美元。

Additionally, our cash position remains strong. As of year-end, our net cash position was about RMB163.5 billion, compared with RMB131.5 billion at the end of 2024. In accordance with our dividend policy, we are pleased to report that our Board of Directors has approved a dividend of USD0.232 per share, or USD1.16 per ADS.

此外，我們的現金狀況依然強勁。截至年底，我們的淨現金部位約為人民幣1,635億元，而2024年底為人民幣1,315億元。根據我們的股息政策，我們很高興地宣布，董事會已批准派發每股 0.232 美元的股息，或每份美國存託股份 (ADS) 派發 1.16 美元的股息。

Lastly, under our current USD5 billion share repurchase program, we had repurchased approximately 22.1 million ADSs as of December 31, 2025, for a total cost of approximately USD2 billion.

最後，根據我們目前的 50 億美元股票回購計劃，截至 2025 年 12 月 31 日，我們已回購約 2,210 萬股美國存託股份，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 Instructions) Jialong Shi, Nomura.

（操作說明）史嘉龍，野村。

(spoken in foreign language) (interpreted) Management has touched upon this AI topic in your opening remarks. I would like to explore a bit deeper into the impact of AI on the online gaming industry. We noticed Google's recent project Genie, which some media claims is the DeepSeek moment. Some people believe AI tools like Google Genie have lower the barrier to game development and therefore, accelerate the entry of new game developers. Any material impact of AI on the competitive landscape for the industry?

（外語）（翻譯）管理階層在開幕致詞中已經談到了人工智慧這個話題。我想更深入地探討人工智慧對網路遊戲產業的影響。我們注意到谷歌最近推出的 Genie 項目，一些媒體稱其為谷歌的 DeepSeek 時刻。有些人認為像 Google Genie 這樣的 AI 工具降低了遊戲開發的門檻，因此加速了新遊戲開發者的進入。人工智慧對產業的競爭格局產生了實質影響嗎？

My follow-up question is we saw many Chinese internet companies that have decided to ramp up investments in both AI foundation models and computing power. I just wonder where NetEase primarily focused its AI investments?

我的後續問題是，我們看到許多中國網路公司決定增加對人工智慧基礎模型和運算能力的投資。我只是好奇網易主要在哪些人工智慧領域進行了投資？

(spoken in foreign language)

（用外語說）

I will help on the translation. (interpreted).

我會協助翻譯。（翻譯）

First, regarding Google Genie and the potential impact of AI on the competitive landscape of our industry - we believe the market has largely misinterpreted Genie's impact on the gaming industry. When it comes to lowering barriers, we can look at what has happened in other industries. For example, from the handheld cameras to smartphones, the barrier to video shooting has continued to decline. However, the threshold for producing Hollywood-level movies has continued to rise. AI does lower the barriers to entry for game development. However, it is also significantly raised the bar for success among top-tier games.

首先，關於 Google Genie 以及人工智慧對我們行業競爭格局的潛在影響——我們認為市場在很大程度上誤解了 Genie 對遊戲產業的影響。在降低准入門檻方面，我們可以藉鏡其他產業的經驗。例如，從手持相機到智慧型手機，影片拍攝的門檻一直在不斷降低。然而，製作好萊塢級電影的門檻卻不斷提高。人工智慧確實降低了遊戲開發的進入門檻。然而，這也大大提高了頂級遊戲的成功標準。

Surely, the widespread adoption of AI tools will fuel an explosion of creative content. However, the core barrier to commercial blockbuster hits has shifted from pure production capacity to integration capabilities. Specifically, the ability to seamlessly integrate AI technology with complex numerical systems, long-term in-game economies and engaging social ecosystems. This requires extensive game design expertise and operational experiences, which creates a deep moat that newcomers can hardly overcome. In the AI era, production cost is falling, but soft skills have become more scarce and valuable than ever, including high-level judgment in gameplay design, deep insight into players' demand and refined aesthetic taste.

人工智慧工具的廣泛應用無疑將推動創意內容的爆炸性成長。然而，商業大片成功的核心障礙已經從單純的生產能力轉移到了整合能力。具體而言，它能夠將人工智慧技術與複雜的數位系統、長期的遊戲內經濟和引人入勝的社交生態系統無縫整合。這需要豐富的遊戲設計專業知識和營運經驗，從而形成一道新手很難逾越的深淵。在人工智慧時代，生產成本不斷下降，但軟技能卻比以往任何時候都更加稀缺和有價值，包括遊戲設計中的高水平判斷力、對玩家需求的深刻洞察以及精緻的美學趣味。

On the other hand, we believe that the greater value of “world models” is to inspire brand-new forms of entertainment that differ from traditional games. Currently, however, world models are still far away from practical application. Today's games are built on certainty, strctured aound predefine rules, scripted environments and logic systems. However, world models are probabilistic, where every step is generated through inference. The advantage lies in providing an extremely high degree of freedom for creativity, while the disadvantage is that this brings high uncertainty and controllability chanllenges, making them currently unsuitable for traditional games. Furthermore, they currently also face issues like severe latencies and high cost. Of course, we are also seeing rapid iteration and evolution of these models, and it is only the beginning. We believe that it will be a rare opportunity for excellent teams. NetEase will also actively embrace these cutting-edge technologies to explore brand-new interactive experiences.

另一方面，我們認為「世界模型」更大的價值在於激發與傳統遊戲不同的全新娛樂形式。然而，目前世界模型距離實際應用還很遙遠。如今的遊戲建立在確定性之上，圍繞著預先定義的規則、腳本化的環境和邏輯系統建構。然而，世界模型是機率性的，其中每一步都是透過推理生成的。其優勢在於為創造力提供了極高的自由度，而劣勢在於這帶來了高度的不確定性和可控性挑戰，使其目前不適合傳統遊戲。此外，他們目前還面臨嚴重的延遲和高昂的成本等問題。當然，我們也看到這些模型正在快速迭代和演變，而這只是個開始。我們相信，這對優秀的團隊來說將是一個難得的機會。網易也將積極運用這些尖端技術，探索全新的互動體驗。

Regarding AI investment focus, we don't blindly pursue general large language models. Instead, we focus on building specific AI expertise trailored for games, achieving highly efficient AI applications through comprehensive and deep integration. In vertical areas, high-quality proprietary data is more important than computing power, with application scenarios being more important than parameter scale.

在人工智慧投資重點方面，我們不會盲目追求通用的大型語言模型。相反，我們專注於建立專門針對遊戲的 AI 技術，透過全面深入的整合實現高效的 AI 應用。在垂直領域，高品質的專有資料比運算能力更重要，應用場景比參數規模更重要。

In terms of our differentiated AI competitive advantages – firstly, our data moat and proprietary vertical models are very important. Our vertical models trained on years of gaming data can improve our internal industrialization efficiency more accurately than general ones.

就我們差異化的人工智慧競爭優勢而言——首先，我們的資料護城河和專有的垂直模型非常重要。我們利用多年遊戲資料訓練的垂直模型，比一般的模型更能準確地提高我們內部產業化的效率。

Secondly, our focus on player experience and commercialization. We focus on how AI capabilities translate into player experience. Currently, AI-native gameplay features, intelligent NPCs and also UGC tools implemented in several titles have effectively improved user engagemnet and retention, improving our capability to convert technological innovation into commercial value.

其次，我們專注於玩家體驗和商業化。我們關注人工智慧能力如何轉化為玩家體驗。目前，多款遊戲中採用的 ​​AI 原生遊戲功能、智慧 NPC 以及 UGC 工具已有效提升了用戶參與度和留存率，並提高了我們將技術創新轉化為商業價值的能力。

Thirdly, we also have a group of versatile talents that are highly scarce in our industry. They are not only proficient in algorithm and graphic engines, they also have a genuine passion and deep understanding of game design. These cross-disciplinary capabilities is critical to ensuring that AI technologies are effectively intergrated and ultimately generate gameplay funs. We believe that the explosion of AI technologies will accelerate industry consolidation process of the so-called survival of the fittest process. We'll continue to maintain high-level investments in vertical models, AI-native gameplay innovation and talent nurturing process, leveraging AI to further expand our advantages in high-quality game development and long-term operations.

第三，我們還擁有一群在業界非常稀缺的多才多藝的人才。他們不僅精通演算法和圖形引擎，而且對遊戲設計充滿熱情並有深刻的理解。這些跨學科能力對於確保人工智慧技術得到有效整合並最終產生遊戲樂趣至關重要。我們認為，人工智慧技術的爆炸性發展將加速所謂的「適者生存」的產業整合進程。我們將繼續保持對垂直模式、人工智慧原生遊戲玩法創新和人才培養流程的高水準投入，利用人工智慧進一步擴大我們在高品質遊戲開發和長期營運方面的優勢。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

(spoken in foreign language) (interpreted) My question is related to Where Winds Meet. The game's recently been gaining very positive feedback among the overseas users. Could management share the retention rate of the overseas users? And also, what are the key factors contributing to the game's strong performance abroad? And then furthermore, what unique gameplay mechanics or the content has particularly resonated with and attracted the international players?

（用外語說）（翻譯）我的問題與《風的交會處》有關。這款遊戲最近在海外用戶中獲得了非常正面的回饋。管理階層能否分享海外用戶的留存率？此外，促成該遊戲在海外取得強勁表現的關鍵因素是什麼？此外，哪些獨特的遊戲機製或內容特別能引起國際玩家的共鳴並吸引他們？

(spoken in foreign language)

（用外語說）

Thanks, William, I will do the transaction.

謝謝你，威廉，我會完成交易。

(interpreted) The overseas version of Where Winds Meet officially launched on November 15, 2025. Since its global launch, it quickly gained overwhelming popularity and positive reviews across multiple international markets. With continuous operation, it has topped various global charts for multiple times and demonstrated outstanding performance across key operational metrics, including retention rate.

（譯）《風之交會處》海外版於2025年11月15日正式上線。自全球發布以來，該產品迅速在多個國際市場中獲得了壓倒性的受歡迎程度和好評。憑藉持續的運營，它多次在全球各類排行榜上名列前茅，並在關鍵營運指標（包括客戶留存率）方面表現出色。

Where Winds Meet has received widespread acclaim from global players for its immersive, high-quality Wuxia open-world experience, aheived by differentiating single-player and multiplayer modes to deliver a low-pressure, high-freedom gameplay experiences , along with its operational focus of free-to-play, high-frequency updates and custom-based marketization. At the same time, the cross-platform availability accommodates modern players' diverse gaming habits, meeting the various needs from different type of players.

《風之交會》憑藉其沉浸式、高品質的武俠開放世界體驗，贏得了全球玩家的廣泛讚譽。遊戲透過區分單人遊戲和多人遊戲模式，提供輕鬆、高自由度的遊戲體驗，並專注於免費遊戲、高頻更新和客製化市場化。同時，跨平台可用性滿足了現代玩家多樣化的遊戲習慣，滿足了不同類型玩家的各種需求。

Where Winds Meet features Chinese Wuxia scenes, builds a vivid and high-freedom Jianghu world across multiple experience dimensions, including narrative, combat, and exploration. The combination of Eastern Wuxia-style martial art Qinggong skill system and open world experiences delivers a fresh, deeply immersive experience for players.

《風雲交匯之處》以中國武俠場景為特色，建構了一個生動且高度自由的江湖世界，涵蓋敘事、戰鬥和探索等多個體驗維度。東方武俠風格的輕功技能係統與開放世界體驗的結合，為玩家帶來了一種全新的、深度沉浸式的體驗。

The combination of single-player and multiplayer modes ensures that both those who enjoy immerseive plot exploration and players who enjoy social cooperation can find content they love. Continuous updates of new maps, regions, dungeons and competitive gameplay, along with constantly expanding skills and casual gameplay, cater to a wide range of player preferences across single-player, multiplayer, combat and casual experiences.

單人遊戲和多人遊戲模式的結合，確保了喜歡沉浸式劇情探索的玩家和喜歡社交合作的玩家都能找到自己喜歡的內容。不斷更新的新地圖、區域、地牢和競技玩法，以及不斷擴展的技能和休閒玩法，滿足了玩家在單人遊戲、多人遊戲、戰鬥和休閒體驗方面的各種偏好。

Alex Liu, Bank of America.

美國銀行的劉亞歷克斯。

(spoken in foreign language) (interpreted) Given the recent success of FWJ Online Unlimited Server, can the management discuss whether this business model will be replicated across other legacy titles? And if that's the case, how should we think about the pace of rolling out of that gameplay?

（外語）（翻譯）鑑於 FWJ Online Unlimited Server 近期的成功，管理層能否討論一下這種商業模式是否會複製到其他經典遊戲中？如果真是這樣，我們該如何考慮推出這種遊戲玩法的速度呢？

(spoken in foreign language)

（用外語說）

Thank you, William. I will do the translation.

謝謝你，威廉。我來翻譯。

(interpreted) In summary, Fantasy Westward Online Unlimited Server has accomploshed some key objectives. First, it restores the most classic gameplay experience while providing differentiated gameplay experiences. Second, it restructures the economy system while keeping the most important free trading mechanism. The third one is comprehensively optimizing the gaming process, specifically for the Unlimited Servers. The classic gameplay lowers the entry barrier for new players, while the differentiated experiences allow the overall player base to expand. The feasibility of this approach has been validated on the Unlimited Server. Our product team always maintains close interaction with the player community and listens to their feedback. We believe we'll continue to introduce updates across more titles, providing richer and smoother fresh experiences while preserving the classic ones.

（譯文）總而言之，《幻想西方世界》線上無限伺服器已經實現了部分關鍵目標。首先，它還原了最經典的遊戲體驗，同時提供了差異化的遊戲體驗。其次，它在保留最重要的自由貿易機制的同時，重組了經濟體系。第三點是對遊戲流程進行全面最佳化，特別是針對無限伺服器。經典的遊戲玩法降低了新玩家的入門門檻，而差異化的遊戲體驗則有助於擴大玩家群。此方法的可行性已在無限伺服器上得到驗證。我們的產品團隊始終與玩家社群保持密切互動，並認真聽取他們的回饋。我們相信，我們將繼續在更多遊戲中推出更新，在保留經典體驗的同時，提供更豐富、更流暢的全新體驗。

Yang Liu, Morgan Stanley.

楊柳，摩根士丹利。

(spoken in foreign language) (interpreted) My question is about Sea of Remnants, this new game. Could management update us in terms of the current development status and the feedback in the recent testing? And what will be the commercialization method? And what is the expected timing to launch the game, whether it's possible to launch that in summer this year, and whether it will be a cross-platform global launch?

（用外語說）（翻譯）我的問題是關於《Sea of​​ Remnants》這款新遊戲的。管理階層能否向我們介紹一下目前的研發進度以及近期測試的回饋意見？那麼，商業化方式會是什麼？遊戲預計何時發布？是否有可能在今年夏天發布？是否會進行跨平台全球發布？

(spoken in foreign language)

（用外語說）

(interpreted) Currently, the development of Sea of Remnants is fully on track, and our plan is to launch the game in Q3 this year. In the current round of technical test on February 5, we are pleased to see enthusiastic participation from players. Our second promotional warm-up video has quickly surpassed 10 million views on Bilibili. Based on early feedback, we are glad to see positive responses regarding product quality and overall reception from various parties.

（翻譯）目前，《海之遺跡》的開發工作進展順利，我們計劃在今年第三季推出這款遊戲。在2月5日進行的當前一輪技術測試中，我們很高興看到玩家們的熱情參與。我們的第二支宣傳預熱影片在嗶哩嗶哩上的播放量迅速突破了1000萬次。根據初步回饋，我們很高興看到各方對產品品質和整體反應給予了正面評價。

We're still monitoring and collecting player feedback and will carry out targeted improvements to further enhance the gaming experience and prepare for the official launch later this year. Thank you.

我們仍在監控和收集玩家回饋，並將進行有針對性的改進，以進一步提升遊戲體驗，並為今年稍後的正式發布做好準備。謝謝。

Ritchie Sun, HSBC.

孫里奇，匯豐銀行。

(spoken in foreign language)

（用外語說）

(interpreted). First of all, the closed test of Ananta was conducted in January. So how was the testing feedback? And how far away in terms of number of months before the launch? And do we have any plans to launch it in different markets as well as on different platforms?

（翻譯）首先，Ananta 的封閉測試是在 1 月進行的。測試反饋如何？距離發布還有幾個月？我們是否有計劃在其他市場和不同平台上推出產品？

Secondly, regarding our plans to launch auto chess titles - because there are two auto chess titles under testing, and one has already received a game license - and given that there are already top competitors in this genre, what is the rationale and strategic thinking behind entering this market. And how will NetEase’s products differentiate themselves against these experienced competitors?

其次，關於我們推出自走棋遊戲的計劃——因為目前有兩款自走棋遊戲正在測試中，其中一款已經獲得了遊戲授權——而且考慮到這個領域已經有頂尖的競爭對手，那麼我們進入這個市場的理由和戰略思路是什麼呢？網易的產品將如何與這些經驗豐富的競爭對手區分開來？

(spoken in foreign language)

（用外語說）

(interpreted) The data and feedback from the closed test in January both met our expectations, first of all. The retention rate and player feedback on the content both confirmed that the current product direction is sufficiently innovative and attractive. Currently, our product is still undergoing continuous refinement, aiming to deliver a higher degree of completion and richer content when it is released to the market as scheduled. We're targeting a simultaneous global launch across all platforms, including PC, mobile and console. Thank you.

（解讀）首先，1 月封閉測試的數據和回饋都符合我們的預期。用戶留存率和玩家對內容的回饋都證實，目前的產品方向具有足夠的創新性和吸引力。目前，我們的產品仍在不斷改進和完善，目標是在按計劃推向市場時，提供更高完善度和更豐富的內容。我們的目標是在所有平台（包括PC、行動裝置和遊戲主機）上同步進行全球發布。謝謝。

And William will answer the auto chess question.

威廉將回答關於自走棋的問題。

(spoken in foreign language)

（用外語說）

(interpreted) The auto chess category is a mature category, and we are pursuing elevation and differentiation within this proven genre. We have chosen the Chinese demon and ghost culture, making our game unique in this space. It inherently contains strong narrative tension and aesthetic potential. We aim to build a high-quality auto chess game that belongs to the domestic players, where gods, demons, and spirits battle together, while reimagining national cultural classics based on our historically proven high-quality development capabilities. Thank you.

（譯者註）自走棋遊戲類別已經發展成熟，我們正在追求在這個成熟的類別中實現提升和差異化。我們選擇了中國妖魔鬼怪文化，使我們的遊戲在這個領域中獨樹一幟。它本身就蘊含著強烈的敘事張力和美學潛力。我們的目標是打造一款屬於國內玩家的高品質自走棋遊戲，讓神魔精靈同台競技，同時憑藉我們歷來久經考驗的高品質開發能力，重新演繹民族文化經典。謝謝。

Yang Bai, CICC.

楊白，中金公司。

(spoken in foreign language) I will translate by myself.

（外語）我會自己翻譯。

(interpreted) The company has made remarkable progress in game globalization in recent years with early successes such as NARAKA: BLADEPOINT and Marvel Rivals, followed by titles like Where Winds Meet. I would like to ask the management, in terms of overseas expansion strategies, can we say that the company has developed a replicable path to success?

（譯註）近年來，該公司在遊戲全球化方面取得了顯著進展，早期的成功作品包括《NARAKA: BLADEPOINT》和《Marvel Rivals》，隨後又推出了《Where Winds Meet》等作品。我想請教管理階層，就海外擴張策略而言，我們能否說公司已經制定出一條可複製的成功之路？

Regarding game genre expansion, how does company plan its product pipeline for high-potential markets such as US and Europe? About talent, what is company's global team structure and future talent strategy?

關於遊戲類型拓展，公司如何規劃針對美國和歐洲等高潛力市場的產品線？關於人才方面，公司的全球團隊結構和未來人才策略是什麼？

(spoken in foreign language)

（用外語說）

(interpreted) Yes, our expansion into developed market started in 2018, beginning with the success of Knives Out in Japan. And, as you mentioned, we now have NARAKA: BLADEPOINT, Marvel Rivals and Where Winds Meet. All of them are very successful in overseas markets. And we have to say this the success was not easily achieved.

（翻譯）是的，我們進軍已開發市場的步伐始於 2018 年，首先是《利刃出鞘》在日本取得了成功。正如你所提到的，我們現在有了《NARAKA: BLADEPOINT》、《Marvel Rivals》和《Where Winds Meet》。它們在海外市場都非常成功。我們必須指出，這項成功並非輕易取得。

We invested significant effort to make that happen. It reflects NetEase’s position as one of the companies with the strongest R&D capabilities. We have gradually developed a clearer understanding of the core success elements in overseas markets, including Japan and Western markets. And we believe we'll be able to produce more successful titles in these market in the future.

我們投入了大量精力才促成此事。這體現了網易作為研發能力最強的公司之一的地位。我們已經逐漸對海外市場（包括日本和西方市場）的核心成功要素有了更清晰的認識。我們相信未來能夠在這些市場上推出更多成功的遊戲作品。

And also regarding the question on talent, we believe China possess the world's deepest talent pool in game development. And we are fully committed to cultivating top-tier creative minds to deliver premium games that can succeed on a global scale. Thank you.

至於人才問題，我們認為中國擁有世界上最深厚的遊戲開發人才儲備。我們致力於培養頂尖的創意人才，打造出能夠在全球取得成功的優質遊戲。謝謝。

Lincoln Kong, Goldman Sachs.

林肯·孔，高盛。

(spoken in foreign language)

（用外語說）

(interpreted) So the first question is about Marvel Rivals. So now that it has been live for a year, how is the team evaluating its future life cycle? So what strategies are in place to sustain its momentum and continued product innovation here?

（譯）所以第一個問題是關於漫威勁敵的。現在專案已經上線一年了，團隊是如何評估未來的生命週期？那麼，為了維持這種發展動能和持續的產品創新，公司採取了哪些策略？

My second question is a follow-up on AI. Basically, the AI application in the gaming industry is primarily focused on R&D assistance and NPC interaction at the moment. So as AI capabilities continue to evolve, how does management view the potential of AI in gameplay design, content generation and long-term live-service ? So do we see any opportunities for AI-driven gameplay to become the next major growth engine for the industry? Is NetEase planning any products where AI serves as a core gameplay driver, rather than just an auxiliary tool? And additionally, how should we think about those personalized or service-oriented monetization model based on AI?

我的第二個問題是關於人工智慧的後續問題。目前，人工智慧在遊戲產業的應用主要集中在研發輔助和NPC互動方面。隨著人工智慧能力的不斷發展，管理階層如何看待人工智慧在遊戲設計、內容生成和長期線上服務方面的潛力？那麼，我們是否可以看到人工智慧驅動的遊戲玩法有機會成為該行業下一個主要成長引擎？網易是否計劃推出以人工智慧為核心遊戲玩法驅動力，而不僅僅是輔助工具的產品？此外，我們應該如何看待基於人工智慧的個人化或服務導向獲利模式？

(spoken in foreign language)

（用外語說）

(interpreted) Yes. First of all, Marvel Rivals remains stable one year after its launch, and our team continues to deliver innovative content and game play.

（翻譯）是的。首先，《漫威宿敵》在上線一年後依然保持穩定，我們的團隊也持續推出創新內容和遊戲玩法。

Our recently launched Season Six introduced Deadpool as the first triple-role hero, which has been widely welcomed by players. We believe that only excellent content with innovative experiences can sustain player engagement. Therefore, while maintaining our regular updates, we will continue to explore innovative experiences driven by new heroes, new gameplay modes and enhanced social infections.

我們最近推出的第六賽季引入了死侍作為第一個三角色英雄，受到了玩家的廣泛歡迎。我們相信，只有提供優質內容和創新體驗才能維持玩家的參與。因此，在保持定期更新的同時，我們將繼續探索由新英雄、新遊戲模式和增強的社交感染所驅動的創新體驗。

And regarding the question on AI, AI has been comprehensively integrated into our production workflows, becoming an indispensable asset that significantly enhances areas such as art production, assisted programming, customer service and QA support. Regarding AI's potential to deliver transformative player experiences, we are certain of this impact. It will definitely happen. We believe NetEase is a pioneer in this field and is one of the companies that is most well-positioned to explore this opportunity further. We will aggressively explore this opportunity. We have already built a robust pipeline of R&D reserves for the next generation AI-driven gameplay. Thank you.

至於人工智慧的問題，人工智慧已全面融入我們的生產工作流程，成為一項不可或缺的資產，大幅提升了藝術製作、輔助程式設計、客戶服務和品質保證支援等領域。關於人工智慧在帶來變革性玩家體驗方面的潛力，我們對此深信不疑。這一定會發生。我們認為網易是該領域的先驅，也是最有能力進一步探索這項機會的公司之一。我們將積極探索這項機會。我們已經為下一代人工智慧驅動的遊戲玩法建立了強大的研發儲備。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 statements.

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. And for those listening from China, we wish you a happy New Year. Thank you, everyone. Goodbye.

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。對於來自中國的聽眾朋友們，我們祝福你們新年快樂。謝謝大家。再見。

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。