Assets
Current assets:
Cash and cash equivalents
47,168 51,383 21,429 24,889 14,498 9,117 3,246 4,977 2,764 5,439 6,071 2,021 1,458 1,591 2,215 1,285
Time deposits
92,639 75,441 100,856 84,948 70,755 71,079 53,487 32,900 30,603 19,361 14,593 18,497 16,625 13,099 9,705 8,194
Restricted cash
4,319 3,086 2,777 2,699 2,877 3,051 3,150 4,692 5,927 3,473 2,193 2,629 2,137 571 319 141
Accounts receivable, net
5,338 5,669 6,422 5,003 5,508 4,576 4,169 4,002 3,620 4,251 2,614 873 403 269 230 256
Inventories
689 572 695 994 965 592 651 1,066 5,475 1,578 818 28
Prepayments and other current assets, net
7,658 6,417 6,077 5,448 6,236 6,077 4,817 3,925 3,816 3,698 2,696 1,424 1,144 1,122 900 679
Held-to-maturity investments
994
Short-term investments
22,804 10,756 4,436 7,623 12,282 13,273 15,313 11,675 9,743 11,582 5,013 2,059 901 1,074 994
Deferred tax assets
536 411 202 129 144 112 72
Assets held for sale
0 66 271 5,478
Total current assets
180,615 153,325 142,693 131,603 113,120 107,831 85,105 68,716 61,948 49,383 34,409 27,733 22,798 17,869 14,474 10,627
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Non-current assets:
Property, equipment and software, net
8,425 8,520 8,075 6,342 5,434 4,550 4,622 4,672 3,769 2,420 2,092 1,281 872 815 848 756
Land use rights, net
4,047 4,172 4,075 4,122 4,108 4,178 3,707 3,272 593 589 239 78 11 12 12 12
Operating lease right-of-use assets, net
320 541 749 888 1,044 773 464
Deferred tax assets
2,831 1,113 1,560 1,481 1,298 1,087 904 1,064 823 560 25 21 23 2 3 2
Time deposits
2,995 3,025 1,050 2,974 5,824 6,630 2,360 100 100 550 1,110 673 500 490
Restricted cash
4 5 1 0 1 0 2,060 1,200
Long-term investments
18,463 20,206 21,783 18,544 18,805 11,711 9,294 5,245 2,685 1,970 1,765 377
Other long-term assets
3,713 5,083 5,939 6,806 4,008 5,109 5,667 2,930 1,113 500 318 192 342 91 59 46
Assets held for sale
1 5 2 969
Total non-current assets
40,800 42,667 43,232 41,158 40,524 34,044 27,019 18,252 9,084 8,648 6,749 2,622 1,749 1,409 971 960
License rights
49 145
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Total assets
221,415 195,992 185,925 172,761 153,644 141,875 112,124 86,968 71,031 58,032 41,157 30,355 24,546 19,278 15,445 11,587
Liabilities, Redeemable noncontrolling interests and Shareholders' equity
Current liabilities:
Accounts payable
643 721 881 1,507 985 1,134 1,212 1,201 2,443 1,396 701 411 219 158 134 131
Salary and welfare payables
4,890 4,683 4,857 4,733 4,133 3,539 2,957 2,799 2,189 1,491 921 535 377 290 244 182
Dividend payable
815
Taxes payable
3,874 2,759 2,572 2,813 4,537 4,283 3,157 2,261 1,565 1,723 736 334 74 389 392 289
Short-term loans
6,384 11,805 19,240 23,876 19,352 19,505 16,828 13,659 6,624 3,816 2,273 2,050 976
Deferred revenue
12,133 10,399 8,602 7,718 6,238 7,531 4,652 1,968 1,481 1,160 1,014 774
Contract liabilities
20,515 15,299 13,362 12,519 12,133 7,953 6,238
Accrued liabilities and other payables
15,950 14,229 12,671 11,122 9,027 7,007 5,293 5,005 4,692 3,219 2,218 1,357 957 764 498 452
Deferred tax liabilities
359 167 102 149
Short-term operating lease liabilities
113 172 259 259 334 331 191
Liabilities held for sale
546 2 2,466
Total current liabilities
52,369 49,668 53,842 56,829 50,501 46,743 38,243 35,109 23,750 19,176 11,667 6,756 4,233 3,577 2,283 1,828
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Non-current liabilities:
Deferred tax liabilities
2,637 2,173 2,299 2,126 1,346 713 382 393 213 392 248 102 1
Long-term operating lease liabilities
232 413 556 673 732 475 280
Long-term loans
428 428 3,655 1,275
Other long-term liabilities
1,073 816 715 605 366 149 177 49 18 0 85 106 145 100 64 33
Liabilities held for sale
1 6
Total non-current liabilities
3,942 3,830 3,998 7,059 3,719 1,337 840 447 64 35
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Total liabilities
56,311 53,497 57,841 63,888 54,220 48,081 39,083 35,556 23,982 19,569 11,834 6,863 4,378 3,676 2,346 1,863
Redeemable noncontrolling interests
91 84 116 136 145 10,796 10,449 5,386 615 134
Shareholders' equity:
Ordinary shares, US$0.0001 par value: 1,000,300,000,000 shares authorized, 3,219,564,581 shares issued as of December 31, 2024 and 2025; 3,167,959,016 and 3,192,111,251 shares outstanding as of December 31, 2024 and 2025, respectively
3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
Additional paid-in capital
9,837 9,861 22,605 22,854 37,916 27,829 3,914 1,753 1,638 1,779 1,226 855 1,157 1,002 851
Treasury stock
(1,519) (4,473) (12,694) (10,911) (20,502) (10,446) (422)
Statutory reserves
2,457 1,955 1,541 1,279 1,245 1,228 1,215 1,215 1,206 1,160 1,011 937 878 634 473 322
Accumulated other comprehensive income/(loss)
(238) 1,007 617 432 (828) (650) (71) 17 37 61 27
Retained earnings
149,755 130,333 112,215 91,075 77,494 64,163 56,394 43,997 42,733 35,329 26,420 21,224 18,509 14,310 11,649 8,565
NetEase, Inc.'s shareholders' equity
160,296 138,686 124,286 104,731 95,328 82,127 61,454 45,232 45,732 38,191 29,240 23,390 20,245 15,681 13,127 9,741
Noncontrolling interests
4,717 3,724 3,683 4,006 3,951 871 1,139 794 703 272 84 (32) (77) (79) (28) (17)
Total equity
165,013 142,410 127,968 108,737 99,279 82,998 62,593 46,026 46,435 38,463 29,324 23,358 20,168 15,601 13,098 9,724
Total liabilities, redeemable noncontrolling interests and shareholders' equity
221,415 195,992 185,925 172,761 153,644 141,875 112,124 86,968 71,031 58,032 41,157 30,355 24,546 19,278 15,445 11,587
