网易Q3财报：净利润95亿元 《燕云十六声》收入、月活跃用户数均创新高
Netease Q3 Financial Report: Net Profit 9.5 billion Yuan "Yan Yun 16 Voice" Revenue and Monthly Active Users Record High.
【环球网财经综合报道】11月20日，网易发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，非公认会计准则下归属于公司股东的净利润为95亿元，研发投入45亿元，研发投入强度16%。三季度，网易以用户体验为核心，不断打磨创新能力，打造更多面向全球的长青精品，展现长期主义韧性。
[Global Network Finance Comprehensive Report] On November 20th, NetEase released its financial results for the third quarter of 2025. The report shows that NetEase achieved a net revenue of RMB 28.4 billion in Q3, with a non-IFRS net profit attributable to the company's shareholders of RMB 9.5 billion. R&D investment reached RMB 4.5 billion, representing an R&D intensity of 16%. During the third quarter, focusing on user experience as its core, NetEase continuously refined its innovation capabilities, created more evergreen premium products for the global market, and demonstrated the resilience of long-termism.
网易游戏加码投入长青精品和出海业务，夯实增长底座。三季度，游戏及相关增值服务净收入为233亿元。运营22年的经典IP《梦幻西游》电脑版同时在线人数创新高，手游月活跃用户创两年以来新高；热门原创IP《蛋仔派对》《逆水寒》和《燕云十六声》等游戏热度保持强劲增长；新游《命运：群星》上线首日登顶美国等19个地区iOS游戏下载榜。
NetEase Games is ramping up investment in evergreen premium titles and overseas expansion to consolidate its growth foundation. In Q3, net revenue from games and related value-added services reached RMB 23.3 billion.The classic IP Fantasy Westward Journey (PC version), which has been in operation for 22 years, set a new record for concurrent users, while its mobile version achieved a two-year high in monthly active users (MAU). Popular original IPs such as Eggy Party, Justice Online and Swords of the Wild Sky maintained strong growth momentum. Newly launched game Destiny: Stars topped the iOS game download charts in 19 regions including the United States on its first day of release.
同时，AI技术已成为业务增长和提升用户体验的重要引擎。网易有道Q3净收入16亿元，在“AI原生”战略深化与业务结构聚焦的推动下，2025年前三季度累计经营利润同比增长近150%，在线营销服务净收入与AI订阅服务销售额均创历史新高。网易云音乐Q3净收入20亿元，推出千歌千面的AI调音大师、一句话生成专属歌单的AI推荐等功能，持续提升用户的优质音乐体验。
Meanwhile, AI technology has become a key driver of business growth and user experience enhancement. NetEase Youdao recorded a net revenue of RMB 1.6 billion in Q3. Driven by the deepening of its "AI-native" strategy and focused business structure, its cumulative operating profit in the first three quarters of 2025 surged by nearly 150% year-on-year, with both net revenue from online marketing services and sales of AI subscription services hitting all-time highs.NetEase Cloud Music achieved a net revenue of RMB 2 billion in Q3. It launched user-centric AI-powered features such as the personalized AI Mix Master and AI playlist generator (which creates custom playlists with just one sentence), continuously elevating users’ premium music experience.
三季度，创新及其他业务净收入14亿元。网易严选加强品牌年轻化建设，通过艺人合作，以及与游戏、音乐领域深度合作，受到年轻消费者的欢迎。今年双十一，鲜蒸猫粮、鲜蒸狗粮、爆香瓶、任意桌、人体工学椅等爆品备受消费者青睐。网易传媒坚持积累AI技术能力，稳定优质的内容创作与沉淀，网易新闻客户端的社区发布内容量增长31%。网易知数数据分析智能体通过中国信通院评估，成为业界首批获得当前最高 4+ 评级的数据分析智能体。
In Q3, net revenue from innovation and other businesses reached RMB 1.4 billion.NetEase Yanxuan has strengthened its brand youth-oriented transformation. Through collaborations with artists and in-depth cross-sector partnerships with the gaming and music fields, it has gained popularity among young consumers. During this year’s Double 11 shopping spree, hit products such as fresh-steamed cat food, fresh-steamed dog food, aroma diffuser bottles, foldable tables, and ergonomic chairs were highly favored by consumers.NetEase Media has persisted in accumulating AI technical capabilities while maintaining stable and high-quality content creation and accumulation. The volume of community-shared content on the NetEase News app surged by 31%. Additionally, NetEase Zhishu Data Analysis Agent successfully passed the evaluation by the China Academy of Information and Communications Technology (CAICT), becoming one of the first data analysis agents in the industry to attain the current highest 4+ rating.
自研长青精品再创新高，代理游戏刷新纪录
Self-research evergreen boutique set a new high, agent game set a new record.
本季度，网易多款长青精品持续创新，为业绩增长提供了坚实支撑。运营22年的《梦幻西游》通过不断革新迭代，屡次刷新纪录。11月2日《梦幻西游》电脑版同时在线人数突破358万，这是自7月份畅玩服上线后，《梦幻西游》电脑版第四次在线人数创新高。《梦幻西游》手游推出轻享服，让玩家更低门槛享受回合制战斗乐趣，月活跃用户创两年以来新高。
This quarter, several of NetEase’s evergreen premium titles have continued to innovate, providing solid support for performance growth. Fantasy Westward Journey, which has been in operation for 22 years, has repeatedly set new records through constant innovation and iteration. On November 2nd, the concurrent user count of Fantasy Westward Journey (PC version) exceeded 3.58 million — marking the fourth time the PC version has hit a new high in concurrent users since the launch of its "Casual Server" in July.The mobile version of Fantasy Westward Journey launched a "Lightweight Server," allowing players to enjoy the fun of turn-based combat with a lower threshold. Its monthly active users (MAU) have reached a two-year high.
其它经典产品线也持续焕新，带动业绩多点突破。《大话西游》手游十周年版本新服登陆人数创下历史新高；《阴阳师》九周年庆典推出新角色后广受好评，并重回中国iOS收入榜前10；《第五人格》登上中国iOS畅销榜第四位，新角色台球手、幻灯师深受玩家喜爱；《天下》系列端游的升级产品《天下：万象》初步完成三端互通与体验升级的开发工作，已获得版号将于近期公测；《率土之滨》则首创10万人同服校友赛模式，刷新了SLG赛事规模纪录，进一步巩固了品类领先地位。
Other classic product lines have also continued to refresh and revitalize, driving multi-faceted breakthroughs in performance.The 10th-anniversary version of Westward Journey Mobile saw a record-high number of players logging into its new servers. Following the launch of new characters during its 9th-anniversary celebration, Onmyoji received widespread acclaim and reentered the top 10 of China’s iOS revenue chart. Identity V climbed to the 4th position on China’s iOS top-grossing chart, with its new characters — Billiards Player and Lanternist — winning great popularity among players.World of Jade Dynasty: Vastness, the upgraded sequel to the PC-based World of Jade Dynasty series, has initially completed the development of cross-platform interoperability (covering PC, mobile, and console) and experience enhancements. Having secured the game license, it is set to launch its open beta soon. Meanwhile, Land of Heroes pioneered the 100,000-player same-server alumni tournament mode, setting a new record for the scale of SLG esports events and further consolidating its leading position in the genre.
同时，热门原创IP凭借高质量、高吸引力的内容，展现强劲的增长潜力。《逆水寒》手游通过两周年庆的高质量内容、福利活动与品牌联动，推动强势增长，重回中国iOS畅销榜第3位；《蛋仔派对》在暑期期间，人均在线游戏时长创历史新高；《永劫无间》四周年庆，推出武侠摸金玩法，上线当日即冲上Steam全球热销榜榜首及在线榜Top3，通过盗墓笔记20周年联动、不良人、铠甲勇士等联动持续扩展IP影响力；《燕云十六声》相继推出家园系统、秦川和不见山新版本，营收与口碑实现同步攀高，三季度月活跃用户数、收入均创新高，多次进入中国iOS畅销榜前6位，并累积30万5星评分。
At the same time, popular original IP shows strong growth potential with high-quality and highly attractive content. "Against the Cold" hand tour promoted strong growth through high-quality content, welfare activities and brand linkage for the two-week anniversary, returning to the 3rd place on China's iOS bestseller list. During the summer vacation, the average online game duration of "Egg Party" reached a record high. The fourth-week anniversary of "Forever Robbery" launched the martial arts gold game, which topped Steam's global hot selling list and Top3 online on the day of the launch, through the 20th anniversary linkage of grave robbing notes, bad people, armor warriors and other linkages, IP influence continues to be expanded. "Yan Yun Sixteen Voice" has successively launched new versions of Home System, Qinchuan and No Mountain. Revenue and public praise have risen simultaneously. In the third quarter, the number of active users and revenue reached new highs. It has repeatedly entered the top 6 of China's iOS bestseller list and accumulated 300,005 star scores.
长线运营能力也为代理游戏注入新动能，各项数据实现里程碑式突破。《我的世界》中国版同时在线人数突破125万，刷新在中国市场的历史峰值。《魔兽世界》于11月18日推出国服专属的“泰坦重铸”服务器，迅速点燃了社区热情。《炉石传说》迎来11周年庆典，宣布国服注册玩家数量突破1亿。《暗黑破坏神II》重制版回归后，新赛季驱动日活跃玩家数创下历史新高。《星际争霸II》回归后引爆粉丝热情，数据持续向好。而《暗黑破坏神IV》将于12月12日上线，将为玩家带来更加多元的游戏体验。
Long-term operation capability also injects new kinetic energy into the agent game, and various data achieve milestone breakthroughs. "My World" Chinese version of the number of online at the same time exceeded 1.25 million, refreshing the historical peak in the Chinese market. "World of Warcraft" launched the national service exclusive "Titan recast" server on November 18, which quickly ignited the enthusiasm of the community. "Hearthstone legend" ushered in the 11th anniversary celebration, announced the number of registered players in the national service breakthrough 0.1 billion. After the return of Diablo II remake, the number of active players in the new season's drive day hit a record high. "StarCraft II" after the return of the explosion of fan enthusiasm, the data continued to improve. And "Diablo IV" will be launched on December 12, will bring more diverse game experience for players.
全球化捷报频传，待上新游备受期待
The good news of globalization is frequent, and the new tour is highly anticipated.
网易加快全球化布局，多款产品获得海外市场热烈反响。《命运：群星》在海外发行后，登顶美国、加拿大地区iOS下载总榜，同时登顶英、德、法等共19个地区iOS游戏下载榜。《逆水寒》手游全球上线后迅速登顶日本、马来西亚、泰国、越南、柬埔寨、文莱等多个国家和地区的App Store免费榜。《燕云十六声》上线24小时海外版本玩家超200万，Steam全球同时在线人数超19万，冲进Steam全球最畅销游戏榜Top4。
NetEase to speed up the global layout, a variety of products to get a warm response from overseas markets. After its overseas release, Destiny: Stars topped the iOS download list in the United States and Canada, and topped the iOS game download list in 19 regions including Britain, Germany and France. After the global launch of "Against the Cold" mobile tour, it quickly topped the App Store free list in Japan, Malaysia, Thailand, Vietnam, Cambodia, Brunei and other countries and regions. "Yan Yun Sixteen Sings" has more than 2 million overseas players on line for 24 hours, and Steam has more than 190000 online players worldwide at the same time, rushing into the Top4 of Steam's global best-selling game list.
同时，网易在全球化产品中的长线运营能力不断获得验证。《漫威争锋》第四、五赛季引入了大量新内容，每个赛季均成功跻身Steam美国畅销榜Top 3。《七日世界》持续位居全球多地区下载榜前列，凭借2.0版本颠覆性玩法更跻身Steam全球畅销榜Top3。《巅峰极速》通过本地化内容在日本、泰国等地均取得亮眼成绩。
At the same time, Netease's long-term operation ability in global products has been continuously verified. The fourth and fifth seasons of "Marvel Contention" introduced a lot of new content, and each season successfully ranked among Steam's Top 3 bestsellers in the United States. "Seven Days World" continues to be at the top of the global multi-regional download list, with the 2.0 version of the subversive play to become the Top 3 of Steam's global bestseller list. "Peak Speed" has achieved brilliant results in Japan, Thailand and other places through localized content.
近日，素有“游戏界奥斯卡”之称的TGA公布2025年提名，网易迎来历史性突破，首次有三项作品同时入围。《漫威争锋》与《命运：群星》分别入围“最佳持续运营游戏”和“最佳移动游戏”提名，由网易投资的发行商Kepler Interactive发行的《光与影:33号远征队》入选了TGA年度最佳游戏等十二项提名，成为该奖项有史以来获提名最多的游戏，标志着网易全球化产品品质获得了国际顶级奖项认可。
Recently, The Game Awards (TGA), often hailed as the "Oscars of the gaming industry", announced its 2025 nominations. NetEase achieved a historic breakthrough with three of its works securing nominations simultaneously for the first time.MARVEL Rivals and Destiny: Stars earned nominations for "Best Ongoing Game" and "Best Mobile Game" respectively. Meanwhile, Clair Obscur: Expedition 33, published by Kepler Interactive — a publisher invested in by NetEase — received nominations in twelve categories including TGA's Game of the Year. This made it the most nominated game in the history of the awards, signifying that the quality of NetEase's globalized products has gained recognition from this top-tier international award.
在面向全球发行的新游储备中，《无限大》《遗忘之海》备受关注。2025东京电玩展上，《无限大》以其富有想象力的动作设计、高保真视觉效果与现代都市题材引发广泛关注，获得“日本游戏大赏2025”未来期待奖。而《遗忘之海》预计于2026年上线，目前准备工作有序推进中。
In the new travel reserves for global distribution, "infinite" and "forgotten sea" have attracted much attention. At the 2025 Tokyo Game Show, "Infinity" attracted widespread attention for its imaginative action design, high-fidelity visual effects and modern urban themes, and won the "Japanese Game Awards 2025" Future Expectations Award. The "Sea of Forgotten" is expected to be launched in 2026, and preparations are currently progressing in an orderly manner.
此外，社交游戏《星绘友晴天》国内PC版计划Q4首测，并即将正式发行。这款游戏将宇宙生活模拟探索与海量派对玩法进行创新结合，已在科隆游戏展、东京电玩展等海内外多个展会亮相，获媒体广泛关注与好评。
In addition, the social game "Star Painted Friends Sunny" domestic PC version of the plan Q4 first test, and will be officially released. This game combines the simulation exploration of cosmic life with the innovation of massive party play. It has been unveiled in many exhibitions at home and abroad, such as Cologne Game Show and Tokyo Game Show, and has been widely concerned and praised by the media.
游戏AI激活创作者生态，有道AI订阅服务创下新高
The game AI activated the creator ecosystem, and Youdao's AI subscription service hit a new high.
三季度，网易研发投入45亿元，研发投入强度16%。网易通过将AI技术与业务场景进行全面、深度的融合，不仅在多个业务板块实现了生产效率的倍数级提升，也催生了新的内容形态与交互体验，持续释放业务潜能。
In the third quarter, Netease invested 4.5 billion yuan in research and development, with a research and development investment intensity of 16%. Through the comprehensive and in-depth integration of AI technology and business scenarios, NetEase has not only achieved multiple-level improvements in production efficiency in multiple business segments, but also spawned new content forms and interactive experiences to continuously release business potential.
在游戏领域，AI的应用已深度覆盖从生产制作到玩法创意的全流程。在2025云栖大会主论坛上，网易集团执行副总裁、网易雷火事业群负责人胡志鹏指出：“AI的价值不在于替代人力，而在于释放创意与技术潜力。”以网易雷火为例，其已构建超过1000条新质生产管线，覆盖90%的生产场景，实现场景设计效率提升70%、动画生产综合提效30%，部分场景效率提升甚至达300%；在技术研发环节，AI代码生成工具在部分应用场景中提升开发效率50%，且生成的代码逻辑质量可达专家级水平。
In the field of games, AI applications have covered the whole process from production to creative play. At the main forum of 2025 Yunqi Conference, Hu Zhipeng, executive vice president of Netease Group and head of Netease Lei Huo Business Group, pointed out: "The value of AI lies not in replacing manpower, but in releasing creativity and technological potential." Take Netease Thunder Fire as an example, it has built more than 1000 new quality production pipelines, covering 90% of the production scenes, realizing 70% improvement in scene design efficiency, 30% improvement in animation production comprehensive efficiency, and even 300 improvement in some scenes efficiency. In the process of technology research and development, the AI code generation tool improves the development efficiency by 50% in some application scenarios, and the generated code logic quality can reach the expert level.
在玩家体验层面，AI同样带来了革新性变化。《逆水寒》手游进一步升级伏羲AI技术驱动的“剧组模式”，整合AI生成、翻拍、编演等能力，将游戏内翻拍与游戏外的专业编辑器“逆水寒映画”打通，充分盘活游戏内生态，已激发玩家创作动画内容超千万条，相关视频传播量突破百亿次，构建起一个活跃的百亿级创作生态。同时，进一步升级AI NPC能力，极大扩充了AI NPC的行为空间、甚至可主动为玩家拍照、实时生成3D模型，带来了更丰富的虚拟世界陪伴体验。未来，《无限大》等新作中也将会与AI结合，构建丰富而有变化的NPC，创造更丰富和有想象力的互动模式。
At the player experience level, AI has also brought about innovative changes. The "Cold Against Water" hand tour further upgraded the "crew mode" driven by Fuxi AI technology, integrated the capabilities of AI generation, remaking and editing, opened up the in-game remaking and the professional editor "Cold Against Water" outside the game, fully revitalized the in-game ecology, inspired players to create more than 10 million pieces of animation content, transmitted more than 10 billion times of related videos, and built an active 10 billion-level creation ecology. At the same time, the ability of AI NPC is further upgraded, which greatly expands the behavior space of AI NPC, and even can take photos of players and generate 3D models in real time, bringing a richer experience of accompanying players in the virtual world. In the future, new works such as "Infinity" will also be combined with AI to build rich and changing NPCs and create richer and imaginative interactive modes.
另外，《蛋仔派对》乐园工坊上线模型AIGC功能，玩家只需输入提示词或上传图片，3分钟内输出可直接交互的3D 模型，真正实现“创意即生成”。目前该功能优先开放给核心创作者试用，由该功能创作的相关地图已吸引数千万玩家游玩。
In addition, the "Egg Party" park workshop has the AIGC function. Players only need to input prompt words or upload pictures, and output 3D models that can be directly interacted with within 3 minutes, thus truly realizing "creativity is generated". At present, this function is preferentially opened to the core creators for trial, and the relevant maps created by this function have attracted tens of millions of players to play.
在学习服务等板块，网易有道AI订阅服务销售额逼近亿元大关，创下历史新高。网易有道词典完成全面AI化升级，整合AI同传、AI拍照翻译、AI文档翻译等多项实用功能，有效提升用户学习与工作效率。其中，AI同传功能销售额同比增长近200%，累计用户突破2000万，已成为拉动会员收入增长的核心引擎。此外，在AI赋能下，有道在线营销服务营收规模持续扩大，Q3达7.4亿元，同比增长51.1%，首次成为有道第一大营收来源。
In the learning services and other sectors, NetEase Youdao AI subscription service sales approached the 100 million yuan mark, a record high. Netease Youdao Dictionary has completed a comprehensive AI upgrade, integrating many practical functions such as AI simultaneous interpretation, AI photo translation, AI document translation, etc., effectively improving users' learning and work efficiency. Among them, the sales of AI simultaneous transmission function increased by nearly 200 percent year-on-year, and the cumulative number of users exceeded 20 million, which has become the core engine driving the growth of member income. In addition, with AI empowerment, Youdao's online marketing service revenue continued to expand, with Q3 reaching 0.74 billion yuan, up 51.1 percent year-on-year, making it Youdao's largest source of revenue for the first time.
在音乐领域，AI同样展现出强大的赋能效应。网易云音乐近期推出大模型音效产品“AI调音大师”，实现音效智能适配、效果可视化调节、个性化定制与实时试听，为用户打造“千歌千面”的沉浸式听觉体验。同时，网易云音乐生成式推荐大模型“Climber”荣获全球学术会议CIKM2025应用类最佳论文奖，目前该模型已在心动模式、每日推荐、私人漫游、歌单推荐与新歌推荐等核心场景全面应用，显著提升了用户的音乐发现与聆听体验。（勃潺）
In the field of music, AI also shows a strong enabling effect. Netease Cloud Music recently launched a large-model sound product "AI Tuning Master" to realize intelligent adaptation of sound effects, visual adjustment of effects, personalized customization and real-time audition, creating an immersive listening experience of "thousands of songs and thousands of faces" for users. At the same time, Netease cloud music generative recommendation model "Climber" won the best paper award in the CIKM2025 application category of the global academic conference. At present, the model has been fully applied in core scenarios such as heartbeat mode, daily recommendation, private roaming, song list recommendation and new song recommendation, significantly improving users' music discovery and listening experience. (Bo Chan)
