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Gross Margin by Segment
Reveals the efficiency of each segment in generating profit relative to costs, helping investors assess competitive strength and pricing power within specific markets.Games have become the profitability engine—sustained margin expansion reflects a higher mix of self‑developed, higher‑margin titles and lower platform revenue sharing, underpinning NetEase’s cash returns and buybacks. Cloud & Music and Innovative Businesses show improving margins, signaling better monetization or cost discipline, but both face revenue softness, so margin gains may be fragile. Youdao’s margin erosion (smart‑device weakness) and elevated marketing for new/open‑world titles are the primary upside risk: if competition forces heavier spend, overall gross margin could re‑compress despite game strength.
Date | Games and Related Value Added Services | Youdao | Cloud and Music | Innovative Businesses and Other |
|---|---|---|---|---|
Jun 30, 2026 | 76.10 | 48.90 | 37.40 | 43.40 |
Mar 31, 2026 | 74.80 | 44.70 | 37.00 | 42.00 |
Dec 31, 2025 | 70.54 | 45.08 | 34.67 | 39.60 |
Sep 30, 2025 | 69.00 | 42.00 | 35.30 | 43.00 |
Jun 30, 2025 | 70.20 | 43.00 | 36.10 | 42.30 |
Mar 31, 2025 | 68.80 | 47.30 | 36.70 | 38.80 |
Dec 31, 2024 | 66.70 | 47.80 | 31.90 | 37.80 |
Sep 30, 2024 | 68.80 | 50.20 | 32.80 | 37.80 |
Jun 30, 2024 | 70.00 | 48.20 | 32.10 | 34.00 |
Mar 31, 2024 | 69.50 | 49.00 | 38.00 | 33.40 |