Innovation-driven, Steady Advancement

SHANGHAI, Aug. 21, 2026 /PRNewswire/ -- Today, Sunshine Guojian Pharmaceutical (Shanghai) Co., Ltd. (hereinafter referred to as "Sunshine Guojian", stock code: 688336.SH), a pioneer in China's antibody therapeutics, released its 2026 interim report. In the first half of 2026, Sunshine Guojian pursued its dual-engine strategy of "In-house R&D plus External Collaboration", drove growth through innovation, delivered solid performance, advanced its R&D pipeline efficiently, and secured successive approvals for multiple products, demonstrating a positive development trajectory.

Solid Growth in Performance and Continued Progress in External Collaboration

In the first half of 2026, Sunshine Guojian delivered solid performance growth, with total operating revenue reaching RMB 866 million, representing a year-on-year increase of 34.84%; net profit attributable to equity holders of the Company amounted to RMB 371 million, up 95.10% year-on-year; net profit attributable to equity holders of the Company excluding non-recurring gains and losses stood at RMB 260 million, up 65.15% year-on-year; basic earnings per share reached RMB 0.41, up 95.24% year-on-year. Sunshine Guojian continued to increase its innovative R&D investment, with R&D expenses rising 32.41% year-on-year to RMB 245 million.

Based on its strong confidence in stable operations and future growth, Sunshine Guojian proposed an interim profit distribution plan for 2026: a cash dividend of RMB 0.42 (tax inclusive) per 10 shares for the first half of 2026, with no conversion of capital reserve into share capital and no bonus share issue. This reflects Sunshine Guojian's robust cash flow and sustainable profitability foundation, while sharing its growth with shareholders.

The PF-08634404 (SSGJ-707) program, in collaboration with Pfizer, has initiated 9 global multicenter clinical trials covering multiple solid tumor indications, including non-small cell lung cancer and colorectal cancer, with the clinical development significantly accelerated. As several clinical milestones are successively achieved and overseas commercialization is subsequently realized, various clinical and regulatory milestone payments, as well as global sales revenue sharing, will continue generating returns, which is expected to bring sustained and solid cash flow to Sunshine Guojian, and further reinforce its overall financial position.

Continued Breakthroughs Across the R&D Pipeline, Poised for Milestone Realization

In the first half of 2026, Sunshine Guojian accelerated the advancement of clinical studies for its R&D programs, and achieved multiple milestone events, continuously building a new growth driver. As of the report date, Yisaituo^® (Amdokitug Injection) and Yisaina^® (Anflekitug Injection), both independently developed by Sunshine Guojian, had been approved for marketing. The approval timeline for NDA of one key new autoimmune product is clearly visible, and multiple autoimmune programs have entered the NDA submission or mid-to-late-stage clinical phases.

Yisaituo^® (Amdokitug Injection, R&D code: 608) was approved for marketing by the National Medical Products Administration (NMPA) in February 2026 for adult patients with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy. With core advantages including robust and rapid clearance of skin lesions, low immunogenicity, favorable safety and tolerability profile, and convenient administration, Yisaituo^® is poised to reshape psoriasis treatment expectations. Currently, two additional indications for this product, both ankylosing spondylitis and non-radiographic axial spondyloarthritis, have entered Phase III clinical studies. The product is expected to further broaden its clinical applications in autoimmune diseases as new indications are continuously developed.

Yisaina^® (Anflekitug Injection, R&D code: 613) was approved for marketing by the NMPA in August 2026 for acute flares of gouty arthritis in adult patients who are contraindicated for, intolerant of, or inadequately responsive to non-steroidal anti-inflammatory drugs (NSAIDs) and/or colchicine, and those are unsuitable for repeated use of corticosteroids. As the first in-house IgG1 kappa humanized anti-IL-1β monoclonal antibody marketed in China, Yisaina^® holds broad market potential. The product demonstrates significant effects in pain relief and recurrence prevention, while maintaining a favorable safety and tolerability profile. It addresses an unmet clinical need among patients with limited response to conventional therapies, intolerance to corticosteroids or colchicine, and recurrent gout attacks.

One product's NDA has been accepted for review. The marketing application for anti-IL-4Rα mAb injection (R&D code: 611) for moderate-to-severe atopic dermatitis in adults was submitted and accepted for review in February 2026.

Sunshine Guojian continues to advance Phase III clinical trials for multiple products. Amdokitug Injection (R&D code: 608): Enrollment of all subjects in the Phase III clinical trial for ankylosing spondylitis has been completed. The first subject has been enrolled in the Phase III clinical trial for non-radiographic axial spondyloarthritis. Humanized anti-IL-5 monoclonal antibody injection (R&D code: 610): Enrollment of all subjects in the Phase III clinical trial for severe eosinophilic asthma in adults has been completed. Enrollment is ongoing in the Phase III clinical trial for severe eosinophilic asthma in adolescents. Anti-IL-4Rα mAb injection (R&D code: 611): Enrollment is ongoing in the Phase III clinical trial for chronic obstructive pulmonary disease. Enrollment of all subjects in the Phase III clinical trial for moderate-to-severe atopic dermatitis in adolescents aged 12 to 17 has been completed. The primary endpoint in the Phase III clinical trial for chronic rhinosinusitis with nasal polyps has been achieved, with significant efficacy demonstrated. The Phase III clinical trial for moderate-to-severe atopic dermatitis in children is being initiated. The interim analysis met the primary endpoint in the Phase III clinical trial evaluating combination treatment with topical corticosteroids for moderate-to-severe atopic dermatitis in adults. Anflekitug Injection (R&D code: 613): A Phase II multiple-dose dose-exploration study has been initiated for the intercritical gouty arthritis.

Early-stage clinical programs are progressing rapidly. The enrollment of all subjects in Phase Ib clinical study of recombinant humanized anti-BDCA2 monoclonal antibody injection (R&D code: 626) for systemic lupus erythematosus has been completed. Phase II clinical studies for systemic lupus erythematosus and cutaneous lupus erythematosus are being initiated. The Phase I clinical study of recombinant humanized anti-TL1A monoclonal antibody injection (R&D code: 627) for ulcerative colitis in healthy Chinese subjects via subcutaneous administration across all dose cohorts has been completed, and positive results were obtained. Enrollment in Part 1 of the Phase II clinical study for ulcerative colitis has been initiated. The IND application for OX40L/IL-31RA bispecific antibody injection (R&D code: 716) for atopic dermatitis has been approved by the NMPA and U.S. Food and Drug Administration (FDA). Enrollment of healthy Chinese subjects in a Phase I clinical study has been initiated.

Accelerated Translation of Cutting-Edge Targets, Deepening Commitment to Autoimmune Diseases

By deeply exploring the key immune pathways and regulatory nodes in disease onset and progression, and leveraging its structural biology, AI-assisted drug design, and high-throughput screening platforms, Sunshine Guojian continues to build a portfolio of next-generation high-value targets and innovative molecular formats, forming a diversified and differentiated product matrix encompassing bispecific antibodies, trispecific antibodies, oral peptides, and inhaled antibodies. Multiple innovative programs have now entered the IND or pivotal preclinical study stages, including CD3/BCMA/CD19 humanized trispecific antibody injection (R&D code: 717), recombinant anti-TL1A/IL-23 bispecific antibody injection (R&D code: 718), TSLP/IL-4R bispecific antibody inhalation (R&D code: 719), IL-23R oral peptide (R&D code: 629), among others.

Leveraging its world-class core technology platforms and innovation systems, Sunshine Guojian is moving beyond the traditional monoclonal antibody format and initiating multi-dimensional iteration of technological pathways. From discovery to development and from data to value, Sunshine Guojian is accelerating new drug R&D and enhancing clinical value. Sunshine Guojian is driving leapfrog progress in the autoimmune disease field through coordinated development of multiple products, establishing a full-cycle pipeline portfolio characterized by products that can be commercialized in the short term, provide meaningful support in the medium term, and deliver industry leadership over the long term.

Dr. Jing Lou, Chairman of the Board and Chief Executive Officer of 3S Bio Inc., and Chairman of Sunshine Guojian, stated: With Sunshine Guojian's pipeline gradually entering a harvest phase, it has established a tiered innovation portfolio consisting of mature products that fortify the operational foundation, innovative products that foster growth momentum, and cutting-edge pipelines that underpin long-term development. Supported by a commercialization platform covering nearly 4,800 medical institutions, Sunshine Guojian has established an integrated sales network encompassing hospitals, dual-channel pharmacies, specialty DTP pharmacies, and Internet hospitals. Looking ahead, Sunshine Guojian will continue to increase investment in early-stage innovative R&D, take a forward-looking approach to building an end-to-end innovation system, identify targets with clinical advantages, steadily advance the development and launch of new products, and deliver high-quality innovative biologics to more patients faster.

上海2026年8月21日 /美通社/ -- 今日，中國抗體藥先行者三生國健（證券代碼：688336.SH）發佈2026年半年度報告。報告顯示，公司在2026年上半年，踐行「自主研發+外部合作」的雙輪驅動戰略，以創新為驅動力，實現業績穩健攀升，在研管線高效推進，多款產品陸續獲批，發展態勢向好。 

業績穩中有升，對外合作持續進展

2026年上半年，三生國健業績持續向好，維持穩定增長態勢，營業總收入8.66億元，同比增長34.84%；歸屬於母公司所有者的淨利潤達到3.71億元，同比增幅95.10%；歸屬於母公司所有者的扣除非經常性損益的淨利潤為2.60億元，同比增長達65.15%；基本每股收益0.41元，同比上升高達95.24%；公司持續加大創新性研發投入，研發費用同比增長32.41%，達2.45億元。

基於對公司穩定經營及未來發展的堅定信心，公司制定了2026年半年度利潤分配方案：2026年中期擬每10股派發現金紅利人民幣0.42元（含稅），不進行資本公積轉增股本，不送紅股，體現了公司具備穩健的現金流和可持續的盈利基礎，同時與投資者共享企業發展成果。   

與輝瑞合作的PF-08634404（SSGJ-707）項目已開展9項全球多中心臨床試驗，覆蓋非小細胞肺癌、結直腸癌等多個實體瘤適應症，臨床開發全面提速。隨著各臨床里程碑節點陸續達成、後續海外商業化落地，各類臨床及註冊里程碑款項、全球銷售分成將持續兌現，預計為公司帶來持續穩定現金流，持續夯實公司整體財務穩健性。

研發管線持續突破、亟待集中兌現

2026年上半年，三生國健在研項目臨床研究推進速度加碼，迎來多個里程碑節點，持續為公司打造第二增長曲線。截至業績發佈日，公司自主研發的益賽拓®（安沐奇塔單抗注射液）、益賽那®（安弗利奇塔單抗注射液）獲批上市，1款重磅自免新品NDA兌現窗口已清晰可見，後續多個自免項目進入上市申報及臨床中後期階段。

益賽拓^®（安沐奇塔單抗注射液，研發代碼：608）於今年2月獲國家藥品監督管理局批准上市，用於治療適合系統治療或光療的中度至重度斑塊狀銀屑病成人患者。益賽拓^®具有皮損清除能力強且起效快、免疫原性低、安全性和耐受性良好、給藥便捷性高等核心優勢，有望重塑銀屑病治療預期。當前，該產品另外兩項適應症強直性脊柱炎和放射學陰性中軸型脊柱炎，均已進入III期臨床研究階段。未來，隨著新適應症開發的持續推進，該產品將有望進一步拓寬在自免領域的臨床應用前景。

益賽那^®（安弗利奇塔單抗注射液，研發代碼：613）於今年8月獲國家藥品監督管理局批准上市，用於治療對非甾體類抗炎藥和/或秋水仙鹼禁忌、不耐受或缺乏療效的以及不適合反覆使用類固醇激素的成人痛風性關節炎急性發作。益賽那^®作為國產首個自研IgG1/κ型人源化抗IL-1β單克隆抗體，具有廣闊的市場前景。該產品在疼痛改善、預防復發效果明顯並表現出良好的安全性和耐受性，填補了常規藥物療效有限、不耐受激素及秋水仙鹼、痛風反覆發作的臨床治療缺口。

1款產品上市申請已獲受理。卡泰奇拜單抗注射液（研發代碼：611）2026年2月成人中重度特應性皮炎適應症已遞交NDA並獲受理。

持續推進多個項目的III期臨床進展。安沐奇塔單抗注射液（研發代碼：608)：強直性脊柱炎適應症臨床III期完成所有受試者入組,放射學陰性中軸型脊柱炎適應症臨床III期完成首例受試者入組。抗IL-5人源化單克隆抗體注射液（研發代碼：610）：成人重度嗜酸性粒細胞哮喘適應症的III期臨床完成所有受試者入組，青少年重度嗜酸性粒細胞哮喘適應症的III期臨床入組中。卡泰奇拜單抗注射液（研發代碼：611）：慢性阻塞性肺疾病適應症臨床III期研究持續入組中，青少年（12~17歲）中重度特應性皮炎適應症的臨床III期完成所有受試者入組，慢性鼻竇炎伴鼻息肉III期研究主要終點已達成，療效顯著，兒童中重度特應性皮炎III期臨床啟動中，聯合外用糖皮質激素治療成人中重度特應性皮炎適應症的臨床III期中期分析結果達到主要終點。安弗利奇塔單抗注射液（研發代碼：613）已啟動痛風性關節炎間歇期適應症多次給藥的劑量探索II期研究。

臨床早期項目進度領先。重組抗BDCA2人源化單克隆抗體注射液（研發代碼：626）系統性紅斑狼瘡適應症臨床Ib期研究完成全部受試者入組，該適應症及皮膚型紅斑狼瘡臨床II期已在啟動中。重組抗TLIA人源化單克隆抗體注射液（研發代碼：627）潰瘍性結腸炎已完成中國健康人I期皮下注射給藥全部劑量組研究並獲得積極結果，並啟動潰瘍性結腸炎II期part 1臨床研究入組。OX40L|IL-31RA雙特異性抗體注射液（研發代碼：716）特應性皮炎適應症已經獲得中美IND的臨床試驗批件並啟動中國健康人I期臨床研究入組。

前沿靶點加速轉化，持續深耕自免賽道

三生國健通過深入挖掘疾病發生發展的關鍵免疫通路與調控節點，依托結構生物學、AI輔助藥物設計及高通量篩選平台，持續佈局新一代高價值靶點與創新分子類型，已形成雙抗、三抗、口服多肽、吸入抗體等多元化、差異化的產品矩陣。目前創新項目中已有多個進入IND或臨床前關鍵研究階段，其中包括：CD3/BCMA/CD19人源化三特異性抗體注射液（研發代碼：717）、重組抗 TL1A/IL-23雙特異性抗體注射液（研發代碼：718）、TSLP/IL-4R雙特異性抗體吸入劑（研發代碼：719）、IL-23R口服多肽（研發代碼：629）等。

三生國健依靠國際一流的核心技術平台與創新體系，打破傳統單抗形態，開啟技術路徑多維度迭代；從發現到開發，從數據到價值，加速新藥研發，提升臨床價值。推進自免領域「多產品協同」跨越式進展，打造「短期可落地、中期有支撐、長期具引領」的全週期管線佈局。

三生製藥董事局主席兼首席執行官、三生國健董事長婁競博士表示：三生國健管線逐步進入收穫期，公司已形成「成熟產品築牢經營基本盤、創新新藥培育增長動能、前沿管線儲備夯實長期發展」的梯度化創新佈局。依托廣泛覆蓋近4800家醫療機構的商業化體系，搭建起「醫院+雙通道藥房+特藥DTP+互聯網醫院」的一體化銷售網絡。未來，三生國健將持續加大早期創新研發，前瞻性佈局全鏈條創新體系，挖掘具備臨床優勢靶點，穩步提升新品開發與上市進程，推動高品質創新生物藥更快惠及更多患者。

社區共融及文化出版項目雙獲國際殊榮

澳門2026年8月20日 /美通社/ -- 金沙中國有限公司於2026年亞太旅遊協會金獎（PATA Gold Awards）中再創佳績，一舉囊括兩項金獎殊榮：分別憑《金沙中國呈獻：快樂之泉多巴胺》藝術畫冊榮獲「最佳市場推廣項目──刊物（業界）」金獎，這是繼去年雙語圖冊《芳草尋源——圖説草堆街》榮獲同一獎項後，連續第二年以出版刊物摘下該項殊榮；以及憑「金沙物美嘉年華」榮獲「可持續與共融推廣項目」金獎。兩項殊榮充分彰顯金沙中國在文化藝術及企業社會責任方面的卓越成效，持續打造高質量、多元化的非博彩項目，豐富居民及旅客體驗，並積極推動本澳文藝人才培育、中小企發展及社會共融，全力配合澳門特區政府經濟適度多元發展的施政方針，助力澳門鞏固「世界旅遊休閒中心」定位。

金沙中國有限公司行政副主席王英偉博士表示：「金沙中國今年再度榮獲亞太旅遊協會獎項，並同時獲頒兩項金獎，不僅是對公司多年積極推動非博彩發展的高度肯定，亦是對團隊不懈努力的莫大鼓舞，充分印證我們持續發揮『旅遊+』協同效益，為澳門創造長遠價值。一直以來，我們秉持真誠用心、精益求精的態度，致力將每項非博彩活動與本澳社區緊密連結，讓每份投入轉化為推動城市多元發展的力量；無論是透過文化藝術項目向國際展現澳門多元魅力，還是藉由社區關愛活動支持社群及中小企成長，我們堅持以實際行動回應澳門發展所需、與社區攜手並進。未來，金沙中國將持續攜手政府及社會各界，拓展『旅遊+』賦能城市長遠發展的更多可能，為澳門經濟適度多元發展及『世界旅遊休閒中心』建設貢獻力量。」

發揮盛事平台效應 推動澳門社區共融發展

「金沙物美嘉年華」獲頒「可持續與共融推廣項目」金獎，表彰活動多年來發揮全澳最大規模消費折扣展的平台優勢，打造兼具經濟效益與社會價值的澳門年度品牌盛事。活動於2020年疫情期間創辦，源於金沙中國與本澳社區風雨同行的信念，每年免費為本澳中小微企、社服機構及金沙零售商戶提供大型展銷平台，並結合精彩多元的娛樂及親子體驗，提升展會的多樣性及吸引力。活動至今累計提供逾4,000個展位，吸引80萬人次參與，現已發展成為深受大灣區居民及旅客歡迎的盛夏購物休閒盛事，持續助力提振本澳經濟動力。

七載耕耘，公司將「以大帶小」及「金沙關懷」關愛社區理念融入嘉年華之中，成功將一項消費盛事昇華為匯聚社區力量、促進多元共融的重要平台；每年向本澳社服機構提供展銷平台、表演機會及遊樂體驗，為本澳不同持份者創造更多共同參與、拓展營銷及接觸社群的機會。同時，活動增進公眾對社服機構工作的認識與了解，促進本澳社區的相互理解、連結與關懷。

參與嘉年華的社服機構由首屆五間增加至累計30間，規模擴展六倍，當中涵蓋社會復康、青年發展、動物權益及弱勢社群支援等領域，迄今累計惠及近1,500名服務使用者，充分體現活動在凝聚社區力量的積極成效。此外，公司社區義務工作者──金沙中國關懷大使長期支持活動，七年累計400多名義工參與服務，貢獻逾1,120小時義工時數，持續協助嘉年華的籌辦工作，並陪伴本澳弱勢社群體驗嘉年華活動，以貼心支援協助本澳社群融入社會。

作為「金沙關懷」企業公民計劃的其中一環，金沙中國關懷大使計劃自2009年成立至今累計貢獻逾362,000小時義工服務時數，持續凝聚團隊力量回饋社會，推動社區共融，彰顯金沙中國與澳門同心同行的長遠承諾。

藝術出版珍存策展成果   彰顯澳門文藝深厚實力

另一項目《金沙中國呈獻：快樂之泉多巴胺》藝術畫冊榮獲「最佳市場推廣項目──刊物（業界）」金獎。是次獲獎畫冊由金沙中國團隊聯同本澳策展機構ARTICROSS及設計團隊UNTITLED MACAO編撰，作為公司於去年7月至10月期間呈獻的「藝文薈澳：澳門國際藝術雙年展2025」特展《快樂之泉多巴胺》及平行展《無界藝象：國際當代藝術展》之重要文本紀錄。

其中，特展《快樂之泉多巴胺》匯聚九位來自亞洲、歐洲及美洲的國際知名當代藝術家，包括Craig & Karl、李綺婷、GRAFFLEX、陸曦、Ilya Milstein、Jun Oson、Jonni Cheatwood 及周松，聯乘經典品牌《芝麻街》呈獻14件專為澳門委約創作的藝術佳作，並於澳門威尼斯人^®展出；透過多巴胺的絢麗色彩美學，重新演繹《芝麻街》的歡樂與正向精神。而同期於金沙藝廊舉行的平行展《無界藝象：國際當代藝術展》則延伸探索藝術與世界感知之間的無垠疆界，由其中六位特展藝術家帶來逾60多件作品，橫跨繪畫、雕塑、裝置藝術、混合媒材等不同藝術媒介，引領觀眾重構對藝術、自我、與世界連結的想像。

兩項展覽一脈相承，從情感共鳴延伸至思想探索，為澳門呈獻一場兼具國際視野與人文關懷的藝術盛事，更向世界展現澳門高質量的策展實力與創新活力。為期三個月的展覽共吸引逾410萬人次參觀，充分展現展覽廣泛的吸引力。

是次獲獎的藝術畫冊完整收錄兩展的策展理念，以及九位海內外藝術家的創作思考、手稿與藝術脈絡。全書運用斑斕豐沛的色彩編排，透過文字與圖像凝練展覽精髓，細膩詮釋多巴胺美學的生命光彩，以及當代藝術回應時代、連結世界的深層意義。公司繼去年憑雙語圖冊《芳草尋源——圖説草堆街》榮獲同項殊榮後，今年再憑畫冊連續第二年蟬聯獎項，再次印證金沙中國悉力以巧思策劃高水準刊物，留存澳門文化藝術發展的珍貴印記。

為擴大展覽的影響力，《金沙中國呈獻：快樂之泉多巴胺》藝術畫冊已納入澳門公共圖書館永久館藏，並同步推出電子版，供世界各地讀者閱覽，感受澳門多元、豐厚的文化魅力。有關藝術畫冊電子版可透過以下連結瀏覽：https://l.ead.me/bgyN4z。

是次兩項金獎殊榮，充分肯定金沙中國多年來深耕非博彩元素、推動綜合旅遊休閒業多元發展的努力與成果。未來，金沙中國將繼續發揮企業資源，開創更多「旅遊+」跨界項目，攜手澳門政府及社會各界，豐富世界旅遊休閒中心內涵，為澳門經濟適度多元發展開拓更廣闊空間。

亞太旅遊協會金獎是亞太地區旅遊業最具權威性的國際獎項之一，獎項自1984年設立以來，表彰於策略實踐、創新成果及可持續發展等方面表現卓越的旅遊機構及項目，持續推動旅遊業高質量及可持續發展。

關於金沙中國有限公司

金沙中國有限公司（香港聯交所：1928，「金沙中國」或「公司」）是一所於開曼群島註冊成立的有限公司及在香港聯合交易所有限公司上市的公司。金沙中國是澳門最大的綜合度假村經營商，於路氹金光大道上設有澳門威尼斯人^®、澳門百利宮、澳門巴黎人^®，以及澳門倫敦人^® 等物業項目，同時擁有及經營位於澳門半島的澳門金沙。公司旗下的各綜合度假村集合多樣化的娛樂消閒、商務設施及客運業務，包括大型會議及展覽場地、各式餐廳食肆、購物中心、於威尼斯人綜藝館、倫敦人綜藝館、威尼斯人劇場、巴黎人劇場、倫敦人劇場及金沙劇場舉行的世界級娛樂表演，以及來往港澳的金光飛航高速渡輪服務。公司在路氹金光大道的各物業發展項目，堅定並持續地為建設澳門成為世界旅遊休閒中心貢獻力量。金沙中國是全球度假村發展商拉斯維加斯金沙集團股份有限公司（紐約證券交易所：LVS）的附屬公司。

如欲索取更多相關資訊，請瀏覽網頁https://hk.sandschina.com/index.html。

傳媒查詢：

金沙中國有限公司 – 企業傳訊部
胡美寶
電話：+853 8118 2268
電郵：[email protected]              

鄭文軒
電話：+853 8118 2054
電郵：[email protected]

Southeast Asia Leading Position Sustained; Market Share in China and Other Markets Rises Steadily

HONG KONG, Aug. 20, 2026 /PRNewswire/ -- J&T Global Express Limited ("J&T Express" or "J&T" or the "Company", stock code: 01519.HK), a global logistics service provider, today announced its Interim Results 2026 ("1H2026"). In 1H2026, the Company sustained steady development across its global business, providing solid momentum for overall business growth. Revenue reached US$7.67 billion, up 39.5% YoY. Revenue from express delivery services reached US$7.46 billion, up 39.6% YoY.

In 1H2026, the Company's total parcel volume reached 17.50 billion, up 25.1% YoY. In the second quarter, the Company's global average daily parcel volume exceeded 100 million for the first time, marking a new stage in the Company's fulfillment scale. Alongside scale expansion, the Company's profitability improved significantly. Adjusted net profit reached US$350.6 million, up 124.3% YoY, while adjusted EBIT reached US$433.6 million, up 121.7% YoY. The Group's adjusted EBIT per parcel also achieved notable growth, reflecting the benefits of economies of scale, cost control and customer structure optimization. In June 2026, the Company was included as a constituent stock of the Hang Seng Index, officially becoming a Hong Kong blue-chip company.

Dylan Tey, Chief Financial Officer of J&T Express, said: "In 1H2026, the Company expanded its revenue base and significantly strengthened profitability. The Group's adjusted EBIT per parcel reached US$0.025, up 77% YoY. The improvement in both revenue and profitability was driven by parcel volume growth supported by the globalization of e-commerce and diversified customer expansion, as well as continued improvements in service quality and operational efficiency. In 1H2026, the Group's operating cash flow reached US$635.5 million, up 50.9% YoY. As of the end of the reporting period, the Group maintained ample cash resources, with cash and cash equivalents, restricted cash and bank wealth management products totaling US$2.91 billion. We have always placed great emphasis on shareholder returns. In 1H2026, the Company completed the repurchase of 99.318 million shares, and on June 25 announced an increase in the size of its new share repurchase plan to HK$2.0 billion."

Market Share in Southeast Asia Rises Further; Leadership Position Remains Solid

Southeast Asia was an important driver of J&T's business growth in the first half of the year. In 1H2026, parcel volume in Southeast Asia reached 5.52 billion, up 71.2% YoY, with average daily parcel volume reaching 30.50 million. According to Frost & Sullivan, by parcel volume, the Company has ranked first in the Southeast Asian market for six consecutive years since 2020, with its leading position further strengthened.

The Company continued to capture opportunities arising from regional e-commerce and social commerce development. Leveraging its extensive network coverage, stable fulfillment capabilities and localized operating experience, J&T strengthened its regional service capabilities. As of June 30, 2026, the Company operated 127 sorting centers in Southeast Asia, with the number of automated sorting lines increasing by 11 from the end of 2025 to 75, providing strong support for regional parcel volume growth and service quality improvement. At the same time, the Company advanced the development of last-mile automation capabilities in Southeast Asia by equipping outlets with automated equipment, improving frontline efficiency and reducing overall operating costs.

The Company also actively expanded its non-platform business, covering diversified customer groups such as social commerce merchants, online businesses of chain brands, enterprise customers and individual parcel customers. It also promoted time-definite products such as same-day and next-day delivery for non-platform customers, improved door-to-door pickup coverage, upgraded outlet appearances, and enhanced courier service evaluation mechanisms to support more diversified fulfillment scenarios.

China Market Grows Steadily amid High-Quality Industry Development

In China, the industry has entered a high-quality development cycle, while J&T has focused on service quality, network stability and end-to-end cost optimization, with market share extending its gains. In 1H2026, parcel volume in China reached 11.615 billion, up 9.6% YoY, with average daily parcel volume reaching 64.20 million. According to Frost & Sullivan data, by parcel volume, the Company's market share in China increased to 11.6%, up 0.5 percentage points YoY.

The Company continued to strengthen its network capabilities, helping network partners improve their market expansion, customer service and overall operating capabilities. Through enhanced value-added services such as door-to-door service, dedicated customer service, priority service channels and the "Tuyouda" service, the Company improved service adaptability and response efficiency. In terms of business structure, the Company actively expanded diversified customer groups, including brand customers, individual parcel customers and industrial belt customers, and deepened its presence in key industrial belts such as footwear, apparel and women's fashion, providing customized solutions for merchants' core needs such as packaging protection and pickup timeliness.

In smart logistics, the Company expanded the deployment of unmanned delivery vehicles in China. As of June 30, 2026, more than 1,900 unmanned delivery vehicles had been deployed across the network, up 87% from the end of 2025. The Company also deepened the application of AI to further improve service experience and operating efficiency.

Other Markets Maintain Rapid Growth; Localized Partnerships Continue to Deepen

In Other Markets, the Company maintained rapid business growth. In 1H2026, parcel volume in Other Markets reached 365 million, up 119.9% YoY. Frost & Sullivan data shows that, by parcel volume, the Company's market share in Other Markets increased from 6.2% in the first half of 2025 to 8.9%.

The Company seized e-commerce development and cross-border logistics opportunities in regions such as Latin America and the Middle East, deepening cooperation with global e-commerce platforms and short-video livestreaming platforms including TikTok, SHEIN, Temu, Kwai and AliExpress. It also strengthened its cooperation with local e-commerce platforms, deepening cooperation with Mercado Libre in Brazil and Mexico and continuing to reinforce partnerships with Noon and Salla in the Middle East, further expanding its local business opportunities.

As of June 30, 2026, the Company had 52 sorting centers and more than 2,700 outlets in Other Markets, and had deployed 14 automated sorting lines. The Company actively explored flexible last-mile fulfillment models tailored to the needs of different markets, working with market players possessing local resources and operational experience to address fulfillment challenges in complex market environments. At the same time, by leveraging mature experience accumulated in China and Southeast Asia, J&T improved local network coverage, operating efficiency and service quality to better capture opportunities arising from e-commerce development and growing express delivery demand in regions such as Latin America.

From the perspective of global network layout and transportation capabilities, in the first half of 2026, the Company operated 260 sorting centers globally, had approximately 19,800 outlets, 435 automated sorting lines and approximately 13,380 line-haul vehicles, including approximately 8,500 self-owned line-haul vehicles. To meet customer needs, the Company actively expanded service scenarios including cross-border e-commerce, brand customers, non-platform parcel business and fulfillment warehouses, extending its fulfillment service chain. The Company currently has a total of 272 warehouses worldwide, with a total area of over 1.01 million square meters.

Charles Hou, Group Vice President of J&T Express, said: "In 1H2026, J&T achieved strong growth in global parcel volume. The scale benefits and fulfillment capabilities of J&T's global network continued to strengthen, with profitability also improving. We are committed to strengthening operating quality and efficiency to drive steady business scale expansion. In the second quarter, the Company's global average daily parcel volume exceeded 100 million for the first time. Looking ahead, we will tailor our approach to the development stage of each market, stay guided by customer needs, continue to refine service quality, capture opportunities from global expansion, and drive steady, long-term growth across our global business."

HANGZHOU, China, Aug. 20, 2026 /PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), an AI solutions provider specializing in learning and advertising, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

• Total net revenues were RMB1.5 billion (US$216.2 million), representing a 3.5% increase from the same period in 2025.
  - Net revenues from learning services were RMB795.6 million (US$117.3 million), representing a 20.9% increase from the same period in 2025.
  - Net revenues from smart devices were RMB86.8 million (US$12.8 million), representing a 31.5% decrease from the same period in 2025.
  - Net revenues from online marketing services were RMB584.4 million (US$86.1 million), representing a 7.7% decrease from the same period in 2025.
• Gross margin was 48.9%, compared with 43.0% for the same period in 2025.
• Income from operations was RMB111.5 million (US$16.4 million), increasing by nearly 2.9 times from the same period in 2025.
• Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders were RMB0.62 (US$0.09) and RMB0.61 (US$0.09), respectively, compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB0.15 for the same period of 2025. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders were RMB0.76 (US$0.11) and RMB0.75 (US$0.11), respectively, compared with RMB0.11 and RMB0.10 for the same period of 2025.

"We delivered another strong quarter, with continued revenue growth, record operating profit and robust operating cash flow, marking our eighth consecutive quarter of operating profitability," said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao. "These results reflect the progress we are making toward healthier and more sustainable growth."

"AI is increasingly translating into tangible business results across Youdao. Learning services maintained strong growth, supported by Youdao Lingshi and our expanding portfolio of AI-driven subscription products, while our disciplined focus on higher-quality opportunities further improved the profitability of online marketing services. With the continued advancement of Confucius 4 and our AI Agent portfolio, we will deepen the application of AI across learning and advertising to enhance user experience, improve operating efficiency and drive sustainable growth," Dr. Zhou concluded.

Second Quarter 2026 Financial Results

Net Revenues 

Net revenues for the second quarter of 2026 were RMB1.5 billion (US$216.2 million), representing a 3.5% increase from RMB1.4 billion for the same period of 2025.

Net revenues from learning services were RMB795.6 million (US$117.3 million) for the second quarter of 2026, representing a 20.9% increase from RMB657.8 million for the same period of 2025. The year-over-year increase was primarily driven by the strong momentum of tutoring services compared with the same period of 2025.

Net revenues from smart devices were RMB86.8 million (US$12.8 million) for the second quarter of 2026, representing a 31.5% decrease from RMB126.8 million for the same period of 2025, primarily due to a decline in demand for smart learning devices.

Net revenues from online marketing services were RMB584.4 million (US$86.1 million) for the second quarter of 2026, representing a 7.7% decrease from RMB632.9 million for the same period of 2025. The year-over-year decrease reflects Youdao's disciplined, strategic approach to engagement acceptance, which places greater emphasis on higher ROI (return on investment) engagements. Youdao believes this strategy has enhanced the overall operational efficiency of its business.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2026 was RMB716.9 million (US$105.7 million), representing a 17.6% increase from RMB609.4 million for the same period of 2025. Gross margin was 48.9% for the second quarter of 2026, compared with 43.0% for the same period of 2025.

Gross margin for learning services was 65.5% for the second quarter of 2026, compared with 59.8% for the same period of 2025. The improvement was primarily attributable to improved economies of scale resulting from increased revenues from learning services.

Gross margin for smart devices was 32.8% for the second quarter of 2026, compared with 41.5% for the same period of 2025. The decrease was mainly attributable to increased bill-of-materials cost for smart devices.

Gross margin for online marketing services was 28.7% for the second quarter of 2026, compared with 25.8% for the same period of 2025.

Operating Expenses

Total operating expenses for the second quarter of 2026 were RMB605.3 million (US$89.2 million), compared with RMB580.6 million for the same period of last year.

Sales and marketing expenses for the second quarter of 2026 were RMB424.1 million (US$62.5 million), representing an increase of 5.5% from RMB401.8 million for the same period of 2025. This increase was primarily driven by increased sales and marketing efforts associated with learning services.

Research and development expenses for the second quarter of 2026 were RMB142.0 million (US$20.9 million), representing an increase of 10.7% from RMB128.3 million for the same period of 2025. The increase was primarily driven by Youdao's increased investments in cutting-edge AI technology to enhance product and service quality.

General and administrative expenses for the second quarter of 2026 were RMB39.2 million (US$5.8 million), representing a decrease of 22.3% from RMB50.4 million for the same period of 2025. The decrease was mainly attributable to a decrease in expected credit losses on the Company's accounts receivables.

Income from Operations

As a result of the foregoing, income from operations for the second quarter of 2026 was RMB111.5 million (US$16.4 million), increasing by nearly 2.9 times from RMB28.8 million for the same period in 2025. The margin of income from operations was 7.6%, compared with 2.0% for the same period of last year.

Net Income/(Loss) Attributable to Youdao's Ordinary Shareholders

Net income attributable to Youdao's ordinary shareholders for the second quarter of 2026 was RMB73.8 million (US$10.9 million), compared with net loss attributable to Youdao's ordinary shareholders of RMB17.8 million for the same period of last year. Non-GAAP net income attributable to Youdao's ordinary shareholders for the second quarter of 2026 was RMB90.6 million (US$13.4 million), surging over sevenfold from RMB12.5 million for the same period of last year.

Basic and diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2026 were RMB0.62 (US$0.09) and RMB0.61 (US$0.09), respectively, compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB0.15 for the same period of 2025. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders were RMB0.76 (US$0.11) and RMB0.75 (US$0.11), respectively, compared with RMB0.11 and RMB0.10 for the same period of 2025.

Other Information

As of June 30, 2026, Youdao's cash, cash equivalents, current and non-current restricted cash, and short-term investments totaled RMB849.3 million (US$125.2 million), compared with RMB743.2 million as of December 31, 2025. For the second quarter of 2026, net cash provided by operating activities was RMB334.2 million (US$49.3 million). Youdao's ability to continue as a going concern is dependent on management's ability to implement an effective business plan amid a changing regulatory environment, generate operating cash flows, and secure external financing for future development. As of June 30, 2026, Youdao has received various forms of financial support from NetEase Group, including, among others, RMB878.0 million in a short-term loan, and US$118.9 million in long-term loans maturing on March 31, 2030, drawn from a US$300.0 million revolving loan facility.

As of June 30, 2026, the Company's contract liabilities, which mainly consisted of deferred revenues generated from Youdao's learning services, were RMB835.1 million (US$123.1 million), compared with RMB847.7 million as of December 31, 2025.

Share Repurchase Program

On November 17, 2022, the Company announced that its Board of Directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months beginning on November 18, 2022. This amount was subsequently increased to US$40.0 million in August 2023. In November 2025 and August 2026, the Board approved amendments to this Program, each extending its expiration date by one year, ultimately to November 17, 2027. As of June 30, 2026, the Company had repurchased a total of approximately 7.5 million ADSs in the open market under the share repurchase program for a total consideration of approximately US$33.8 million.

Announcement on Change in Management

The Company also announced today that Mr. William Lei Ding has resigned from his position as a director of the Company's Board of Directors, effective August 18, 2026, for personal reasons. Mr. Jinhai Chen was appointed as a director of the Company's Board of Directors, effective August 18, 2026. 

Jinhai Chen currently serves as vice president of NetEase Cloud Music Inc. (HKEX: 9899). Prior to joining NetEase Cloud Music in 2020, Mr. Chen served as technical director at Tencent Holdings Limited from 2014 to 2020. Mr. Chen received his master's degree in information and communication engineering from Harbin Institute of Technology.

Conference Call

Youdao's management team will host a teleconference call with a simultaneous webcast at 6:00 a.m. Eastern Time on Thursday, August 20, 2026 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, August 20, 2026). Youdao's management will be on the call to discuss the financial results and answer questions.

Dial-in details for the earnings conference call are as follows:

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.youdao.com.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until August 27, 2026:

About Youdao, Inc. 

Youdao, Inc. (NYSE: DAO) is strategically positioned as an AI solutions provider specializing in learning and advertising. Youdao mainly offers learning services, online marketing services and smart devices – all powered by advanced technologies. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

For more information, please visit: http://ir.youdao.com.

Non-GAAP Measures

Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's ordinary shareholders and non-GAAP basic and diluted net income per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Youdao defines non-GAAP net income attributable to the Company's ordinary shareholders as net income attributable to the Company's ordinary shareholders excluding share-based compensation expenses, impairment of long-term investments, gain from fair value change of long-term investment and adjustment for GAAP to non-GAAP reconciling item for the loss/(income) attributable to noncontrolling interests. Non-GAAP net income attributable to the Company's ordinary shareholders enables Youdao's management to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this release.

The accompanying table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: [email protected]

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

HONG KONG, Aug. 20, 2026 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the second quarter ended June 30, 2026.

In this results announcement, "we", "us", and "our" refer to the Company and where the context otherwise requires, the Group.

"Our robust performance in the first half of 2026 reflects players' growing enthusiasm for both our newly launched and established games, underscoring our ability to create distinctive and refreshing experiences with lasting appeal," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "As we continue to strengthen both our live game operations and new title pipeline, we are sharpening our focus on original gameplay, cutting-edge technology and deeper global reach to support our enduring growth.

"Looking ahead, we will remain committed to creating original content that shapes industry trends, building evergreen franchises, and cultivating vibrant communities that sustain player engagement. Backed by disciplined execution and an expanding global presence, we aim to keep pushing creative boundaries, delivering exceptional gaming experiences and creating long-term value for our players, partners and shareholders," Mr. Ding concluded.

FINANCIAL HIGHLIGHTS

Second Quarter 2026 Financial Highlights

• Net revenues were RMB30.1 billion (US$4.4 billion), an increase of 7.9% compared with the same quarter of 2025.
  • Games and related value-added services net revenues were RMB25.0 billion (US$3.7 billion), an increase of 9.7% compared with the same quarter of 2025.
  • Youdao net revenues were RMB1.5 billion (US$216.2 million), an increase of 3.5% compared with the same quarter of 2025.
  • NetEase Cloud Music net revenues were RMB2.0 billion (US$291.4 million), which was relatively stable compared with the same quarter of 2025.
  • Innovative businesses and others net revenues were RMB1.6 billion (US$241.6 million), a decrease of 3.5% compared with the same quarter of 2025.
• Gross profit was RMB21.2 billion (US$3.1 billion), an increase of 17.5% compared with the same quarter of 2025.
• Total operating expenses were RMB9.1 billion (US$1.3 billion), an increase of 1.5% compared with the same quarter of 2025.
• Net income attributable to the Company's shareholders was RMB7.0 billion (US$1.0 billion). Non-GAAP net income attributable to the Company's shareholders was RMB7.7 billion (US$1.1 billion).^[1]
• Basic net income per share was US$0.32 (US$1.61 per ADS). Non-GAAP basic net income per share was US$0.36 (US$1.78 per ADS).^[1]

Six Months Ended June 30, 2026 Financial Highlights

• Net revenues were RMB60.7 billion (US$8.9 billion), an increase of 7.0% compared with the same period of 2025.
  • Games and related value-added services net revenues were RMB50.7 billion (US$7.5 billion), an increase of 8.3% compared with the same period of 2025.
  • Youdao net revenues were RMB2.8 billion (US$414.9 million), an increase of 3.6% compared with the same period of 2025.
  • NetEase Cloud Music net revenues were RMB4.0 billion (US$583.4 million), an increase of 3.4% compared with the same period of 2025.
  • Innovative businesses and others net revenues were RMB3.2 billion (US$469.9 million), a decrease of 4.0% compared with the same period of 2025.
• Gross profit was RMB42.4 billion (US$6.3 billion), an increase of 16.2% compared with the same period of 2025.
• Total operating expenses were RMB17.7 billion (US$2.6 billion), an increase of 3.9% compared with the same period of 2025.
• Net income attributable to the Company's shareholders was RMB17.7 billion (US$2.6 billion). Non-GAAP net income attributable to the Company's shareholders was RMB19.0 billion (US$2.8 billion). ^[1]
• Basic net income per share was US$0.81 (US$4.06 per ADS). Non-GAAP basic net income per share was US$0.88 (US$4.38 per ADS).^[1]

BUSINESS OVERVIEW

We continue to drive innovation across both newly launched and established titles, while further advancing our pipeline of titles in development.

Below are some recent highlights from our key products and services:

Games and related value-added services

The Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet sustained solid momentum through ongoing content updates, gameplay innovation and vibrant community activities.

We also advanced our global strategy and enhanced player engagement through strong live operations. For example, Where Winds Meet and Marvel Rivals further broadened their international reach with a steady stream of fresh content and community-focused initiatives in various markets including North America and Europe.

With respect to our pipeline of new titles, Sea of Remnants launched in China in July 2026, while development of Ananta and Blood Message remained on track, strengthening our innovative pipeline across diverse genres, gameplay and markets.

Youdao

Youdao advanced its AI-native strategy and deepened AI-driven innovation across its ecosystem. In the second quarter, it launched the large language model, Confucius 4, which delivers leading mathematical reasoning capabilities at lower inference costs compared to its previous version. Youdao also advanced its AI agent capabilities toward the autonomous execution of complex work and learning tasks.

NetEase Cloud Music

NetEase Cloud Music further developed its music-centric ecosystem by nurturing its distinctive community and enriching its differentiated content offering with original music, thereby driving stronger community engagement. It also further improved music-oriented monetization through continued growth in subscription-based memberships.

Innovative businesses and others

Innovative businesses and others remained focused on sustainable development and efficient operations, with Yanxuan maintaining leading positions on major e-commerce platforms in China across its key categories, including pet food, home scents and home goods.

FINANCIAL REVIEW

Second Quarter 2026 Financial Results

Net Revenues

Net revenues for the second quarter of 2026 were RMB30.1 billion (US$4.4 billion), compared with RMB30.6 billion and RMB27.9 billion for the preceding quarter and the same quarter of 2025, respectively.

Net revenues from games and related value-added services were RMB25.0 billion (US$3.7 billion) for the second quarter of 2026, compared with RMB25.7 billion and RMB22.8 billion for the preceding quarter and the same quarter of 2025, respectively. Net revenues from the operation of online games accounted for approximately 97.7% of the segment's net revenues for the second quarter of 2026, compared with 97.5% and 97.1% for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter decrease was mainly due to a slight decline in net revenues from certain self-developed and licensed games. The year-over-year increase was attributable to higher net revenues from self-developed games, such as the Fantasy Westward Journey franchise and Where Winds Meet.

Net revenues from Youdao were RMB1.5 billion (US$216.2 million) for the second quarter of 2026, compared with RMB1.3 billion and RMB1.4 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter and year-over-year increases were mainly attributable to higher net revenues from its learning services.

Net revenues from NetEase Cloud Music were RMB2.0 billion (US$291.4 million) for the second quarter of 2026, remaining stable compared with the preceding quarter and the same quarter of 2025.

Net revenues from innovative businesses and others were RMB1.6 billion (US$241.6 million) for the second quarter of 2026, compared with RMB1.5 billion and RMB1.7 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter increase was mainly attributable to higher net revenues from e-commerce business and several other businesses included within the segment. The year-over-year decrease was mainly due to decreased net revenues from the e-commerce business.

Cost of Revenues

Cost of revenues for the second quarter of 2026 was RMB8.9 billion (US$1.3 billion), compared with RMB9.4 billion and RMB9.8 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter decrease was mainly due to lower revenue-sharing costs. The year-over-year decrease was mainly due to lower revenue-sharing and product costs.

Gross Profit

Gross profit for the second quarter of 2026 was RMB21.2 billion (US$3.1 billion), compared with RMB21.2 billion and RMB18.1 billion for the preceding quarter and the same quarter of 2025, respectively.

Operating Expenses

Total operating expenses for the second quarter of 2026 were RMB9.1 billion (US$1.3 billion), compared with RMB8.6 billion and RMB9.0 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter increase was primarily due to increased marketing expenditures, staff-related costs and research and development expenditures. The year-over-year increase was primarily due to increased research and development expenditures.

Other Income/(Expenses)

Other income/(expenses) consisted of net investment income/(loss), interest income, net exchange gains/(losses) and others. The quarter-over-quarter and year-over-year fluctuations in other income/(expenses) were mainly due to a decline in the fair value of equity security investments and impairment provisions made during the second quarter of 2026.

Income Tax

The Group recorded a net income tax charge of RMB2.5 billion (US$362.4 million) for the second quarter of 2026, compared with RMB2.5 billion and RMB1.6 billion for the preceding quarter and the same quarter of 2025, respectively. The effective tax rate for the second quarter of 2026 was 25.5%, compared with 18.9% and 14.7% for the preceding quarter and the same quarter of 2025, respectively. The effective tax rate represents certain estimates by the Group as to the tax obligations and benefits applicable to it in each quarter.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB7.0 billion (US$1.0 billion) for the second quarter of 2026, compared with RMB10.7 billion and RMB8.6 billion for the preceding quarter and the same quarter of 2025, respectively.

Basic net income was US$0.32 per share (US$1.61 per ADS) for the second quarter of 2026, compared with US$0.49 per share (US$2.46 per ADS) and US$0.40 per share (US$1.99 per ADS) for the preceding quarter and the same quarter of 2025, respectively.

Non-GAAP net income attributable to the Company's shareholders totaled RMB7.7 billion (US$1.1 billion) for the second quarter of 2026, compared with RMB11.3 billion and RMB9.5 billion for the preceding quarter and the same quarter of 2025, respectively.

Non-GAAP basic net income was US$0.36 per share (US$1.78 per ADS) for the second quarter of 2026, compared with US$0.52 per share (US$2.60 per ADS) and US$0.44 per share (US$2.20 per ADS) for the preceding quarter and the same quarter of 2025, respectively.

Six Months Ended June 30, 2026 Financial Results

Net Revenues

Net revenues for the six months ended June 30, 2026 were RMB60.7 billion (US$8.9 billion), compared with RMB56.7 billion for the same period of 2025.

Net revenues from games and related value-added services were RMB50.7 billion (US$7.5 billion) for the six months ended June 30, 2026, compared with RMB46.9 billion for the same period of 2025. Net revenues from the operation of online games accounted for approximately 97.6% of the segment's net revenues for the six months ended June 30, 2026, compared with approximately 97.3% for the same period of 2025. The increase was attributable to higher net revenues from self-developed games, such as the Fantasy Westward Journey franchise, Where Winds Meet and Eggy Party.

Net revenues from Youdao were RMB2.8 billion (US$414.9 million) for the six months ended June 30, 2026, compared with RMB2.7 billion for the same period of 2025. The increase was mainly attributable to higher net revenues from its learning services and online marketing services, partially offset by a decrease in net revenues from smart devices.

Net revenues from NetEase Cloud Music were RMB4.0 billion (US$583.4 million) for the six months ended June 30, 2026, compared with RMB3.8 billion for the same period of 2025. The increase was mainly attributable to higher net revenues from online music services, driven by growth in sales of membership subscriptions.

Net revenues from innovative businesses and others were RMB3.2 billion (US$469.9 million) for the six months ended June 30, 2026, compared with RMB3.3 billion for the same period of 2025. The decrease was mainly due to a decline in net revenues from the e-commerce business.

Cost of Revenues

Cost of revenues for the six months ended June 30, 2026 was RMB18.3 billion (US$2.7 billion), compared with RMB20.2 billion for the same period of 2025. The decrease was mainly due to lower revenue-sharing and product costs.

Gross Profit

Gross profit for the six months ended June 30, 2026 was RMB42.4 billion (US$6.3 billion), compared with RMB36.5 billion for the same period of 2025.

Operating Expenses

Total operating expenses for the six months ended June 30, 2026 were RMB17.7 billion (US$2.6 billion), compared with RMB17.0 billion for the same period of 2025. The increase was primarily attributable to higher marketing and research and development expenditures for games and related value-added services.

Other Income/(Expenses)

Other income/(expenses) consisted of net investment income/(loss), interest income, net exchange gains/(losses) and others. The fluctuation in other income/(expenses) was mainly due to a decline in the fair value of equity security investments, increased net exchange losses, and impairment provisions made during the six months ended June 30, 2026.

Income Tax

The Group recorded a net income tax charge of RMB5.0 billion (US$734.3 million) for the six months ended June 30, 2026, compared with RMB3.5 billion for the same period of 2025. The effective tax rate for the six months ended June 30, 2026 was 21.7%, compared with 15.0% for the same period of 2025. The effective tax rate represents certain estimates by the Group as to the tax obligations and benefits applicable to it in each period.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB17.7 billion (US$2.6 billion) for the six months ended June 30, 2026, compared with RMB18.9 billion for the same period of 2025.

Basic net income was US$0.81 per share (US$4.06 per ADS) for the six months ended June 30, 2026, compared with US$0.88 per share (US$4.38 per ADS) for the same period of 2025.

Non-GAAP net income attributable to the Company's shareholders totaled RMB19.0 billion (US$2.8 billion) for the six months ended June 30, 2026, compared with RMB20.8 billion for the same period of 2025.

Non-GAAP basic net income was US$0.88 per share (US$4.38 per ADS) for the six months ended June 30, 2026, compared with US$0.96 per share (US$4.81 per ADS) for the same period of 2025.

OTHER FINANCIAL INFORMATION

As of June 30, 2026, the Company's net cash (total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus loans) totaled RMB167.5 billion (US$24.7 billion), compared with RMB163.5 billion as of December 31, 2025. Net cash provided by operating activities was RMB10.0 billion (US$1.5 billion) for the second quarter of 2026, compared with RMB13.7 billion and RMB10.9 billion for the preceding quarter and the second quarter of 2025, respectively.

EXCHANGE RATE INFORMATION

The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB.

The conversion of Renminbi (RMB) into US$ is based on the noon buying rate of US$1.00 = RMB6.7851 on the last trading day of June 2026 (June 30, 2026) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on June 30, 2026, or at any other certain date.

CONFERENCE CALL

NetEase's management team will host a teleconference call with a simultaneous webcast at 8:00 a.m. Eastern Time on Thursday, August 20, 2026 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, August 20, 2026). NetEase's management will be on the call to discuss the results and answer questions.

Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10056362, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10056362. The replay will be available through August 27, 2026.

This call will be webcast live, and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.

ABOUT NETEASE, INC.

NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase") is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile and PC games available in China and globally.

Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.

Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase's private-label consumer lifestyle brand.

For more information, please visit: http://ir.netease.com/.

Contact for Media and Investors:

Email: [email protected] 

FORWARD-LOOKING STATEMENTS

This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not historical facts, including statements about NetEase's strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase's business and operating strategies and its ability to implement such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in regulatory environment in the markets where NetEase operates, including policy or rule changes on taxation; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical tensions, including the direct or indirect impacts of national trade, investment, protectionist, tax or other laws or policies as well as export controls and economic or trade sanctions; risks related to the expansion of NetEase's businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase's business and financial results. Further information regarding these and other risks is included in NetEase's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.

NON-GAAP FINANCIAL MEASURES

NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per ADS and per share, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

NetEase defines non-GAAP net income attributable to the Company's shareholders as net income attributable to the Company's shareholders excluding share-based compensation expenses. Non-GAAP net income attributable to the Company's shareholders enables NetEase's management to assess its operating results without considering the impact of share-based compensation expenses. NetEase believes that this non-GAAP financial measure provides useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors' assessment of its operating performance.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income attributable to the Company's shareholders is that it does not reflect all items of expense/income that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in NetEase's business and are not reflected in the presentation of non-GAAP net income attributable to the Company's shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.

NetEase compensates for these limitations by reconciling non-GAAP net income attributable to the Company's shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.

The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and US$ (in thousands, except per share data or per ADS data):