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2025-11-21

12:37

FIT Hon Teng Showcases at Hon Hai Tech Day, Demonstrating the Foxconn's Vertical Integration Strength

HONG KONG, Nov. 21, 2025 /PRNewswire/ -- Hon Hai Tech Day will take place on November 21–22 at the Nangang Exhibition Center, spotlighting "The Real-World Applications of Hon Hai's Three Major Intelligent Platforms Combined with AI Technologies." The event will fully showcase the Group's latest advances in AI innovation.

FIT Hon Teng (6088.HK), a subsidiary of Hon Hai Precision Industry Co., Ltd. (2317-TW) specializing in connector manufacturing, will present a comprehensive lineup of high-speed connectors, power solutions, and liquid-cooling technologies, highlighting the advantages of the Foxconn Group's vertically integrated ecosystem.

This year, FIT is exhibiting high-speed server interconnects, power delivery solutions, and liquid-cooling products, including the 800V & ±400V Power Busbar for high-voltage systems, the 400A & 100A AC Whip Connectors and the 140kW LC Busbar & UQDB Floating Module for high-current applications. Among them, the 400A AC Whip Connector is the first of its kind in the market, designed to meet emerging requirements for high-power server racks. These technologies drew strong interest from leading CSP R&D teams and key customers during their debut at OCP, and FIT's LC Busbar and Power Busbar were successfully integrated into the NVIDIA MGX showcase wall.

Hon Hai Tech Day will be held on November 21–22 at the Nangang Exhibition Center in Taipei, featuring the Group's latest technological achievements and industry collaboration initiatives. FIT sincerely invites industry partners, media, and the public to visit the exhibition and witness the newest developments of the Hon Hai Technology ecosystem.

For more information about Hon Hai Tech Day (HHTD), please visit the official Hon Hai website: HHTD – Hon Hai Tech Day.

About Foxconn Interconnect Technology (FIT Hon Teng)

Foxconn Interconnect Technology (HKEX: 6088) was listed on the Hong Kong Stock Exchange in 2017 and is the largest consumer electronics connector manufacturer in Greater China. While connectors remain its core business, the company has strategically expanded in recent years into 5G AIoT, electric vehicles, and acoustic electronic components, while also entering the consumer brand sector. For more information, please visit the company's website at www.fit-foxconn.com

Media Contact: Product and Service Inquiries:

Email: [email protected] Europe and America Contact: [email protected]

FIT -8.02%

Information Provided by PR Newswire [Disclaimer]

12:05

MINISO Group Announces September Quarter and First Nine Months of 2025 Unaudited Financial Results

MINISO Group Momentum Further Accelerated: Same-Store GMV⁽¹⁾ Increased Mid-single Digit in September Quarter; Revenue Increased 28.2%; Adjusted Operating Profit Increased 14.8%;

MINISO Brand Added 102 Net New Stores in Mainland China with Strong Same-Store GMV⁽¹⁾ Growth ("SSSG") of High-single Digit for September Quarter;

TOP TOY Brand Revenue⁽²⁾ Increased 111.4%, another New Quarterly Growth Record

MINISO Group Achieved the Milestone of 8,000 Stores Globally with Quarterly Revenue Surpassed RMB5 Billion for the First Time

GUANGZHOU, China, Nov. 21, 2025 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the three months and the nine months ended September 30, 2025 (the "September Quarter" and the "First Nine Months", respectively).

Financial Highlights for the September Quarter

Revenue increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), above the high end of the Company's previous guidance range of 25%-28%.
All three of the Company's operating segments delivered an upward momentum in SSSG during the September Quarter, lifting group-level SSSG to a mid-single digit level.
- MINISO Brand's SSSG was mid-single digit year over year, underpinned by (i) an exceptional high-single-digit growth in mainland China, and (ii) a low-single-digit growth in overseas markets.
- TOP TOY Brand's SSSG advanced at a mid-single digit rate year over year.
Gross profit increased 27.6% year over year to RMB2,590.1 million (US$363.8 million).
Gross margin was 44.7%, compared to 44.9% in the same period last year.
Operating profit was RMB846.6 million (US$118.9 million), compared to RMB852.6 million in the same period last year.
Adjusted operating profit⁽³⁾ increased 14.8% year over year to RMB1,022.3 million (US$143.6 million), with adjusted operating margin of 17.6%.
Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.
Adjusted net profit⁽³⁾ increased 11.7% year over year to RMB766.8 million (US$107.7 million).
Adjusted net margin⁽³⁾ was 13.2%, compared to 15.2% in the same period last year.
Adjusted EBITDA⁽³⁾ increased 18.8% year over year to RMB1,353.8 million (US$190.2 million).
Adjusted EBITDA margin⁽³⁾ was 23.4%, compared to 25.2% in the same period last year.
Adjusted basic and diluted earnings per ADS⁽³⁾ were both RMB2.48 (US$0.35), increased by 12.7% year over year.
Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Highlights for the First Nine Months

Revenue increased 23.7% year over year to RMB15,189.8 million (US$2,133.7 million).
Gross profit increased 24.5% year over year to RMB6,747.0 million (US$947.7 million).
Gross margin was 44.4%, compared to 44.1% in the same period last year.
Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.
Adjusted operating profit⁽³⁾ increased 6.5% year over year to RMB2,608.8 million (US$366.5 million), with adjusted operating margin of 17.2%.
Profit for the period was RMB1,349.2 million (US$189.5 million), compared with RMB1,825.7 million in the same period last year.
Adjusted net profit⁽³⁾ increased 6.1% year over year to RMB2,045.5 million (US$287.3 million), compared with RMB1,928.1 million in the same period last year.
Adjusted net margin⁽³⁾ was 13.5%, compared to 15.7% in the same period last year.
Adjusted EBITDA⁽³⁾ increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).
Adjusted EBITDA margin⁽³⁾ was 23.3%, compared to 25.3% in the same period last year.
Adjusted basic earnings per ADS⁽³⁾ increased 7.8% year over year to RMB6.64 (US$0.93).
Adjusted diluted earnings per ADS⁽³⁾ increased 8.5% year over year to RMB6.64 (US$0.93).
Cash Position⁽⁴⁾ was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.
Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Operational Highlights

Total number of stores on group level was 8,138 as of September 30, 2025, achieving the milestone of 8,000 stores, with a year-over-year increase of 718 net new stores.
Number of MINISO stores was 7,831 as of September 30, 2025, representing a year-over-year increase of 645 net new stores.
- Number of MINISO stores in mainland China was 4,407 as of September 30, 2025, representing a year-over-year increase of 157 net new stores.
- Number of MINISO stores in overseas markets reached 3,424 as of September 30, 2025, representing a year-over-year increase of 488 net new stores.
Number of TOP TOY stores was 307 as of September 30, 2025, representing a year-over-year increase of 73 net new stores.

Notes:

(1) "Same-store GMV" refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less than 30 days during both comparative periods. "SSSG" refers to the year-over-year growth of same-store GMV.

(2) Represents only revenue generated from external parties.

(3) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.

(4) "Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.

The following table provides a breakdown of the Company's store network and its changes on a year-over-year basis. The number of directly operated stores reached 700 on group level. 75.7% of new MINISO stores in the past twelve months were located in overseas markets.

	As of		YoY
	September 30, 2024	September 30, 2025	YoY
Number of stores on group level	7,420	8,138	718
Number of MINISO stores	7,186	7,831	645
Mainland China	4,250	4,407	157
—Directly operated stores	29	21	(8)
—Stores operated under MINISO Retail Partner model	4,196	4,358	162
—Stores operated under distributor model	25	28	3
Overseas	2,936	3,424	488
—Directly operated stores	422	637	215
—Stores operated under MINISO Retail Partner model	372	429	57
—Stores operated under distributor model	2,142	2,358	216
Number of TOP TOY stores	234	307	73
—Directly operated stores	29	42	13
—Stores operated under TOP TOY Retail Partner model⁽¹⁾	205	258	53
—Stores operated under distributor model	-	7	7

Note:
(1) TOP TOY Retail Partner model is a hybrid store operation model similar to MINISO Retail Partner model, taking advantageous elements from the franchise store model and the directly operated chain store model, both of which are industry norms.

Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "We are thrilled to see two significant milestones achieved by MINISO Group in the September Quarter: quarterly revenue surpassed RMB 5 billion for the first time, and MINISO Group's global store counts exceeded 8,000. In the September Quarter, MINISO mainland China delivered an exceptional performance, with over 100 net new stores on a quarterly basis and a high-single-digit level SSSG in this quarter. Both net store expansion and SSSG demonstrated sequential acceleration. Against the backdrop of a highly competitive physical retail environment in domestic market, MINISO mainland China's outstanding results further underscored our ability to respond agilely, execute effectively, and leverage the resilience of our business model. SSSG in MINISO mainland China from year to date reached low-single digit. We are steadily progressing toward our goal of achieving full-year positive SSSG for MINISO mainland China in 2025."

"MINISO overseas had also shown sequential improvement in its same-store GMV, with growth accelerating to low-single digit in the September Quarter. Our strategic markets, such as North America and Europe, continued to deliver outstanding SSSG. We expected to see more momentum from SSSG in the growth of overseas markets, signaling a higher-quality growth that is more sustainable and carries lower operational risk. Meanwhile, we were thrilled to see that the operating margin of MINISO overseas directly operated business has year-over-year improvement, which demonstrated continuous and steady improvement in MINISO's fundamental operational strengths. Notably, TOP TOY achieved a remarkable 111.4% year-over-year revenue increase in the September Quarter, significantly exceeding our expectations and demonstrating its strong market leadership and growth potential in the pop toy industry." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "The year-over-year revenue growth on group level reached 28.2%, above our previous guidance. Adjusted operating profit increased 14.8% year over year. Adjusted operating margin was 17.6%, with year-over-year margin contraction sequentially narrowing from previous quarters, both in line with our previous guidance. Adjusted EBITDA increased 18.8% year over year, with a trend of sequential quarterly acceleration in year-over-year growth. Adjusted EBITDA margin reached 23.4%."

" Net cash from operating cash flow was RMB1,299.6 million in this quarter, with an operating cash flow to adjusted net profit ratio of 1.7. As of September 30, our cash position reached RMB7.77 billion. Net cash from operating cash flow for the First Nine Months reached 2,313.8 million, surpassing adjusted net profit in the same period. It demonstrated our solid financial position, high-quality profitability and efficient management ability in working capital, and further underscored the resilience and robust operational cash flow generation of our business that will fuel our future high-quality growth." Mr. Zhang concluded.

Operational Updates

October 2025: According to the Company's preliminary estimates, the SSSG for MINISO mainland China reached a low-teens level for the whole month of October.

Financial Results for the September Quarter

Revenue was RMB5,796.6 million (US$814.3 million), representing an increase of 28.2% year over year.

Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), including (i) an increase of 19.3% in revenue from MINISO brand in mainland China, accelerating sequentially by quarters in 2025, and (ii) an increase of 27.7% in revenue from MINISO brand in overseas markets. Overseas revenue contributed to 44.3% of revenue from MINISO brand.

Revenue from TOP TOY brand⁽¹⁾ increased by 111.4% to RMB574.5 million (US$80.7 million).

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB3,206.6 million (US$450.4 million), representing an increase of 28.6% year over year.

Gross profit was RMB2,590.1 million (US$363.8 million), representing an increase of 27.6% year over year.

Gross margin was 44.7%, compared to 44.9% in the same period last year.

Selling and distribution expenses were RMB1,429.9 million (US$200.9 million), representing an increase of 43.5% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,333.9 million (US$187.4 million), representing an increase of 36.5% year over year. The year-over-year increase was mainly attributable to the Company's investments into directly operated stores to pursue the future success of the Company's business, especially in strategic overseas markets such as the U.S. market. As of September 30, 2025, total number of directly operated stores on the group level was 700, compared to 480 as of September 30, 2024. In the September Quarter, revenue from directly operated stores increased 69.9%, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 40.7%, decelerating from the year-over-year increase of 71.4% and 56.3% in March and June quarter of 2025, respectively. Promotion and advertising expenses increased 43.3%, as a percentage of revenue stabilizing at around 3% in both comparative periods. Licensing expenses increased 20.8%, as a percentage of revenue stabilizing at around 3% in both comparative periods as well. Logistics expenses increased 23.3% year over year.

General and administrative expenses were RMB343.8 million (US$48.3 million), representing an increase of 45.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB264.0 million (US$37.1 million), representing an increase of 21.4% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company's business. The increase in equity-settled share-based payment expenses was mainly related to TOP TOY brand.

Other net income was RMB34.3 million (US$4.8 million), compared to RMB36.8 million in the same period last year. The year-over-year decrease was mainly due to a larger net foreign exchange loss compared with the same period last year, partially offset by an increase in investment income from wealth management products.

Operating profit was RMB846.6 million (US$118.9 million), compared with RMB852.6 million in the same period last year.

Adjusted operating profit⁽²⁾ was RMB1,022.3 million (US$143.6 million), representing an increase of 14.8% year over year, with adjusted operating margin of 17.6%. The year-over-year contraction in adjusted operating margin has narrowed sequentially from 4.2 percentage points in the March quarter, to 2.3 percentage points in the June quarter and further narrowed down to 2.1 percentage points in the September Quarter.

Net finance cost was RMB104.5 million (US$14.7 million), compared to net finance income of RMB7.8 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the equity linked securities issued by the Company in January 2025 ( the "Equity Linked Securities") and the bank loans used for the acquisition of the equity interest of Yonghui Superstores Co., Ltd*(永輝超市股份有限公司) ("Yonghui"), both of which have been excluded in non-IFRS financial measures⁽²⁾, and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB145.1 million (US$20.4 million), compared to share of profit of RMB2.0 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures⁽²⁾.

Other gain was RMB73.2 million (US$10.3 million), mainly attributable to gain from fair value change of derivatives under mark-to-market impact, which was in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures⁽²⁾.

Effective tax rate was 33.9%, compared to 24.8% in the same period last year.

Adjusted effective tax rate⁽²⁾ was 22.8%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 23.8% in the same period last year.

Profit for the period was RMB443.2 million (US$62.3 million), compared to RMB648.3 million in the same period last year.

Adjusted net profit⁽²⁾ was RMB766.8 million (US$107.7 million), increased by 11.7% year over year.

Adjusted net margin⁽²⁾ was 13.2%, compared to 15.2% in the same period last year.

Adjusted EBITDA⁽²⁾ was RMB1,353.8 million (US$190.2 million), representing an increase of 18.8% year over year.

Adjusted EBITDA margin⁽²⁾ was 23.4%, compared to 25.2% in the same period last year.

Basic and diluted earnings per ADS were both RMB1.44 (US$0.20) in the September Quarter, compared with RMB2.08 in the same period last year.

Adjusted basic and diluted earnings per ADS⁽²⁾ were both RMB2.48 (US$0.35) in the September Quarter, representing an increase of 12.7% year over year from RMB2.20 in the same period last year.

Net cash from operating activities was RMB1,299.6 million (USD182.6 million) in the September Quarter, with an operating cash flow to adjusted net profit ratio of 1.7. Capital expenditure was RMB330.3 million (US$46.4 million) and free cash flow was RMB969.3 million (US$136.2 million) for the September Quarter.

Financial Results for the First Nine Months

Revenue was RMB15,189.8 million (US$2,133.7 million), representing an increase of 23.7% year over year.

Revenue from MINISO brand increased by 19.8% to RMB13,870.5 million (US$1,948.4 million), including (i) an increase of 14.1% in revenue from MINISO brand in mainland China, and (ii) an increase of 28.7% in revenue from MINISO brand in overseas markets. The overseas revenue contributed to 42.1% of revenue from MINISO brand, compared to 39.2% in the same period last year.

Revenue from TOP TOY brand⁽¹⁾ increased by 87.9% to RMB1,316.6 million (US$184.9 million).

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB8,442.8 million (US$1,185.9 million), representing an increase of 23.0% year over year.

Gross profit was RMB6,747.0 million (US$947.7 million), representing an increase of 24.5% year over year.

Gross margin reached 44.4%, representing a year-over-year increase of 0.3 percentage point.

Selling and distribution expenses were RMB3,610.9 million (US$507.2 million), increased by 43.4% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB3,501.0 million (US$491.8 million), increased by 42.4% year over year.

General and administrative expenses were RMB847.5 million (US$119.0 million), increased by 29.4% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB741.1 million (US$104.1 million), increased by 20.9% year over year.

Other net income was RMB132.5 million (US$18.6 million), compared to RMB78.5 million in the same period last year. The year-over-year increase was mainly due to (i) a net foreign exchange gain compared with a net foreign exchange loss in the same period last year, and (ii) an increase in investment income from wealth management products.

Operating profit was RMB2,392.5 million (US$336.1 million), compared to RMB2,347.4 million in the same period last year.

Adjusted operating profit⁽²⁾ was RMB2,608.8 million (US$366.5 million), representing an increase of 6.5% year over year.

Net finance cost was RMB232.9 million (US$32.7 million), compared to net finance income of RMB41.9 million in the same period last year. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for the acquisition of the equity interest of Yonghui, both of which have been excluded in non-IFRS financial measures⁽²⁾, and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores.

Share of loss of equity-accounted investees, net of tax was RMB284.1 million (US$39.9 million), compared with share of profit of RMB2.3 million in the same period last year. The year-over-year change was mainly attributable to share of loss in Yonghui, which has been excluded in non-IFRS financial measures⁽²⁾.

Other expenses was RMB11.2 million (US$1.6 million), mainly attributable to loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which were in relation to the Equity Linked Securities and have been excluded in non-IFRS financial measures⁽²⁾.

Effective tax rate was 27.6%, compared to 23.7% in the same period last year.

Adjusted effective tax rate⁽²⁾ was 20.1%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 22.7% in the same period last year.

Profit for the period was RMB1,349.2 million (US$189.5 million), compared to RMB1,825.7 million in the same period last year.

Adjusted net profit⁽²⁾ was RMB2,045.5 million (US$287.3 million), compared to RMB1,928.1 million in the same period last year.

Adjusted net margin⁽²⁾ was 13.5%, compared to 15.7% in the same period last year.

Adjusted EBITDA⁽²⁾ increased 14.0% year over year to RMB3,540.6 million (US$497.3 million).

Adjusted EBITDA margin⁽²⁾was 23.3%, compared to 25.3% in the same period last year.

Basic earnings per ADS was RMB4.40 (US$0.62), compared to RMB5.84 in the same period last year.

Diluted earnings per ADS was RMB4.36 (US$0.61), compared to RMB5.80 in the same period last year.

Adjusted basic earnings per ADS⁽²⁾ increased 7.8% year over year to RMB6.64 (US$0.93), compared to RMB6.16 in the same period last year.

Adjusted diluted earnings per ADS⁽²⁾ increased 8.5% year over year to RMB6.64 (US$0.93), compared to RMB6.12 in the same period last year.

Cash position, which was the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024.

Net cash from operating activities was RMB2,313.8 million (US$325.0 million). Capital expenditure was RMB765.0 million (US$107.5 million) and free cash flow was RMB1,548.8 million (US$217.6 million) for the First Nine Months.

Notes:

(1) Revenue from TOP TOY brand only represents revenue generated from external parties.

(2) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.

Conference Call

The Company's management will hold an earnings conference call at 4:00 A.M. Eastern Time on Friday, November 21, 2025 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed via the following methods:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/97158482833?pwd=msvkC9gwjBFY7o1WCnQWqSJ4cpKEAD.1
Meeting Number: 971 5848 2833
Meeting Passcode: 9896

Access 2

Listeners of the meeting may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.

United States:	+1 689 278 1000 (or +1 719 359 4580)
Hong Kong, China:	+852 5803 3730 (or +852 5803 3731)
United Kingdom:	+44 203 481 5237 (or +44 131 460 1196)
France:	+33 1 7037 9729 (or +33 1 7037 2246)
Singapore:	+65 3158 7288 (or +65 3165 1065)
Canada:	+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners of the meeting can also access the call through the Company's investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/.

About MINISO Group

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/.

Exchange Rate

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2025, which was RMB7.1190 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

Non-IFRS Financial Measures

In evaluating the business, MINISO considers and uses adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted operating profit as operating profit for the period excluding equity-settled share-based payment expenses. MINISO calculates adjusted operating margin by dividing adjusted operating profit by revenue for the same period. MINISO defines adjusted effective tax rate as the effective tax rate excluding the tax impact of adjusted items under non-IFRS financial measures. MINISO defines adjusted net profit as profit for the period excluding equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to the Equity Linked Securities, interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, and share of profit or loss of Yonghui, net of tax. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors.

These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO's operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO's operating performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO's data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

MINISO Group Holding Limited
Email: [email protected]
Phone: +86 (20) 36228788 Ext.8039

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands)

	As at	As at
	December 31, 2024	September 30, 2025
	(Audited)	(Unaudited)
	*RMB'000*	*RMB'000*	*US$'000*
ASSETS
Non-current assets
Property, plant and equipment	1,436,939	1,919,666	269,654
Right-of-use assets	4,172,083	5,008,473	703,536
Intangible assets	8,802	98,185	13,792
Goodwill	21,418	225,840	31,724
Deferred tax assets	181,948	216,410	30,399
Other investments	123,399	147,944	20,782
Trade and other receivables	341,288	149,312	20,974
Term deposits	140,183	-	-
Financial derivative assets	-	1,108,926	155,770
Interests in equity-accounted investees	38,567	6,030,265	847,066

	6,464,627	14,905,021	2,093,697

Current assets
Other investments	100,000	4,396,781	617,612
Inventories	2,750,389	3,287,721	461,823
Trade and other receivables	2,207,013	2,709,889	380,656
Cash and cash equivalents	6,328,121	3,099,079	435,325
Restricted cash	1,026	7,138	1,003
Term deposits	268,952	263,182	36,969

	11,655,501	13,763,790	1,933,388

Total assets	18,120,128	28,668,811	4,027,085

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Expressed in thousands)

	As at	As at
	December 31, 2024	September 30, 2025
	(Audited)	(Unaudited)
	*RMB'000*	*RMB'000*	*US$'000*
EQUITY
Share capital	94	94	13
Additional paid-in capital	4,683,577	2,902,595	407,725
Other reserves	1,329,126	2,204,724	309,696
Retained earnings	4,302,177	5,636,230	791,717

Equity attributable to equity shareholders of the Company	10,314,974	10,743,643	1,509,151
Non-controlling interests	40,548	84,197	11,827

Total equity	10,355,522	10,827,840	1,520,978

LIABILITIES
Non-current liabilities
Contract liabilities	35,145	23,271	3,269
Loans and borrowings	4,310	5,622,289	789,758
Other payables	59,842	71,585	10,055
Lease liabilities	1,903,137	2,308,889	324,328
Financial derivative liabilities	-	1,464,479	205,714
Deferred income	34,983	33,294	4,677

	2,037,417	9,523,807	1,337,801

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Expressed in thousands)

	As at	As at
	December 31, 2024	September 30, 2025
	(Audited)	(Unaudited)
	*RMB'000*	*RMB'000*	*US$'000*
Current liabilities
Contract liabilities	323,292	287,242	40,349
Loans and borrowings	566,955	1,886,022	264,928
Trade and other payables	3,943,988	4,292,129	602,913
Lease liabilities	635,357	1,168,637	164,157
Deferred income	5,376	1,294	182
Current taxation	252,221	252,315	35,442
Redemption liabilities arising from preferred shares	-	429,525	60,335

	5,727,189	8,317,164	1,168,306

Total liabilities	7,764,606	17,840,971	2,506,107

Total equity and liabilities	18,120,128	28,668,811	4,027,085

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands, except for per ordinary share and per ADS data)

	Three months ended September 30,			Nine months ended September 30,
	2024	2025		2024	2025
	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
	*RMB'000*	*RMB'000*	*US$'000*	*RMB'000*	*RMB'000*	*US$'000*
Revenue	4,522,577	5,796,645	814,250	12,281,320	15,189,757	2,133,693
Cost of sales	(2,492,601)	(3,206,573)	(450,425)	(6,861,558)	(8,442,767)	(1,185,948)

Gross profit	2,029,976	2,590,072	363,825	5,419,762	6,746,990	947,745
Other income	5,327	3,549	499	18,025	8,919	1,253
Selling and distribution expenses	(996,461)	(1,429,853)	(200,850)	(2,518,549)	(3,610,875)	(507,217)
General and administrative expenses	(236,208)	(343,802)	(48,294)	(654,781)	(847,458)	(119,042)
Other net income	36,758	34,280	4,815	78,454	132,519	18,615
Reversal of credit loss/(credit loss) on trade and other receivables	13,170	(7,678)	(1,079)	9,564	(21,128)	(2,968)
Impairment loss on non-current assets	-	-	-	(5,104)	(16,450)	(2,311)

Operating profit	852,562	846,568	118,916	2,347,371	2,392,517	336,075
Finance income	25,067	20,276	2,848	99,673	86,112	12,096
Finance costs	(17,227)	(124,805)	(17,531)	(57,822)	(319,041)	(44,815)

Net finance income/(cost)	7,840	(104,529)	(14,683)	41,851	(232,929)	(32,719)
Share of profit/(loss) of equity-accounted investees, net of tax	2,009	(145,105)	(20,383)	2,310	(284,051)	(39,900)
Other gain/(expenses)	-	73,214	10,284	-	(11,198)	(1,573)

Profit before taxation	862,411	670,148	94,134	2,391,532	1,864,339	261,883
Income tax expense	(214,090)	(226,950)	(31,879)	(565,832)	(515,151)	(72,363)

Profit for the period	648,321	443,198	62,255	1,825,700	1,349,188	189,520

Attributable to:
Equity shareholders of the Company	641,765	440,539	61,881	1,811,867	1,346,569	189,152
Non-controlling interests	6,556	2,659	374	13,833	2,619	368

Earnings per share for ordinary shares
-Basic	0.52	0.36	0.05	1.46	1.10	0.15
-Diluted	0.52	0.36	0.05	1.45	1.09	0.15

Earnings per ADS
(Each ADS represents 4 ordinary shares)
-Basic	2.08	1.44	0.20	5.84	4.40	0.62
-Diluted	2.08	1.44	0.20	5.80	4.36	0.61

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)

Three months ended September 30,

Nine months ended September 30,

2024

2025

2024

2025

(Unaudited)

RMB'000

US$'000

RMB'000

US$'000

Profit for the period

648,321

443,198

62,255

1,825,700

1,349,188

189,520

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translation of financial statements of foreign operations

8,863

(17,451)

(2,451)

15,708

(5,776)

(811)

Other comprehensive income/(loss) for the period

8,863

(17,451)

(2,451)

15,708

(5,776)

(811)

Total comprehensive income for the period

657,184

425,747

59,804

1,841,408

1,343,412

188,709

Attributable to:

Equity shareholders of the Company

645,096

425,972

59,836

1,823,139

1,343,373

188,704

Non-controlling interests

12,088

(225)

(32)

18,269

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

(Expressed in thousands, except for percentages)

Three months ended September 30,

Nine months ended September 30,

2024

2025

2024

2025

(Unaudited)

RMB'000

US$'000

RMB'000

US$'000

Reconciliation of operating profit for the period to adjusted operating profit

Operating profit

852,562

846,568

118,916

2,347,371

2,392,517

336,075

Add back:

Equity-settled share-based payment expenses

37,883

175,728

24,684

102,390

216,314

30,385

Adjusted operating profit

890,445

1,022,296

143,600

2,449,761

2,608,831

366,460

Adjusted operating margin

19.7 %

17.6 %

19.9 %

17.2 %

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in percentages)

	Three months ended September 30,		Nine months ended September 30,
	2024	2025	2024	2025
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Reconciliation of effective tax rate to adjusted effective tax rate:
Effective tax rate	24.8 %	33.9 %	23.7 %	27.6 %

Impact on effective tax rate as a result of adjusted items	(1.0) %	(11.1) %	(1.0) %	(7.5) %
Adjusted effective tax rate	23.8 %	22.8 %	22.7 %	20.1 %

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in thousands, except for per share, per ADS data and percentages)

	Three months ended September 30,			Nine months ended September 30,
	2024	2025		2024	2025
	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
	*RMB'000*	*RMB'000*	*US$'000*	*RMB'000*	*RMB'000*	*US$'000*

Reconciliation of profit for the period to adjusted net profit:
Profit for the period	648,321	443,198	62,255	1,825,700	1,349,188	189,520
Add back:
Equity-settled share-based payment expenses	37,883	175,728	24,684	102,390	216,314	30,385
Gain from fair value change of derivatives⁽¹⁾	-	(73,214)	(10,284)	-	(33,466)	(4,701)
Issuance cost of derivatives⁽²⁾	-	-	-	-	44,664	6,274
Interest expenses related to the Equity Linked Securities and the bank loans used for acquisition of the equity interest in Yonghui	-	75,306	10,578	-	203,657	28,608
—Interest expenses related to the Equity Linked Securities⁽³⁾	-	51,092	7,177	-	140,977	19,803
—Interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui	-	24,214	3,401	-	62,680	8,805
Share of loss of Yonghui, net of tax	-	145,804	20,481	-	265,139	37,244

Adjusted net profit	686,204	766,822	107,714	1,928,090	2,045,496	287,330
Adjusted net margin	15.2 %	13.2 %	13.2 %	15.7 %	13.5 %	13.5 %

Attributable to:
Equity shareholders of the Company	679,461	763,224	107,209	1,913,891	2,041,853	286,818
Non-controlling interests	6,743	3,598	505	14,199	3,643	512

Adjusted net earnings per share⁽⁴⁾
-Basic	0.55	0.62	0.09	1.54	1.66	0.23
-Diluted	0.55	0.62	0.09	1.53	1.66	0.23

Adjusted net earnings per ADS (Each ADS represents 4 ordinary shares)
-Basic	2.20	2.48	0.35	6.16	6.64	0.93
-Diluted	2.20	2.48	0.35	6.12	6.64	0.93

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)

(Expressed in thousands, except for percentages)

Three months ended September 30,

Nine months ended September 30,

2024

2025

2024

2025

(Unaudited)

RMB'000

US$'000

RMB'000

US$'000

Reconciliation of adjusted net profit for the period to adjusted EBITDA:

Adjusted net profit

686,204

766,822

107,714

1,928,090

2,045,496

287,330

Add back:

Depreciation and amortization

222,259

310,554

43,623

555,390

864,570

121,445

Finance costs excluding interest expenses

related to the Equity Linked Securities and the bank loans used for acquisition

of the equity interest in Yonghui

17,227

49,499

6,953

57,822

115,384

16,207

Income tax expense

214,090

226,950

31,879

565,832

515,151

72,363

Adjusted EBITDA

1,139,780

1,353,825

190,169

3,107,134

3,540,601

497,345

Adjusted EBITDA margin

25.2 %

23.4 %

25.3 %

23.3 %

Notes:

(1) The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share price.

(2) The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities.

(3) For the three months ended September 30, 2025, the RMB51.1 million interest expenses related to the Equity Linked Securities included RMB46.2 million non-cash portion and RMB4.9 million cash expense.

For the nine months ended September 30, 2025, the RMB141.0 million interest expenses related to the Equity Linked Securities included RMB127.0 million non-cash portion and RMB14.0 million cash expense.

(4) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

(Expressed in thousands, except for percentages)

Three months ended September 30,

Nine months ended September 30,

2024

2025

YoY

2024

2025

YoY

RMB'000

US$'000

RMB'000

US$'000

Revenue

MINISO Brand

4,249,307

5,221,476

733,456

22.9 %

11,573,972

13,870,480

1,948,375

19.8 %

-Mainland China

2,438,555

2,909,171

408,648

19.3 %

7,031,354

8,024,158

1,127,147

14.1 %

-Overseas

1,810,752

2,312,305

324,808

27.7 %

4,542,618

5,846,322

821,228

28.7 %

TOP TOY Brand

271,797

574,523

80,703

111.4 %

700,717

1,316,581

184,939

87.9 %

Others⁽¹⁾

1,473

646

(56.1) %

6,631

2,696

379

(59.3) %

4,522,577

5,796,645

814,250

28.2 %

12,281,320

15,189,757

2,133,693

23.7 %

Note:

(1) "Others" refers to revenue generated from other operating segments such as "WonderLife", which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as "others". As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, "WonderLife" has become marginalized.

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN MAINLAND CHINA

	As of
	September 30, 2024	September 30, 2025	YoY
By City Tiers
First-tier cities	563	584	21
Second-tier cities	1,771	1,817	46
Third- or lower-tier cities	1,916	2,006	90
Total	4,250	4,407	157

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN OVERSEAS MARKETS

	As of
	September 30, 2024	September 30, 2025	YoY
By Regions
Asia excluding China	1,572	1,748	176
North America	294	421	127
Latin America	598	684	86
Europe	260	337	77
Others	212	234	22
Total	2,936	3,424	488

*For identification purpose only

MNSO -2.58%

Information Provided by PR Newswire [Disclaimer]

12:05

鴻騰於鴻海科技日展示高速連接器、電力及液冷解決方案展現集團垂直整合實力

香港2025年11月21日 /美通社/ -- 鴻海科技日於11月21-22日在南港展覽館隆重登場，今年以『鴻海三大智慧平台結合AI技術的落地應用』為主軸，全面展現鴻海在AI技術應用的最新進展。作為鴻海科技集團（TWSE:2317）旗下專注於製造連接器的垂直整合子公司的鴻騰精密科技（FIT Hon Teng, 6088-HK），也於科技日現場展示多項高速連接器、電力解決方案和液冷散熱解決方案，呈現鴻海科技集團垂直整合生態系的優勢。

今年FIT展出伺服器高速傳輸、電力解決方案和液冷散熱產品，包含高壓方案的800V & ±400VPower Busbar、大電流方案的400A & 100A AC Whip Connectors和LC Busbar 140KW & UQDB Floating 模組。其中，400A AC Whip Connectors為目前市場上首次推出的規格，能滿足高功耗伺服器機櫃相關的新需求。相關技術於本次OCP展會中亮相時，特別吸引重要CSP R&D Leader與多組關鍵客戶來訪，同時 FIT LC Busbar & Power Busbar 也成功整合上Nvidia MGX 展示牆。

鴻海科技日於11月21至22日在台北南港展覽館舉行，活動將呈現集團最新科技成果與產業合作方向。FIT誠摯邀請產業夥伴、媒體朋友與民眾們蒞臨參觀，共同見證鴻海科技生態系的最新發展。更多關於鴻海科技日(HHTD)的資訊請參考鴻海官方網站: HHTD 鴻海科技日

關於鴻騰精密科技（FIT Hon Teng）

鴻騰精密有限公司（香港交易所代碼：6088）為連接解決方案市場領導者，於2017年於香港掛牌上市，為大中華區第一大消費性電子產品連接器廠商。以製造連接器產品為主要核心，其產品銷售全球逾60國，近年策略發展 5G AIoT、電動車及聲學電子元件產品，並跨足經營消費者品牌。更多鴻騰精密科技資訊請洽公司網站www.fit-foxconn.com。

新聞聯絡: 產品服務聯絡:

電子郵件: [email protected] 歐美區電子郵件: [email protected]

FIT -8.02%

Information Provided by PR Newswire [Disclaimer]

09:00

Fosun International Honored as "ESG Leading Enterprise" by Bloomberg Businessweek/Chinese Edition

HONG KONG, Nov. 20, 2025 /PRNewswire/ -- On 19 November, the 7th "ESG Leading Enterprises 2025" ceremony, co-organized by Bloomberg Businessweek/Chinese Edition and Deloitte, a globally renowned accounting firm, was successfully held in Hong Kong. The event was honored to feature a keynote speech and award presentation by Mr. Joseph H.L. Chan, JP, Under Secretary for Financial Services and the Treasury of the Government of Hong Kong Special Administrative Region. Fosun International was honored as an "ESG Leading Enterprise", in recognition of its outstanding achievements and strong market position across ESG strategy, corporate governance, social responsibility, environmental protection, information disclosure, and stakeholder engagement.

This year, 12 companies were honored as "ESG Leading Enterprises" in Category I - market capitalization over HKD12 billion, all of which are major Hong Kong listed companies, including Henderson Land, Sun Hung Kai Properties, Towngas, Hutchmed, China Telecom, China Unicom, and Bank of China (Hong Kong).

"Creating IMPACT", achieving notable recognition in ESG performance

Looking back on the past, Fosun has always paid attention to the reform and development of the global policies in the field of sustainable development. It has established a robust ESG governance management system, embedding sustainability principles into its operations over the years. It has actively responded to national and global strategies in relation to sustainable development, ensured information security, promoted technology innovation, implemented "dual carbon" goals, protected the rights and interests of employees to promote sustainable management and value creation.

Fosun's sustainable development strategy focuses on six key directions under "Create IMPACT", which stands for I: Innovation-driven, M: Mindful Operation, P: People and Partner Oriented, A: Advanced Governance, C: Climate and Planet Positive and T: Transparency. It carries forward Fosun's original aspiration since its establishment and underpins its long-term commitment to ESG practices.

In recent years, Fosun has demonstrated outstanding performance in various aspects of ESG. As of now, Fosun International has maintained an MSCI ESG rating of AA. In 2025, it has been once again included in the S&P Global Sustainability Yearbook 2025 and has been selected as the top 1% in S&P Global Sustainability Yearbook 2025 (China Edition). It has received an HSI sustainability rating of AA- and has been consecutively included in the Hang Seng Corporate Sustainability Benchmark Index. Fosun has also retained a leading FTSE Russell ESG score and has continued to be selected as a constituent stock of the FTSE4Good Index Series.

Driven by innovation, committed to social contribution

Fosun adheres to an innovation-driven strategy, and the anticancer drugs developed by its Health segment have widely benefited cancer patients. To date, Fosun's innovative biopharmaceutical products have reached nearly 60 countries and regions, benefiting more than 850,000 patients worldwide. Among them, HANSIZHUANG, an innovative anti-PD-1 monoclonal antibody independently developed by Fosun, is the world's first anti-PD-1 monoclonal antibody approved for the first-line treatment of small cell lung cancer (SCLC). It has been approved for marketing in nearly 40 countries and regions, including China, the European Union, the United Kingdom, Singapore, and India.

Since the beginning of this year, Fosun has achieved multiple breakthroughs in the field of innovative drugs. HLX43, a PD-L1-targeting antibody-drug conjugate (ADC) is undergoing clinical studies for solid tumors such as non-small cell lung cancer and thymic carcinoma in countries including China, the United States, and Australia. Currently, no PD-L1 ADC has been approved globally, positioning HLX43 as a potential highly effective and safe broad-spectrum anticancer drug. Additionally, in the field of innovative small molecule drugs, FUMAINING, a targeted drug independently developed by Fosun, has been approved for two rare disease indications, filling the treatment gap in the field of rare tumors.

Fosun for good, giving back to society

In order to better promote the fulfillment and implementation of corporate social responsibility, Fosun Foundation was established in 2012. It has been making continuous efforts in global emergency relief, rural revitalization, health, education, culture and art, and youth development to create social value. Of which, since its launch at the end of 2017, Fosun Foundation's Rural Doctors Program has covered 78 counties in 16 provinces, cities, and autonomous regions, supported 25,000 rural doctors, and benefited 3 million rural families.

In support of youth entrepreneurship and development, Fosun, together with Portuguese insurance group Fidelidade and Portugal's healthcare group Luz Saúde, launched the "Protechting Open Innovation Program" in early 2016. Since its inception, Protechting has engaged young entrepreneurs from more than 50 countries and regions, facilitated the incubation of over 50 pilot projects, and supported the large‑scale development of six youth entrepreneurship initiatives. The latest edition, Protechting 8.0, themed "Innovation Without Borders", is now open for global submissions in cutting‑edge fields such as insurtech, healthtech, and artificial intelligence. The program aims to provide an international platform for young innovators to showcase their ideas and access global resources.

Actively responding to climate change and promoting low-carbon transformation

With climate change being one of the most severe long-term risks, Fosun recognizes the importance of global cooperation to tackle this challenge. Fosun remains committed to advancing China's "dual carbon" goals by promoting carbon neutrality and energy conservation and emission reduction. In 2021, Fosun made a commitment to society – "strive to peak carbon emissions by 2028 and achieve carbon neutrality by 2050". Fosun has formulated strategies for climate change mitigation and adaptation to align with the 1.5°C temperature control target set in the Paris Agreement.

The Group also actively encourages its member companies to carry out climate actions. In 2024, the Bund Finance Center (BFC), the Group's base in Shanghai and a landmark in Shanghai, was successfully included in Shanghai's first batch of carbon peaking and carbon neutrality pilot demonstration projects, becoming the only large-scale commercial complex exceeding 200,000 square meters on the list.

Empowering a sustainable future through globalization and innovation

Rooted in China, Fosun has been developing globally and has long adhered to the two core growth drivers of "globalization" and "innovation". As one of the few Chinese companies with established global operational and investment capabilities, Fosun has cultivated profound expertise in technology and innovation. With an increasingly sophisticated global business presence, Fosun operates responsibly in more than 40 countries and regions, actively contributing to public welfare and creating sustainable value worldwide.

Looking ahead, Fosun remains dedicated to advancing its social responsibility through innovation and responsible global operations. Guided by its "Create IMPACT" sustainable development strategy, Fosun will intensify its efforts to build a more responsible, inclusive and sustainable future.

FOSUN -2.67%

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09:00

復星國際榮獲《彭博商業周刊中文版》頒發「ESG 領先企業大獎」

香港2025年11月21日 /美通社/ -- 11月19日，《彭博商業周刊/中文版》攜手全球知名會計師事務所德勤在香港成功舉辦第七屆「ESG領先企業2025」頒獎典禮。大會邀請香港特別行政區政府財經事務及庫務局副局長陳浩濂太平紳士發表主題演講並頒獎。復星國際榮獲「ESG領先企業大獎」，以表彰其在ESG戰略、公司治理、社會責任、環境保護、信息披露及與利益相關者積極溝通等方面的卓越表現，獲得市場廣泛認可。

此次榮獲「ESG 領先企業大獎」（組別一：市值超過120億港元）的公司合共12家，全為香港大型上市企業如恒基兆業地產、新鴻基地產、香港中華煤氣、和黃醫藥、中國電信、中國聯合網絡通信、中銀香港等。

持續「創造影響力」，ESG表現備受肯定

回顧過往，復星一直關注全球可持續發展領域的變革和發展，已建立完善的ESG管理體系，多年來將ESG管理要求融入經營管理中，並積極響應國家及全球可持續發展戰略、保障信息安全、促進科技創新、落實「雙碳」目標、保障員工權益，助力可持續管理與價值創造。

復星的可持續發展戰略：「創造影響力」（Create IMPACT），確定了六大長期戰略方向，即：I: Innovation-driven 創新驅動、M: Mindful Operation 責任運營、P: People and Partner Oriented 以人為本、A: Advanced Governance精益治理、C: Climate and Planet Positive 綠色發展、T: Transparency透明真實，這是復星成立以來的初心延續，也是ESG實踐長期貫徹執行的保障。

近年來，復星在ESG各方面都有突出表現。截至目前，復星國際MSCI ESG評級持續保持AA；復星國際於2025年再度成功入選標普全球《可持續發展年鑑2025》，並在《可持續發展年鑑》（中國版）2025名列最佳1%；恒生可持續發展評級持續取得AA-，並連續入選恒生可持續發展企業基準指數成份股；富時羅素FTSE ESG評分保持領先，並持續入選富時羅素社會責任指數（FTSE4Good Index Series）成份股。

創新驅動，積極回饋社會

復星堅持創新驅動，旗下健康產業研發的抗癌藥物，廣泛惠及癌症患者。截至目前，復星旗下生物藥創新產品已觸達近60個國家和地區，惠及全球超85萬患者。其中，自主研發的創新型抗PD-1單抗H藥漢斯狀，是全球首個獲批用於一線治療小細胞肺癌的抗PD-1單抗。截至目前，H藥已在中國、歐盟、英國、新加坡、印度等近40個國家和地區獲批上市。

今年以來，復星在創新藥領域實現多點破局。HLX43是一款靶向PD-L1的抗體偶聯藥物（ADC），正在中、美、澳等國家開展非小細胞肺癌、胸腺癌等實體瘤的臨床研究。目前，全球範圍內尚無PD-L1 ADC獲批上市，HLX43有潛力成為高效、安全的「廣譜抗癌藥」。此外，在小分子創新藥方面，復星自研的靶向藥物復邁寧獲批兩項罕見病適應症，填補了相關罕見病腫瘤領域的治療空白。

立業為善，積極回饋社會

為更好地推動企業社會責任的履行和實施，復星基金會於2012年成立，在全球應急馳援、鄉村振興、健康、教育、文化藝術及青少年發展等領域不懈努力，創造社會價值。其中，復星基金會的鄉村醫生項目自2017年底開展以來，已覆蓋全國16個省、市、自治區的78個縣，守護2.5萬名鄉村醫生，惠及300萬戶農村家庭。

在青年創業發展領域，2016年初，復星聯合復星葡萄牙保險Fidelidade、葡萄牙醫療集團Luz Saúde共同發起「Protechting全球青年創新創業項目」。2016年發起以來，該項目已吸引50多個國家和地區的青年參與，促成50多個試點項目的孵化和6個青創項目的規模化發展。目前Protechting 8.0以「創新無國界」為主題正在全球招募，聚焦保險科技、醫療科技、人工智能等前沿領域，致力於為青年搭建國際化展示與資源對接平台。

積極應對氣候變化，推動低碳轉型發展

面對氣候變化這個嚴峻的長期風險，復星深刻認識到全球協作應對這一挑戰的重要性。復星一方面積極響應國家「雙碳」目標，推動碳中和與節能減排，另一方面，已於2021年向社會做出承諾：「力爭於2028年實現碳達峰、2050年實現碳中和」，通過制訂氣候變化緩解和適應策略，支持《巴黎協定》的1.5℃控溫目標。

集團同時積極推動各成員企業開展氣候行動。集團在上海的主要辦公場所－上海地標型建築外灘金融中心（BFC）於2024年成功入選上海市首批碳達峰碳中和試點示範名單，成為示範名單中唯一規模超20萬平方米的大型商業綜合體。

全球化與創新，驅動可持續未來

植根於中國，成長於全球，復星長期堅持「全球化」和「創新」兩大核心增長引擎，是中國少數既積累了深厚科技與創新能力，又具備全球運營與投資能力的企業。憑藉完善的全球產業生態佈局，復星在超過40個國家和地區負責任運營，積極助力全球民生福祉與可持續價值創造。

面向未來，復星將繼續通過創新和負責任的全球運營，積極承擔更多社會責任，在「創造影響力」可持續發展戰略的引領下，矢志創造更加負責任、包容和可持續的未來。

FOSUN -2.67%

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05:07

DJIA Ends Down 386Pts, Swinging 1,000Pts+ w/ Nasdaq; Nvidia Sags 3%+

The US bourse nosedived after midday on Thursday as the market weighed interest rate cuts and the AI bubble. The DJIA wiped off its earlier gain of 717 points, closing down 386 points or 0.8% at 45,752. The Nasdaq slipped 486 points or 2.2%, closing at 22,078. The two indices experienced intraday swings of over 1,000 points. The S&P 500 ended down 103 points or 1.6%, at 6,538.

AI stocks faced refreshed selling pressure. Nvidia (NVDA.US), which had swelled more than 6% on promising results performance, briskly retreated to close down 3.2%. AMD (AMD.US) plunged 7.8%. Oracle (ORCL.US) fell off 6.6%.

Key techs reversed course, with Tesla (TSLA.US) and Amazon (AMZN.US) both sagging over 2%. Microsoft (MSFT.US) dropped 1.6%. Alphabet (GOOG.US) lost 1% after hitting a new intraday high. Apple (AAPL.US) dipped 0.9%.
~

AASTOCKS Financial News
Website: www.aastocks.com

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2025-11-20

21:44

保利美高梅博物館喜迎第一百萬名訪客

新里程碑印證文旅地標號召力

澳門2025年11月20日 /美通社/ -- 保利美高梅博物館自啟幕以來，深受各界及海內外旅客歡迎，展現文化傳承魅力與創新策展實力，成功吸引本澳、香港、內地及全球逾40個國家和地區的觀眾到訪。博物館於今日（11月20日）喜迎第一百萬名訪客，邁向重要里程碑。為誌慶這一時刻，美高梅中國控股有限公司總裁及執行董事馮小峰親臨現場，向該名幸運訪客——來自中國廣西的翟國英女士——致贈別具意義的專屬紀念禮品。

現場過百名美高梅團隊成員共同見證這一喜悅時刻，氣氛熱烈溫馨

翟女士對於成爲第一百萬名訪客感到驚喜萬分。為隆重其事，博物館特別準備了重達100克的足金「如意」，寓意「吉祥如意、文脈永續」，並由馮小峰親自致贈。現場過百名美高梅團隊成員共同見證這一喜悅時刻，氣氛熱烈溫馨。

翟女士興奮表示，今日與家人同遊保利美高梅博物館，對《壁上觀萬象》這件多媒體作品印象深刻，更幸運獲得寓意美好的足金「如意」，令本趟澳門之旅倍添難忘。

美高梅中國控股有限公司董事長及執行董事何超瓊女士表示：「保利美高梅博物館致力以前沿的策展理念與手法，對古今、中西元素進行重構與當代詮釋，透過獨特的敘事視角，為觀衆開啟耳目一新的觀展體驗，力求打造兼具深度與趣味、為全年齡層尤其是年輕一代所喜愛的博物館空間。一百萬名訪客的到來，是對這一理念的有力印證，更為我們開啟下一段精彩旅程注入信心與動力。」

活態博物館：以創新與科技煥新文化瑰寶
保利美高梅博物館秉持「活態博物館」的理念，以前沿策展突破傳統靜態框架，將展覽轉化為歷史與當代藝術的全新演繹。透過沉浸式體驗與跨媒介敘事，讓文物「說當代的語言」，實現文化可感、歷史可親的展覽體驗。為來自全球各地不同年齡、不同背景訪客，提供更包容、更開放及多維度的文化體驗，展現中西和諧共融的宏大格局。

《絲路》展覽：在澳門讀懂千年文明交匯
目前，館內正展出以陸上絲綢之路為主題的《絲路》年度大展。展覽以歐亞大陸絲綢之路沿線歷史遺珍為經緯，透過四大主題單元，展出逾200件歷史珍品與當代藝術作品。展覽以古今對話的策展手法重新呈現歷史主題，讓觀眾走進跨越時空的文化之旅，體會文明互鑒的當代價值。

除主題展覽，保利美高梅博物館持續推出座談會、館際交流、工作坊及博物館親子夜遊等延伸活動，深化文化藝術與公眾之間的互動，並透過專業公眾導賞服務及電子導覽系統，提升公眾的觀展體驗。館內亦設有M BOX文創產品自動售賣機，呈獻與展覽主題呼應的文創臻品，延伸觀眾的文化體驗。

美高梅中國控股有限公司總裁及執行董事馮小峰向保利美高梅博物館第一百萬名訪客翟國英女士送上專屬紀念禮品

現場過百名美高梅團隊成員共同見證這一喜悅時刻，氣氛熱烈溫馨

關於 「保利美高梅博物館」

保利文化與美高梅攜手打造「保利美高梅博物館」，一座致力於傳承中華優秀傳統文化、呈現非物質文化遺產之美的世界級文旅地標。博物館選址於澳門 ⸺中西方文化交流的先驅、「海上絲綢之路」上的璀璨明珠，旨在將其定位為中國與世界接軌的前沿，以國家一級文物展示的標準，將中華文化的故事傳播得更廣、更遠。博物館融合了傳統中國工藝與尖端科技，為觀者帶來全感官的藝術文化體驗。展覽透過現代建築語言，結合中國傳統非遺工藝和一帶一路沿線主要國家的文物與藝術元素，實現「中西合璧、古今交融、虛實結合、文化與科技融合」的藝術呈現。「保利美高梅博物館」見證五千年中國文明的輝煌，體現保利文化與美高梅雙方對於傳承中國文化瑰寶、賡續中華文脈的堅定承諾。

關於保利文化

保利文化作為國資委序列中以文化藝術經營為主業的央企，堅定遵循習近平文化思想，以「紅色基因鑄魂、藍色基因立身」，做「美好生活領創者」。保利文化於2000年成立，十餘次榮獲「全國文化企業三十強」稱號，是中國國際商會文化和旅遊產業工作委員會主席單位，被文化和旅遊部命名為「國家文化產業示範基地」，始終致力於為公眾提供高端、高質、高品的文化產品和服務，讓保利品牌的高價值助力國家文化事業和文化產業發展。

保利文化旗下擁有150余家全資及控股企業，擁有保利劇院、保利拍賣、保利影業、保利藝術教育、保利WeDo、保利藝術博物館等知名品牌。近年來，保利文化還積極開拓文化傳播、文化資產運營、文化數位化等業務，取得較好發展。

新的征程上，保利文化將鍛長補短、積厚成器，建設一流、追求卓越，舉旗幟、聚民心、育新人、興文化、展形象，為推進文化自信自強、鑄就社會主義文化新輝煌貢獻保利力量。

關於美高梅

美高梅中國控股有限公司（股份代號：2282）簡稱美高梅，為大中華地區領先的娛樂場博彩度假酒店發展商、擁有者和運營商之一，是美高梅金殿超濠股份有限公司的控股公司，為六家持有澳門經營博彩業務特許權的企業之一。美高梅金殿超濠現時擁有及經營兩家酒店：澳門美高梅位於澳門半島、是屢獲殊榮的豪華綜合度假酒店；而位於澳門路氹城的美獅美高梅為一現代豪華綜合度假酒店。

澳門美高梅是《福布斯旅遊指南》五星評級之綜合度假酒店，是一充滿創意和風格的藝術傑作。除了約600間豪華客房及套房，賓客還能在這裏發現眾多與別不同的奢華享受，包括以巨型玻璃天幕覆蓋、充滿歐陸設計特色的天幕廣場，氣勢磅礡。澳門美高梅擁有世界一流的設施，包括面積近2,000平方米按照國家一級文物展陳標準建造的博物館 —「保利美高梅博物館」、水療中心、七間各具特色且集合各國佳餚的餐廳及酒吧等，而功能齊全的會議及場地設施，也讓澳門美高梅成為舉辦各類宴會的理想地點。酒店位於澳門半島最矚目的地段上，位置優越，與名店林立的壹號廣塲相連。

美獅美高梅設計猶如路氹城的「珠寶盒」，設有約1,400間客房及套房、偌大的會議空間、奢華的水療設施、零售商店、餐飲配套、美高梅首間國際酒店別墅「雍華府」，及上演美高梅與中國大導演張藝謀攜手打造《澳門2049》駐場秀的美高梅劇院。美獅美高梅的視博廣場天幕在2019年1月19日被評為最大的懸跨網架式結構玻璃屋頂（自支撐），是中國澳門首個建築及結構範疇的健力士世界紀錄™榮譽。美獅美高梅旨在推動多元化發展，為澳門帶來更多元及創新的娛樂體驗，讓澳門繼續發展成為世界旅遊休閒中心。美獅美高梅是澳門唯一囊括三星級綠色建築設計標識和運行標識的巨型綜合建築及酒店，更是大灣區首家及大中華區第二家取得該認證的酒店。

美高梅中國控股有限公司主要由美高梅國際酒店集團（MGM Resorts International）擁有（紐約證券交易所代號：MGM）。美高梅國際酒店集團是世界領先的全球酒店及餐飲款待公司，其轄下的度假酒店項目包括百樂宮大酒店（Bellagio）、亞利亞（ARIA）、美高梅大酒店（MGM Grand）、曼德拉灣大酒店（Mandalay Bay）及Park MGM。有關美高梅國際酒店集團的詳情，請瀏覽 www.mgmresorts.com。

MGMC -5.73%

Information Provided by PR Newswire [Disclaimer]

16:30

NetEase Announces Third Quarter 2025 Unaudited Financial Results

HANGZHOU, China, Nov. 20, 2025 /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 third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

Net revenues were RMB28.4 billion (US$4.0 billion), an increase of 8.2% compared with the same quarter of 2024.
- Games and related value-added services net revenues were RMB23.3 billion (US$3.3 billion), an increase of 11.8% compared with the same quarter of 2024.
- Youdao net revenues were RMB1.6 billion (US$228.8 million), an increase of 3.6% compared with the same quarter of 2024.
- NetEase Cloud Music net revenues were RMB2.0 billion (US$275.9 million), a decrease of 1.8% compared with the same quarter of 2024.
- Innovative businesses and others net revenues were RMB1.4 billion (US$202.1 million), a decrease of 18.9% compared with the same quarter of 2024.
Gross profit was RMB18.2 billion (US$2.6 billion), an increase of 10.3% compared with the same quarter of 2024.
Total operating expenses were RMB10.2 billion (US$1.4 billion), an increase of 8.9% compared with the same quarter of 2024.
Net income attributable to the Company's shareholders was RMB8.6 billion (US$1.2 billion). Non-GAAP net income attributable to the Company's shareholders was RMB9.5 billion (US$1.3 billion).[1]
Basic net income per share was US$0.38 (US$1.90 per ADS). Non-GAAP basic net income per share was US$0.42 (US$2.09 per ADS).^[1]

[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement.

Third Quarter 2025 and Recent Operational Highlights

Showcased strong long-term operating capabilities with enduring player engagement across well-established titles. Notably, Fantasy Westward Journey Online achieved four successive record peak concurrent player counts since the third quarter, reaching a height of 3.58 million. Multiple established titles strengthened player appeal through innovative gameplay updates and crossover synergy events, including Fantasy Westward Journey mobile game, Identity V, Eggy Party, Sword of Justice and Where Winds Meet.
Strengthened the global portfolio and pipeline with new games across a variety of genres:
- Destiny: Rising topped the iOS download chart in multiple regions across Western markets with its August 28 global launch, as well as in China with its October 16 domestic launch.
- ANANTA sparked substantial enthusiasm with its brand-new experience at Tokyo Games Show 2025's playtesting session.
- Sword of Justice and Where Winds Meet hit global markets on November 7 and 14, respectively, bringing captivating, distinctive Wuxia worlds to players everywhere.
- Sea of Remnants is advancing steadily toward its planned 2026 launch.
Blizzard titles continued to deliver enhanced experiences to Chinese players. World of Warcraft launched the long-awaited, China-exclusive Titan Reforged Server on November 18, igniting strong enthusiasm among local players. Diablo II: Resurrected returned to China on August 27, followed by StarCraft II on October 28, while Diablo IV is scheduled to launch on December 12, to deliver another exceptional experience to players in China.

"We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "Over the years, we have honed our innovation capabilities and proven them title after title by delivering exceptional gaming experiences. This edge has afforded us a strong domestic foundation to extend our distinctive, sophisticated games to players worldwide.

"User experience remains the heart of our value system as we look to raise the bar for creativity and tech-inspired games while enriching and expanding our vibrant player community. Through close collaboration with partners and top talent around the world, we aim to create even greater value for players and sustain our momentum across markets," Mr. Ding concluded.

Third Quarter 2025 Financial Results

Net Revenues

Net revenues for the third quarter of 2025 were RMB28.4 billion (US$4.0 billion), compared with RMB27.9 billion and RMB26.2 billion for the preceding quarter and the same quarter of 2024, respectively.

Net revenues from games and related value-added services were RMB23.3 billion (US$3.3 billion) for the third quarter of 2025, compared with RMB22.8 billion and RMB20.9 billion for the preceding quarter and the same quarter of 2024, respectively. Net revenues from the operation of online games accounted for approximately 97.6% of the segment's net revenues for the third quarter of 2025, compared with 97.1% and 96.8% for the preceding quarter and the same quarter of 2024, respectively. The quarter-over-quarter increase in online games net revenues was due to higher net revenues from self-developed games such as Fantasy Westward Journey Online and Sword of Justice, as well as certain licensed games. The year-over-year increase was attributable to higher net revenues from self-developed games such as Fantasy Westward Journey Online, Eggy Party and newly-launched Where Winds Meet and Marvel Rivals, as well as certain licensed games.

Net revenues from Youdao were RMB1.6 billion (US$228.8 million) for the third quarter of 2025, compared with RMB1.4 billion and RMB1.6 billion for the preceding quarter and the same quarter of 2024. The quarter-over-quarter increase was due to increased net revenues from its smart devices and online marketing services.

Net revenues from NetEase Cloud Music were RMB2.0 billion (US$275.9 million) for the third quarter of 2025, compared with RMB2.0 billion each for the preceding quarter and the same quarter of 2024.

Net revenues from innovative businesses and others were RMB1.4 billion (US$202.1 million) for the third quarter of 2025, compared with RMB1.7 billion and RMB1.8 billion for the preceding quarter and the same quarter of 2024, respectively. Results from this segment were mainly driven by net revenues from Yanxuan, advertising services and other value-added services, as well as certain inter-segment transaction eliminations. The quarter-over-quarter decrease was led by decreased net revenues from Yanxuan. The year-over-year decrease reflected an increase in certain inter-segment transaction elimination and, to a lesser extent, decreased net revenues from Yanxuan and certain other businesses.

Cost of Revenues

Cost of revenues for the third quarter of 2025 was RMB10.2 billion (US$1.4 billion), compared with RMB9.8 billion and RMB9.7 billion for the preceding quarter and the same quarter of 2024, respectively. Staff-related costs, revenue sharing costs and royalties for licensed games increased quarter-over-quarter and year-over-year.

Gross Profit

Gross profit for the third quarter of 2025 was RMB18.2 billion (US$2.6 billion), compared with RMB18.1 billion and RMB16.5 billion for the preceding quarter and the same quarter of 2024, respectively.

Operating Expenses

Total operating expenses for the third quarter of 2025 were RMB10.2 billion (US$1.4 billion), compared with RMB9.0 billion and RMB9.3 billion for the preceding quarter and the same quarter of 2024, respectively. The quarter-over-quarter and year-over-year increases were primarily due to increased marketing expenditures related to online games.

Other Income/(Expenses)

Other income/(expenses) consisted of investment income, interest income, net exchange losses/(gains) and others. The quarter-over-quarter increase was mainly due to fair value changes of equity security investments in the third quarter of 2025. The year-over-year increase was primarily due to fair value changes of equity security investments and lower net exchange losses in the third quarter of 2025, compared with the same quarter of 2024.

Income Tax

The Company recorded a net income tax charge of RMB1.3 billion (US$184.9 million) for the third quarter of 2025, compared with RMB1.6 billion and RMB1.3 billion for the preceding quarter and the same quarter of 2024, respectively. The effective tax rate for the third quarter of 2025 was 13.0%, compared with 14.7% and 16.1% for the preceding quarter and the same quarter of 2024, respectively. The effective tax rate represents certain estimates by the Company 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 RMB8.6 billion (US$1.2 billion) for the third quarter of 2025, compared with RMB8.6 billion and RMB6.5 billion for the preceding quarter and the same quarter of 2024, respectively.

Basic net income was US$0.38 per share (US$1.90 per ADS) for the third quarter of 2025, compared with US$0.38 per share (US$1.89 per ADS) and US$0.29 per share (US$1.44 per ADS) for the preceding quarter and the same quarter of 2024, respectively.

Non-GAAP net income attributable to the Company's shareholders totaled RMB9.5 billion (US$1.3 billion) for the third quarter of 2025, compared with RMB9.5 billion and RMB7.5 billion for the preceding quarter and the same quarter of 2024, respectively.

Non-GAAP basic net income was US$0.42 per share (US$2.09 per ADS) for the third quarter of 2025, compared with US$0.42 per share (US$2.10 per ADS) and US$0.33 per share (US$1.65 per ADS) for the preceding quarter and the same quarter of 2024, respectively.

Other Financial Information

As of September 30, 2025, 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 short-term and long-term loans) totaled RMB153.2 billion (US$21.5 billion), compared with RMB131.5 billion as of December 31, 2024. Net cash provided by operating activities was RMB12.9 billion (US$1.8 billion) for the third quarter of 2025, compared with RMB10.9 billion and RMB10.6 billion for the preceding quarter and the third quarter of 2024, respectively.

Quarterly Dividend

The board of directors approved a dividend of US$0.1140 per share (US$0.5700 per ADS) for the third quarter of 2025 to holders of ordinary shares and holders of ADSs as of the close of business on December 5, 2025, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17^th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on December 5, 2025 (Beijing/Hong Kong Time). The payment date is expected to be December 16, 2025 for holders of ordinary shares and on or around December 19, 2025, for holders of ADSs.

NetEase paid a dividend of US$0.1140 per share (US$0.5700 per ADS) for the second quarter of 2025 in September 2025.

Under the Company's current dividend policy, the determination to make dividend distributions and the amount of such distribution in any particular quarter will be made at the discretion of its board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.

Share Repurchase Program

The Company announced today that its previously approved share repurchase program of up to US$5.0 billion of the Company's ADSs and ordinary shares in open market or other transactions will be extended for an additional 36 months until January 9, 2029. As of September 30, 2025, approximately 22.1 million ADSs had been repurchased under this program for a total cost of US$2.0 billion.

The extent to which NetEase repurchases its ADSs and its ordinary shares depends upon a variety of factors, including market conditions. These programs may be suspended or discontinued at any time.

** 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.

Conference Call

NetEase's management team will host a teleconference call with a simultaneous webcast at 7:00 a.m. Eastern Time on Thursday, November 20, 2025 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, November 20, 2025). NetEase's management will be on the call to discuss the quarterly results and answer questions.

Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10051135, 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: 10051135. The replay will be available through November 27, 2025.

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/.

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; 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 accounting principles generally accepted in the United States of America ("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 our 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. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.

Contact for Media and Investors:
Email: [email protected]
Tel: (+86) 571-8985-3378

NETEASE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	December 31,	September 30,	September 30,
	2024	2025	2025
	RMB	RMB	USD (Note 1)
Assets
Current assets:
Cash and cash equivalents	51,383,310	31,326,752	4,400,443
Time deposits	75,441,355	93,551,844	13,141,150
Restricted cash	3,086,405	8,654,295	1,215,662
Accounts receivable, net	5,669,027	5,962,060	837,486
Inventories	571,548	637,325	89,525
Prepayments and other current assets, net	6,416,868	6,863,085	964,050
Short-term investments	10,756,143	24,214,436	3,401,382
Total current assets	153,324,656	171,209,797	24,049,698

Non-current assets:
Property, equipment and software, net	8,520,101	8,517,182	1,196,401
Land use rights, net	4,172,465	4,078,719	572,934
Deferred tax assets	1,113,435	2,612,046	366,912
Time deposits	3,025,000	2,845,000	399,635
Restricted cash	5,208	3,900	548
Other long-term assets	25,830,685	25,222,219	3,542,944
Total non-current assets	42,666,894	43,279,066	6,079,374
Total assets	195,991,550	214,488,863	30,129,072

Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity
Current liabilities:
Accounts payable	720,549	718,393	100,912
Salary and welfare payables	4,683,009	3,004,519	422,042
Taxes payable	2,759,185	4,312,685	605,799
Short-term loans	11,805,051	7,349,967	1,032,444
Contract liabilities	15,299,222	19,473,595	2,735,440
Accrued liabilities and other payables	14,400,641	15,229,406	2,139,262
Total current liabilities	49,667,657	50,088,565	7,035,899

Non-current liabilities:
Deferred tax liabilities	2,173,117	2,212,733	310,821
Long-term loans	427,997	-	-
Other long-term liabilities	1,228,641	1,255,583	176,371
Total non-current liabilities	3,829,755	3,468,316	487,192
Total liabilities	53,497,412	53,556,881	7,523,091

Redeemable noncontrolling interests	84,272	89,465	12,567

NetEase, Inc.'s shareholders' equity	138,685,606	156,256,172	21,949,174
Noncontrolling interests	3,724,260	4,586,345	644,240
Total equity	142,409,866	160,842,517	22,593,414

Total liabilities, redeemable noncontrolling interests and shareholders' equity	195,991,550	214,488,863	30,129,072

The accompanying notes are an integral part of this announcement.

NETEASE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data or per ADS data)
	Three Months Ended					Nine Months Ended
		September 30,	June 30,	September 30,	September 30,	September 30,	September 30,	September 30,
		2024	2025	2025	2025	2024	2025	2025
		RMB	RMB	RMB	USD (Note 1)	RMB	RMB	USD (Note 1)

Net revenues		26,209,879	27,891,664	28,358,625	3,983,512	78,547,425	85,078,834	11,950,953
Cost of revenues		(9,733,274)	(9,839,182)	(10,181,020)	(1,430,119)	(29,012,682)	(30,369,341)	(4,265,956)
Gross profit		16,476,605	18,052,482	18,177,605	2,553,393	49,534,743	54,709,493	7,684,997

Operating expenses:
Selling and marketing expenses		(3,805,071)	(3,578,174)	(4,457,675)	(626,166)	(11,329,012)	(10,731,446)	(1,507,437)
General and administrative expenses		(1,100,328)	(1,056,578)	(1,164,573)	(163,587)	(3,388,244)	(3,177,488)	(446,339)
Research and development expenses		(4,424,469)	(4,356,646)	(4,541,891)	(637,996)	(13,054,944)	(13,284,850)	(1,866,112)
Total operating expenses		(9,329,868)	(8,991,398)	(10,164,139)	(1,427,749)	(27,772,200)	(27,193,784)	(3,819,888)
Operating profit		7,146,737	9,061,084	8,013,466	1,125,644	21,762,543	27,515,709	3,865,109

Other income/(expenses):
Investment income, net		578,398	328,444	1,379,402	193,763	861,363	2,400,597	337,210
Interest income, net		1,282,766	953,490	936,706	131,578	3,746,582	2,951,082	414,536
Exchange (losses)/gains, net		(1,055,518)	114,037	(373,812)	(52,509)	(1,279,882)	(257,972)	(36,237)
Other, net		43,600	192,167	153,198	21,520	323,182	600,680	84,377
Income before tax		7,995,983	10,649,222	10,108,960	1,419,996	25,413,788	33,210,096	4,664,995
Income tax		(1,289,545)	(1,560,757)	(1,316,356)	(184,907)	(4,076,394)	(4,782,256)	(671,760)

Net income from continuing operations		6,706,438	9,088,465	8,792,604	1,235,089	21,337,394	28,427,840	3,993,235
Net income from discontinued operations		-	-	-	-	-	-	-
Net income		6,706,438	9,088,465	8,792,604	1,235,089	21,337,394	28,427,840	3,993,235

Accretion of redeemable noncontrolling interests		(962)	(1,051)	(1,044)	(147)	(2,880)	(3,144)	(442)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests		(167,041)	(486,404)	(175,883)	(24,706)	(403,384)	(906,852)	(127,385)
Net income attributable to the Company's shareholders		6,538,435	8,601,010	8,615,677	1,210,236	20,931,130	27,517,844	3,865,408

Net income per share *
Basic		2.04	2.70	2.70	0.38	6.52	8.64	1.21
Diluted		2.03	2.67	2.67	0.38	6.46	8.55	1.20

Net income per ADS *
Basic		10.22	13.49	13.50	1.90	32.61	43.20	6.07
Diluted		10.14	13.36	13.36	1.88	32.30	42.77	6.01

Weighted average number of ordinary shares used in calculating net income per share *
Basic		3,198,646	3,188,634	3,191,231	3,191,231	3,209,298	3,184,651	3,184,651
Diluted		3,224,110	3,214,681	3,223,497	3,223,497	3,238,834	3,214,910	3,214,910

* Each ADS represents five ordinary shares.
The accompanying notes are an integral part of this announcement.

NETEASE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,	September 30,	September 30,	September 30,	September 30,
	2024	2025	2025	2025	2024	2025	2025
	RMB	RMB	RMB	USD (Note 1)	RMB	RMB	USD (Note 1)
Cash flows from operating activities:
Net income	6,706,438	9,088,465	8,792,604	1,235,089	21,337,394	28,427,840	3,993,235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	520,567	428,427	617,872	86,792	1,720,447	1,527,060	214,505
Fair value changes of equity security, other investments and financial instruments	(824,608)	55,715	(1,965,526)	(276,096)	(1,200,753)	(2,468,310)	(346,721)
Impairment losses on investments	529,668	161,463	1,616,146	227,019	868,826	1,866,680	262,211
Fair value changes of short-term investments	(100,071)	(344,604)	(278,636)	(39,140)	(289,176)	(824,849)	(115,866)
Share-based compensation cost	978,139	946,395	902,201	126,732	2,951,495	2,800,468	393,379
Allowance for expected credit losses	36,022	153,179	180,085	25,296	56,903	350,035	49,169
(Gains)/losses on disposal of property, equipment and software	(2,920)	(30,920)	404	57	(1,114)	(10,223)	(1,436)
Unrealized exchange losses/(gains)	1,050,644	(165,662)	368,559	51,771	823,824	174,444	24,504
Gains on disposal of long-term investments, business, subsidiaries and other financial instruments	(118,046)	(141,078)	(38,072)	(5,348)	(272,647)	(167,475)	(23,525)
Deferred income taxes	711,639	(853,764)	(933,553)	(131,135)	(83,383)	(1,459,045)	(204,951)
Share of results on equity method investees	(28,466)	13,479	1,389,265	195,149	175,005	1,384,076	194,420
Changes in operating assets and liabilities:
Accounts receivable	146,758	953,295	(194,823)	(27,367)	198,525	(330,488)	(46,423)
Inventories	(39,285)	(73,944)	(45,582)	(6,403)	81,645	(65,753)	(9,236)
Prepayments and other assets	(1,234,390)	583,484	(889,519)	(124,950)	(377,394)	(601,213)	(84,452)
Accounts payable	6,316	119,644	16,042	2,253	(127,547)	(12,390)	(1,740)
Salary and welfare payables	(670,750)	920,662	(566,362)	(79,556)	(1,970,300)	(1,730,811)	(243,126)
Taxes payable	224,015	(764,372)	517,353	72,672	33,137	1,549,104	217,601
Contract liabilities	1,928,060	(718,719)	2,579,424	362,330	2,231,822	4,386,903	616,225
Accrued liabilities and other payables	755,882	530,718	880,072	123,623	507,904	1,120,416	157,383
Net cash provided by operating activities	10,575,612	10,861,863	12,947,954	1,818,788	26,664,613	35,916,469	5,045,156

Cash flows from investing activities:
Purchase of property, equipment and software	(379,520)	(189,842)	(283,645)	(39,843)	(963,418)	(927,558)	(130,293)
Proceeds from sale of property, equipment and software	1,072	21,499	1,261	177	5,238	24,096	3,385
Purchase of intangible assets, content and licensed copyrights	(222,247)	(313,349)	(190,983)	(26,827)	(810,601)	(803,103)	(112,811)
Net changes of short-term investments with terms of three months or less	1,585,395	776,428	(1,111,376)	(156,114)	(4,207,245)	(6,473,504)	(909,328)
Purchase of short-term investments with terms over three months	(3,675,000)	(5,800,000)	(7,270,000)	(1,021,211)	(3,675,000)	(16,040,000)	(2,253,126)
Proceeds from maturities of short-term investments with terms over three months	-	5,745,454	1,426,005	200,310	-	9,880,060	1,387,844
Investment in long-term investments and acquisition of subsidiaries	(226,086)	(2,741,641)	(95,169)	(13,368)	(901,340)	(2,927,776)	(411,262)
Proceeds from disposal of long-term investments, businesses, subsidiaries and other financial instruments	1,541,338	784,855	1,554,537	218,365	2,467,443	2,416,820	339,489
Placement/rollover of matured time deposits	(36,766,094)	(27,980,605)	(49,326,969)	(6,928,918)	(133,100,536)	(126,909,381)	(17,826,855)
Proceeds from maturities of time deposits	37,546,192	33,617,510	30,600,384	4,298,410	138,806,413	108,144,376	15,190,950
Change in other long-term assets	(125,911)	(27,367)	75,342	10,583	(333,079)	47,297	6,644
Net cash (used in)/provided by investing activities	(720,861)	3,892,942	(24,620,613)	(3,458,436)	(2,712,125)	(33,568,673)	(4,715,363)

Cash flows from financing activities:
Net changes from loans with terms of three months or less	(4,778,301)	2,017,570	536,886	75,416	(7,263,080)	300,041	42,146
Proceeds of loans with terms over three months	5,395,810	1,231,000	1,481,550	208,112	13,463,080	5,460,100	766,976
Payment of loans with terms over three months	(3,100,520)	(1,804,730)	(5,879,605)	(825,903)	(14,739,347)	(10,620,012)	(1,491,784)
Net amounts (paid)/received related to repurchase of or capital contribution from noncontrolling interests shareholders	(8,394)	42,400	18,072	2,539	84,392	102,989	14,467
Net amount (paid)/received related to repurchase of NetEase's ADSs/purchase of subsidiaries' ADSs and shares	(3,994,212)	(355,563)	35,227	4,948	(7,235,022)	(623,937)	(87,644)
Dividends paid to NetEase's shareholders	(1,972,928)	(3,082,122)	(2,583,740)	(362,936)	(9,182,743)	(11,250,394)	(1,580,333)
Net cash used in financing activities	(8,458,545)	(1,951,445)	(6,391,610)	(897,824)	(24,872,720)	(16,631,213)	(2,336,172)

Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies	(68,136)	(31,749)	(117,878)	(16,558)	(103,040)	(206,559)	(29,015)
Net increase/ (decrease) in cash, cash equivalents and restricted cash	1,328,070	12,771,611	(18,182,147)	(2,554,030)	(1,023,272)	(14,489,976)	(2,035,394)
Cash, cash equivalents and restricted cash, at the beginning of the period	21,855,316	45,395,483	58,167,094	8,170,683	24,206,658	54,474,923	7,652,047
Cash, cash equivalents and restricted cash, at the end of the period	23,183,386	58,167,094	39,984,947	5,616,653	23,183,386	39,984,947	5,616,653

Supplemental disclosures of cash flow information:
Cash paid for income taxes, net	554,867	2,184,556	1,967,228	276,335	4,586,071	5,358,339	752,681
Cash paid for interest expenses	165,881	64,366	207,879	29,201	465,279	369,669	51,927

The accompanying notes are an integral part of this announcement.

NETEASE, INC.
UNAUDITED SEGMENT INFORMATION
(in thousands)

	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,	September 30,	September 30,	September 30,	September 30,
	2024	2025	2025	2025	2024	2025	2025
	RMB	RMB	RMB	USD (Note 1)	RMB	RMB	USD (Note 1)
Net revenues:
Games and related value-added services	20,864,036	22,806,459	23,327,508	3,276,796	62,380,233	70,181,974	9,858,403
Youdao	1,572,541	1,417,541	1,628,524	228,757	4,286,121	4,344,327	610,244
NetEase Cloud Music	1,999,163	1,968,729	1,964,063	275,890	6,069,656	5,791,180	813,482
Innovative businesses and others	1,774,139	1,698,935	1,438,530	202,069	5,811,415	4,761,353	668,824
Total net revenues	26,209,879	27,891,664	28,358,625	3,983,512	78,547,425	85,078,834	11,950,953

Cost of revenues:
Games and related value-added services	(6,503,146)	(6,792,240)	(7,151,130)	(1,004,513)	(19,067,061)	(21,438,632)	(3,011,467)
Youdao	(783,085)	(808,181)	(940,661)	(132,134)	(2,178,383)	(2,432,877)	(341,744)
NetEase Cloud Music	(1,343,921)	(1,258,855)	(1,269,289)	(178,296)	(3,988,683)	(3,703,921)	(520,287)
Innovative businesses and others	(1,103,122)	(979,906)	(819,940)	(115,176)	(3,778,555)	(2,793,911)	(392,458)
Total cost of revenues	(9,733,274)	(9,839,182)	(10,181,020)	(1,430,119)	(29,012,682)	(30,369,341)	(4,265,956)

Gross profit:
Games and related value-added services	14,360,890	16,014,219	16,176,378	2,272,283	43,313,172	48,743,342	6,846,936
Youdao	789,456	609,360	687,863	96,623	2,107,738	1,911,450	268,500
NetEase Cloud Music	655,242	709,874	694,774	97,594	2,080,973	2,087,259	293,195
Innovative businesses and others	671,017	719,029	618,590	86,893	2,032,860	1,967,442	276,366
Total gross profit	16,476,605	18,052,482	18,177,605	2,553,393	49,534,743	54,709,493	7,684,997

The accompanying notes are an integral part of this announcement.

NETEASE, INC.

NOTES TO UNAUDITED FINANCIAL INFORMATION

Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.1190 on the last trading day of September 2025 (September 30, 2025) 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 September 30, 2025, or at any other certain date.

Note 2: Share-based compensation cost reported in the Company's unaudited condensed consolidated statements of comprehensive income is set out as follows in RMB and USD (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,	September 30,	September 30,	September 30,	September 30,
	2024	2025	2025	2025	2024	2025	2025
	RMB	RMB	RMB	USD (Note 1)	RMB	RMB	USD (Note 1)
Share-based compensation cost included in:
Cost of revenues	306,283	291,326	267,472	37,572	881,167	792,509	111,323
Operating expenses
Selling and marketing expenses	36,365	37,300	29,063	4,082	97,099	98,941	13,898
General and administrative expenses	247,440	207,202	209,916	29,487	823,426	678,377	95,291
Research and development expenses	388,051	410,567	395,750	55,591	1,149,803	1,230,641	172,867

The accompanying notes are an integral part of this announcement.

Note 3: The financial information prepared and presented in this announcement might be different from those published and to be published by NetEase's listed subsidiary to meet the disclosure requirements under different accounting standards requirements.

Note 4: The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and USD (in thousands, except per share data or per ADS data):

	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,	September 30,	September 30,	September 30,	September 30,
	2024	2025	2025	2025	2024	2025	2025
	RMB	RMB	RMB	USD (Note 1)	RMB	RMB	USD (Note 1)
Net income attributable to the Company's shareholders	6,538,435	8,601,010	8,615,677	1,210,236	20,931,130	27,517,844	3,865,408
Add: Share-based compensation	960,706	930,921	886,380	124,509	2,897,543	2,752,871	386,693
Non-GAAP net income attributable to the Company's shareholders	7,499,141	9,531,931	9,502,057	1,334,745	23,828,673	30,270,715	4,252,101

Non-GAAP net income per share *
Basic	2.34	2.99	2.98	0.42	7.42	9.51	1.34
Diluted	2.33	2.96	2.95	0.41	7.35	9.41	1.32

Non-GAAP net income per ADS *
Basic	11.72	14.95	14.89	2.09	37.12	47.53	6.68
Diluted	11.63	14.81	14.73	2.07	36.77	47.05	6.61

* Each ADS represents five ordinary shares.
The accompanying notes are an integral part of this announcement.

NTES -3.76%

Information Provided by PR Newswire [Disclaimer]

10:23

Jensen Huang: Nvidia Has Ample Blackwell AI Chips Available for Sale; Biz Very Very Strong

Nvidia (NVDA.US) has sufficient Blackwell AI chips to cater the growing demand, and the overall business is very, very strong, CEO Jensen Huang boasted.

The previously reported sell-out of Blackwell chips referred to the current chips being fully utilized by customers, he said, emphasizing that the company's supply chain planning is very well-organized.

There are still many Blackwell chips available for sale, he added, foreseeing that sales of new chips and systems are likely to exceed the previously set long-term target of US$500 billion.

Under U.S. export restrictions, the Chinese market remains meager, and the company's sales forecast for data center chips in China remains zero, the CEO conceded.
~

AASTOCKS Financial News
Website: www.aastocks.com

Nvidia -9.17%

Information Provided by AAStocks Financial News [Disclaimer]

09:24

Nvidia CEO Jensen Huang Negates AI Bubble Claims

Nvidia (NVDA.US) CEO Jensen Huang dismissed claims of an AI bubble during an analyst meeting, arguing that the shift towards GPU adoption is driven by the need for AI in areas such as data processing, advertising recommendations, search systems, and engineering.

AI will not only integrate into current applications but will also give rise to entirely new applications, he insisted. Besides, Agentic AI will be capable of reasoning and planning, thus requiring more powerful computing capabilities.

Huang emphasized that Nvidia is the only company capable of meeting the demands of the above-mentioned three usages. When considering infrastructure investments, these three fundamental factors should be evaluated, as they will drive infrastructure development in the coming years.
~

AASTOCKS Financial News
Website: www.aastocks.com

Nvidia -9.17%

Information Provided by AAStocks Financial News [Disclaimer]

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