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网易（NTES）与Unity Software Inc.（U）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是Unity Software Inc.的7.9倍（$4.0B vs $503.1M）。网易净利率更高（31.0% vs -17.9%，领先48.9%）。网易自由现金流更多（$1.8B vs $118.7M）。过去两年网易的营收复合增速更高（9.7% vs 4.5%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
Unity Software Inc.是总部位于美国旧金山的游戏软件开发企业，2004年于丹麦成立时原名为Over the Edge Entertainment，2007年更为现名。公司核心产品Unity游戏引擎全球应用广泛，可用于开发各类电子游戏及其他互动应用，商业化授权服务覆盖全球客户。
NTES vs U — 直观对比
营收规模更大
NTES
是对方的7.9倍
$503.1M
净利率更高
NTES
高出48.9%
-17.9%
自由现金流更多
NTES
多$1.7B
$118.7M
两年增速更快
NTES
近两年复合增速
4.5%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $503.1M |
| 净利润 | $1.2B | $-90.0M |
| 毛利率 | 64.1% | 74.3% |
| 营业利润率 | 28.3% | -21.2% |
| 净利率 | 31.0% | -17.9% |
| 营收同比 | — | 10.1% |
| 净利润同比 | — | 26.7% |
| 每股收益（稀释后） | — | $-0.21 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NTESU
| Q4 25 | — | $503.1M | ||
| Q3 25 | $4.0B | $470.6M | ||
| Q2 25 | $3.9B | $440.9M | ||
| Q1 25 | $4.0B | $435.0M | ||
| Q4 24 | — | $457.1M | ||
| Q3 24 | $3.7B | $446.5M | ||
| Q2 24 | $3.5B | $449.3M | ||
| Q1 24 | $3.7B | $460.4M |
净利润NTESU
| Q4 25 | — | $-90.0M | ||
| Q3 25 | $1.2B | $-126.4M | ||
| Q2 25 | $1.3B | $-108.8M | ||
| Q1 25 | $1.5B | $-77.6M | ||
| Q4 24 | — | $-122.7M | ||
| Q3 24 | $955.7M | $-124.7M | ||
| Q2 24 | $939.6M | $-125.6M | ||
| Q1 24 | $1.1B | $-291.1M |
毛利率NTESU
| Q4 25 | — | 74.3% | ||
| Q3 25 | 64.1% | 74.4% | ||
| Q2 25 | 64.7% | 74.1% | ||
| Q1 25 | 64.1% | 73.8% | ||
| Q4 24 | — | 74.7% | ||
| Q3 24 | 62.9% | 74.9% | ||
| Q2 24 | 62.9% | 75.8% | ||
| Q1 24 | 63.4% | 68.6% |
营业利润率NTESU
| Q4 25 | — | -21.2% | ||
| Q3 25 | 28.3% | -26.7% | ||
| Q2 25 | 32.5% | -26.9% | ||
| Q1 25 | 36.2% | -29.4% | ||
| Q4 24 | — | -27.1% | ||
| Q3 24 | 27.3% | -28.5% | ||
| Q2 24 | 27.4% | -28.8% | ||
| Q1 24 | 28.4% | -81.4% |
净利率NTESU
| Q4 25 | — | -17.9% | ||
| Q3 25 | 31.0% | -26.9% | ||
| Q2 25 | 32.6% | -24.7% | ||
| Q1 25 | 36.6% | -17.8% | ||
| Q4 24 | — | -26.8% | ||
| Q3 24 | 25.6% | -27.9% | ||
| Q2 24 | 26.8% | -28.0% | ||
| Q1 24 | 29.1% | -63.2% |
每股收益（稀释后）NTESU
| Q4 25 | — | $-0.21 | ||
| Q3 25 | — | $-0.30 | ||
| Q2 25 | — | $-0.26 | ||
| Q1 25 | — | $-0.19 | ||
| Q4 24 | — | $-0.30 | ||
| Q3 24 | — | $-0.31 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $-0.75 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $31.3B | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $3.2B |
| 总资产 | $214.5B | $6.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NTESU
| Q4 25 | — | $2.1B | ||
| Q3 25 | $31.3B | $1.9B | ||
| Q2 25 | $54.4B | $1.7B | ||
| Q1 25 | $41.7B | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $20.2B | $1.4B | ||
| Q2 24 | $19.0B | $1.3B | ||
| Q1 24 | $43.0B | $1.2B |
股东权益NTESU
| Q4 25 | — | $3.2B | ||
| Q3 25 | $160.8B | $3.2B | ||
| Q2 25 | $154.0B | $3.2B | ||
| Q1 25 | $147.8B | $3.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $135.6B | $3.2B | ||
| Q2 24 | $134.2B | $3.2B | ||
| Q1 24 | $130.5B | $3.2B |
总资产NTESU
| Q4 25 | — | $6.8B | ||
| Q3 25 | $214.5B | $6.8B | ||
| Q2 25 | $208.5B | $6.7B | ||
| Q1 25 | $200.9B | $6.6B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | $184.9B | $6.7B | ||
| Q2 24 | $183.3B | $6.7B | ||
| Q1 24 | $195.1B | $6.8B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.8B | $121.4M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $118.7M |
| 自由现金流率自由现金流/营收 | 44.7% | 23.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 过去12个月自由现金流最近4个季度 | $6.3B | $403.9M |
8季度趋势，按日历期对齐
经营现金流NTESU
| Q4 25 | — | $121.4M | ||
| Q3 25 | $1.8B | $155.4M | ||
| Q2 25 | $1.5B | $133.1M | ||
| Q1 25 | $1.7B | $13.0M | ||
| Q4 24 | — | $112.2M | ||
| Q3 24 | $1.5B | $122.4M | ||
| Q2 24 | $898.8M | $88.4M | ||
| Q1 24 | $1.3B | $-7.4M |
自由现金流NTESU
| Q4 25 | — | $118.7M | ||
| Q3 25 | $1.8B | $151.3M | ||
| Q2 25 | $1.5B | $126.7M | ||
| Q1 25 | $1.6B | $7.3M | ||
| Q4 24 | — | $105.8M | ||
| Q3 24 | $1.5B | $115.2M | ||
| Q2 24 | $875.6M | $79.6M | ||
| Q1 24 | $1.3B | $-14.6M |
自由现金流率NTESU
| Q4 25 | — | 23.6% | ||
| Q3 25 | 44.7% | 32.1% | ||
| Q2 25 | 38.3% | 28.7% | ||
| Q1 25 | 40.4% | 1.7% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | 38.9% | 25.8% | ||
| Q2 24 | 25.0% | 17.7% | ||
| Q1 24 | 34.0% | -3.2% |
资本支出强度NTESU
| Q4 25 | — | 0.5% | ||
| Q3 25 | 1.0% | 0.9% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 1.6% | 1.3% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 1.4% | 1.6% | ||
| Q2 24 | 0.7% | 2.0% | ||
| Q1 24 | 1.5% | 1.6% |
现金转化率NTESU
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
U
| Grow Solutions | $338.2M | 67% |
| Create Solutions | $164.9M | 33% |
