NetEase Reports Second Quarter 2012 Unaudited Financial Results

Aug 15, 2012, 18:00 ET from NetEase.com, Inc.

BEIJING, Aug. 15, 2012 /PRNewswire-Asia/ -- NetEase, Inc. (NASDAQ: NTES), one of China's leading Internet and online game services providers, today announced its unaudited financial results for the second quarter ended June 30, 2012.

William Ding, Chief Executive Officer and Director of NetEase, stated, "We place great emphasis on setting standards of excellence for China's Internet audience. The merits of this strategy can be found in our continued growth and loyalty in our user base. For the second quarter of 2012, our total revenues increased 12.7% year-over-year, with online games growing by 10.8% and advertising services increasing by 20.4%."

"In the second quarter, we continued to advance our self-developed games with certain standout performances. Ghost achieved record revenue in May, gaining traction from its open beta testing launch in April. Fantasy Westward Journey demonstrated a stable increase in revenue driven by positive user response to new content for this game.  During the second quarter, we also launched open beta testing for Tianxia III, as well as released new expansion packs for Warsong of Westward Journey in April, Heroes of Tang Dynasty in May and Westward Journey Online II at the end of June. We expect the effect from the new launches for our self-developed games to be reflected in upcoming periods."

"Although playing time for Blizzard Entertainment's World of Warcraft® declined during the second quarter, leading to a quarter-over-quarter decrease of online game revenues, World of Warcraft continues to have a very enthusiastic community of players in China. We look forward to releasing Blizzard's Mists of Pandaria, the fourth expansion pack for World of Warcraft, as soon as possible to build on the game's large and passionate player base in China."

"In the second half of the year, we will focus on launching several new games and introducing expansion packs to existing games such as Fantasy Westward Journey, Tianxia III, Ghost and Westward Journey Online III. Our newest games under development are progressing well. In response to growing market demand for action games, we launched initial closed beta testing for two such games in July: Kung Fu Master, formerly called Wu Hun, as well as Soul of the Fighter, formerly called Soul of Warrior. Early feedback for both games has been encouraging, and we are preparing for their commercial launch in the second half of the year. In addition, our next generation 3D MMORPG Dragon Sword and 3D action real-time strategy game Heroes of Three Kingdoms are being developed to the highest standards of quality, and we will be performing technical tests this year to obtain user feedback on those games."

"Content innovation, new product development as well as service integration among mobile platforms continues to attract new advertising customers. Revenues from advertising services grew 42.3% quarter-over-quarter, led by the automobile, fast moving consumer goods and financial services sectors. Our recent focus has been on high profile sporting events, such as Euro Cup 2012 and the London Olympics. In the second quarter, we were pleased to secure a strategic partnership with China Network Television to broadcast the London Olympic Games as well as the opening and closing ceremonies on our portal and our top-ranking mobile news application."

"Mobile access and the introduction of new attractive content are contributing to continued user growth in our portal and e-mail business. In the second quarter, the registered number of users for our micro-blogging service increased by 48.8% sequentially to 180 million.  Mailbox services also increased to 495 million registered users as of June 30, 2012. We continue to advance both services by introducing new content and enhancing the user experience to broaden our existing community."

"Our robust games portfolio, industry leading portal and growing search business are built on the success of providing a highly differentiated platform that caters to quality and optimizing user experience. We continue to build our products and services to meet customers' demands for new content with a robust pipeline of games and activities planned for the second half of the year," Mr. Ding concluded.

Second Quarter 2012 Financial Results

Revenues

Total revenues for the second quarter of 2012 were RMB2.0 billion (US$315.5 million), compared to RMB2.0 billion and RMB1.8 billion for the preceding quarter and the second quarter of 2011, respectively.

Revenues from online games were RMB1.7 billion (US$275.3 million) for the second quarter of 2012, compared to RMB1.8 billion and RMB1.6 billion for the preceding quarter and the second quarter of 2011, respectively.

Revenues from advertising services were RMB204.2 million (US$32.1 million) for the second quarter of 2012, compared to RMB143.5 million and RMB169.6 million for the preceding quarter and the second quarter of 2011, respectively.

Revenues from e-mail, wireless value-added services and others ("E-mail, WVAS and others") were RMB51.4 million (US$8.1 million) for the second quarter of 2012, compared to RMB39.6 million and RMB30.7 million for the preceding quarter and the second quarter of 2011, respectively.

Gross Profit

Gross profit for the second quarter of 2012 was RMB1.3 billion (US$208.0 million), compared to RMB1.3 billion and RMB1.2 billion for the preceding quarter and the second quarter of 2011, respectively.

The year-over-year increase in gross profit was primarily attributable to increased revenues from NetEase's online game business. The year-over-year increase in online game revenues was primarily driven by increased revenues from the Company's self-developed games, Ghost, Fantasy Westward Journey and Tianxia III, which was partially offset by a decline in revenue from Blizzard Entertainment's World of Warcraft.

Gross Profit (Loss) Margin

Gross profit margin for the online game business for the second quarter of 2012 was 73.3%, compared to 73.0% and 70.2% for the preceding quarter and the second quarter of 2011, respectively.

Gross profit margin for the advertising business for the second quarter of 2012 was 33.0%, compared to 19.8% and 43.9% for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter increase in gross profit margin was primarily due to an increase in advertising revenues. The year-over-year decrease in gross profit margin was primarily due to increased headcount-related costs and video content costs incurred in the second quarter of 2012.

Gross loss margin for the E-mail, WVAS and others business for the second quarter of 2012 was 11.6%, compared to 18.0% and 7.8% for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter change was mainly due to improved performance from NetEase's e-commerce business in the second quarter of 2012.

Operating Expenses

Total operating expenses for the second quarter of 2012 were RMB437.7 million (US$68.9 million), compared to RMB355.7 million and RMB365.8 million for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter increase in operating expenses was mainly due to increased selling and marketing promotional activities related to open beta testing launched in the second quarter of 2012 for Ghost and Tianxia III, and increased research and development expenses related to product development. The year-over-year increase in operating expenses was primarily due to increased headcount-related costs included in general and administrative expenses and research and development expenses. 

Net Profit

Net profit for the second quarter of 2012 totaled RMB875.3 million (US$137.8 million), compared to RMB941.7 million and RMB772.5 million for the preceding quarter and the second quarter of 2011, respectively.

During the second quarter of 2012, the Company reported a net foreign exchange loss of RMB36.0 million (US$5.7 million), compared to a net foreign exchange gain of RMB17.6 million and a net foreign exchange loss of RMB3.0 million for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter and year-over-year changes in foreign exchange gains and losses were mainly due to the translation gains and losses arising from the Company's Euro-denominated bank deposit balances as of June 30, 2012 as the exchange rate of the Euro against the RMB fluctuated over the periods.

NetEase reported basic and diluted earnings per ADS of US$1.05 each for the second quarter of 2012. The Company reported basic and diluted earnings per ADS of US$1.13 each for the preceding quarter, and reported basic and diluted earnings per ADS of US$0.93 each for the second quarter of 2011.

Income Taxes

The Company recorded a net income tax charge of RMB149.5 million (US$23.5 million) for the second quarter of 2012, compared to RMB163.1 million and RMB92.4 million for the preceding quarter and the second quarter of 2011, respectively. The effective tax rate for the second quarter of 2012 was 14.8%, compared to 14.9% and 10.9% for the preceding quarter and the second quarter of 2011, respectively.

The Company's various principal subsidiaries renewed their qualifications as High and New Technology Enterprises in 2011, and enjoy the preferential enterprise income tax rate of 15% from 2011 to 2013, subject to annual review by the relevant tax authorities in China.

The year-over-year increase in effective tax rate was primarily due to the expiration of the enterprise income tax exemption period for certain subsidiaries that were qualified as Software Enterprises, which resulted in an increase in their applicable tax rate from 0% to 12.5%.

Other Information

As of June 30, 2012, the Company's total cash and time deposits balance was RMB13.8 billion (US$2.2 billion), compared to RMB11.9 billion as of December 31, 2011. Cash flow generated from operating activities was RMB880.9 million (US$138.7 million) for the second quarter of 2012, compared to RMB1.3 billion and RMB995.0 million for the preceding quarter and the second quarter of 2011, respectively.  

** The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader.  Translations of amounts from RMB into US$ were calculated at the noon buying rate of US$1.00 = RMB6.3530 on the last trading day of June 2012 (June 29, 2012) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.  No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on June 29, 2012, or at any other certain date. The percentages stated are calculated based on RMB.

Conference Call

NetEase's management team will host a conference call at 9:00 p.m. Eastern Time on Wednesday, August 15, 2012 (Beijing/Hong Kong Time: 9:00 a.m., Thursday, August 16, 2012). 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 1-877-941-2068 (international: 1-480-629-9712), 10-15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-800-406-7325 (international: 1-303-590-3030), and entering passcode 4556534#. The replay will be available through August 29, 2012.

This call is being 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. is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China. NetEase's online communities and personalized premium services have established a large and stable user base for the NetEase websites, which are operated by its affiliates.  In particular, NetEase provides online game services to Internet users through the in-house development or licensing of massively multi-player online role-playing games, including Fantasy Westward Journey, Westward Journey Online II, Westward Journey Online III, Tianxia III, Heroes of Tang Dynasty, Datang and Ghost, as well as the licensed games, World of Warcraft® and StarCraft® II from Blizzard Entertainment.

NetEase also offers online advertising on its websites, which enables advertisers to reach its substantial user base. In addition, NetEase has paid listings on its search engine and web directory and classified advertising services, as well as an online mall, which provides opportunities for e-commerce and traditional businesses to establish their own storefront on the Internet. NetEase also offers wireless value-added services such as news and information content, matchmaking services, music and photos from the web that are sent over SMS, MMS, WAP, IVR and Color Ring-back Tone technologies.

Other community services that the NetEase websites offer include instant messaging, online personal advertisements, matchmaking, alumni clubs and community forums. The Company believes that it is also the largest provider of free e-mail services in China. Furthermore, the NetEase websites as well as its micro-blogging services provide various channels of content. NetEase aggregates news content on world events, sports, science and technology, and financial markets, as well as entertainment content such as cartoons, games, astrology and jokes, from over one hundred international and domestic content providers. 

Forward Looking Statements

This press release 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 statements. 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 game market will not continue to grow or that NetEase will not be able to maintain its leading position in that market, which could occur if, for example, its new online games such as Ghost, Tianxia III, Kung Fu Master and Soul of the Fighter or expansion packs and other improvements to its existing games, including its current and planned expansion packs for Heroes of Tang Dynasty, Warsong of Westward Journey, Westward Journey Online II and other games, do not become as popular as management anticipates; the ability of NetEase to effectively market its games and other services and achieve a positive return on its marketing expenditures; the risk that Shanghai EaseNet will not be able to continue operating World of Warcraft, StarCraft II or other games licensed by it for a period of time or permanently due to possible governmental actions or the risk that such games will not be popular with game players in China; the risk that changes in Chinese government regulation of the online game market may limit future growth of NetEase's revenue or cause revenue to decline; competition in the online advertising business and the risk that investments by NetEase in its content and services may not increase the appeal of the NetEase websites among Internet users or result in increased advertising revenue; the risk that NetEase may not be able to continuously develop new and creative online services, including its ability to maintain and enhance the popularity of its micro-blogging services; the risk that NetEase will not be able to control its expenses in future periods; competition in NetEase's existing and potential markets; governmental uncertainties (including possible changes in the effective tax rates applicable to NetEase and its subsidiaries and affiliates and the ability of NetEase to receive and maintain approvals of the preferential tax treatments and general competition and price pressures in the marketplace); the risk that fluctuations in the value of the Renminbi with respect to other currencies could adversely affect NetEase's business and financial results; and other risks out lined in NetEase's filings with the Securities and Exchange Commission. NetEase does not undertake any obligation to update this forward-looking information, except as required under the applicable law.

Contact for Media and Investors:

Brandi Piacente Investor Relations brandi@corp.netease.com Tel: (+1) 212-481-2050

Cassia Curran NetEase, Inc. cassia@corp.netease.com Tel: (+86) 571-8985-2076

 

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(RMB and USD in thousands)

 December 31,

 June 30,

 June 30,

2011

2012

2012

 RMB 

 RMB 

 USD (Note 1)

Assets

Current assets:

   Cash and cash equivalents

2,214,618

1,075,734

169,327

   Time deposits

9,704,777

12,227,426

1,924,670

   Restricted cash

318,684

521,083

82,022

   Accounts receivable, net

230,047

274,174

43,156

   Prepayments and other current assets

900,464

856,354

134,795

   Short-term investments

993,606

1,049,456

165,191

   Deferred tax assets

111,990

144,793

22,791

Total current assets

14,474,186

16,149,020

2,541,952

Non-current assets:

   Property, equipment and software, net

848,469

791,541

124,593

   Land use right, net

11,788

11,658

1,835

   License right, net

48,962

14,950

2,353

   Deferred tax assets

2,586

2,576

405

   Time deposits

-

478,000

75,240

   Other long-term assets

58,940

71,982

11,330

Total non-current assets

970,745

1,370,707

215,756

Total assets

15,444,931

17,519,727

2,757,708

Liabilities and Shareholders' Equity

Current liabilities:

   Accounts payable

134,217

104,062

16,380

   Salary and welfare payables

244,398

207,961

32,734

   Taxes payable

391,769

367,774

57,890

   Deferred revenue

1,014,073

1,139,312

179,334

   Accrued liabilities and other payables

498,120

614,363

96,704

Total current liabilities

2,282,577

2,433,472

383,042

Long-term payable:

   Other long-term payable

63,890

74,511

11,728

Total liabilities

2,346,467

2,507,983

394,770

Total NetEase, Inc.'s equity

13,126,701

15,066,675

2,371,584

Noncontrolling interests

(28,237)

(54,931)

(8,646)

Total shareholders' equity

13,098,464

15,011,744

2,362,938

Total liabilities and shareholders' equity

15,444,931

17,519,727

2,757,708

The accompanying notes are an integral part of this press release.

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(RMB and USD in thousands, except per share data)

 Quarter Ended

 June 30, 

 March 31, 

 June 30, 

 June 30, 

2011

2012

2012

2012

 RMB

 RMB

 RMB

 USD (Note 1)

Revenues:

Online game services

1,577,810

1,821,029

1,748,695

275,255

Advertising services

169,644

143,451

204,179

32,139

E-mail, WVAS and others

30,669

39,630

51,396

8,090

Total revenues

1,778,123

2,004,110

2,004,270

315,484

Business taxes

(44,507)

(38,481)

(41,781)

(6,577)

Total net revenues

1,733,616

1,965,629

1,962,489

308,907

Total cost of revenues

(580,756)

(634,407)

(641,011)

(100,899)

Gross profit

1,152,860

1,331,222

1,321,478

208,008

Operating expenses:

Selling and marketing expenses

(212,898)

(130,497)

(194,679)

(30,644)

General and administrative expenses

(49,845)

(70,284)

(70,636)

(11,118)

Research and development expenses

(103,008)

(154,961)

(172,348)

(27,129)

Total operating expenses

(365,751)

(355,742)

(437,663)

(68,891)

Operating profit

787,109

975,480

883,815

139,117

Other income:

Investment income

399

13,926

12,968

2,041

Interest income

59,419

86,490

106,155

16,710

Exchange (losses) gains

(2,961)

17,597

(36,028)

(5,671)

Other, net

6,381

1,298

41,194

6,484

Net income before tax

850,347

1,094,791

1,008,104

158,681

Income tax

(92,428)

(163,063)

(149,544)

(23,539)

Net income after tax

757,919

931,728

858,560

135,142

Net loss attributable to noncontrolling interests

14,577

9,952

16,742

2,635

Net income attributable to the Company's shareholders

772,496

941,680

875,302

137,777

Comprehensive income

757,919

931,728

858,560

135,142

Comprehensive loss attributable to noncontrolling interests

14,577

9,952

16,742

2,635

Comprehensive income attributable to the      Company's shareholders

772,496

941,680

875,302

137,777

Earnings per share, basic

0.24

0.29

0.27

0.04

Earnings per ADS, basic

5.92

7.18

6.66

1.05

Earnings per share, diluted

0.24

0.29

0.27

0.04

Earnings per ADS, diluted

5.90

7.17

6.65

1.05

Weighted average number of ordinary shares outstanding, basic

3,264,927

3,278,157

3,286,239

3,286,239

Weighted average number of ADS outstanding, basic

130,597

131,126

131,450

131,450

Weighted average number of ordinary shares outstanding, diluted

3,275,651

3,284,428

3,292,518

3,292,518

Weighted average number of ADS outstanding, diluted

131,026

131,377

131,701

131,701

The accompanying notes are an integral part of this press release.

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(RMB and USD in thousands)

Quarter Ended

 June 30,

March 31,

 June 30,

 June 30,

2011

2012

2012

2012

 RMB 

 RMB 

 RMB 

 USD (Note 1)

Cash flows from operating activities:

Net income

757,919

931,728

858,560

135,142

Adjustments to reconcile net profit to net cash     provided by operating activities:

Depreciation and amortization

75,895

71,677

71,875

11,314

Share-based compensation cost

15,710

68,273

57,907

9,115

Allowance for provision for doubtful debts

1,788

921

3,823

602

(Gain) loss on disposal of property, equipment and software

(49)

(122)

1

-

Unrealized exchange (gains) losses

(1,238)

(18,719)

35,893

5,650

Deferred income taxes

(33,430)

(16,170)

(16,624)

(2,617)

Net equity share of (gain) loss from associated companies

(778)

256

(622)

(98)

Others

162

2,894

5,532

871

Changes in operating assets and liabilities:

   Accounts receivable

(20,211)

20,720

(79,010)

(12,437)

   Prepayments and other current assets

125,434

180,825

(8,557)

(1,347)

   Accounts payable

(2,429)

14,857

(40,641)

(6,397)

   Salary and welfare payables

40,634

(64,930)

28,478

4,483

   Taxes payable

4,201

(19,620)

(49,830)

(7,844)

   Deferred revenue

59,969

71,378

53,862

8,478

   Accrued liabilities and other payables

(28,574)

92,897

(39,741)

(6,255)

            Net cash provided by operating activities

995,003

1,336,865

880,906

138,660

Cash flows from investing activities:

      Purchase of property, equipment and software

(36,130)

(23,280)

(48,915)

(7,700)

      Proceeds from sale of property, equipment and software

49

182

6

1

      Net change in short-term investments with terms 

           of three months or less

(170,000)

(500,000)

(200,000)

(31,481)

      Purchase of short-term investments

-

(154,277)

-

-

      Proceeds from maturities of short-term investments

-

430,000

360,000

56,666

      Purchase of license right

(39,300)

-

-

-

      Transfer (to) from restricted cash

(35,000)

79,346

(281,745)

(44,348)

      Net change in time deposits with terms 

           of three months

12,928

117,997

(86,538)

(13,622)

      Placement/rollover of matured time deposits

(1,551,500)

(4,429,917)

(2,989,388)

(470,547)

      Proceeds from maturities of time deposits

1,002,444

2,933,775

1,437,523

226,275

      Net change in other assets

(14,115)

(14,158)

(5,565)

(876)

            Net cash used in investing activities

(830,624)

(1,560,332)

(1,814,622)

(285,632)

Cash flows from financing activities:

   Capital contribution from noncontrolling interests

226

-

-

-

   Proceeds from employees exercising stock options

10,728

21,033

3,679

579

            Net cash  provided by financing activities

10,954

21,033

3,679

579

   Effect of exchange rate changes on cash held in

     foreign currencies

(438)

265

(6,678)

(1,051)

            Net increase (decrease) in cash and cash equivalents

174,895

(202,169)

(936,715)

(147,444)

Cash and cash equivalents, beginning of the period

1,669,597

2,214,618

2,012,449

316,771

Cash and cash equivalents, end of the period

1,844,492

2,012,449

1,075,734

169,327

Supplemental disclosures of cash flow information:

         Cash paid for income tax, net of tax refund

78,818

145,625

194,080

30,549

Supplemental schedule of non-cash investing and

    financing activities:

        Fixed asset purchases financed by accounts payable            and accrued liabilities

91,811

35,393

17,920

2,821

The accompanying notes are an integral part of this press release.

NETEASE, INC.

UNAUDITED SEGMENT INFORMATION

(RMB and USD in thousands, except percentages)

Quarter Ended

 June 30,

 March 31,

 June 30,

 June 30,

2011

2012

2012

2012

 RMB

 RMB

 RMB

 USD (Note 1)

Revenues:

Online game services

1,577,810

1,821,029

1,748,695

275,255

Advertising services

169,644

143,451

204,179

32,139

E-mail, WVAS and others

30,669

39,630

51,396

8,090

Total revenues

1,778,123

2,004,110

2,004,270

315,484

Business taxes: 

Online game services

(27,567)

(23,566)

(20,689)

(3,257)

Advertising services

(16,261)

(14,009)

(19,869)

(3,127)

E-mail, WVAS and others

(679)

(906)

(1,223)

(193)

Total business taxes

(44,507)

(38,481)

(41,781)

(6,577)

Net revenues:

Online game services

1,550,243

1,797,463

1,728,006

271,998

Advertising services

153,383

129,442

184,310

29,012

E-mail, WVAS and others

29,990

38,724

50,173

7,897

Total net revenues

1,733,616

1,965,629

1,962,489

308,907

Cost of revenues:

Online game services

(462,444)

(484,894)

(461,538)

(72,649)

Advertising services

(85,978)

(103,827)

(123,487)

(19,438)

E-mail, WVAS and others

(32,334)

(45,686)

(55,986)

(8,812)

Total cost of revenues

(580,756)

(634,407)

(641,011)

(100,899)

Gross profit (loss):

Online game services

1,087,799

1,312,569

1,266,468

199,349

Advertising services

67,405

25,615

60,823

9,574

E-mail, WVAS and others

(2,344)

(6,962)

(5,813)

(915)

Total gross profit

1,152,860

1,331,222

1,321,478

208,008

Gross profit (loss) margin:

Online game services

70.2%

73.0%

73.3%

73.3%

Advertising services

43.9%

19.8%

33.0%

33.0%

E-mail, WVAS and others

(7.8%)

(18.0%)

(11.6%)

(11.6%)

The accompanying notes are an integral part of this press release.

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 = RMB6.3530 on the last trading day of June 2012 (June 29, 2012)as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

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):

 

 Quarter Ended

 June 30,

 March 31,

 June 30,

 June 30,

2011

2012

2012

2012

 RMB

 RMB

 RMB

 USD (Note 1)

Share-based compensation cost included in:

Cost of revenue

11,565

33,215

29,305

4,613

Operating expenses

- Selling and marketing expenses

2,217

4,680

3,356

528

- General and administrative expenses

(4,517)

11,926

9,359

1,473

- Research and development expenses

6,445

18,452

15,887

2,501

 

SOURCE NetEase.com, Inc.



RELATED LINKS

http://ir.netease.com