NetEase games revenue rises 7% to $3.7 billion in Q1
NetEase’s games arm hit RMB25.7 billion in Q1, with Eggy Party, Where Winds Meet and other live-service titles doing the heavy lifting.
NetEase’s mobile and online game machine kept doing the heavy lifting in the first quarter, with games and related value-added services rising to RMB25.7 billion, about $3.7 billion. That segment climbed 6.9% year over year, while total net revenue reached RMB30.6 billion, up 6.1%, leaving gaming as the company’s clear growth engine.
The mix behind that rise looks less like a breakout from a single new hit and more like a portfolio getting sharper at extracting value from established games. NetEase said the quarter’s games growth was supported by high-cadence content updates and gameplay innovation, a formula that kept long-running titles economically relevant instead of letting them fade between launches. Fantasy Westward Journey, Identity V, Eggy Party, Sword of Justice and Where Winds Meet were all named for sustained strong engagement and revenue performance.
That list matters because it shows where NetEase is placing its weight in mobile. Eggy Party remains one of the clearest examples of a live-service title with room to keep monetizing a large player base, while Where Winds Meet has moved from promising launch candidate to a broader global growth lever. NetEase said it advanced global expansion through Where Winds Meet and Marvel Rivals during the quarter, signaling that the company is not relying only on domestic endurance plays.
The scale of that foundation became even clearer in NetEase’s 2025 annual report, which showed games and related value-added services generated RMB92.1 billion for the full year, up 10.2% year over year. NetEase also said Where Winds Meet had surpassed 80 million cumulative players worldwide by the end of 2025, while Marvel Rivals and Sword of Justice were helping widen the portfolio beyond a narrow set of legacy franchises.
For mobile gaming, the takeaway is straightforward: NetEase is still growing, but the growth is being built on a massive, already mature base. The first quarter did not hinge on one viral spike. It came from the company’s ability to keep major live-service games relevant, keep spending flowing, and keep newer global bets moving inside a portfolio that is still carrying the business.
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