In February 2021, when the valuation of Chinese concept stocks as a whole rushed to its peak, Meituan was about four NetEase. Two years and ten months later, NetEase has overtaken Meituan to become China's fourth-largest Internet company by market capitalization, ahead of Tencent, Pinduoduo and Alibaba. NetEase surpassed Meituan because it fell less. According to CNMO, as of December 13, the market value of NetEase was HK$542.5 billion, only 21% lower than the peak of market value in 2021. Meituan, on the other hand, fell by more than 80% in the same period, nearly 500 points more than the Chinese concept stock index kweb. This important milestone means that NetEase's influence in the Internet industry has been further enhanced, and it also reflects the market's high recognition of its sustainable development.
According to NetEase's 2023 Q3 financial report released last month. In the third quarter, NetEase's performance was stable. Net income was 27.3 billion yuan;Non-GAAP net income from continuing operations attributable to shareholders of the Company was $8.6 billionR&D investment in a single quarter was 4.3 billion yuan, and R&D investment in the first three quarters of this year has exceeded 12 billion yuan.
In addition, NetEase disclosed in its financial report that Yang Zhaoxuan, the company's chief financial officer, has submitted his resignation to the board of directors due to personal reasons and will no longer hold this position from November 30 to explore other career developments. Until June 30, 2024, Yang will continue to serve as an advisor to the company to ensure a smooth transition for the company in the search for a successor. Ding Lei expressed his heartfelt gratitude to Yang Zhaoxuan for his contributions to the company over the past six years, "He has played a key leadership role in a number of major capital markets transactions, which are key milestones in the company's history. On behalf of the Board and the management team, I wish him all the best for the future. ”
It is worth noting that NetEase executives talked about the help of AI (artificial intelligence) for game research and development, and NetEase executives said that AI has been applied in planning, design, plot writing, art creativity and **, etc., and has improved the entire project.