NetEase (网易) posts Q1 revenue of RMB 30.6bn as Where Winds Meet surges on Steam

Strong quarter led by games, driven by PC breakout

NetEase (网易) reported first-quarter 2026 revenue of RMB 30.6 billion ($4.31 billion), up 6.1% year-on-year, the company said on Thursday. Gaming and related value‑added services remained the core, generating RMB 25.7 billion ($3.62 billion), a 6.9% increase versus the prior year. The biggest highlight of the quarter was the unexpected lift from Where Winds Meet, which surged on Steam charts and helped broaden NetEase’s overseas reach.

Steam momentum hints at international upside

Where Winds Meet’s climb on Valve’s Steam storefront is notable because PC success outside China is a key growth vector for Chinese publishers grappling with a slowing domestic mobile market. Steam remains the dominant global PC marketplace, so chart movement matters: higher visibility there can translate quickly into international player engagement and revenue. Can a single PC hit convert into sustained global momentum for NetEase? That is now the question investors and competitors will be watching.

Strategic context and geopolitical backdrop

NetEase is one of China’s top game companies alongside Tencent (腾讯), and its results come amid a more complex global tech landscape. It has been reported that Chinese developers increasingly push overseas to diversify revenue amid tightening U.S.-China tech policy and export-control anxieties. Reportedly, NetEase has been accelerating partnerships and localization efforts to reduce dependence on any single market.

What to watch next

Investors will look for whether NetEase can maintain Steam traction and translate it into recurring revenue streams, and whether new titles or live-service updates can replicate Where Winds Meet’s performance. International expansion offers upside, but geopolitical and regulatory headwinds remain a real constraint on how far and fast China’s gaming giants can grow abroad.