<SEC-DOCUMENT>0001104659-25-072393.txt : 20251217
<SEC-HEADER>0001104659-25-072393.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20250731060545
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-072393
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NetEase, Inc.
		CENTRAL INDEX KEY:			0001110646
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		NETEASE BUILDING, NO. 599 WANGSHANG RD
		STREET 2:		BINJIANG DISTRICT
		CITY:			HANGZHOU
		PROVINCE COUNTRY:   	F4
		ZIP:			310052
		BUSINESS PHONE:		86 571 8985 3378

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		NETEASE BUILDING, NO. 599 WANGSHANG RD
		STREET 2:		BINJIANG DISTRICT
		CITY:			HANGZHOU
		PROVINCE COUNTRY:   	F4
		ZIP:			310052

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETEASE.COM, INC.
		DATE OF NAME CHANGE:	20040719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETEASE COM INC
		DATE OF NAME CHANGE:	20000330
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July&nbsp;31, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Kathleen Collins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Chen Chen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NetEase,&nbsp;Inc. (the &ldquo;Company&rdquo;)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31,
    2024</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File No.&nbsp;000-30666</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms.&nbsp;Collins and Ms.&nbsp;Chen,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter sets forth the Company&rsquo;s responses
to the comments contained in the letter dated July&nbsp;2, 2025 from the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and
Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) regarding the Company&rsquo;s annual report on Form&nbsp;20-F for the fiscal
year ended December&nbsp;31, 2024 filed with the Commission on April&nbsp;15, 2025 (the &ldquo;<B>2024 Form&nbsp;20-F</B>&rdquo;). The
Staff&rsquo;s comments are repeated below in bold and are followed by the Company&rsquo;s responses thereto. All capitalized terms used
but not defined in this letter shall have the meaning ascribed to such terms in the 2024 Form&nbsp;20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2024</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Introduction, page&nbsp;1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><B>Your definition of China or the PRC appears to exclude Hong Kong and Macau for purposes of describing the PRC rules, laws, regulation
and regulatory authority or other legal, tax or finance matters. Please revise to remove the exclusion of Hong Kong and Macau from such
definition. Clarify that all the legal and operational risks associated with having operations in the People&rsquo;s Republic of China
(PRC) also apply to operations in Hong Kong and Macau. In this regard, ensure that your disclosure does not narrow risks related to operating
in the PRC to mainland China only. Where appropriate, you may describe PRC law and then explain how law in Hong Kong and Macau differs
from PRC law and describe any risks and consequences to the company associated with those laws.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as shown below in its future Form&nbsp;20-F filings (with deletions shown as strike-through
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matters
being disclosed. Page&nbsp;reference is made to the 2024 Form&nbsp;20-F to illustrate the approximate location of the disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>&ldquo;China&rdquo; or the &ldquo;PRC&rdquo; are to the People&rsquo;s Republic of China; <STRIKE>and only in the context of describing
PRC rules, laws, regulations, regulatory authority and other legal, tax or finance matters in this annual report, such terms exclude Taiwan,
Hong Kong and Macau (also referred to as &ldquo;China mainland&rdquo; or &ldquo;Chinese mainland&rdquo; in this annual report);</STRIKE></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;8:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Summary of Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">An investment in our ADSs or ordinary
shares involves significant risks. Below is a summary of material risks we face, organized under relevant headings. All the operational
risks associated with being based in and having operations in China mainland also apply to operations in Hong Kong <U>and Macau</U>. <STRIKE>With
respect to the legal risks associated with being based in and having operations in China mainland, the laws, regulations and the discretion
of China mainland governmental authorities discussed in this annual report are expected to apply to China mainland entities and businesses,
rather than </STRIKE><U>While </U>entities or businesses in Hong Kong <U>and Macau</U><STRIKE>, which</STRIKE> operate under a different
set of laws from China mainland<U>, our operations there could be exposed to similar legal risks if the laws applicable to China mainland
become applicable to entities and businesses in Hong Kong and Macau in the future</U>. These risks are discussed more fully in Item 3.D.
 &ldquo;Key Information&mdash;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In addition, the Company undertakes to thoroughly review
the references of &ldquo;China&rdquo; or &ldquo;PRC&rdquo; to ensure that the relevant disclosure sufficiently addresses the risks relating
to operating in China to the extent relevant and material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 3. Key Information, page&nbsp;5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note changes you made to your disclosure on pages&nbsp;7 and 55 relating to legal and operational risks associated with operating
in China and PRC regulations. The Samples Letters to China-Based Companies sought specific disclosure relating to the risk that the PRC
government may intervene or influence your operations at any time, or may exert more control over operations of your business, which could
result in a material change in your operations and/or the value of your securities. It is unclear to us that there have been changes in
the regulatory environment in the PRC since the filing of your December&nbsp;31, 2022 Form&nbsp;20-F that would warrant revised disclosure
to mitigate the challenges you face and related disclosures. For additional guidance, refer to the Division of Corporation Finance&rsquo;s
Sample Letter to China-Based Companies, issued December&nbsp;2021 and July&nbsp;2023. In future filings, please restore your disclosure.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
proposes to revise the referenced disclosure as shown below in its future Form&nbsp;20-F filings (with deletions shown as strike-through
and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matters
being disclosed. Page&nbsp;reference is made to the 2024 Form&nbsp;20-F to illustrate the approximate location of the disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;7:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
PRC government has significant authority in regulating our operations. If we fail to comply with the applicable regulations, policies
or requirements, enforcement actions taken by the PRC government may intervene or influence our operations at any time. </U></FONT>The
PRC government has published new policies that affect various industries in recent years, including industries in which we operate, and
we cannot rule&nbsp;out the possibility that it will in the future release regulations or policies regarding our industry that could adversely
affect our business, financial condition and results of operations. Any such action, once taken by the PRC government, could cause the
value of our securities to significantly decline or become worthless and could significantly limit or completely hinder our ability to
offer or continue to offer securities to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;55:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
PRC government&rsquo;s significant authority in regulating our operations and uncertainties</U></B></FONT><B> <STRIKE>Uncertainties</STRIKE>
with respect to the PRC legal system could adversely affect us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The PRC legal system is a civil law system
based on written statutes<U>, and </U><STRIKE>. Unlike the common law system, </STRIKE>decided legal cases under the civil law system
may be cited for reference but have <U>limited </U><STRIKE>less </STRIKE>precedential value. <STRIKE>In the late 1970s, the Chinese government
began to promulgate a comprehensive system of laws and regulations governing economic matters. The overall effect of legislation enacted
over the past 50 years has </STRIKE><U>PRC laws and regulations have </U>significantly enhanced the protections afforded to <U>various
forms of </U>foreign <U>investments</U> <STRIKE>invested enterprises</STRIKE> in China <U>over the past several decades</U>. However,
many of these laws, regulations and legal requirements are relatively recent and <U>may evolve quickly with little advance notice. The
interpretation of many laws, regulations and rules&nbsp;may not always be uniform and enforcement of these laws, regulations and rules&nbsp;</U><STRIKE>are
evolving rapidly, and their interpretation and enforcement </STRIKE>involve uncertainties. Since PRC administrative and court authorities
have discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome
of administrative and court proceedings and the level of legal protection we enjoy. These uncertainties may affect our judgment on the
relevance of legal requirements and our ability to enforce our contractual rights or tort claims. Furthermore, the PRC legal system is
based in part on government policies and China mainland is geographically large and divided into various provinces and municipalities.
As such, different regulations and policies may have different and varying applications and interpretations in different parts of China
mainland, and it is possible that we may not be aware in a timely manner that we have been identified to be in violation of these policies
and rules&nbsp;until sometime after the occurrence of the violation. In addition, any administrative and court proceedings may be protracted,
resulting in substantial costs and diversion of resources and management attention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>In
addition, the PRC government has significant authority in regulating our operations. If we fail to comply with the applicable regulations,
policies or requirements, enforcement actions taken by the PRC government may intervene or influence our operations at any time. </U></FONT>The
PRC government has <STRIKE>recently</STRIKE> published new policies that adversely affected <U>certain industries, including the industries
that our business may relate to</U> <STRIKE>our industry and our business</STRIKE>, and we cannot rule&nbsp;out the possibility that it
will in the future further release regulations or policies regarding our industry that could further adversely affect our business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the Staff that the proposed
revisions to the risk factor disclosure, as compared to the Company&rsquo;s annual report on Form&nbsp;20-F for the year ended December&nbsp;31,
2022, are intended to reflect the current economic and regulatory conditions in the PRC. The risks relating to doing business in China
have been disclosed under the relevant headings in the 2024 Form&nbsp;20-F filed on April&nbsp;15, 2025 in accordance with the Division
of Corporation Finance&rsquo;s Sample Letters to China-Based Companies issued in December&nbsp;2021 and July&nbsp;2023. The Company will
continue to monitor developments in the PRC regulatory and economic environment and will update its disclosure as appropriate in future
filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 5. Operating and Financial Review and Prospects</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Results of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Year Ended December&nbsp;31, 2024 Compared to Year Ended December&nbsp;31,
2023, page&nbsp;117</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>You state the increase in net revenue from online games was attributable to strong performance of certain self-developed titles
and mobile titles and certain licensed titles, which were partially offset by decreased net revenues from live streaming services. Similarly,
you attribute the increase in cost of revenues from your games and related value-added services to an increase in royalty fees for certain
licensed games and staff costs, which was partially offset by a decrease in revenue sharing costs. Where a material change in a line item
is attributed to two or more factors, including any offsetting factors, please revise throughout your results of operations disclosure
to include a quantified discussion of each identified factor. In addition, avoid using terms such as &ldquo;principally&rdquo; or &ldquo;mainly.&rdquo;
Refer to Item 5.A.1 of Form&nbsp;20-F.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully acknowledges the Staff&rsquo;s comment.
In its future Form&nbsp;20-F filings, where a material change in a line item is attributed to two or more factors, including any offsetting
factors, the Company will disclose the contribution of each identified factor in quantified terms to the extent reasonably practicable.
The Company will also avoid using terms such as &ldquo;principally&rdquo; or &ldquo;mainly&rdquo; to the extent reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Staff&rsquo;s reference, below is the updated disclosure marked to show proposed revisions against the disclosure in the 2024 Form&nbsp;20-F
as an example, for illustrative purposes only, of how the Company intends to expand its disclosures in future Form&nbsp;20-F filings </FONT>(with
deletions shown as strike-through and additions underlined). Page&nbsp;reference is made to the 2024 Form&nbsp;20-F to illustrate the
approximate location of the disclosure. The Company will implement similar changes to other line items, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;117:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>Games and Related Value-added Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net revenues from games and related value-added
services increased by 2.5% to RMB83.6 billion (US$11.5 billion) in 2024 from RMB81.6 billion in 2023<U>, with an increase</U><STRIKE>,
which was principally attributable to </STRIKE><U>in net revenues from online games of RMB4.7 billion (US$640.3 million) driven by </U>the
strong performance of certain self-developed titles, such as <I>Identity V</I>, <I>Naraka: Bladepoint </I>PC and mobile games and certain
licensed titles, <STRIKE>which was </STRIKE>partially offset by <U>a decrease in </U><STRIKE>decreased</STRIKE> net revenues from live
streaming services <U>of RMB2.4 billion (US$323.7 million)</U>. Net revenues from the operation of online games accounted for approximately
96.2% of this segment in 2024, compared to 92.9% in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>Youdao</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net revenues from our Youdao segment
increased by 4.4% to RMB5.6 billion (US$770.7 million) in 2024 from RMB5.4 billion in 2023<U>, with an increase in</U><STRIKE>, which
was mainly due to increased</STRIKE> net revenues from its online marketing services <U>of RMB643.1 million (US$88.1 million)</U>, <STRIKE>which
was </STRIKE><U>partially </U>offset <STRIKE>in part </STRIKE>by <U>a decrease in </U><STRIKE>decreased </STRIKE>net revenues from its
learning services <U>of RMB400.8 million (US$54.9 million)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;118:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>NetEase Cloud Music</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net revenues from our NetEase Cloud Music
segment increased by 1.1% to RMB8.0 billion (US$1.1 billion) in 2024 from RMB7.9 billion in 2023<U>, with an increase in</U><STRIKE>,
which was mainly attributable to increased</STRIKE> net revenues from online music services <U>of RMB1.0 billion (US$137.5 million) </U>as
a result of the growth in sales of membership subscriptions, <STRIKE>which was </STRIKE><U>partially </U>offset <STRIKE>in part </STRIKE>by
<U>a decrease in </U><STRIKE>decreased </STRIKE>net revenues from social entertainment services <U>and others of RMB920.5 million (US$126.1
million)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&hellip;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Cost of revenues from our games and related
value-added services increased by 0.8% to RMB26.1 billion (US$3.6 billion) in 2024 from RMB25.9 billion in 2023<U>. </U><STRIKE>, which
was primarily due to </STRIKE><U>This was driven by increases </U><STRIKE>an increase</STRIKE> in royalty fees related to certain licensed
games <U>of RMB1.5 billion (US$203.3 million) </U>and staff costs <U>of RMB1.0 billion (US$131.5 million)</U>, which was partially offset
by a decrease in revenue sharing costs with talent agencies of live streaming performers and other third parties <U>of RMB2.2 billion
(US$304.9 million)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>We note that in your earnings release furnished on February&nbsp;20, 2025 and in several investor presentations, you separately
discuss the percentage of net revenue generated from online games and mobile games such that it appears discrete financial information
may be available. In addition, we note from your risk factor disclosures that profits from mobile games, even if the games are successful,
are generally lower than profits generated from PC games. Please tell us your consideration to separately quantify revenue from mobile
games and PC games for each period presented in an effort to add context to the revenue mix and its impact on your gross profit margins
for your games and related value-added services segment.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully advises the Staff that net revenues
from mobile games accounted for 67.0%, 75.2% and 72.7% of net revenues from the operation of online games in 2022, 2023 and 2024, respectively,
with the remaining portion attributable to net revenues from PC games (plus an immaterial amount of net revenues from games offered through
game consoles, a recent development that was disclosed on pages&nbsp;11 and 15 of the 2024 Form&nbsp;20-F). Nonetheless, for the reasons
specified below, the Company does not believe that separate quantification of net revenues from mobile games and PC games is necessary
or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company began disclosing the percentage of net revenues
generated from mobile games in 2016. Subsequently, as the Company&rsquo;s online game business has evolved, more and more games of the
Company are being published in both PC and mobile formats, and certain games are also published on game consoles. Such cross-platform
initiative is intended to maximize the monetization prospects of the Company&rsquo;s game titles and achieve synergies across different
platforms. The Company plans to further implement this initiative in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the foregoing, the Company&rsquo;s management views each game as one unified product, regardless of its distribution formats (i.e., via
PCs, mobile devices, consoles or a combination of the foregoing). When allocating resources and assessing the performance of the Company&rsquo;s
online games, management analyzes aggregate net game revenues and does not </FONT>take reference to the division of net revenues between
PC, mobile or other platforms. Thus, the Company respectfully advises the Staff that it believes presenting platform/format specific metrics
will not be meaningful to investors in helping them to understand the Company&rsquo;s net revenues and related trends in light of the
fact that management itself does not analyze net revenues on that basis. For the same reasons, the Company determined that it would be
appropriate to not present separate quantification of net revenues from mobile games and PC games in its 2024 Form&nbsp;20-F and its earnings
release furnished on May&nbsp;15, 2025, and the Company plans to not include such information in its future earnings releases, Form&nbsp;20-F
filings or investor presentations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the Company respectfully advises the Staff that, from a qualitative perspective, mobile games do generally have lower gross profit margins
than PC games due to the revenue-sharing arrangements with the operators of the mobile platforms, as discussed on page&nbsp;16 of the
2024 Form&nbsp;20-F. However, this factor alone does not provide meaningful insights to analyze the Company&rsquo;s overall results of
operations from a quantitative perspective as management assesses the operating performance of the online game business as a whole, rather
than on the basis of the versions or formats. </FONT>Consequently, management has not quantified or evaluated the impact of net revenues
from PC games or mobile games on gross profit margins and believes that it is not necessary to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In light of the foregoing, the Company believes that separate
quantification of net revenues from mobile games and PC games for future periods is not necessary and would not help investors to better
understand changes in the Company&rsquo;s net revenues, costs or gross profit margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>E. Critical Accounting Estimates</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Estimate of Average Playing Period of Paying Players, page&nbsp;137</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>We note you generate revenue from the sale of in-game virtual items for both your mobile and PC games, some of which are recognized
over the estimated average playing period of the paying players. Please tell us your consideration to disclose the estimated average playing
period or range of such period separately for mobile and PC games. To the extent changes in such estimates, if any, significantly impacted
your revenue or results of operations, tell us how you considered including a discussion of such change. In your response, provide us
with the estimated average playing period for your PC and mobile games for each period presented.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, the Company respectfully
advises the Staff that the estimated average playing period for each period presented ranged from 1 to 12 months for both PC and mobile
games. The Company will disclose the range of such period in its future Form&nbsp;20-F filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT><BR>
July&nbsp;31, 2025<BR>
Page&nbsp;8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company further advises the Staff that changes in such
estimates for each period presented did not result in any significant impact on its net revenues or results of operations. Therefore,
the Company does not believe that a discussion of such changes is necessary. The Company will continue to monitor the potential impact
resulting from changes in such estimates in the future and will consider to include a discussion of such changes in its future 20-F filings
if they have a significant impact on the Company&rsquo;s net revenues or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to Consolidated Financial Statements<BR>
Note 28. Segment Information, page&nbsp;F-44</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Please revise to discuss how the CODM uses gross profit, which appears to be the segment measure of profit or loss, in assessing
segment performance and deciding how to allocate resources. Refer to ASC 280-10-50-29(f)&nbsp;and the example in 280-10-55-54(c).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company respectfully proposes to revise the referenced disclosure as shown below in its future
Form&nbsp;20-F filings (with deletions shown as strike-through and additions underlined), subject to updates and adjustments to be made
in connection with any material development of the subject matters being disclosed. Page&nbsp;</FONT>reference is made to the 2024 Form&nbsp;20-F
to illustrate the approximate location of the disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Page&nbsp;F-45:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides a summary of the Group&rsquo;s operating segment results under which the cost of revenues is considered as the significant
segment expense for the years ended December&nbsp;31, 2022, 2023 and 2024 (in thousands). The Group does not allocate any operating costs
or assets to its business segments as the Group&rsquo;s CODM does not use this information to measure the performance of the operating
segments. <U>The CODM uses net revenues and gross profit to assess performance for each segment and in competitive analysis by benchmarking
to the Group&rsquo;s competitors.</U></FONT><U> The CODM also uses net revenues and gross profit to allocate resources during the budgeting
review process.</U> There was no significant transaction between reportable segments for the years ended December&nbsp;31, 2022, 2023
and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT><FONT STYLE="font-size: 10pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>*<FONT STYLE="font-size: 10pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If you have any additional
questions or comments regarding the 2024 Form&nbsp;20-F, please contact the undersigned at +65 6980 0628 or paulboltz@oc.netease.com or
the Company&rsquo;s U.S. counsel, Haiping Li of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP at +852 3740 4835 or haiping.li@skadden.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NetEase,&nbsp;Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul W. Boltz,&nbsp;Jr.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul W. Boltz,&nbsp;Jr.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sarah Ying Li, Head of Financial Reporting, NetEase,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haiping Li,&nbsp;Esq., Partner, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lanny Lu, Partner, PricewaterhouseCoopers Zhong Tian LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
