CMCM vs NTES
Cheetah Mobile Inc. and NetEase, Inc., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | CMCM | NTES |
|---|---|---|
| Revenue | CNY 1.2B | CNY 112.6B |
| Net income | CNY -257.7M | CNY 34.8B |
| Gross margin | 72.5% | 64.3% |
| Net margin | −20.4% | 30.9% |
| Return on equity | −14.7% | 23.3% |
| Diluted EPS | · | CNY 10.48 |
| Dividend / share | · | · |
| Payout ratio | · | 39.7% |
| Free cash flow | · | CNY 49.7B |
| Equity | CNY 1.6B | CNY 160.3B |
| Net debt / equity | · | · |
| Current ratio | 1.27× | 3.45× |
| Revenue CAGR 5y | −5.8% | 8.9% |
| Profit CAGR 5y | · | 23.1% |
NTES bills 97.9× the revenue of CMCM, and CMCM closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | CMCM | NTES |
|---|---|---|
| FY2025 | CNY 1.2B | CNY 112.6B |
| FY2024 | CNY 806.9M | CNY 105.3B |
| FY2023 | CNY 669.5M | CNY 103.5B |
| FY2022 | CNY 884.1M | CNY 96.5B |
| FY2021 | CNY 784.6M | CNY 87.6B |
| FY2020 | CNY 1.6B | CNY 73.7B |
| FY2019 | CNY 3.6B | CNY 59.2B |
| FY2018 | CNY 5.0B | CNY 51.2B |
| FY2017 | CNY 5.0B | CNY 44.4B |
| FY2016 | CNY 4.6B | CNY 38.2B |
Bottom line
| Fiscal year | CMCM | NTES |
|---|---|---|
| FY2025 | CNY -257.7M | CNY 34.8B |
| FY2024 | CNY -617.6M | CNY 30.3B |
| FY2023 | CNY -602.9M | CNY 29.4B |
| FY2022 | CNY -513.5M | CNY 19.8B |
| FY2021 | CNY -351.1M | CNY 17.0B |
| FY2020 | CNY 416.7M | CNY 12.3B |
| FY2019 | CNY -314.0M | CNY 21.4B |
| FY2018 | CNY 1.2B | CNY 6.5B |
| FY2017 | CNY 1.3B | CNY 10.8B |
| FY2016 | CNY -80.5M | CNY 11.8B |
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 111,475,363,000 | NTES |
| FY2024 | −CNY 104,488,359,000 | NTES |
| FY2023 | −CNY 102,798,656,000 | NTES |
| FY2022 | −CNY 95,611,743,000 | NTES |
| FY2021 | −CNY 86,821,410,000 | NTES |
| FY2020 | −CNY 72,114,488,000 | NTES |
| FY2019 | −CNY 55,653,450,000 | NTES |
| FY2018 | −CNY 46,196,870,000 | NTES |
| FY2017 | −CNY 39,462,598,000 | NTES |
| FY2016 | −CNY 33,614,194,000 | NTES |
| FY2015 | −CNY 19,029,018,000 | NTES |
| FY2014 | −CNY 9,854,652,000 | NTES |
| FY2013 | −CNY 9,021,344,000 | NTES |
| FY2012 | −CNY 8,092,034,000 | NTES |
NTES has reported the higher revenue in every one of these 14 fiscal years. The gap has widened since the earliest year compared.
14 of 18 comparable fiscal years — a year missing data on either side is not counted.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −51.3 pp | NTES |
| FY2024 | −103.3 pp | NTES |
| FY2023 | −117.1 pp | NTES |
| FY2022 | −79.5 pp | NTES |
| FY2021 | −64.4 pp | NTES |
| FY2020 | +9.7 pp | CMCM |
| FY2019 | −46.6 pp | NTES |
| FY2018 | +10.5 pp | CMCM |
| FY2017 | +3.2 pp | CMCM |
| FY2016 | −32.1 pp | NTES |
| FY2015 | −25.4 pp | NTES |
| FY2014 | −37.1 pp | NTES |
| FY2013 | −37.2 pp | NTES |
| FY2012 | −39.4 pp | NTES |
The higher net margin has changed hands between CMCM and NTES over this period.
14 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CMCM's net margin has been more volatile than NTES's over the 14 comparable fiscal years — 36.5 percentage points of standard deviation against 9.5.
14 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CMCM and NTES over these 14 fiscal years — CMCM led in 3 and NTES in 11.
14 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CMCM's return on equity has been more volatile than NTES's over the 13 comparable fiscal years — 20.8 percentage points of standard deviation against 6.6.
13 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CMCM and NTES over these 13 fiscal years — CMCM led in 3 and NTES in 10.
13 of 18 comparable fiscal years — a year missing data on either side is not counted.