KC vs NTES
Kingsoft Cloud Holdings Ltd. and NetEase, Inc., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | KC | NTES |
|---|---|---|
| Revenue | CNY 9.6B | CNY 112.6B |
| Net income | CNY -936.3M | CNY 34.8B |
| Gross margin | 15.7% | 64.3% |
| Net margin | −9.9% | 30.9% |
| Return on equity | −12.9% | 23.3% |
| Diluted EPS | −CNY 0.23 | CNY 10.48 |
| Dividend / share | · | · |
| Payout ratio | · | 39.7% |
| Free cash flow | · | CNY 49.7B |
| Equity | CNY 9.3B | CNY 160.3B |
| Net debt / equity | 0.04× | · |
| Current ratio | 1.17× | 3.45× |
| Revenue CAGR 5y | 7.8% | 8.9% |
| Profit CAGR 5y | · | 23.1% |
NTES bills 11.8× the revenue of KC, and KC 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.
8 years side by side
| Fiscal year | KC | NTES |
|---|---|---|
| FY2025 | CNY 9.6B | CNY 112.6B |
| FY2024 | CNY 7.8B | CNY 105.3B |
| FY2023 | CNY 7.0B | CNY 103.5B |
| FY2022 | CNY 8.2B | CNY 96.5B |
| FY2021 | CNY 9.1B | CNY 87.6B |
| FY2020 | CNY 6.6B | CNY 73.7B |
| FY2019 | CNY 4.0B | CNY 59.2B |
| FY2018 | CNY 2.2B | CNY 51.2B |
Bottom line
| Fiscal year | KC | NTES |
|---|---|---|
| FY2025 | CNY -936.3M | CNY 34.8B |
| FY2024 | CNY -2.0B | CNY 30.3B |
| FY2023 | CNY -2.2B | CNY 29.4B |
| FY2022 | CNY -2.7B | CNY 19.8B |
| FY2021 | CNY -1.6B | CNY 17.0B |
| FY2020 | CNY -962.3M | CNY 12.3B |
| FY2019 | CNY -1.1B | CNY 21.4B |
| FY2018 | CNY -1.0B | CNY 6.5B |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 103,067,188,000 | NTES |
| FY2024 | −CNY 97,510,056,000 | NTES |
| FY2023 | −CNY 96,420,698,000 | NTES |
| FY2022 | −CNY 88,315,702,000 | NTES |
| FY2021 | −CNY 78,545,242,000 | NTES |
| FY2020 | −CNY 67,089,826,000 | NTES |
| FY2019 | −CNY 55,284,792,000 | NTES |
| FY2018 | −CNY 48,960,403,000 | NTES |
NTES has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 18 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −40.8 pp | NTES |
| FY2024 | −54.2 pp | NTES |
| FY2023 | −59.4 pp | NTES |
| FY2022 | −53.4 pp | NTES |
| FY2021 | −36.9 pp | NTES |
| FY2020 | −31.4 pp | NTES |
| FY2019 | −64.3 pp | NTES |
| FY2018 | −58.0 pp | NTES |
NTES has kept the higher net margin in every one of these 8 fiscal years.
8 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
KC's net margin has been more volatile than NTES's over the 8 comparable fiscal years — 10.7 percentage points of standard deviation against 7.5.
8 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
NTES led in net margin in every one of the 8 comparable fiscal years — a structural lead, not a recent swing.
8 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
KC's return on equity has been more volatile than NTES's over the 5 comparable fiscal years — 7.4 percentage points of standard deviation against 2.4.
5 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
NTES led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 18 comparable fiscal years — a year missing data on either side is not counted.