NTES vs YMM
NetEase, Inc. and Full Truck Alliance Co. Ltd., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | NTES | YMM |
|---|---|---|
| Revenue | CNY 112.6B | CNY 12.5B |
| Net income | CNY 34.8B | CNY 4.5B |
| Gross margin | 64.3% | 40.9% |
| Net margin | 30.9% | 57.0% |
| Return on equity | 23.3% | 11.4% |
| Diluted EPS | CNY 10.48 | CNY 0.21 |
| Dividend / share | · | · |
| Payout ratio | 39.7% | 32.0% |
| Free cash flow | CNY 49.7B | CNY 4.5B |
| Equity | CNY 160.3B | · |
| Net debt / equity | · | · |
| Current ratio | 3.45× | 8.09× |
| Revenue CAGR 5y | 8.9% | 37.1% |
| Profit CAGR 5y | 23.1% | · |
NTES bills 9.0× the revenue of YMM, and YMM keeps more of each dollar of revenue as profit (57.0% against 30.9%).
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.
7 years side by side
| Fiscal year | NTES | YMM |
|---|---|---|
| FY2025 | CNY 112.6B | CNY 12.5B |
| FY2024 | CNY 105.3B | CNY 11.2B |
| FY2023 | CNY 103.5B | CNY 8.4B |
| FY2022 | CNY 96.5B | CNY 6.7B |
| FY2021 | CNY 87.6B | CNY 4.7B |
| FY2020 | CNY 73.7B | CNY 2.6B |
| FY2019 | CNY 59.2B | CNY 2.5B |
Bottom line
| Fiscal year | NTES | YMM |
|---|---|---|
| FY2025 | CNY 34.8B | CNY 4.5B |
| FY2024 | CNY 30.3B | CNY 3.1B |
| FY2023 | CNY 29.4B | CNY 2.2B |
| FY2022 | CNY 19.8B | CNY 411.9M |
| FY2021 | CNY 17.0B | CNY -3.7B |
| FY2020 | CNY 12.3B | CNY -3.5B |
| FY2019 | CNY 21.4B | CNY -1.5B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 100,135,948,000 | NTES |
| FY2024 | +CNY 94,056,598,000 | NTES |
| FY2023 | +CNY 95,032,000,000 | NTES |
| FY2022 | +CNY 89,762,165,000 | NTES |
| FY2021 | +CNY 82,949,007,000 | NTES |
| FY2020 | +CNY 71,086,313,000 | NTES |
| FY2019 | +CNY 56,768,084,000 | NTES |
NTES has reported the higher revenue in every one of these 7 fiscal years. The gap has widened since the earliest year compared.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −26.1 pp | YMM |
| FY2024 | −22.1 pp | YMM |
| FY2023 | −23.9 pp | YMM |
| FY2022 | +7.6 pp | NTES |
| FY2021 | +198.8 pp | NTES |
| FY2020 | +319.4 pp | NTES |
| FY2019 | +173.0 pp | NTES |
The higher net margin has changed hands between NTES and YMM over this period.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
YMM's net margin has been more volatile than NTES's over the 7 comparable fiscal years — 132.5 percentage points of standard deviation against 6.5.
7 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 NTES and YMM over these 7 fiscal years — NTES led in 4 and YMM in 3.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
YMM's return on equity has been more volatile than NTES's over the 4 comparable fiscal years — 3.7 percentage points of standard deviation against 2.1.
4 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 4 comparable fiscal years — a structural lead, not a recent swing.
4 of 18 comparable fiscal years — a year missing data on either side is not counted.