NTES vs YMM
Netease, Inc. and Full Truck Alliance Co. Ltd., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | NTES | YMM |
|---|---|---|
| Revenue | ¥112.6B | ¥12.5B |
| Net income | ¥34.8B | ¥4.5B |
| Gross margin | 64.3% | 40.9% |
| Net margin | 30.9% | 57.0% |
| Return on equity | 23.3% | 8.8% |
| Diluted EPS | ¥10.48 | — |
| Dividend / share | — | — |
| Payout ratio | 39.7% | 32.0% |
| Free cash flow | ¥49.7B | ¥4.5B |
| Equity | ¥160.3B | ¥35.6B |
| Net debt / equity | −0.37× | −0.14× |
| 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.
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Revenue by year
7 years side by side
| Fiscal year | NTES | YMM |
|---|---|---|
| FY2025 | ¥112.6B | ¥12.5B |
| FY2024 | ¥105.3B | ¥11.2B |
| FY2023 | ¥103.5B | ¥8.4B |
| FY2022 | ¥96.5B | ¥6.7B |
| FY2021 | ¥87.6B | ¥4.7B |
| FY2020 | ¥73.7B | ¥2.6B |
| FY2019 | ¥59.2B | ¥2.5B |
Net income by year
Bottom line
| Fiscal year | NTES | YMM |
|---|---|---|
| FY2025 | ¥34.8B | ¥4.5B |
| FY2024 | ¥30.3B | ¥3.1B |
| FY2023 | ¥29.4B | ¥2.2B |
| FY2022 | ¥19.8B | ¥411.9M |
| FY2021 | ¥17.0B | ¥-3.7B |
| FY2020 | ¥12.3B | ¥-3.5B |
| FY2019 | ¥21.4B | ¥-1.5B |
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