Recently, NetEase Youqian APP issued a product offline announcement. It has currently closed the online recharge service, and will completely cease operations and shut down the server starting from April 1 next year.

NetEase Youqian APP stated that the offline was due to business adjustments, and stated that all users can log in and export bills through NetEase Youqian App for subsequent retention and management.

Public information shows that NetEase Money is an APP launched by NetEase (NASDAQ: NTES) in July 2015 with automatic accounting as its core function. It aims to provide automatic accounting and credit card management. This method improves accounting efficiency and provides users with an asset management platform. NetEase Youqian supports one-stop management of cash, bank cards, stocks, funds, deposits, accounts receivable and payable, and supports automatic synchronization of online banking bills and presentation of bill details.

Users expressed their reluctance on social platforms.

In 2015, with the popularity of Internet finance, various accounting and financial management APPs have also become a new trend in Internet finance. In June of the same year, NetEase released an accounting and financial management product "NetEase Money", officially entering the asset management field. The main function of NetEase Youqian APP is to connect to domestic mainstream bank credit and debit cards, so that it can automatically keep accounts and conduct financial management for users.

Accounting APPs are not just simple tools, but have also evolved into important diversion portals for personal finance. Most accounting apps have begun to transform into financial supermarkets and personal asset managers: their functions are not only basic functions such as account management and financial data analysis, but also provide users with high-yield financial products, online lending, and online credit card processing. financial business.

However, from its launch in 2015 to now, NetEase’s monthly active users have always been lower than expected. According to the data monitoring report released by Bida Consulting, in October 2020, among the accounting APPs, Suishouji ranked first with 4.361 million active users, Cloud Wallet ranked second with 1.72 million active users, and NetEase Youqian ranked first. 10th place, only 194,000.

In addition to the poor performance of the APP, the suspension of operations is also related to NetEase’s business adjustments in recent years. From the end of 2018 to the present, many businesses such as blogging, live broadcasting, financial management, and photo albums have been stopped one after another.

In November 2018, NetEase blog business moved to LOFTER.

In December 2018, all products of NetEase Financial Management were offline, including but not limited to Flexible Insurance, Win-Win 3-Year, Zengying Insurance, Robo-Advisory, Easy Money Bag, and Cash Treasure.

In December 2018, NetEase Mint, a pan-entertainment mobile social live broadcast platform, ceased operations.

In December 2018, NetEase Comics was packaged and sold to Bilibili.

In May 2019, NetEase Photo Album officially stopped its service and shut down the server.

In September 2019, NetEase announced that it would sell its cross-border e-commerce platform NetEase Kaola to Alibaba for US$2 billion.

In September 2019, NetEase Netdisk announced that it would close the main site entrance on November 30.

After a series of "downsizing", NetEase released its results after traveling lightly. According to the 2019 financial report, NetEase’s net income was 59.24 billion yuan and net profit was 15.66 billion yuan. The full-year revenue of the game business in 2019 was 46.42 billion yuan, a year-on-year increase of 16%, and the game revenue accounted for 78.4%.

Through frequent business adjustments, NetEase is currently focusing more on games and content. The latest 2020 third quarter report shows that NetEase’s net income in the third quarter was 18.66 billion yuan, a year-on-year increase of 27.5%. Net profit was 2.998 billion yuan, compared with 4.5378 billion yuan in the previous quarter and 4.1342 billion yuan in the same period last year. Revenue mainly comes from three aspects: games, Youdao, innovation and other businesses.

In the third quarter, games were still NetEase’s largest source of revenue, accounting for 74%; Youdao was NetEase’s fastest-growing business, with a year-on-year growth of 15.9 to nearly 900 million yuan in the third quarter, accounting for 5% of total revenue; innovative business and other businesses accounted for 21%, of which innovative businesses include advertising, NetEase Selection, and NetEase Cloud Music.

As of the release of the Red Star Capital Bureau, NetEase’s stock price closed at US$92.66 per share, and its current total market value is US$64.03 billion.

Editor Deng Lingyao

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