• NetEase average return on tangible equity for 2023 was 23.4, a 15.61% decline from 2022.
• NetEase average return on tangible equity for 2022 was 20.24, a 19.13% increase from 2021.
• NetEase average return on tangible equity for 2021 was 16.99, a 39.71% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.