NetEase Gaming Visionary Yingfeng Ding to Retire After 23 Years

HANGZHOU, China – December 29, 2025 – NetEase, a titan of China's internet and gaming industry, has announced the retirement of Yingfeng Ding, the Executive Vice President and head of its immensely profitable Interactive Entertainment Group. The departure, effective December 31, 2025, marks the end of a remarkable 23-year tenure for the executive who was instrumental in building the company's gaming empire. Mr. Ding will not be severing ties completely, as he is set to remain with NetEase as a consultant throughout 2026, suggesting a carefully managed transition at the helm of the company's core business.

The announcement represents a significant leadership change for one of the world's most successful game publishers. As the architect behind some of NetEase's most enduring franchises, Ding's departure raises questions about the future strategic direction of a division that has consistently served as the company's primary growth engine.

A Legacy Forged in Fantasy

Yingfeng Ding, known within the industry as Ding Ding, has been a foundational pillar of NetEase's success since joining in 2002. With over two decades of experience in game development and design, he was a driving force behind the company's strategic shift toward in-house R&D, a move that would ultimately define its market dominance.

His most celebrated achievement is leading the design and development of Fantasy Westward Journey. Launched in 2003, the massively multiplayer online role-playing game (MMORPG) became a cultural phenomenon in China and evolved into a multi-billion dollar franchise that continues to be a significant revenue contributor for NetEase two decades later. This success established a blueprint for the company's focus on long-running, self-developed titles.

Mr. Ding's influence grew as he ascended through the company's ranks. After serving as Vice President of the group from 2011 to 2016, he was promoted to Executive Vice President, taking full charge of the Interactive Entertainment Group. In the announcement, NetEase CEO William Ding expressed his gratitude, specifically acknowledging Yingfeng Ding's instrumental role in the success of the company's flagship titles and his work in building its robust R&D and operational capabilities. His long service has been synonymous with a golden era of expansion and innovation for NetEase's gaming division.

The Engine of an Empire

Under Yingfeng Ding's leadership, the Interactive Entertainment Group solidified its position as the financial heart of NetEase. The division has consistently driven the company's growth, a trend that continued through 2025. In the third quarter of 2025 alone, games and related value-added services accounted for 82% of the company's total net revenues, reaching RMB23.3 billion (US$3.3 billion), an 11.8% increase year-over-year.

This robust performance was fueled by a potent mix of enduring legacy titles and successful new launches. Perennial cash cows like Fantasy Westward Journey Online and Sword of Justice performed alongside newer hits such as the party game Eggy Party and the highly anticipated multiplayer titles Where Winds Meet and Marvel Rivals. This diverse portfolio highlights the division's ability to both maintain long-term player engagement and capture new market segments. Over the past twelve months, the gaming division generated an impressive $15.7 billion in revenue while maintaining a healthy gross profit margin of 63.5%.

The market reaction to Mr. Ding's retirement has been notably calm, a testament to both the company's strong financial position and the managed nature of the transition. On December 26, the day the news broke, NetEase shares (NASDAQ: NTES) saw a modest gain of 0.7%. The stability was likely bolstered by the company's solid fundamentals, with analysts noting its strong balance sheet and consistent dividend payments. The fact that Mr. Ding will remain as a consultant for another year has provided investors with a sense of continuity, mitigating concerns of an abrupt leadership vacuum.

Navigating a Changing Battlefield

Yingfeng Ding's retirement comes at a pivotal moment for NetEase and the broader Chinese gaming industry. The landscape is in a state of flux, characterized by a strategic shift away from mobile-only titles towards more ambitious PC and console games, a push for original intellectual property with global appeal, and an increasingly complex regulatory environment.

China remains the world's most lucrative games market, generating an estimated ¥325.8 billion ($44.8 billion) in 2024. However, domestic companies face stringent licensing regimes and content regulations, prompting giants like NetEase and its primary rival, Tencent, to look outward. In recent years, NetEase has been actively recalibrating its global strategy. Since 2024, the company has divested from several foreign studios, including Ouka Studios and Jar of Sparks, in a move to create what insiders call a "smaller and tighter portfolio." This strategic consolidation is designed to sharpen its competitive edge against rivals and focus resources on high-impact projects.

Internally, NetEase has also been reinforcing its corporate governance. In late 2024, the company took action against several employees for alleged corruption, signaling a commitment to internal integrity as it scales its global operations. As of the announcement, NetEase has not named a successor to lead the Interactive Entertainment Group. The decision hangs in the balance as the company navigates this period of strategic refinement. The next leader will inherit a powerful and profitable division but will also face the challenge of steering it through a new era of global competition and domestic regulation.

While the departure of a foundational leader like Yingfeng Ding marks the end of a defining chapter in NetEase's history, it also aligns with a period of deliberate transformation. His successor will be tasked not only with upholding a legacy of creative and commercial success but also with executing a new vision for NetEase's gaming empire on an increasingly global stage.