(Yicai Global) Feb. 9 -- Chinese internet firm NetEase Inc. detailed its e-commerce performance as an individual business for the first time in its financials for last year after revenue in the sector soared 157 percent to almost CNY12 billion (USD2 billion).
E-commerce was the second-largest business avenue behind gaming, the report, published yesterday, shows. It made up over 21 percent of total revenue compared with a 12-percent contribution in 2016. Income leapt more than 40 percent on the year to CNY54 billion, with video games contributing CNY36 billion. Net profit across all sectors dipped nearly 8 percent to CNY10.7 billion.
China is the world's largest e-commerce market and sales leapt more than 30 percent to nearly CNY7.2 trillion (USD1.1 trillion) last year, data from the Ministry of Commerce shows.
NetEase's e-commerce business, which began just three years ago, includes cross-border marketplace Kaola and quality goods platform Yanxuan. The former has held the biggest share of China's cross-border online retail sector for two straight years, commanding around a quarter of the market.
Kaola rolled out a new strategy in December, in which it selects quality factories from around the world to work together on specific product categories. The model better connects buyers with factories and enhances the customer experience.