内容概要：随着移动互联网的迅猛发展与智能终端的广泛普及，声音内容已融入日常，长音频市场也随 之蓬勃发展。它凭借其独特的伴随性和深度沉浸体验，正加速渗透通勤、睡前、车载等高契合度场景， 行业需求量持续攀升。与此同时，国家政策通过加强版权保护、规范AI生成内容标识、提升网络视听 数据质量、推动产业数字化转型及出台税收优惠等举措，规范市场秩序、保障内容合规、促进产业升 级，为长音频行业可持续发展提供强有力支撑。此外，人工智能与数字技术的更新迭代，进一步推动播 客平台、音频主播、有声读物等细分场景的内容质量提升，促进中国长音频行业创新发展。数据显示， 2024年中国长音频行业市场规模达到287亿元，同比上涨14.8%；预计2025年行业市场规模增长至337亿 元，同比上涨17.4%。 相关上市企业：荔枝（LIZI）、腾讯音乐-SW（01698）、网易云音乐（09899）等。 相关企业：上海喜马拉雅科技有限公司、上海倾听信息技术有限公司、北京臻鼎科技有限公司、北京喵 斯拉网络科技有限公司、深圳市懒人在线科技有限公司、得到（天津）文化传播有限公司、宁波追光网 络科技有限公司等 关键词：长音频行业产业链、长音频行业市场规模 ...

格隆汇11月20日丨网易云音乐(09899.HK)发布公告，2025年第三季度，网易云音乐净收入为人民币20亿 元(2.759亿美元)，同比减少1.8%。2025年第三季度网易云音乐净收入为人民币20亿元(2.759亿美元)，上 一季度和去年同期均为人民币20亿元。 ...

本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見上市 規則）作出。 於2025年11月20日（香港時間交易時段結束後），本公司控股股東及母公司網易股 份有限公司（「網易」）（美國納斯達克上市公司，納斯達克代號：NTES，及香港聯 合交易所有限公司（「聯交所」）上市公司，港交所代號：9999），公佈截至2025年9 月30日止第三季度的未經審計財務業績（「網易業績公佈」）。網易業績公佈載有對 本公司2025年第三季度的財務表現的提述。網易業績公佈的副本分別可於聯交所 網站www.hkexnews.hk及網易網站http://ir.netease.com/查閱。 網易業績公佈所載的財務業績，包括與本公司相關者，已按美國公認會計準則編 製，該準則與國際財務報告準則（「國際財務報告準則」）不同。本公司採用國際財 務報告準則編製及呈列本公司的財務資料。因此，網易業績公佈所載的財務資料 與本公司已公佈及將公佈的財務業績不可直接比較。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 ...

Core Insights - The emergence of Qishui Music as a significant player in the music streaming industry is reshaping the competitive landscape, prompting established giants like Tencent Music and NetEase Cloud Music to reassess their market positions [1][2][9] User Growth and Market Dynamics - Qishui Music has rapidly grown to 120 million active users by September 2025, positioning itself as the fourth largest player in the industry, following Tencent Music, QQ Music, and NetEase Cloud Music [1][4] - Tencent Music's stock fell by 11% following its Q3 2025 earnings report, despite reporting a total revenue of 8.46 billion yuan, a year-on-year increase of 20.6% [1][8] - The user overlap between Qishui Music and traditional platforms like QQ Music and NetEase Cloud Music is only 2%-3%, indicating that Qishui Music is attracting new users rather than merely redistributing existing ones [9][10] Business Model and Revenue Streams - Qishui Music employs a "free + subscription" model, significantly lowering the barriers to entry for users, which contrasts with the traditional subscription-based revenue model of Tencent Music and NetEase Cloud Music [11][13] - Tencent Music's subscription revenue accounted for 53.2% of its total revenue in Q3 2025, while Qishui Music's approach focuses on user engagement through low-cost membership options and promotional offers [11][13] Competitive Strategies - Qishui Music leverages its integration with Douyin (TikTok) to enhance user engagement and retention, with 38% of its users also active on Douyin [4][6] - The platform's algorithm-driven recommendations and short video experiences have proven effective in attracting users, leading to a 90.7% year-on-year increase in active users as of September [6][8] Industry Implications - The loosening of exclusive music copyright agreements has allowed Qishui Music to enter the market more effectively, capitalizing on the shift towards shared rights among platforms [2][3] - The competitive pressure from Qishui Music is forcing Tencent Music and NetEase Cloud Music to innovate and adapt their business models to retain users and market share [17]

Core Points - Xiaomi Auto has announced a new benefit for car owners, offering a 3-month free membership to NetEase Cloud Music for all owners who have taken delivery of their vehicles [1] - The company has also launched a series of promotional activities, including a tax subsidy plan for year-end purchases and free ETC activation, with existing car owners receiving 500 points as compensation [1]

里昂发布研报称，由于各平台战略定位及产品差异化，与字节跳动旗下Soda Music直接爆发正面竞争的 风险较低，重申对网易云音乐(09899)和腾讯音乐-SW(01698)"跑赢大市"评级。网易云音乐目前以2026 年经调整预测市盈率17倍交易，拥有抗经济周期的订阅模式，以及来自多重成本杠杆的稳健长期盈利潜 力，目标价310.5港元。 ...

Core Viewpoint - The report from Citi indicates that the risk of direct competition between domestic music platforms, particularly NetEase Cloud Music and ByteDance's Soda Music, is low due to strategic positioning and product differentiation [1] Group 1: Company Analysis - NetEase Cloud Music is currently trading at a forecasted adjusted P/E ratio of 17 times for 2026, indicating a strong valuation [1] - The company benefits from a subscription model that is resilient to economic cycles, suggesting stable long-term profitability potential [1] - The target price for NetEase Cloud Music is set at HKD 310.5 [1] Group 2: Industry Insights - The report reaffirms the "outperform" rating for both NetEase Cloud Music and Tencent Music [1] - The differentiation in strategies among platforms reduces the likelihood of intense competition in the music streaming industry [1]

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

Core Viewpoint - The ongoing discussion regarding NetEase Cloud Music's lack of compatibility with HarmonyOS has sparked significant public interest, with the company emphasizing ongoing optimization efforts for a future release [1] Group 1: Company Response - NetEase Cloud Music's official customer service confirmed that the application has not yet been adapted for HarmonyOS, citing ongoing optimization and enhancement efforts to ensure a stable and smooth user experience upon release [1] - The customer service team reassured users that they are working on a comprehensive upgrade for the HarmonyOS version of Cloud Music, promising a new and improved experience soon [1] Group 2: Compatibility Issues - Currently, HarmonyOS users cannot directly search for and download Cloud Music, and using third-party applications like Zhuoyi Tong to run the Android version may lead to compatibility issues that need to be reported for resolution [1] - In April, the official Xiaohongshu account of NetEase Cloud Music warned users against downloading unofficial alternatives for HarmonyOS, citing concerns over potential security risks, including unauthorized access to user data and possible malware [1]

Core Insights - NetEase Cloud Music has launched an AI-based sound feature called "AI Tuning Master," aimed at enhancing the auditory experience for users [1][3] - The feature utilizes artificial intelligence to dynamically analyze song characteristics, allowing for intelligent sound adaptation, visual adjustments, and personalized customization [1][3] Group 1: Key Features - The "AI Tuning Master" has four main highlights: it uses AI models to understand audio content and match exclusive parameters for different songs, achieving a "thousand songs, thousand faces" effect [3] - The tuning process is visualized, providing real-time sound wave spectrum displays and music emotion analysis [3] - Users can further adjust settings based on preferences, such as "enhanced low frequencies" and "increased live feel" [3] - The feature includes a real-time listening function, allowing users to compare original sound with adjusted effects before playback [3] Group 2: Market Impact - The "AI Tuning Master" has received widespread acclaim during its testing phase, indicating strong user interest and potential market acceptance [3] - This feature enriches the platform's sound quality service ecosystem and will expand to cover multiple terminal scenarios, including APP, PC, TV, and in-car systems, to meet diverse user listening needs [3]