网易云音乐(09899.HK)拟2月11日召开董事会会议审批年度业绩 大行评级｜大和：下调网易云音乐目标 价至215港元 新推出家庭会员套餐或对ARPU造成影响 格隆汇1月28日丨网易云音乐(09899.HK)发布公告，将于2026年2月11日(星期三)召开董事会会议，藉以 考虑及通过集团截至2025年12月31日止的年度业绩，并考虑向股东派发末期股息(如有)。 相关事件 ...

承董事會命 網易雲音樂股份有限公司 NETEASE CLOUD MUSIC INC. 網易雲音樂股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9899） 董事會會議召開日期 我們特此宣佈將於2026年2月11日（星期三）召開董事會會議，藉以考慮及通過本 集團截至2025年12月31日止之年度業績，並考慮向我們的股東派發末期股息（如 有）。 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 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會主席 丁磊先生 香港，2026年1月28日 於本公告日期，董事會包括執行董事丁磊先生、李勇先生及王燕鳳女士，非執行 董事李日強先生，以及獨立非執行董事盧英傑先生、顧險峰先生及許忠先生。 ...

Core Viewpoint - NetEase Cloud Music has announced a new strategic partnership with Universal Music Group, expanding its music offerings to include works from international artists such as Taylor Swift, Ariana Grande, and The Weeknd, as well as popular Chinese artists like Jacky Cheung, Eason Chan, Alan Tam, Stefanie Sun, and Wu Bai [1] Group 1 - The partnership allows users to access a wider range of music, enhancing the platform's appeal to both domestic and international audiences [1] - This collaboration signifies a strategic move by NetEase Cloud Music to strengthen its position in the competitive music streaming market [1]

Core Insights - NetEase Cloud Music and Universal Music Group have reached a multi-year licensing agreement, indicating a strategic partnership in the music industry [2] - The licensing agreement comes after the National Copyright Administration encouraged music platforms like NetEase Cloud Music and Tencent Music to share music copyrights, which has altered the competitive landscape [2] - The agreement includes clauses related to artificial intelligence (AI), addressing copyright issues associated with AI-generated music [2] Group 1: Partnership and Licensing - The partnership aims to enhance copyright distribution, artist promotion, AI technology exploration, and cultural exchange [2] - NetEase Cloud Music's monthly active users exceed 200 million, with over 90% of active users being from the post-90s and post-00s generations [2] Group 2: Competitive Landscape - Despite being among the top three music apps in terms of monthly active users, NetEase Cloud Music faces competition from ByteDance's music platform, which ranks fourth [2]

Core Viewpoint - NetEase Cloud Music and Universal Music Group have reached a multi-year licensing agreement, indicating a shift in the competitive landscape of the online music industry in China, particularly in the context of copyright issues and user retention [1][2]. Group 1: Licensing Agreement - The agreement between NetEase Cloud Music and Universal Music Group includes terms related to artificial intelligence (AI), highlighting the growing importance of AI-generated music and its associated copyright challenges [2]. - This partnership aims to enhance collaboration in areas such as copyright distribution, artist promotion, AI technology exploration, and cultural exchange [2]. Group 2: Market Position - As of September 2025, NetEase Cloud Music maintains a top-three position in monthly active users (MAUs) with over 200 million users, predominantly consisting of individuals born in the 1990s and 2000s [2]. - ByteDance's music platform is emerging as a significant competitor, ranking fourth in the market, indicating increased competition in the online music space [2].

Group 1 - U.S.-based Universal Music Group has entered into a partnership with Chinese music streaming service NetEase Cloud Music [1]

Core Viewpoint - The ongoing legal dispute involves Zhu Yiwen, the former CEO of NetEase Cloud Music, and Hangzhou NetEase Cloud Music Technology Co., Ltd., with the case now in the civil appeal stage at the Zhejiang High People's Court, set to be heard on January 22, 2024 [2][3]. Group 1: Company Background - Zhu Yiwen, a founding member of NetEase Cloud Music, joined NetEase in 2006 and played a key role in launching the platform in 2013, achieving a user growth rate of 36.5% in 2014, surpassing competitors like QQ Music [2]. - By July 2015, NetEase Cloud Music's user base exceeded 100 million, leading to its elevation to a first-level department within NetEase in April 2016, with Zhu Yiwen becoming CEO [2]. - Despite rapid revenue growth from 1.1 billion yuan in 2018 to 4.9 billion yuan in 2020, the company faced significant losses, with a reported loss of 3 billion yuan in 2020 [2]. Group 2: Management Changes - In late 2020, Zhu Yiwen was internally demoted, with NetEase CEO Ding Lei taking over operational control of NetEase Cloud Music, attributed to Zhu's failure to meet revenue and innovation expectations [3]. - Zhu Yiwen's departure from the company was reported in early 2023, after which he ventured into the AI+ education sector [3]. Group 3: Legal Proceedings - The current lawsuit is characterized as a "contract dispute," with Zhu Yiwen and NetEase Cloud Music Co., Ltd. as plaintiffs against Hangzhou NetEase Cloud Music [3]. - Legal experts note that while the companies are related, they operate as independent legal entities, allowing for the pursuit of claims to protect shareholder interests [4]. - The shift in roles during the appeal indicates a divergence in interests between Zhu Yiwen and NetEase Cloud Music, with the latter now seeking to assert its rights against Hangzhou NetEase [5][6]. Group 4: Financial Performance - Recent data indicates that NetEase Cloud Music has improved its profitability, reporting a revenue of 3.8 billion yuan and an adjusted net profit of 1.946 billion yuan for the first half of 2025, a 121% increase from the same period in 2024 [6]. - As of January 16, 2024, NetEase Cloud Music's stock closed at 181.5 HKD per share, with a total market capitalization of 39.5 billion HKD, reflecting a decline of 2.21% [6].

Core Insights - The rise of Qishui Music, a music app without exclusive big-name artists or popular variety show soundtracks, is challenging established players like NetEase Cloud Music, with monthly active users reaching 120 million and a year-on-year growth of over 90% [2][4] - The integration of AI-generated music has significantly contributed to this growth, with AI artists like "Dazhuzhen" gaining popularity on platforms like Douyin, indicating a potential for even higher user engagement [4][8] Group 1: Market Dynamics - The traditional online music industry has operated under a "copyright is king" principle, where companies like Tencent Music and NetEase Cloud Music invest heavily in exclusive content to retain users [13][14] - The emergence of AI-generated music disrupts this model, as it allows for the mass production of appealing songs, diminishing the value of exclusive copyrights [15][20] - Qishui Music's business model, which relies on free listening and ad monetization, contrasts with the subscription-based models of Tencent and NetEase, positioning it advantageously in the current market [20][22] Group 2: AI Integration - The recent advancements in AI music generation tools, such as Suno's V5 version, have enabled the creation of consistent AI artists, addressing previous limitations in sound quality and artist identity [8][9] - The ecosystem of Douyin and Qishui Music allows for music to serve as a functional component of short video content, emphasizing emotional engagement over traditional artist recognition [10][11] - AI's ability to produce high-frequency, emotionally resonant music segments aligns perfectly with the demands of short video platforms, leading to rapid user acquisition for Qishui Music [9][12] Group 3: Competitive Landscape - The competitive landscape is shifting, with traditional music companies struggling to adapt to the new AI-driven model, reminiscent of Nokia's decline in the face of disruptive technology [17][22] - Both Tencent and NetEase are cautiously exploring AI music but face challenges in balancing user expectations and copyright concerns, while Qishui Music embraces AI without such constraints [20][25] - The success of Qishui Music illustrates a broader trend where companies leverage AI to bypass traditional barriers, fundamentally altering the rules of competition in the music industry [23][26]

Group 1 - The core viewpoint of the report is that NetEase Cloud Music's newly launched family membership plan may negatively impact the Average Revenue Per User (ARPU) due to the lower price of 4.5 yuan per user, although it is expected to drive subscription user growth [1] - The report acknowledges market concerns regarding the competitive landscape of China's online music industry but expresses confidence that NetEase Cloud Music can maintain user growth, with the belief that user acquisition strategies or low pricing strategies will last longer than previously anticipated [1] - Daiwa has lowered its earnings per share forecast for NetEase Cloud Music for 2026 to 2027 by 7% to reflect reduced ARPU assumptions and higher marketing cost assumptions; it maintains an "outperform" rating but has reduced the 12-month target price from 310 HKD to 215 HKD due to declining peer valuations and the expectation of increased short-term investments to combat intensified competition, lowering the target price-to-earnings ratio from 27x to 18x for the 2026 earnings forecast [1]

呈交日期: 2026年1月6日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 網易雲音樂股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | 本月底法定/註冊股本 ...