智通财经APP获悉，香港联交所最新数据显示，12月19日，富国基金增持网易云音乐(09899)14.08万 股，每股作价190.5866港元，总金额约为2683.46万港元。增持后最新持股数目约为1098.68万股，持股 比例为5.04%。 ...

香港联交所最新数据显示，12月19日，富国基金增持网易云音乐(09899)14.08万股，每股作价190.5866 港元，总金额约为2683.46万港元。增持后最新持股数目约为1098.68万股，持股比例为5.04%。 ...

来源：智通财经 今年是网易云音乐年度听歌报告推出的第9年，据了解，平台持续创新，不断通过丰富数据维度、提升 玩法体验等等方式，打造更具情感价值和趣味性的年度总结。本次"联合年度报告"模式同样为业界首 创，不仅更深入洞察到用户的深层次体验需求，也再次为业界年度报告提供全新思路。 据介绍，本次联合年报首次实现"音乐记忆"与"生活轨迹"的深度交织。用户可在网易云音乐内授权对应 合作平台账号，将自己在运动健身、旅途出行、游戏世界的行为数据与听歌记录融合，生成一份独一无 二、多维度的立体年度回忆。12月15日起，联合年报授权页面已上线。用户可在网易云音乐APP搜 索"年度报告"，提前授权预约账号信息，并于12月29日后正式查看对应的联合年度报告。 近日，网易云音乐宣布2025年度听歌报告将于12月29日8点正式上线。在主听歌报告的基础上，今年， 网易云音乐首创"联合年度报告"，携手携程旅行、keep、逆水寒、光遇、阴阳师、魔兽世界、炉石传 说、守望先锋、暗黑破坏神9家知名平台，融合运动、旅行、游戏等与音乐息息相关的场景，为用户更 深度展现这一年中独特的情感记忆体验。 ...

Core Viewpoint - ByteDance's new music platform, Soda Music, has rapidly gained over 100 million users, positioning itself as a disruptor in the music industry by leveraging its unique algorithm and flow engine, fundamentally reshaping music content distribution and user engagement [1][11]. Group 1: Soda Music's Market Position - Soda Music has reached 120 million active users by September 2025, making it the fourth largest player in the mobile music industry, following KuGou, NetEase Cloud Music, and QQ Music [1][11]. - The platform's rise has led to significant stock price declines for competitors, with Tencent Music's shares dropping 11% and NetEase Cloud Music's shares falling nearly 20% following the announcement of its user growth [1][12]. Group 2: Unique Business Model - Soda Music employs a "free music + low-cost subscription" model, allowing users to listen for free by watching ads, which maximizes user acquisition and engagement [8][9]. - The app mimics Douyin's "interest recommendation" model, providing personalized song suggestions based on user behavior, enhancing user experience and satisfaction [4][6]. Group 3: Integration with Douyin - Soda Music benefits from deep integration with Douyin, allowing seamless transitions between platforms and leveraging Douyin's vast user base for continuous traffic flow [7][10]. - Approximately 38% of users utilize both Douyin and Soda Music, indicating a strong collaborative ecosystem that enhances user engagement [10]. Group 4: Impact on Competitors - Tencent Music reported a Q3 revenue of 8.46 billion yuan, a 20.6% year-on-year increase, while NetEase Cloud Music's revenue fell by 1.8% to 2 billion yuan, marking its first quarterly revenue decline since going public [12][18]. - The competitive landscape is shifting, with Soda Music targeting price-sensitive users, while Tencent Music maintains a diverse portfolio of platforms to mitigate the impact of user decline [17][18]. Group 5: Future Market Dynamics - The music market is transitioning from a focus on copyright to competition over platform access and user engagement, with Soda Music, Tencent Music, and NetEase Cloud Music adopting distinct strategies [21][22]. - Future success will depend on the ability to connect creators with users effectively, as the industry enters a new phase of ecological competition [29].

此前，网易云音乐旗下网易天音平台正式上线测试"AI写歌"趣味功能。该功能旨在通过人工智能技术降 低音乐创作门槛，为用户提供"一键将灵感转化为歌曲"的便捷体验。用户可通过移动端首页进入"AI写 歌"，输入灵感词句即可生成完整歌曲。 根据Research and Markets报告显示，2024年全球音乐产业中生成式AI的市场价值已达4.1985亿美元，并 以53.34%的年增长率迅猛发展。报告预测，全球音乐市场上的AI价值将会在2029年飙升至43亿美元， 并在2034年达到225.7亿美元，市场前景十分广阔。 网易云音乐(09899)涨近5%，截至发稿，涨4.48%，报195.9港元，成交额12.44港元。 消息面上，12月11日，网易云音乐"百万奖金AI音乐创作大赛"正式启动。据了解，本次大赛奖金力度为 目前国内AI音乐赛事领域之最，冠亚季军奖金分别达50万元、20万元、10万元。同时，为鼓励优质AI 歌曲的创作，网易云音乐平台也已全新上线AI歌曲激励金活动，平台入驻音乐人均可参与。 ...

Core Viewpoint - NetEase Cloud Music has launched a significant AI music creation competition with substantial prize money, reflecting its commitment to innovation in the music industry and the growing importance of AI technology in music creation [1] Company Summary - NetEase Cloud Music's stock rose nearly 5%, reaching HKD 195.9 with a trading volume of HKD 12.44 million [1] - The "Million Prize AI Music Creation Competition" offers the largest prize pool in the domestic AI music competition sector, with first, second, and third prizes of RMB 500,000, RMB 200,000, and RMB 100,000 respectively [1] - The platform has introduced an AI song incentive program to encourage high-quality AI song creation, allowing all registered musicians to participate [1] - The "AI Songwriting" feature has been launched on the NetEase Tianyin platform, enabling users to convert their ideas into complete songs easily [1] Industry Summary - According to a report by Research and Markets, the market value of generative AI in the global music industry is projected to reach USD 419.85 million in 2024, with a remarkable annual growth rate of 53.34% [1] - The report forecasts that the AI value in the global music market will soar to USD 4.3 billion by 2029 and reach USD 22.57 billion by 2034, indicating a promising market outlook [1]

每经AI快讯，网易云音乐(09899.HK)涨近5%，截至发稿涨4.85%，报203.2港元，成交额2.27亿港元。 （文章来源：每日经济新闻） ...

网易云音乐(09899)涨近5%，截至发稿，涨4.85%，报203.2港元，成交额2.27亿港元。 消息面上，里昂此前研报指出，由于各平台战略定位及产品差异化，与字节跳动旗下汽水音乐直接爆发 正面竞争的风险较低，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。申万宏源表示，公司在差异化版 权策略上足够坚定（独立音乐人、原创音乐人、特色版权等），迎合年轻用户的打法亦为中长期增长垫 定基础，收入/利润双端潜力充足。 ...

Core Viewpoint - NetEase Cloud Music (09899) has seen a nearly 5% increase in stock price, currently trading at 203.2 HKD with a transaction volume of 227 million HKD, indicating positive market sentiment towards the company [1] Group 1: Market Performance - The stock price of NetEase Cloud Music rose by 4.85% to 203.2 HKD, with a trading volume of 2.27 billion HKD [1] Group 2: Analyst Insights - According to a report from Citi, the direct competition risk with ByteDance's Qishui Music is low due to strategic positioning and product differentiation among platforms [1] - NetEase Cloud Music is currently trading at a forecasted adjusted P/E ratio of 17 times for 2026, indicating strong long-term profitability potential supported by a subscription model and multiple cost leverage [1] - The target price set by analysts is 310.5 HKD, reflecting confidence in the company's growth prospects [1] Group 3: Strategic Positioning - Shenwan Hongyuan noted that the company has a strong commitment to differentiated copyright strategies, including independent and original musicians, which aligns well with the preferences of younger users and lays a solid foundation for medium to long-term growth [1] - The company has sufficient potential for both revenue and profit growth, indicating a robust business model [1]

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11月30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 呈交日期: 2025年12月2日 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 ...