北京商报讯（记者 魏蔚）1月20日，网易云音乐宣布，与环球音乐集团达成新战略合作，用户可选择 Taylor Swift、Ariana Grande、The Weeknd等国际音乐人作品，以及华语乐坛如张学友、陈奕迅、谭咏 麟、孙燕姿、伍佰等歌手作品。 ...

上述协议还包含了人工智能（AI）相关条款。AI生成音乐面临着版权问题，而国外AI巨头正通过合作 协议的方式与唱片公司取得"和解"。 网易云音乐版权副总裁魏媛女士表示，双方将在版权发行、艺人推广、AI技术探索、文化交流等多维 度展开更深层次的密切合作。 新京报贝壳财经讯（记者韦英姿）1月20日，网易云音乐与环球音乐集团（Universal Music Group）（简 称：环球音乐）联合宣布，双方已达成多年期授权协议。 国家版权局推动网易云音乐与腾讯音乐互授音乐版权后，一度松动了版权作为音乐平台护城河的局面。 但版权依然关系着用户留存，目前国内在线音乐平台正迎来新"搅局者"。 据QuestMobile2025年9月数据，虽然网易云音乐App月活用户规模仍居前三，但字节系汽水音乐紧随其 后，位居第四。网易云音乐数据显示，目前平台月活用户超2亿人，超9成活跃用户为90后、00后。 （文章来源：新京报） ...

网易云音乐版权副总裁魏媛女士表示，双方将在版权发行、艺人推广、AI技术探索、文化交流等多维 度展开更深层次的密切合作。 编辑 杨娟娟 新京报贝壳财经讯（记者韦英姿）1月20日，网易云音乐与环球音乐集团（Universal Music Group）（简 称：环球音乐）联合宣布，双方已达成多年期授权协议。 国家版权局推动网易云音乐与腾讯音乐互授音乐版权后，一度松动了版权作为音乐平台护城河的局面。 但版权依然关系着用户留存，目前国内在线音乐平台正迎来新"搅局者"。 据QuestMobile2025年9月数据，虽然网易云音乐App月活用户规模仍居前三，但字节系汽水音乐紧随其 后，位居第四。网易云音乐数据显示，目前平台月活用户超2亿人，超9成活跃用户为90后、00后。 上述协议还包含了人工智能（AI）相关条款。AI生成音乐面临着版权问题，而国外AI巨头正通过合作 协议的方式与唱片公司取得"和解"。 校对 刘军 ...

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 ...

Group 1 - The core point of the article is that the fund has increased its stake in NetEase Cloud Music, indicating confidence in the company's future prospects [1] - On December 19, the fund purchased 140,800 shares at a price of HKD 190.5866 per share, totaling approximately HKD 26.83 million [1] - After the purchase, the fund's total holdings in NetEase Cloud Music reached approximately 10.9868 million shares, representing a 5.04% ownership stake [1]

Core Insights - The article reports that the investment firm, Franklin Templeton, has increased its stake in NetEase Cloud Music (09899) by purchasing 140,800 shares at a price of HKD 190.5866 per share, totaling approximately HKD 26.83 million [1] - Following this transaction, Franklin Templeton's total holdings in NetEase Cloud Music amount to approximately 10.9868 million shares, representing a 5.04% ownership stake [1] Company Summary - Franklin Templeton's recent acquisition indicates a strategic move to enhance its investment in NetEase Cloud Music, reflecting confidence in the company's future performance [1] - The increase in shareholding percentage to 5.04% suggests a significant commitment to the company, potentially influencing market perceptions and investor sentiment [1]