Core Viewpoint - MSCI announced the results of its August index quarterly review, which includes the addition and removal of several stocks in the MSCI China Index, reflecting recent strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1]. Summary by Category Additions to MSCI China Index - 14 stocks were added to the MSCI China Index, including notable companies such as: - Lao Pu Gold (06181) - WuXi AppTec (02268) - Meitu (01357) - NetEase Cloud Music (09899) - 3SBio (01530) - Horizon Robotics (09660) - Global Data (09698) - Kintor Pharmaceutical (06990) - 5 additional A-shares including: - Zhinan (300803.SZ) - CITIC Bank (601998.SH) - Giant Network (002558.SZ) - Ailis (688578.SH) - Jingwang Electronics (603228.SH) [1][3][5]. Removals from MSCI China Index - 17 stocks were removed from the MSCI China Index, including: - Hisense Home Appliances (00921) - Zhongsheng Holdings (00881) - Yingjia Wine (603198.SH) - Oriental Yuhong (002271.SZ) - 13 additional stocks including: - Supor (002032.SZ) - Chihong Zn & Ge (600497.SH) - Morning Light Co. (603899.5H) - and others [1][3][5]. Global Index Changes - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [5]. - The top three new additions to the MSCI Emerging Markets Index include CITIC Bank, Dian Swastatika Sentosa, and Lao Pu Gold [5].

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7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 呈交日期: 2025年8月5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/註冊股本總 ...

Core Viewpoint - NetEase Cloud Music's stock rose over 5%, indicating strong market performance and investor confidence in its growth potential [1] Group 1: Company Performance - As of the latest report, NetEase Cloud Music's stock price reached 258.6 HKD with a trading volume of 422 million HKD [1] - According to Dongwu Securities, by June 2025, the iOS Daily Active Users (DAU) to Monthly Active Users (MAU) ratio for NetEase Cloud Music is projected to reach 42%, second only to Spotify's 50%, indicating high user engagement [1] - The company has successfully maintained low customer acquisition costs and user churn rates, contributing to sustained user growth and extended growth duration [1] Group 2: Market Position and Strategy - NetEase Cloud Music is focusing on its core music business and continuously optimizing product experience, which is expected to drive user growth [1] - Compared to industry leaders, NetEase Cloud Music has shown excellent growth in its paid user rate, although its Average Revenue Per Paying User (ARPPU) remains significantly lower than the industry average, indicating room for improvement in monetization [1] - The company is targeting the consumption potential of younger demographics and is enhancing its offerings through "differentiated content + exclusive rights + cross-scenario interaction," which is expected to narrow the ARPU gap with leading platforms and expand its growth boundaries [1]

Core Viewpoint - NetEase Cloud Music's stock rose over 5%, closing at 258.6 HKD with a trading volume of 422 million HKD, indicating strong market interest and confidence in the company's growth potential [1] Group 1: User Engagement and Growth - According to Dongwu Securities, by June 2025, NetEase Cloud Music's iOS DAU/MAU is expected to reach 42%, second only to Spotify's 50%, reflecting high user engagement and stickiness [1] - The company benefits from social interaction, positive feedback loops, and brand effects, which have led to lower customer acquisition costs and user churn rates, driving continuous user growth and extending growth duration [1] Group 2: Market Position and Revenue Potential - Comparatively, NetEase Cloud Music shows excellent growth in paid user rates, although its ARPPU (Average Revenue Per Paying User) remains significantly lower than industry standards, indicating substantial room for improvement in monetizing individual users [1] - The company is focusing on the younger demographic with strong consumption potential and is enhancing its offerings through "differentiated content + exclusive rights + cross-scenario interaction," which is gradually narrowing the ARPU (Average Revenue Per User) gap with leading platforms, potentially broadening growth boundaries and entering a new cycle of rising payment metrics [1]

东吴证券发布研报称，根据Sensor Tower，2025年6月网易云音乐IOS端DAU/MAU达42%，仅次于 Spotify的50%水平，用户粘性相对较高。该行认为，社交、互动正反馈与品牌效应强化了产品的用户粘 性，实现了较低的获客成本和用户流失率，驱动用户规模持续增长，成长久期得以延长。公司聚焦音乐 主业持续优化产品体验，有望驱动用户规模增长，对标国内外音乐流媒体平台付费墙较低商业化空间广 阔。 招商证券指出，对比国内外行业龙头，网易云在付费率增速上表现优秀，但目前ARPPU值仍显著低于 业内水平，单用户价值挖掘存在明显提升空间，公司聚焦消费潜力较强的年轻群体，且深化"差异化内 容+专属权益+跨场景联动"，正逐步缩小与行业头部平台的ARPU值差距，有望进一步拓宽增长边界， 完善生态闭环，进入新一轮付费指标上升周期。 智通财经APP获悉，网易云音乐(09899)尾盘涨超5%，截至发稿，涨5.64%，报258.6港元，成交额4.22亿 港元。 ...

Core Insights - The Invesco Great Wall Hong Kong Stock Connect Global Competitiveness C Fund (012228) has a latest net value of 0.8108 yuan, with a weekly return of -3.14%, a three-month return of 6.14%, and a year-to-date return of 17.87% [1] - The fund was established on August 12, 2021, and managed by Zhou Hanying, with a total scale of 250 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Tencent Holdings, Alibaba-W, Pop Mart, Xiaomi Group-W, Giant Bio, Zijin Mining, NetEase Cloud Music, China Pacific Insurance, SMIC, and SF Holding, accounting for a total of 47.14% of the portfolio [1]

7月31日，"网易云音乐起诉韩国SM娱乐"冲上微博热搜。 天眼查APP显示，近日，法院公开杭州乐读科技有限公司、杭州网易云音乐科技有限公司起诉SM ENTERTAINMENT CO. 、L*、卡斯梦（上海）文化传播有限公司的开庭信息，案由涉及滥用市场支配 地位纠纷。 公告显示，该案件计划于8月6日，在浙江省杭州市中级人民法院开庭审理。 网易云音乐与SM娱乐的合作最早始于2018年。当时，网易云音乐因与阿里音乐达成音乐著作权互相转 授权的合作，获得了包括SM娱乐在内的音乐版权。仅仅过了一年，2019年，SM娱乐与腾讯音乐娱乐集 团（TME）签署战略合作，此后就有用户反映称网易云音乐平台上，SM娱乐的歌曲不能正常听，歌单 大面积变灰下架。 转机出现在两年后。2021年，国家市场监管总局下发"解除令"，叫停了独家版权。 2022年6月，网易云音乐再次与SM娱乐达成合作，获得SM娱乐公司旗下全量音乐版权授权。网易公司 创始人、CEO丁磊当时把这次签约定义为"回归"："SM娱乐公司版权回归云村了，其他还会远吗？大家 不要急不要慌不要乱，版权采购村长一直在一线。多给我们点时间，都会回来的。话不多说，我们先听 歌。"他在云 ...

新浪科技讯 7月31日晚间消息，企查查资料显示，近日，法院公开杭州乐读科技有限公司、杭州网易云 音乐科技有限公司起诉SM ENTERTAINMENT CO． 、卡斯梦（上海）文化传播有限公司等开庭信息， 案由涉及滥用市场支配地位纠纷。公告显示，该案件计划将于8月6日，在浙江省杭州市中级人民法院开 庭审理。 责任编辑：何俊熹 对于前述开庭信息，新浪科技向网易云音乐求证，网易云方面表示，目前相关案件在审理中，暂时没有 更多信息可透露。 今年1月，网易云音乐曾发布致韩国SM歌迷的一封信，告知各位歌迷朋友因版权方单方面通知不续约， 2025年1月31日，网易云很可能不得不下架韩国SM娱乐公司旗下全部歌曲内容，网易云方面会争取版权 续约的可能，如果有进一步的消息会第一时间告知用户。 ...

Core Viewpoint - The ongoing legal dispute between NetEase Cloud Music and South Korea's SM Entertainment has escalated, with a court hearing scheduled for August 6, 2023, regarding allegations of market dominance abuse [1]. Group 1: Legal Dispute - NetEase Cloud Music and its subsidiary have filed a lawsuit against SM Entertainment and its affiliates, with the case set to be heard in Hangzhou [1]. - The lawsuit follows a series of complications in the partnership between NetEase Cloud Music and SM Entertainment, which began in 2018 [6][8]. Group 2: Historical Context of Partnership - The collaboration between NetEase Cloud Music and SM Entertainment started in 2018, but faced challenges when SM Entertainment signed a strategic deal with Tencent Music in 2019, leading to the removal of SM's songs from NetEase's platform [8]. - In 2021, regulatory changes allowed for the cessation of exclusive copyright agreements, leading to a renewed partnership in 2022 where NetEase regained full music rights from SM Entertainment [8][9]. Group 3: Financial Performance - For the year 2024, NetEase Cloud Music reported online music service revenue of 5.35 billion yuan, a 23.1% increase from 4.35 billion yuan in the previous year, driven by a growing subscriber base [9]. - Subscription revenue reached 4.46 billion yuan, reflecting a year-on-year growth of 22.2%, while content service costs decreased from 4.6 billion yuan in 2023 to 4 billion yuan in 2024 [9].

格隆汇7月31日丨网易云音乐(09899.HK)宣布，将于2025年8月14日(星期四)召开董事会会议，藉以考虑 及通过集团截至2025年6月30日止六个月之中期业绩，并考虑向我们的股东派发中期股息(如有)。 ...