网易云音乐 理想车机版 全新升级 (6 网易云音乐 | ■ 理想 焕 新 界 面 功能升级后，理想汽车车主可随时使用网易云音乐无麦克风K歌功能，开启全舱扩音模式。无论通勤还是出游，用户只需打开网易云音乐并选择歌曲，即可 随时唱歌，简化麦克风收纳和连接调试步骤，提升车载娱乐体验。 同时，网易云音乐理想车机版新增有声书功能，涵盖音乐、情感、亲子等多类内容。此外，本次更新还新增了心动模式、私人雷达、歌手电台等板块。 此次网易云音乐理想车机版的全面焕新，将为用户出行带来更沉浸、更便利的个性化听觉体验，也为车载音乐领域提供新的应用探索方向。目前，网易云音 乐已与理想汽车、比亚迪、小米汽车等50多家知名车企展开合作。未来，网易云音乐将持续创新产品功能，不断完善车载音乐服务，丰富用户的出行体验。 近日，网易云音乐理想车机版功能升级，新增无麦克风K歌功能、心动模式等个性化推荐板块以及多元的播客有声书内容。 ...

Group 1 - The core viewpoint of the articles highlights the performance of the gaming and cultural media sector, with notable stock movements in companies like NetEase Cloud Music and Liou Co., as well as the significant growth of the gaming media ETF [1][2] - As of September 19, the gaming media ETF has seen a net value increase of 79.20% over the past year, indicating strong market interest and performance in this sector [1] - The Delta Action game has topped the iOS sales chart, and its international version on Steam reached a peak of 226,000 concurrent players, showcasing the popularity and engagement of new gaming titles [1] Group 2 - Huayuan Securities notes that the current gaming market rally is based on product performance, EPS upgrades, and synchronized valuation recovery, suggesting that there is no strong bubble in valuations [2] - The report emphasizes two key strategies for continued focus on the gaming sector: the trading potential of major game titles and the structural growth opportunities in PC and mini-games [2] - The index tracks 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances, reflecting the overall performance of the gaming and cultural media theme in the mainland and Hong Kong markets [2][3] Group 3 - As of August 29, the top ten weighted stocks in the index include Kuaishou-W, Tencent Holdings, and Bilibili-W, with these stocks collectively accounting for 54.14% of the index [3]

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The Board of Directors comprises Mr. Ding Lei (Chairman and CEO), two executive directors, one non-executive director, and three independent non-executive directors, with audit, remuneration, and nomination committees established - Board members include **Chairman and CEO Mr. Ding Lei**, two executive directors, one non-executive director, and three independent non-executive directors[5](index=5&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are all established and chaired by independent non-executive directors[5](index=5&type=chunk) [Key Contacts and Legal Information](index=3&type=section&id=Key%20Contacts%20and%20Legal%20Information) The company secretary is Ms. Wong Wai Yee, authorized representatives are Mr. Li Yong and Ms. Wong Wai Yee, auditor is PwC, registered in Cayman Islands with headquarters in Hangzhou, China, and legal counsel covers multiple jurisdictions - The company secretary is **Ms. Wong Wai Yee**, and authorized representatives are **Mr. Li Yong and Ms. Wong Wai Yee**[5](index=5&type=chunk) - The auditor is **PricewaterhouseCoopers**[5](index=5&type=chunk) - The company's registered office is in the Cayman Islands, its principal place of business in Hong Kong is in Causeway Bay, and its headquarters are in Hangzhou, China[5](index=5&type=chunk) - Legal counsel covers Hong Kong, US, China, and Cayman Islands law[6](index=6&type=chunk) [Share and Banking Information](index=4&type=section&id=Share%20and%20Banking%20Information) The principal share registrar is in the Cayman Islands, Hong Kong share registrar is Hong Kong Registrars Limited, main bank is ICBC Hangzhou Branch, stock code is 9899, and investor relations website is ir.music.163.com - The principal share registrar is Maples Fund Services (Cayman) Limited, and the Hong Kong securities registrar is Hong Kong Registrars Limited[6](index=6&type=chunk) - The main bank is **ICBC Hangzhou Branch**[6](index=6&type=chunk) - The company's stock code is **9899**, and the investor relations website is http://ir.music.163.com[6](index=6&type=chunk) Financial and Business Highlights [IFRS Measures](index=5&type=section&id=IFRS%20Measures) For the six months ended June 30, 2025, revenue decreased by 6.0% to RMB 3.8 billion, gross profit decreased by 2.3% to RMB 1.39 billion, while operating profit surged 40.8% to RMB 0.84 billion, and profit for the period increased 132.4% to RMB 1.9 billion For the six months ended June 30, 2025, IFRS Measures | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,827,117 | 4,070,493 | -6.0% | | Gross Profit | 1,392,485 | 1,425,731 | -2.3% | | Operating Profit | 844,506 | 599,933 | +40.8% | | Profit Before Income Tax | 1,068,060 | 813,578 | +31.3% | | Profit for the Period | 1,882,142 | 809,949 | +132.4% | [Non-IFRS Measures](index=5&type=section&id=Non-IFRS%20Measures) Under non-IFRS measures, for the six months ended June 30, 2025, adjusted operating profit grew 35.0% to RMB 0.905 billion, and adjusted net profit increased 121.0% to RMB 1.946 billion, primarily adjusted by adding back equity-settled share-based payments For the six months ended June 30, 2025, Non-IFRS Adjusted Financial Metrics | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Operating Profit | 905,360 | 670,850 | +35.0% | | Adjusted Net Profit | 1,946,353 | 880,749 | +121.0% | - Non-IFRS measures adjust operating profit and net profit by adding back equity-settled share-based payments (primarily share incentive expenses) to better reflect core operating performance[10](index=10&type=chunk) Management Discussion and Analysis [Business Review](index=7&type=section&id=Business%20Review) In H1 2025, the company focused on high-quality development of its core music ecosystem, enhancing user engagement through content optimization, personalized distribution, innovative features, and community building, resulting in 15.2% growth in membership subscription revenue and a gross margin increase to 36.4% - The company is committed to high-quality development of its core music ecosystem, enhancing user attraction and engagement through content optimization, personalized distribution, innovative features, and community attributes[12](index=12&type=chunk) - Membership subscription revenue increased by **15.2% year-on-year**, primarily due to subscriber growth, although average revenue per paying user was slightly diluted by changes in subscriber structure[14](index=14&type=chunk) - Gross margin reached **36.4% in H1 2025**, a significant improvement from H1 2024, benefiting from business scale expansion, strong monetization of core online music services, and continuous cost optimization[14](index=14&type=chunk) [User Growth and Engagement](index=7&type=section&id=User%20Growth%20and%20Engagement) In H1 2025, the company maintained steady growth in total monthly active users, with the DAU/MAU ratio consistently above 30%, and increased mobile listening time and user engagement - Total monthly active users maintained a steady growth momentum in H1 2025[12](index=12&type=chunk) - The daily active users/monthly active users ratio grew steadily, remaining above **30%**[12](index=12&type=chunk) - User mobile listening time increased, and engagement improved[12](index=12&type=chunk) [Content Ecosystem and Original Music](index=7&type=section&id=Content%20Ecosystem%20and%20Original%20Music) The company continuously enriched its unique content reserves, expanded licensed content including K-Pop labels and renowned Chinese musicians, and actively promoted original Chinese music, with self-produced tracks like 'Dilemma' gaining popularity - Continuously enriched unique content reserves and expanded licensed content, including popular K-Pop labels such as RBW and StarShip Entertainment[13](index=13&type=chunk) - Supplemented works by renowned Chinese musicians such as Li Jian, Zhang Yixing, Chen Chusheng, and Jike Junyi[13](index=13&type=chunk) - Actively promoted original Chinese music, with several self-produced tracks like 'Dilemma' gaining popularity both on and off the platform[13](index=13&type=chunk) [Product Optimization and Innovative Features](index=7&type=section&id=Product%20Optimization%20and%20Innovative%20Features) In H1 2025, the company upgraded its main product for enhanced visual appeal, simplification, and ease of use, delivering superior audio-visual experiences through advanced personalized distribution and innovative features like 'Shenguang Player,' while expanding interactive scenarios to boost user activity - Main product upgrades and optimization enhanced visual appeal, simplification, and ease of use[13](index=13&type=chunk) - Provided superior audio-visual experiences through advanced personalized distribution and innovative features like "Shenguang Player"[13](index=13&type=chunk) - Expanded and enhanced interactive scenarios, strengthened the music community, and increased user activity and engagement[13](index=13&type=chunk) [Monetization and Profitability](index=8&type=section&id=Monetization%20and%20Profitability) In H1 2025, the company's music-centric monetization capabilities grew steadily, with membership subscription revenue up 15.2%, gross margin rising to 36.4%, and improved profitability driven by subscriber growth, core business monetization, and cost optimization - Membership subscription revenue increased by **15.2% year-on-year**, primarily due to subscriber growth[14](index=14&type=chunk) - Gross margin reached **36.4% in H1 2025**, a significant improvement compared to the same period in 2024[14](index=14&type=chunk) - Profitability improved due to business scale expansion, strong monetization of core online music services, and continuous cost optimization[14](index=14&type=chunk) [Future Strategic Focus](index=8&type=section&id=Future%20Strategic%20Focus) The company's future strategy focuses on efficiently enriching differentiated content, optimizing music listening and recommendation, fostering a music-oriented community, enhancing user willingness to pay, and improving profitability through cost optimization and operational efficiency - Further enrich and enhance differentiated content with higher efficiency, deepen cooperation with copyright holders, and strengthen independent musician incubation and self-produced music capabilities[14](index=14&type=chunk) - Provide an ultimate music experience by optimizing music listening experience and recommendation features[14](index=14&type=chunk) - Cultivate a music-oriented community ecosystem, expand social scenarios and ecosystems, and explore innovations in the social domain[14](index=14&type=chunk) - Improve profitability through continuous cost optimization, operational efficiency enhancements, and strict cost control[14](index=14&type=chunk) [Comprehensive and Differentiated Content Ecosystem](index=9&type=section&id=Comprehensive%20and%20Differentiated%20Content%20Ecosystem) The company continuously expanded its licensed and original music reserves, supporting independent musicians and self-produced music to promote original Chinese music, with over 819,000 registered independent musicians and 4.8 million tracks by June 2025, while also strengthening partnerships for K-Pop, Chinese, and niche genres - Continuously expanded unique content reserves, covering licensed tracks and original music, actively promoting the development of original Chinese music[16](index=16&type=chunk) - As of June 2025, the platform had over **819,000 registered independent musicians**, who

Investment Rating - The report indicates a positive investment outlook for the gaming sector, highlighting its strong performance compared to other sub-industries within the media and internet sectors [3][5]. Core Insights - The gaming industry is experiencing significant growth, with mobile game market size increasing by 16% year-on-year in the first half of 2025, while PC games show a 5% increase [3][14]. - The report emphasizes the high demand for entertainment consumption, particularly in gaming, music, and trendy toys, while long-form video content has reached a low point [3][8]. - Cloud computing and AI applications are accelerating, with notable revenue growth in cloud services, particularly from Alibaba Cloud and Kingsoft Cloud, which reported year-on-year growth of 26% and 24% respectively [3][8]. - The advertising sector shows resilience, particularly in short video platforms and elevator advertising, with initial signs of AI integration [3][8]. - The internet healthcare sector is witnessing an uplift in market conditions, indicating a positive trend [3][8]. Summary by Sections 1. Overview - The report summarizes the performance of the media and internet sectors, noting the standout performance of the gaming industry [3][4]. 2. Entertainment Consumption - The gaming, music, and trendy toy IPs are thriving, while long-form video content is struggling [3][4]. - The gaming sector's revenue growth is driven by regulatory easing, increased demand from younger users, and innovative overseas strategies [3][14]. 3. Cloud Computing and AI Applications - Cloud services are experiencing accelerated growth, with significant investments from major players like Alibaba and Tencent [3][8]. - AI applications are beginning to monetize effectively, particularly in emotional consumption and productivity tools [3][8]. 4. Advertising - The advertising sector remains robust, with short video platforms and elevator ads showing resilience [3][8]. 5. Internet Healthcare - The report notes an improvement in the internet healthcare sector's market conditions [3][8]. 6. Publishing - The publishing sector is experiencing flat revenue growth, but tax exemptions are helping to restore profit margins [3][8].

消息面上，近期，网易云音乐发布2025年上半年业绩。招商证券国际表示，网易云音乐上半年业绩超预 期，在线音乐服务收入达29.7亿元人民币，同比增长16%(符合预期)，占总收入的78%。毛利率同比提 升1.4个百分点至36.4%，超出市场预期的34.1%。核心营业利润同比增长35%至9.05亿元人民币，较市场 预期高出40%，期末净现金储备为124亿元人民币。展望未来，该行预计2025年下半年在线音乐业务以 17%的同比增速，推动集团总收入实现同比正增长。 华泰证券指出，对比海外同业，国内音乐平台的长期优质资产属性尚未被充分定价。从成长性来看，国 内音乐平台付费率随用户年龄结构优化仍有上行空间，粉丝经济玩法有望激活高粘性核心用户付费潜 力。从盈利能力来看，国内流媒体平台持续加深上下游布局，盈利天花板优于海外平台。从估值看，当 前估值相比海外同业仍具性价比。 网易云音乐(09899)涨超5%，截至发稿，涨5.12%，报291.8港元，成交额1.2亿港元。 ...

智通财经APP获悉，网易云音乐(09899)涨超5%，截至发稿，涨5.12%，报291.8港元，成交额1.2亿港 元。 消息面上，近期，网易云音乐发布2025年上半年业绩。招商证券国际表示，网易云音乐上半年业绩超预 期，在线音乐服务收入达29.7亿元人民币，同比增长16%(符合预期)，占总收入的78%。毛利率同比提 升1.4个百分点至36.4%，超出市场预期的34.1%。核心营业利润同比增长35%至9.05亿元人民币，较市场 预期高出40%，期末净现金储备为124亿元人民币。展望未来，该行预计2025年下半年在线音乐业务以 17%的同比增速，推动集团总收入实现同比正增长。 华泰证券指出，对比海外同业，国内音乐平台的长期优质资产属性尚未被充分定价。从成长性来看，国 内音乐平台付费率随用户年龄结构优化仍有上行空间，粉丝经济玩法有望激活高粘性核心用户付费潜 力。从盈利能力来看，国内流媒体平台持续加深上下游布局，盈利天花板优于海外平台。从估值看，当 前估值相比海外同业仍具性价比。 ...

Group 1: Core Insights - The overall mid-year performance of the internet sector is stable, with strong revenue and profit growth driven by AI, significantly impacting advertising, cloud computing, and operational efficiency for internet giants [1] - Tencent's advertising revenue continues to grow at 20%, while Alibaba Cloud's growth rate has accelerated to 26% quarter-on-quarter, indicating robust performance in the sector [1] - The Hang Seng Technology Index is considered undervalued globally, with continued recommendations for Tencent Holdings, Alibaba, Kuaishou, Meitu, Tencent Music, and NetEase Cloud Music [1] Group 2: Market Performance - In August, the Hang Seng Technology Index rose by 4.1%, while the Nasdaq Internet Index increased by 2.7%, reflecting a positive trend in internet stocks [2] - Notable performers in the Hong Kong market included Yueda Group, JD Health, and Weimob, while in the US market, iQIYI, BOSS Zhipin, and SEA led the gains [2] - The price-to-earnings ratio (PE-TTM) of the Hang Seng Technology Index has rebounded to 21.94x, positioned at the 25.2% percentile since its inception [2] Group 3: AI Developments - Google launched BlenderFusion and Gemini 2.5 FlashImage; OpenAI released GPT-5 and a new voice model GPT-Realtime; Meta restructured its AI department and obtained Midjourney authorization [3] - Microsoft introduced gpt-oss and released its self-developed AI model; Nvidia may pause production of the H20 chip; Tencent released the artistic creation tool VISVISE and open-sourced Youtu-agent [3] - Alibaba announced Qwen3-4B and plans to spin off Zhanma Zhixing for independent listing in Hong Kong; ByteDance released the open-source model Seed-OSS-36B and a digital human generation model [3] Group 4: Internet Industry Dynamics - In the gaming sector, the National Press and Publication Administration approved new domestic game licenses, with NetEase's "Tianxia: Wanxiang" and Tencent's new game "Valorant: Source Action" launching [4] - In fintech, payment institution reserves decreased by 2.4% year-on-year, and WeChat Fenfu launched a "loan" feature [4] - In e-commerce, Taobao's flash purchase surpassed peak transactions with over 300,000 restaurants, and Meituan's Keeta launched in Qatar [4]

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8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9月3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 ...

Group 1 - The core viewpoint of the news highlights the integration of AI technologies in the automotive sector, specifically with Tesla's new Model Y L featuring advanced AI models for enhanced user interaction and experience [1] - The online consumption ETF fund is positioned to benefit from the expected growth in AI applications, closely tracking the CSI Hong Kong-Shenzhen Online Consumption Theme Index [1] - As of September 2, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has decreased by 2.39%, with mixed performance among its constituent stocks [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of the online consumption sector in the mainland and Hong Kong markets [2] - As of July 31, 2025, the top ten weighted stocks in the index account for 53.33% of the total index weight, including major players like Tencent, Alibaba, and Meituan [2]