每经AI快讯，网易云音乐(09899.HK)午前涨超7%，截至发稿，涨5.8%，报204.4港元，成交额1.87亿港 元。 ...

消息面上，近日，据快科技报道，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。目前， 功能主要面向音乐人群体及少量深度用户开放。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，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，市场前景一片蓝海。 网易云音乐(09899)午前涨超7%，截至发稿，涨5.8%，报204.4港元，成交额1.87亿港元。 ...

Core Viewpoint - NetEase Cloud Music has launched an "AI songwriting" feature on its NetEase Tianyin platform, aimed at lowering the barriers to music creation and enhancing user experience [1] Company Summary - NetEase Cloud Music's stock price increased by over 7% and is currently trading at 204.4 HKD, with a transaction volume of 1.87 million HKD [1] - The new AI songwriting feature allows users to input inspiration phrases and generate complete songs, primarily targeting musicians and a select group of deep users [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 419.85 million USD in 2024, with a remarkable annual growth rate of 53.34% [1] - The AI value in the global music market is expected to soar to 4.3 billion USD by 2029 and reach 22.57 billion USD by 2034, indicating a promising market outlook [1]

网易云音乐(09899)发布公告，根据2022年计划公司于2025年11月27日向若干合资格参与者(作为承授人) 授出3.24万股奖励股份。 ...

智通财经APP讯，网易云音乐(09899)发布公告，根据2022年计划公司于2025年11月27日向若干合资格参 与者(作为承授人)授出3.24万股奖励股份。 ...

NETEASE CLOUD MUSIC INC. 網易雲音樂股份有限公司 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。 （於開曼群島註冊成立的有限公司） （股份代號：9899） 根據2022年計劃授出現股獎勵 茲提述本公司的2022年計劃。董事會謹此宣佈，本公司於2025年11月27日向若干 合資格參與者（作為承授人）授出獎勵。授出詳情如下： 承授人： 承授人及彼等授出的概要載列如下： 承授人 授出獎勵數目 僱員參與者12名人士 32,424 歸屬： 購買價 於歸屬時，每股獎勵股份的購買價為零。 歸屬期及時間表 退扣機制 就授出的每項獎勵而言，於承授人發生任何不當行為或違 約，或於計劃管理人釐定適當的其他情況下，(i)該承授人 持有的未歸屬或未行使的獎勵將自動失效；(ii)為該承授人 保留或持有但尚未轉讓予該承授人的任何獎勵股份將被沒 收，承授人不再有權享有該承授人的任何獎勵股份；及(iii) 對於已轉讓承授人的獎勵股份，本公司可要求承授人以股 份 ...

Core Insights - The long audio market in China is experiencing rapid growth due to the proliferation of mobile internet and smart devices, with a market size projected to reach 28.7 billion yuan in 2024, a year-on-year increase of 14.8%, and expected to grow to 33.7 billion yuan in 2025, a 17.4% increase [1][10] - Government policies are enhancing copyright protection, regulating AI-generated content, improving data quality, and promoting digital transformation, which supports the sustainable development of the long audio industry [1][10] - The integration of artificial intelligence and digital technologies is driving innovation in the long audio sector, improving content quality across podcasts, audio books, and other formats [1][10] Long Audio Industry Overview - Long audio focuses on non-music content with extended duration and strong narrative, including formats like audiobooks, radio dramas, podcasts, and educational audio [2] - The industry is characterized by a growing demand for immersive audio experiences in daily scenarios such as commuting and bedtime [1][10] Long Audio Classification - Long audio differs from short audio in terms of content completeness, user scenarios, and value logic, with long audio providing continuous, in-depth content suitable for long-term engagement [3][4] Development Stages of Long Audio - The long audio industry has evolved through five stages: nascent, exploratory, expansion, integration, and intelligent [4][5] - The current intelligent stage is marked by the integration of generative AI technologies, enhancing content production and user experience [5][14] Long Audio Industry Value Chain - The industry value chain consists of content creation and copyright provision (upstream), audio platforms and content distribution (midstream), and listening devices and users (downstream) [6][7] Market Competition Landscape - The competitive landscape features a tiered structure, with leading platforms like Ximalaya, Lizhi, and Qingting FM in the first tier, focusing on content richness and user engagement [10][11] - Second-tier platforms like Kuwo Changting and Lazy Listening target niche markets, while third-tier platforms face challenges in competitiveness [10][11] Industry Trends - The industry is undergoing accelerated integration, with major platforms forming strategic alliances to enhance resource sharing and collaboration [13] - AIGC is reshaping the industry by lowering production costs and enhancing user service through personalized content recommendations [14] - The user base is expanding across demographics, leading to a "universal listening" trend alongside the development of niche content for specific audience segments [15]

Core Viewpoint - NetEase Cloud Music reported a net revenue of RMB 2 billion (USD 275.9 million) for Q3 2025, reflecting a year-on-year decrease of 1.8% [1] Financial Performance - The net revenue for Q3 2025 remained unchanged compared to both the previous quarter and the same period last year, which were also RMB 2 billion [1]

本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見上市 規則）作出。 於2025年11月20日（香港時間交易時段結束後），本公司控股股東及母公司網易股 份有限公司（「網易」）（美國納斯達克上市公司，納斯達克代號：NTES，及香港聯 合交易所有限公司（「聯交所」）上市公司，港交所代號：9999），公佈截至2025年9 月30日止第三季度的未經審計財務業績（「網易業績公佈」）。網易業績公佈載有對 本公司2025年第三季度的財務表現的提述。網易業績公佈的副本分別可於聯交所 網站www.hkexnews.hk及網易網站http://ir.netease.com/查閱。 網易業績公佈所載的財務業績，包括與本公司相關者，已按美國公認會計準則編 製，該準則與國際財務報告準則（「國際財務報告準則」）不同。本公司採用國際財 務報告準則編製及呈列本公司的財務資料。因此，網易業績公佈所載的財務資料 與本公司已公佈及將公佈的財務業績不可直接比較。 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 ...

Core Insights - The emergence of Qishui Music as a significant player in the music streaming industry is reshaping the competitive landscape, prompting established giants like Tencent Music and NetEase Cloud Music to reassess their market positions [1][2][9] User Growth and Market Dynamics - Qishui Music has rapidly grown to 120 million active users by September 2025, positioning itself as the fourth largest player in the industry, following Tencent Music, QQ Music, and NetEase Cloud Music [1][4] - Tencent Music's stock fell by 11% following its Q3 2025 earnings report, despite reporting a total revenue of 8.46 billion yuan, a year-on-year increase of 20.6% [1][8] - The user overlap between Qishui Music and traditional platforms like QQ Music and NetEase Cloud Music is only 2%-3%, indicating that Qishui Music is attracting new users rather than merely redistributing existing ones [9][10] Business Model and Revenue Streams - Qishui Music employs a "free + subscription" model, significantly lowering the barriers to entry for users, which contrasts with the traditional subscription-based revenue model of Tencent Music and NetEase Cloud Music [11][13] - Tencent Music's subscription revenue accounted for 53.2% of its total revenue in Q3 2025, while Qishui Music's approach focuses on user engagement through low-cost membership options and promotional offers [11][13] Competitive Strategies - Qishui Music leverages its integration with Douyin (TikTok) to enhance user engagement and retention, with 38% of its users also active on Douyin [4][6] - The platform's algorithm-driven recommendations and short video experiences have proven effective in attracting users, leading to a 90.7% year-on-year increase in active users as of September [6][8] Industry Implications - The loosening of exclusive music copyright agreements has allowed Qishui Music to enter the market more effectively, capitalizing on the shift towards shared rights among platforms [2][3] - The competitive pressure from Qishui Music is forcing Tencent Music and NetEase Cloud Music to innovate and adapt their business models to retain users and market share [17]