Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 7,950,146 thousand, representing a 1.1% increase from RMB 7,866,992 thousand in 2023[3] - Gross profit increased by 27.5% to RMB 2,681,512 thousand, up from RMB 2,102,670 thousand in the previous year[3] - Adjusted net profit surged by 107.7% to RMB 1,700,078 thousand, compared to RMB 818,500 thousand in 2023[3] - Online music service revenue increased by 23.1% to RMB 5,354.5 million in 2024, driven by a rise in subscription sales from RMB 3,649.2 million to RMB 4,459.0 million[29] - Operating profit increased significantly to RMB 1,170,847 thousand in 2024 from RMB 330,180 thousand in 2023[52] - Net profit attributable to equity holders for 2024 was RMB 1,561,507 thousand, up from RMB 734,182 thousand in 2023, marking a growth of 113.1%[52] - Basic earnings per share for 2024 was RMB 7.48, compared to RMB 3.49 in 2023, reflecting a 114.3% increase[52] - Total revenue for the year ended December 31, 2024, was RMB 7,950,146,000, a slight increase of 1.06% from RMB 7,866,992,000 in 2023[65] User Engagement and Growth - The company's monthly active users continued to grow, with a daily active users to monthly active users ratio remaining above 30%[8] - Membership subscription revenue increased by 22.2% year-on-year, driven by growth in the membership base[9] - The average listening time for long audio content per user increased by 35.8% year-over-year in 2024, indicating a strong demand for long-form audio[21] - The platform has registered over 773,500 independent musicians, with approximately 4.4 million music tracks uploaded as of December 2024, showcasing significant growth in the independent music ecosystem[17] Content and Innovation - The company plans to deepen collaboration with copyright holders to enhance its content offerings and support independent musicians[12] - Future strategies include increasing user engagement through innovative interactive features and expanding consumption scenarios[14] - The music content library is expected to continue stable growth in both quantity and variety, catering to the interests of younger audiences[12] - The company has expanded its music content supply, focusing on genres like rap, rock, and ACG, and has established strategic partnerships with Modern Sky and other artists, releasing new songs from various popular musicians[15] - The company has implemented personalized content recommendations, improving user engagement and music discovery through enhanced features[23] - The company continues to explore new audio content formats, including podcasts and audiobooks, to diversify its offerings and enhance user engagement[23] Cost Management and Profitability - Gross margin improved from 26.7% in 2023 to 33.7% in 2024, reflecting enhanced profitability[10] - The company aims to optimize profitability through cost management and operational efficiency[14] - Operating costs decreased by 8.6% to RMB 5,268.6 million in 2024, primarily due to a reduction in content service costs[30] - Sales and marketing expenses were reduced by 19.3% to RMB 611.5 million in 2024, reflecting a more cautious promotional strategy[32] - Research and development expenses decreased by 10.2% to RMB 779.7 million in 2024 due to improved utilization of technical resources[34] Financial Position and Assets - The company’s liquidity position showed cash and cash equivalents of RMB 4 billion in 2023 and RMB 3.8 billion in 2024[43] - The debt-to-asset ratio improved to 25.0% in 2024 from 27.3% in 2023[44] - Total assets as of December 31, 2024, amounted to RMB 13,582,249 thousand, an increase from RMB 11,610,551 thousand in 2023[56] - Cash and cash equivalents were RMB 3,795,210 thousand as of December 31, 2024, compared to RMB 4,020,400 thousand in 2023[56] Corporate Governance and Compliance - The company has adopted and complied with all applicable provisions of the Corporate Governance Code for the year ended December 31, 2024[89] - The audit committee reviewed the unaudited consolidated financial statements for the year ended December 31, 2024, and discussed accounting policies and internal controls with the auditors[93] - The company is focused on maintaining compliance with the Listing Rules and the Standard Code for securities trading by directors[106] Miscellaneous - The company did not declare or pay any dividends for the years ended December 31, 2024, and 2023[80] - There were no significant events affecting the company since the end of the reporting period[87] - The company raised approximately HKD 3,160 million (equivalent to approximately RMB 2,584 million) from its global offering completed on December 2, 2021, with no funds utilized as of December 31, 2024[100]

Investment Rating - The report gives a "Recommend" rating for NetEase Cloud Music (9899.HK) [19] Core Views - NetEase Cloud Music focuses on increasing paid users and improving ARPPU, with future growth driven by both factors [2] - The company is expected to achieve net profits of 1.3/1.5/1.7 billion yuan in 2024/2025/2026, with corresponding P/E ratios of 18/16/14X [2] Business Model and Revenue - Revenue mainly comes from online music services and social entertainment services, accounting for 63% and 37% of total revenue in 24H1 respectively [2] - Online music subscription revenue accounts for 84% of online music service revenue, with advertising and digital albums making up the remaining 16% [2] - Social entertainment service revenue is driven by MAU, payment rate, and ARPPU, with paid users increasing from 5800 in 2018 to 1.6 million in 2023 [10] Financial Performance - NetEase Cloud Music achieved its first annual profit in 2023, with a net profit of 700 million yuan and a net profit margin of 9% [2] - In 24H1, the company's net profit reached 800 million yuan, with a net profit margin of 20% [2] - Gross margin improved significantly from -4% in 21Q1 to 33% in 24Q3 [2] Industry Overview - The global music market is recovering, driven by the growth of streaming services, with China having the highest growth rate in 2023 [81][82] - The global streaming music market is relatively fragmented, with Spotify leading with a 32.1% market share in 2023 [103] - In China, the online music market has formed a "one super, one strong" competitive landscape, with Tencent Music and NetEase Cloud Music as the main players [105] Competitive Advantages - NetEase Cloud Music is one of the largest online incubators for independent musicians in China, with registered independent musicians increasing from 400,000 in 2021 to 684,000 in 2023 [121] - The platform has a strong community attribute, with over 48% of listeners browsing the comment section as of June 2021 [113] - The platform's user base is young, with 72% of users being post-00s in 2023 [112] Future Outlook - The company's strategy focuses on increasing paid users and improving ARPPU, with expected net profits of 1.3/1.5/1.7 billion yuan in 2024/2025/2026 [2] - Gross margin is expected to continue to improve, reaching 34%/36%/37% in 2024/2025/2026, with net profit margins of 16%/17%/18% [142]

证券时报网讯，部分港股通标的逆市走低，其中，知行汽车科技以5.61%的跌幅领跌，中煤能源和乐普 生物-B紧随其后，分别下跌5.22%和4.78%。 校对：冉燕青 康诺亚-B、网易云音乐、华晨中国跌逾4%，联合能源集团、和黄医药、中广核矿业、中国神华、快手W等跌逾3%。 ...

《科创板日报》11月25日讯（记者 张洋洋） 因为页面功能问题，网易云音乐和QQ音乐再次爆发"斗 争"，前者公开喊话要求后者停止剽窃式"创新"。 因版权、用户、新功能等问题，国内两大在线音乐平台的纷争已有多年。频频交锋的背后，反映出当下 在线音乐平台竞争愈发激烈。国内在线音乐付费用户转化率已经接近30%，继续提升的空间十分有限。 付费用户拓展难，是各大音乐平台共同面临的难题。 ▍谁抄袭了谁？ 下午公开喊话QQ音乐后，网易云音乐傍晚再发声，称正在加大力度持续扩充版权库，力求为用户提供 更全面的音乐体验；近期我们已下线大量广告位。除开屏位置外，网易云音乐 VIP 用户享受无广告体 验，未来还会不断优化用户体验；近期即将带来更简洁的全新版本。 今日，网易云音乐突发长文，公开喊话QQ音乐，要求后者停止剽窃式"创新"。 网易云音乐声明称，网易云音乐音乐播放器DIY功能于10月25日上线，用户可上传图片个性化定义播放 器界面。11月19日，网易云音乐推出以此功能为主题的首届"黑胶风格创意大赛"，吸引大量用户参与。 然而，仅四天后，QQ音乐便推出了高度相似的"播放器自定义功能"，再次抄袭网易云音乐。 网易云音乐还在声明中详 ...

Group 1 - The Securities Times is a key information disclosure platform for the Chinese capital market, providing comprehensive financial and securities news 24/7 [1] - It offers a wide range of content including market news, financial information, fund net values, bonds, futures, and announcements from listed companies [1] - The platform aims to deliver the latest and most comprehensive financial information to its users [1] Group 2 - The "Xinpai 168" comprehensive service area has been established to enhance information disclosure in the capital market [2] - The "Spark Plan" for investor education in the capital market has been launched, indicating a commitment to providing authoritative and comprehensive services [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability, with a 165.4% year-over-year increase in adjusted net profit for H1 2024, driven by substantial growth in subscription revenue from online music services [3][5]. - The company has successfully increased its paid user base, leading to a 26.6% year-over-year growth in online music revenue, with subscription sales accounting for 83.8% of this revenue [4][5]. - The company has adopted a cautious approach to its social entertainment business, resulting in a 19.9% year-over-year decline in revenue from this segment, focusing instead on enhancing the core music user experience [5]. Financial Performance Summary - For H1 2024, the company reported revenues of 4.07 billion RMB, a 4.1% increase year-over-year, with operating costs decreasing by 10.14% to 2.65 billion RMB [3]. - The adjusted net profit for H1 2024 reached 0.88 billion RMB, reflecting a significant improvement in profitability metrics [3]. - The gross margin improved to 35.0%, up 10.3 percentage points year-over-year, attributed to a reduction in content service costs [3]. User Growth and Market Position - The company has maintained a daily active user (DAU) to monthly active user (MAU) ratio above 30%, indicating strong user engagement [4]. - As of H1 2024, the platform has over 732,000 registered independent musicians, contributing to a diverse music library of approximately 3.6 million tracks [4]. Revenue Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 8.29 billion RMB, 8.89 billion RMB, and 9.43 billion RMB, respectively, with adjusted net profits expected to reach 1.30 billion RMB, 1.48 billion RMB, and 1.66 billion RMB [6][7]. - The report anticipates a gradual release of operating leverage, enhancing profitability over the long term [5].

中期 報告 INTERIM REPORT 2024 中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 財務及業務摘要 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 15 | | 中期財務資料的審閱報告 | 25 | | 釋義 | 55 | 雲音樂 2024 年中期報告 2 公司資料 董事會 執行董事 丁磊先生 （主席兼首席執行官） 李勇先生 非執行董事 李日強先生 鄭德偉先生 （於2024年2月15日辭任非執行董事） 王冉先生 （於2024年5月23日辭任非執行董事） 獨立非執行董事 盧英傑先生 顧險峰先生 許忠先生 審計委員會 盧英傑先生 （主席） 顧險峰先生 許忠先生 薪酬委員會 許忠先生 （主席） 顧險峰先生 盧英傑先生 提名委員會 顧險峰先生 （主席） 盧英傑先生 許忠先生 公司秘書 黃慧兒女士 授權代表 李勇先生 黃慧兒女士 核數師 羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師 香港中環 太子大廈22樓 註冊辦事處 P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [5][6]. Core Insights - The company has been included in the Hong Kong Stock Connect list, making it a rare online music investment option for domestic institutions, especially since Tencent Music is not included [5]. - The company reported a significant improvement in profitability, with a 166% year-over-year increase in adjusted net profit for the first half of 2024, reaching 880 million RMB [5]. - The online music segment saw a revenue increase of 27% year-over-year, driven by a 25%+ growth in monthly active paying users [5]. - The company is focusing on its core music content and has reduced its social entertainment business, leading to improved profitability metrics [5][6]. Financial Data and Earnings Forecast - The company achieved a revenue of 4.07 billion RMB in the first half of 2024, with a year-over-year growth of 4% [5]. - The adjusted net profit forecast for 2024-2026 has been revised upwards, with expected figures of 1.5 billion, 1.8 billion, and 2.0 billion RMB respectively [6]. - The projected price-to-earnings (PE) ratios for 2024-2026 are 12x, 10x, and 9x, respectively, indicating a favorable valuation compared to peers [6]. - The target price has been raised from 111 HKD to 116 HKD, reflecting a 28% upside potential [6].

在线音乐收入增长超预期 ——云音乐（9899.HK）24H1 点评 核心观点 ⚫ 24H1 营收 40.7 亿(yoy+4.1%, hoh+3%)，主要系会员订阅收入因付费会员数增长 提升。我们预期 24H2 达 40 亿（yoy+1%），主要系直播业务首页流量权重调整影 响。24H1 毛利率 35%（yoy+10pp，hoh+6pp），主要系业务规模的扩大、核心在 线音乐业务的强劲商业化表现带来经营杠杆持续提效，以及版权成本的一次性调 整。 24H1 销售费用 4 亿(yoy-0%,hoh-5%)。24H1 管理费用 0.9 亿 (yoy+24%,hoh3%)，主要系僱员福利费用增加。24H1 研发费用 4 亿 (yoy-10%,hoh-8%)。主要系 技术资源利用率提高。 24H1 归母净利润（IFRS）8.1 亿（yoy+176%,hoh+84%)， 我们预期盈利能力随着会员收入提升持续优化。 ⚫ 24H1 在线音乐收入 26 亿(yoy+27%, hoh+10%)，主要系在线音乐月付费用户增 加，如持续致力拓宽与音乐版权方的合作，完善了平台的韩国音乐内容库，并与音 乐厂牌建立深入的伙伴关系等。我们预期 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 151.86 HKD [5][3] Core Insights - In H1 2024, the company's revenue reached 4.07 billion (yoy +4.1%, hoh +3%), primarily driven by growth in paid membership subscriptions. H2 2024 revenue is expected to be around 4 billion (yoy +1%) due to adjustments in the homepage traffic weight for live streaming [2] - The gross margin for H1 2024 was 35% (yoy +10pp, hoh +6pp), attributed to business scale expansion and strong commercialization of core online music services, along with a one-time adjustment in copyright costs [2] - The net profit attributable to the parent company for H1 2024 was 810 million (yoy +176%, hoh +84%), with expectations for continued improvement in profitability as membership revenue increases [2] - Online music revenue in H1 2024 was 2.6 billion (yoy +27%, hoh +10%), driven by an increase in monthly paying users and enhanced partnerships with music copyright holders. H2 2024 online music revenue is projected to reach 2.75 billion (yoy +18%) [2] - Social entertainment revenue in H1 2024 was 1.5 billion (yoy -20%, hoh -7%), reflecting a more cautious operational strategy by management. H2 2024 social entertainment revenue is expected to decline to 1.24 billion (yoy -24%) [2] - The company was included in the Hang Seng Composite Index, effective September 9, 2024, which may lead to its inclusion in the Hong Kong Stock Connect investment scope [2] Financial Forecasts - The forecasted net profits for the company are 1.5 billion, 1.77 billion, and 2.02 billion for the years 2024, 2025, and 2026 respectively. The estimates for 2024 and 2025 were adjusted upwards due to better-than-expected H1 2024 performance [3] - The average P/E ratio for comparable companies in 2025 is estimated at 17 times, supporting the target price of 151.86 HKD [3] Key Financial Metrics - The company's revenue for 2024 is projected at 8.054 billion, with a growth rate of 2.4% [4] - The gross margin is expected to improve to 33.9% in 2024, with net profit margins projected at 18.7% [4] - The company’s P/E ratio is forecasted to be 12.6 in 2024, indicating a potential undervaluation compared to peers [4]