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]

Core Viewpoint - NetEase Cloud Music has filed a lawsuit against South Korea's SM Entertainment for alleged abuse of market dominance, with the court hearing scheduled for August 6 in Hangzhou, Zhejiang Province [1]. Group 1: Legal Actions - The lawsuit involves Hangzhou LeDu Technology Co., Ltd. and Hangzhou NetEase Cloud Music Technology Co., Ltd. against SM Entertainment Co., L*, and Kasmong (Shanghai) Cultural Communication Co., Ltd. [1]. - The case is set to be heard in the Hangzhou Intermediate People's Court [1]. Group 2: Historical Context - NetEase Cloud Music announced on January 24 that it might have to remove all songs from SM Entertainment due to the copyright holder's unilateral decision not to renew the contract [4]. - The collaboration between NetEase Cloud Music and SM Entertainment began in 2018, but issues arose in 2019 when SM Entertainment signed a strategic partnership with Tencent Music Entertainment Group, leading to the removal of SM songs from NetEase's platform [4]. Group 3: Recent Developments - In 2021, the National Market Regulation Administration issued a "declaration" to stop exclusive copyrights, allowing NetEase Cloud Music to re-establish its partnership with SM Entertainment in June 2022, regaining full music copyright [5]. - The CEO of NetEase, Ding Lei, referred to this signing as a "return" of SM Entertainment's copyrights to the platform [5]. Group 4: Financial Performance - In 2024, NetEase Cloud Music's online music service revenue reached 5.35 billion yuan, a 23.1% increase from 4.35 billion yuan in the previous year, driven by a growing membership base [6]. - Membership subscription revenue amounted to 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 [6]. - In 2024, NetEase Cloud Music signed copyright agreements with major Korean music companies, including JYP Entertainment, Kakao Entertainment, and CJ Entertainment, as well as with prominent Chinese musician Li Jian [6].

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)。 ...

Core Viewpoint - The lawsuit filed by Hangzhou LeDu Technology Co., Ltd. and Hangzhou NetEase Cloud Music Technology Co., Ltd. against SM Entertainment Co. and Kasmong (Shanghai) Cultural Communication Co., Ltd. revolves around the abuse of market dominance [1] Group 1 - The case is scheduled for hearing on August 6 at the Hangzhou Intermediate People's Court in Zhejiang Province [2] - On January 24, NetEase Cloud Music informed fans of SM Entertainment that due to the copyright holder's unilateral decision not to renew the contract, all songs under SM Entertainment may be removed by January 31, 2025 [2] - NetEase Cloud Music stated that it will strive for copyright renewal and will inform users of any further updates promptly [3]

（於開曼群島註冊成立的有限公司） （股份代號：9899） 董事會會議召開日期 我們特此宣佈將於2025年8月14日（星期四）召開董事會會議，藉以考慮及通過本 集團截至2025年6月30日止六個月之中期業績，並考慮向我們的股東派發中期股 息（如有）。 我們的管理層將於2025年8月14日（星期四）北京╱香港時間下午七時正（美國東 部時間上午七時正）召開業績電話會議。所有與會者須於電話會議召開前使用下 文提供的鏈接完成在線註冊程序。註冊後，各與會者將收到一組用以參與電話會 議的與會者撥入號碼及個人識別碼。電話會議詳情如下： 活動名稱：網易雲音樂股份有限公司2025年上半年業績電話會議 註冊鏈接：https://s1.c-conf.com/diamondpass/10049196-sgtd5f.html 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，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 NETEASE CLOUD MUSIC INC. 網易雲音樂股份有限公司 香港，2025年7月31日 於本公告日 ...

Core Insights - The music large model differs from language models in that it requires a high level of human aesthetic judgment, necessitating collaboration with professional musicians for training and optimization [1] - The company aims to achieve "music equity" by enabling users to easily create songs through an app, significantly reducing costs and production time [2] - The global music large model market is projected to reach $18.7 billion by 2025, with China accounting for approximately 32% of this market [2] Company Overview - The company, established in July 2023, has launched two applications: a one-stop music creation platform "Yinchao" and an AI-native content creation and sharing platform "Agent PI" [1] - The business model includes providing API services to B-end clients, with users able to listen to songs for free and earn revenue through community engagement [2][3] Market Context - The AI music generation sector has gained significant attention, with numerous players entering the market, including major companies like Tencent Music and ByteDance [3] - Innovative copyright and incentive mechanisms are being implemented to ensure that the core revenue from music works belongs to the creators, enhancing user engagement [3]

Core Viewpoint - The recent controversy surrounding the original singer of the song "Year Ring" has sparked significant discussion on social media, particularly regarding the rights and recognition of artists involved in the song's creation and performance [2]. Group 1: Song and Artist Information - The song "Year Ring," which is an insert song for the TV drama "Flower Bone," was written and composed by Wang Sulong, with both Zhang Bichen and Wang Sulong performing it [2]. - "Year Ring" was first released on June 15, 2015, by Zhang Bichen, making her the first official recording artist of the song, while Wang Sulong's version was released later on June 30, 2015 [2]. - The song has received accolades, including the Top Ten Best-Selling Songs Award at the 9th Migu Music Festival [2]. Group 2: Copyright and Legal Aspects - The Copyright Law stipulates that copyright includes rights such as publication, attribution, performance, and adaptation, which belong to the authors, including lyricists and composers [3]. - Although the Copyright Law does not define "original singer," it discusses performer rights, which are related to copyright and include the right to perform and receive compensation [3]. - As the lyricist and composer of "Year Ring," Wang Sulong holds the copyright, while Zhang Bichen, as the first performer, possesses performer rights [3].

Investment Rating - The report maintains a "Positive" outlook for the media industry as of July 28, 2025 [6] Core Insights - The music industry is expected to transition from a paid growth model to a dual growth model of traffic and payment, driven by the expansion of audio content and refined operations of fan economy [4][10] - The resilience of streaming music against macroeconomic headwinds is highlighted, with a projected CAGR of 22% for China's streaming music industry from 2021 to 2024, significantly outpacing retail sales growth [9][20] - The report emphasizes the importance of expanding content pools to shift the music market from a stock game to a growth game, with Tencent Music and NetEase Cloud Music both enhancing their content offerings [9][10] Summary by Sections 1. Emotional Value Driving High Growth in Online Music Platforms - China's online music platforms are projected to reach revenues of 27.1 billion in 2024, reflecting a 25% year-on-year growth [18][19] - The emotional value derived from music consumption is increasingly recognized, with a shift towards subscription models providing significant psychological benefits to users [20] 2. Traffic: Copyright Expansion Expected to Drive Growth - The overall DAU for the music industry is expected to reach 183.73 million in 2024, with a 2% year-on-year increase [22] - Tencent Music's DAU has been declining, but the acquisition of Himalaya is anticipated to reverse this trend by introducing long audio users [24][41] - ByteDance's platforms have seen significant DAU growth, with a 100% increase in the first half of 2025 [26] 3. Payment: Expansion of Rights Driving Payment Increases - The report notes a significant increase in the proportion of songs available to VIP members, with QQ Music's share rising from 38% to 95% and NetEase Cloud Music's from 4% to 48% [48][49] - The introduction of SVIP memberships is expected to enhance ARPPU, with Tencent Music's acquisition of SM Entertainment and Himalaya providing additional content [50][51] 4. Cost: Operational Leverage and AI Expected to Optimize Margins - The report discusses how the management of top-tier copyrights is improving, leading to increased gross margins for music platforms [9] - AI is expected to decentralize music production, further optimizing margins [9] 5. Investment Recommendations and Targets - The report suggests focusing on Tencent Music and NetEase Cloud Music due to their strategic acquisitions and content expansions, which are expected to drive user growth and payment increases [4][13]