[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [T[【aTbalbel_eS_uTmi广tlem] ary] 发 传 媒 & 海 外 】 云 音 乐 [公Tab司le_评Inve级st] 买入 当前价格 90.45港元 （09899.HK） 合理价值 110.05港元 前次评级 买入 音乐社区为基石，24 年会员有望加速增长 报告日期 2024-03-03 核心观点： 相[Ta对ble市_P场icQ表uot现e]  公司发布2023年业绩：云音乐23年实现收入78.67亿元人民币，同 20.0% 云音乐 恒生指数 比下滑13%，vs.彭博一致预期（下同）为78.69亿元。23年毛利率为 0.0% 26.7%，vs.一致预期为26.1%，同比提升12.3pct。23年净利润为7.34 -20.0% 亿元，vs.一致预期为 5.49 亿元。经调整净利润为 8.19 亿元，利润率 -40.0% 为10%，vs.一致预期为6.29亿元，22年同期为1.15亿亏损。 -60.0%  未来仍更注重用户增长和社区差异化建设，基于音乐和社区的商业化 -80.0% 能力逐步夯实。23年MAU达2.06亿，同比提 ...

2月29日，网易云音乐披露2023年业绩公告，交出了一份不错的成绩单。 让市场最振奋的，无疑是网易云音乐首次全年扭亏为盈，净利润7.34亿元。犹记得，去年上半年，网易云音实现了营业利润及经调整净利润的首次双双为 正, | --- | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------------------------------|---------| | 同我們的管理層審閱。 | 董事會欣然宣佈本公司及其子公司(統稱「本集團」)截至2023年12月31日止年度 的未經審計合併業績。該等未經審計合併年度業績已由董事會的審計委員會連 | 截 ...

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。 CLOUD MUSIC INC. 雲音樂股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9899） 截至2023年12月31日止年度的年度業績公告 董事會欣然宣佈本公司及其子公司（統稱「本集團」）截至2023年12月31日止年度 的未經審計合併業績。該等未經審計合併年度業績已由董事會的審計委員會連 同我們的管理層審閱。 截至12月31日止年度 2023年 2022年 變動(%) （人民幣千元，百分比除外） 收入 7,866,992 8,992,221 -12.5% 毛利 2,102,670 1,293,118 +62.6% 除所得稅前利潤╱（虧損） 767,679 (204,479) 不適用 年內利潤╱（虧損） 734,182 (221,494) 不適用 非《國際財務報告準則》計量： 經調整淨利潤╱（虧損）(1) 818,500 (114,573) 不適用 ...

2024年1月30日，网易云音乐宣布面向音乐行业推出重磅升级举措，针对幕后音乐人群体发布「编曲人自由版税」功能，将编曲人群体正式纳入歌曲发布后版税收益分成中，通过真金白银的收益增长，让每一份创作都能收获应有的回报。 网易云音乐方面表示，此次推出「编曲人自由版税」功能，意在帮助幕后编曲人群体通过自己的创作获得足够的收益。据悉，该项目为自定义分配收益模式，网易云音乐在此前词曲分成模式的基础上，新增了编曲分成功能，歌曲的创作者们可以根据作品的贡献度相互协商，自由定义歌曲的分配。在线上填写约定好的比例，系统会自动为上传者、词/曲及编曲作者分配收益。用最简单的方式，让所有为歌曲做出贡献的音乐人们都能有所收获。 作为一名文化娱乐产业的律师，笔者认为网易音乐的本次行为可能会对中国音乐产业历史产生长期而深远的影响，尤其是对于日渐兴盛的新兴RAP音乐领域，影响更为深远。本次网易音乐上线了「编曲人自由版税」功能，某种意义上可以说从行业层面给了编曲人员地位的重大认可，因为编曲者以及其本身的劳动成果在知识产权法律层面此前一直难有准确的界定，这也是业内此前一直不太重视和尊重编曲人员的主要原因之一。 1、歌曲的版权结构 编曲对歌曲的艺 ...

【TechWeb】1月30日消息，今日，网易云音乐针对幕后音乐人群体发布“编曲人自由版税”功能，将编曲人群体正式纳入歌曲发布后版税收益分成中。 当下，音乐版税分配体系不健全，编曲人在售卖其作品时，经常被采用最简单的“一口价”方式买断，购买者面对后续的“版税分成”这个问题，则是闭口不谈，编曲制作人的利益在这种情况下往往得不到应有的保障。 针对这一行业痛点，网易云音乐在词曲版税分成功能上进行了全新升级，将“编曲”身份纳入其中。据悉，网易云音乐在2022年上线了面向词曲创作者的词曲版税分成功能。 据介绍，编曲人自由版税为自定义分配收益模式，歌曲的创作者们可以根据作品的贡献度相互协商，自由定义歌曲的分配。在线上填写约定好的比例，系统会自动为上传者、词/曲及编曲作者分配收益。 网易云音乐方面披露的数据显示，该项目自去年12月上线试运行，不到20天，成功完成签约的音乐人已超300位。 ...

Revenue and Profitability - Revenue decreased by 8.2% to RMB 3,908.4 million for the six months ended June 30, 2023, compared to RMB 4,258.7 million for the same period in 2022[7]. - Gross profit increased by 79.7% to RMB 965.1 million for the six months ended June 30, 2023, up from RMB 537.1 million in the prior year[7]. - Net profit for the period was RMB 293.8 million, a turnaround from a net loss of RMB 270.8 million in the same period last year[10]. - Adjusted net profit for the six months ended June 30, 2023, was RMB 331.9 million, compared to an adjusted net loss of RMB 217.0 million in the same period last year[9]. - The company achieved positive operating profit and adjusted net profit for the first time in the first half of 2023[15]. - Operating profit for the six months ended June 30, 2023, was RMB 104,611 thousand, compared to an operating loss of RMB 301,015 thousand in the previous year[89]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 528,113 thousand, compared to RMB 25,928 thousand for the same period in 2022[97]. User Engagement and Growth - Monthly active users for online music services reached 206.7 million, representing a year-on-year growth of 13.7%[15]. - The number of paying users for online music services increased to 41,750.9 thousand, up from 37,613.0 thousand in the previous year[13]. - Average revenue per paying user for online music services rose to RMB 6.8, compared to RMB 6.5 in the prior year[13]. - The daily active users to monthly active users ratio remained above 30%, indicating strong user engagement[15]. - The company focused on enhancing music-oriented content products and improving user experience to drive subscription growth[15]. - Membership subscription revenue increased by 16.7% year-over-year, driven by an expanded member base and improved revenue per paying user[16]. Cost Management and Financial Health - Operating costs decreased by 20.9% to RMB 2,943.2 million, attributed to improved cost control and reduced content service costs[32]. - Research and development expenses decreased by 8.5% to RMB 440.7 million, reflecting better cost management in technology development[36]. - Total operating costs, including sales and marketing expenses, general and administrative expenses, and R&D expenses, amounted to RMB 3,826,375 thousand for the six months ended June 30, 2023, compared to RMB 4,607,650 thousand in 2022, a decrease of approximately 16.9%[117]. - Content service costs for the six months ended June 30, 2023, were RMB 2,399,396 thousand, down from RMB 3,251,129 thousand in 2022, a reduction of about 26.3%[117]. Shareholder Information and Equity - As of June 30, 2023, the major shareholder, NetEase, holds 129,034,168 shares, representing 60.39% of the total shares[57]. - Shining Globe International Limited, controlled by Lei Ding, owns 1,450,300,000 shares, which is 45.0% of NetEase's total shares[55]. - Alibaba Group holds 20,733,975 shares, accounting for 9.70% of the total shares[57]. - The total number of issued shares as of June 30, 2023, is 213,667,126 shares[60]. - The total equity attributable to the company's equity holders increased from RMB 7,495,533 thousand as of June 30, 2022, to RMB 8,221,215 thousand as of June 30, 2023, reflecting a growth of 9.7%[97]. Corporate Governance and Compliance - The company has a commitment to high standards of corporate governance, which is deemed essential for the development of the group and the protection of shareholder interests[75]. - The board believes that the dual role of the chairman and CEO held by Ding Lei enhances the effectiveness and efficiency of strategic planning[76]. - The company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[77]. - The company has adopted a securities trading policy that is no less stringent than the "Standard Code" outlined in the Listing Rules, ensuring compliance by all directors during the reporting period[78]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased to RMB 2.6 billion as of June 30, 2023, down from RMB 2.9 billion as of December 31, 2022[44]. - Operating activities used net cash of RMB 372.9 million for the six months ended June 30, 2023, compared to a net cash inflow of RMB 782.6 million for the same period in 2022[45]. - The company believes it will meet liquidity needs through funds raised from its global offering and other capital market financing[44]. Stock Options and Incentive Plans - The company has two active equity incentive plans: the 2016 Plan and the 2022 Restricted Share Unit Plan[61]. - The total number of unexercised stock options as of June 30, 2023, was 5,277,325, a decrease of 46.3% from 9,818,500 in the same period of 2022[148]. - The company’s stock incentive plans are designed to align the interests of employees with those of shareholders, thereby enhancing overall performance and shareholder value[141]. - The total employee benefits expense recognized for equity-settled share-based payments was RMB 38,143,000 in the first half of 2023, down 29.1% from RMB 53,810,000 in the same period of 2022[158]. Regulatory and Legal Matters - The company reported a restriction on bank balances amounting to RMB 122,975,000 due to ongoing investigations by local regulatory authorities[168]. - The company has not recorded any provisions related to the ongoing investigations, indicating a cautious approach to potential financial impacts[168].

[5 -> 28] Good day, and thank you for standing by. Welcome to the Cloud Music, Inc. first half of 2023 earnings conference call. Please be advised that in the interest of time, the prepared remarks will be conducted in Chinese, and an English version can be found on the company's IR website. After the call, [29 -> 53] The English summary of Q&A and a webcast replay of this conference call will be available on the company's IR website. And now, I would like to hand the call over to Ms. Angela Shi, IR Directo ...

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分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。 CLOUD MUSIC INC. 雲音樂股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9899） 截至2023年6月30日止六個月的 中期業績公告 董事會欣然宣佈本公司及其子公司（統稱「本集團」）於報告期間（即截至2023年 6月30日止六個月）的未經審計合併業績。該等中期業績已由我們的核數師羅兵 咸永道會計師事務所按照國際核數及保證準則委員會頒佈的《國際審閱準則》第 2410號「由實體獨立核數師執行中期財務資料審閱」進行審閱，並經由董事會的 審計委員會審閱。 截至6月30日止六個月 2023年 2022年 變動(%) （未經審計）（未經審計） （人民幣千元，百分比除外） 收入 3,908,380 4,258,716 –8.2% 毛利 965,147 537,113 +79.7% ...

७ 网易云音乐 雲音樂股份有限公司 ( 於 開 曼 群 島 註 冊 成 立 之 股 份 有 限 公 司) 股份代號: 9899 15 2 年度 202 目 錄 | --- | |----------------------| | | | 公司資料 | | 財務及業務摘要 | | 管理層討論與分析 | | 董事會報告 | | 董事及高級管理層 | | 其他資料 | | 企業管治報告 | | 環境、社會及管治報告 | | | | 獨立核數師報告 | | 合併損益表 | | 合併綜合收益表 | | 合併資產負債表 | | 合併權益變動表 | | 合併現金流量表 | | 合併財務報表附註 | | 五年財務概要 | | | 2 4 6 16 32 36 45 60 117 122 123 124 126 128 129 197 釋義 198 2 雲音樂 2022 年年報 | --- | --- | |-------------------------------|------------------------------------| | | | | 公司資料 | | | 董事會 | 授權代表 | | 執行董事 | ...