期內，毛利略微减少3320万元，而毛利率由35%扩大至36.4%。其主要是由于公司的在线音乐服务收入 增加及运营效率持续改善，社交娱乐服务收入减少。 剔除股本结算的股权款项的影响，截至2025年6月30日止六个月的经调整净利润为19.46亿元，同比增加 121%。 【财华社讯】网易云音乐(09899.HK)公布，截至2025年6月30日止六个月，收入约38.27亿元(人民币,下 同)，同比减少6%；归属公司权益持有人利润约18.85亿元，同比增加132.8%；每股基本盈利8.96元。不 派息。 本文源自：财华网 ...

智通财经APP讯，网易云音乐(09899)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民 币38.27亿元(单位下同);公司权益持有人期内利润18.85亿元，同比增加132.83%;每股基本盈利8.96元;经 调整净利润19.46亿元，同比增加120.99%。 于2025年上半年，集团重点增强以音乐为核心的变现能力，实现稳健增长。会员订阅收入同比增长 15.2%，主要得益于会员规模增长，尽管被会员结构变化所带来的每月每付费用户收入的摊薄略微抵 销。集团推出多种优质服务，包括更丰富的内容和创新的功能及升级的会员权益(如功能工具、社交功 能和装扮特权)。值得注意的是，集团快速增长的会员规模于报告期间展示出更高的参与度且留存率上 升。 于2025年上半年，集团的盈利能力进一步改善。集团的毛利率于2025年上半年达到36.4%，相较2024年 同期显着提升，这受益于集团业务规模扩大、核心在线音乐业务的强劲变现水平及持续的成本优化。 集团继续保持不断增长的音乐衍生社区的用户黏性。受用户体验提升及品牌影响力扩大的推动，集团于 2025年上半年的每月活跃用户总数保持稳定增长势头。同时，集团的日活跃用户数 ...

每经AI快讯，8月14日，网易云音乐公告，截至2025年6月30日止六个月的收入38.27亿元，同比下降 6%；毛利13.92亿元，同比下降2.3%；营业利润8.45亿元，同比增长40.8%；除所得税前利润10.68亿 元，同比增长31.3%；期内利润18.82亿元，同比增长132.4%。 （文章来源：每日经济新闻） ...

网易云音乐8月14日公告，截至2025年6月30日止六个月的收入38.27亿元，同比下降6%；毛利13.92亿 元，同比下降2.3%；营业利润8.45亿元，同比增长40.8%；除所得税前利润10.68亿元，同比增长 31.3%；期内利润18.82亿元，同比增长132.4%。 ...

2025年上半年，集团持续丰富集团的独特内容储备，为受众量身打造丰富多样的音乐选择，同时积极推 动华语原创音乐。集团进一步扩充版权内容储备，包括RBW及StarShip娱乐等流行韩国音乐厂牌，以及 知名华语音乐人的作品。集团拥有强大的独立音乐人阵容，并继续致力发展自制音乐。近期，《两难》 等多首自制曲目受到站内外的欢迎。 格隆汇8月14日丨网易云音乐(09899.HK)发布公告，截至2025年6月30日止六个月，报告期间内，集团录 得收入人民币38.271亿元及毛利人民币13.925亿元。集团的毛利略微减少人民币3320万元，而毛利率由 35.0%扩大至36.4%。其主要是由于集团的在线音乐服务收入增加及运营效率持续改善，而集团的社交 娱乐服务收入减少。截至2025年6月30日止六个月，集团的营业利润达到人民币8.445亿元，而截至2024 年6月30日止六个月为人民币5.999亿元，其主要是由于采取更为审慎的推广策略，推广及广告费用有所 减少。 截至2025年6月30日止六个月，集团录得净利润人民币18.821亿元，而截至2024年6月30日止六个月录得 净利润人民币8.099亿元。于截至2025年6月30 ...

[Performance Summary](index=1&type=section&id=Performance%20Summary) [Key Financial Indicators](index=1&type=section&id=Key%20Financial%20Indicators) In H1 2025, total revenue decreased by 6.0% to RMB 3.83 billion, while operating profit rose 40.8% to RMB 840 million and profit for the period surged 132.4% to RMB 1.88 billion, primarily due to a deferred tax credit, with adjusted net profit increasing 121.0% to RMB 1.95 billion Financial Summary for the Six Months Ended June 30, 2025 | Indicator | H1 2025 (RMB thousands) | H1 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 for the Period | 1,882,142 | 809,949 | +132.4% | | Adjusted Net Profit | 1,946,353 | 880,749 | +121.0% | - The significant increase in profit for the period was primarily due to the recognition of a deferred income tax credit of **RMB 849 million**, arising from a wholly-owned subsidiary's tax losses carried forward[3](index=3&type=chunk)[22](index=22&type=chunk) [Non-IFRS Measures Explanation](index=2&type=section&id=Non-IFRS%20Measures) The company utilizes adjusted operating profit and adjusted net profit as supplementary financial measures to exclude non-cash items, aiming to better reflect core operating performance and enable comparative analysis, with a reminder that these metrics should not replace IFRS-reported results - The company uses non-IFRS measures, such as adjusted operating profit and adjusted net profit, to eliminate the impact of certain non-cash items like share-based compensation expenses, providing a clearer view of operating performance[4](index=4&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=3&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, the company focused on high-quality development of its core music ecosystem, enhancing user stickiness with DAU/MAU ratio stable above 30%, while member subscription revenue grew 15.2%, boosting gross margin to 36.4%, with future strategies centered on deepening content, product innovation, and community building to improve user monetization and profitability - User engagement metrics improved, with the daily active users to monthly active users ratio stable above **30%**, and increased listening time on mobile devices[6](index=6&type=chunk) - Member subscription revenue increased by **15.2%** year-over-year, primarily driven by the expansion of the subscriber base[8](index=8&type=chunk) - Gross margin improved from **35.0%** in the prior period to **36.4%**, benefiting from business scale expansion, strong monetization, and cost optimization[8](index=8&type=chunk)[22](index=22&type=chunk) - Future strategic priorities include expanding differentiated content, optimizing user experience, fostering community ecosystems, enhancing user monetization, and continuously optimizing costs[9](index=9&type=chunk)[11](index=11&type=chunk) [Detailed Core Strategies](index=4&type=section&id=Detailed%20Core%20Strategies) The company made significant progress in core strategy execution, expanding its copyrighted music library through collaborations with Korean labels and Chinese artists, fostering an independent musician ecosystem with over **819,000** registered artists, and enhancing user experience through product innovations like 'Shenguang Player' and extending services to multi-terminal scenarios including in-car systems - Expanded copyrighted content through collaborations with Korean labels RBW and StarShip Entertainment, and renowned Chinese musicians such as Li Jian and Lay Zhang[10](index=10&type=chunk) - As of June 2025, the platform had over **819,000** registered independent musicians who uploaded approximately **4.8 million** music tracks[12](index=12&type=chunk) - Self-produced rap tracks like 'Dilemma' and 'Mochouxiang' gained market popularity, demonstrating the company's strength in unique content creation[15](index=15&type=chunk) - Enhanced user experience through product innovations, such as launching the 'Shenguang Player' to improve audio-visual enjoyment, and expanding music consumption scenarios to in-car systems of brands like Jetour and Lynk & Co[20](index=20&type=chunk)[21](index=21&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) [Financial Performance Overview](index=8&type=section&id=Financial%20Performance%20Overview) During the reporting period, total revenue was RMB 3.83 billion, gross profit was RMB 1.39 billion, and gross margin expanded from 35.0% to 36.4%, with operating profit increasing to RMB 840 million primarily due to reduced promotion and advertising expenses, while net profit reached RMB 1.88 billion, up 132.4%, including RMB 849 million in deferred tax credits, and adjusted net profit was RMB 1.95 billion, up 121.0% - Gross margin expanded from **35.0%** in the prior period to **36.4%**, primarily due to increased online music service revenue and improved operational efficiency[22](index=22&type=chunk) - Operating profit increased from **RMB 600 million** to **RMB 840 million**, mainly due to a more prudent promotion strategy resulting in reduced promotion and advertising expenses[22](index=22&type=chunk) - Net profit significantly increased from **RMB 810 million** to **RMB 1.88 billion**, primarily due to the recognition of **RMB 849 million** in deferred income tax assets[22](index=22&type=chunk) [Revenue Analysis](index=8&type=section&id=Revenue%20Analysis) Total revenue decreased by 6.0% year-over-year, primarily due to a significant 43.1% decline in social entertainment services and other revenue resulting from a prudent operating strategy, while core online music service revenue showed strong performance, growing 15.9% to RMB 2.97 billion, with member subscription services being a key driver, reflecting healthy core business growth Revenue Composition (For the Six Months Ended June 30) | Revenue Category | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Online Music Services | 2,967.3 | 2,559.7 | +15.9% | | Social Entertainment Services and Others | 859.8 | 1,510.8 | -43.1% | | **Total** | **3,827.1** | **4,070.5** | **-6.0%** | - Member subscription service revenue within online music services increased from **RMB 2.14 billion** to **RMB 2.47 billion**, serving as the primary driver for online music service growth[23](index=23&type=chunk) [Cost and Expense Analysis](index=8&type=section&id=Cost%20and%20Expense%20Analysis) The company achieved significant cost control, with operating costs decreasing by 7.9% year-over-year, primarily due to reduced revenue sharing fees from lower social entertainment revenue, while sales and marketing expenses sharply declined by 55.8% reflecting a more prudent promotion strategy, and R&D expenses slightly decreased by 4.2%, indicating improved operational efficiency - Operating costs decreased by **7.9%** year-over-year to **RMB 2.43 billion**, primarily due to reduced revenue sharing fees as social entertainment service revenue declined[24](index=24&type=chunk) - Sales and marketing expenses significantly decreased by **55.8%** year-over-year to **RMB 163 million**, mainly due to reduced promotion and advertising expenses[26](index=26&type=chunk) - Research and development expenses decreased by **4.2%** year-over-year to **RMB 379 million**, primarily due to improved operational efficiency from enhanced utilization of technological resources[28](index=28&type=chunk) [Non-IFRS Measures Reconciliation](index=10&type=section&id=Non-IFRS%20Measures%20Reconciliation) During the reporting period, adjusted operating profit was RMB 905 million, up 35.0% year-over-year, and adjusted net profit was RMB 1.946 billion, up 121.0%, with these adjustments primarily excluding the impact of approximately **RMB 60.85 million** in share-based compensation expenses (non-cash items) Reconciliation of Operating Profit and Net Profit to Adjusted Measures (For the Six Months Ended June 30) | Indicator (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Profit | 844,506 | 599,933 | | Add: Share-based compensation expenses | 60,854 | 70,917 | | **Adjusted Operating Profit** | **905,360** | **670,850** | | Profit for the period attributable to equity holders of the Company | 1,885,499 | 809,832 | | Add: Share-based compensation expenses | 60,854 | 70,917 | | **Adjusted Net Profit** | **1,946,353** | **880,749** | [Unaudited Consolidated Financial Statements](index=11&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) [Consolidated Statement of Comprehensive Income](index=11&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported revenue of RMB 3.83 billion, gross profit of RMB 1.39 billion, operating profit of RMB 840 million, and profit for the period of RMB 1.88 billion, with basic earnings per share attributable to equity holders of the company at RMB 8.96 and diluted earnings per share at RMB 8.85, representing significant growth from the prior period Key Data from Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 3,827,117 | 4,070,493 | | Gross Profit | 1,392,485 | 1,425,731 | | Operating Profit | 844,506 | 599,933 | | Profit for the Period | 1,882,142 | 809,949 | | Basic Earnings Per Share (RMB) | 8.96 | 3.88 | | Diluted Earnings Per Share (RMB) | 8.85 | 3.84 | [Consolidated Statement of Financial Position](index=13&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased to RMB 15.29 billion, total liabilities decreased to RMB 3.17 billion, and total equity rose to RMB 12.12 billion, indicating a robust financial position, with asset growth primarily driven by the recognition of RMB 849 million in deferred income tax assets and increased bank deposits, and cash and cash equivalents at RMB 2.08 billion Summary of Consolidated Statement of Financial Position | Indicator (RMB thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 2,475,532 | 1,630,064 | | Current Assets | 12,811,898 | 11,952,185 | | **Total Assets** | **15,287,430** | **13,582,249** | | Current Liabilities | 3,068,883 | 3,312,085 | | **Total Liabilities** | **3,170,808** | **3,400,736** | | **Total Equity** | **12,116,622** | **10,181,513** | - Non-current assets significantly increased, primarily due to the addition of **RMB 849 million** in deferred income tax assets[39](index=39&type=chunk) [Notes to Financial Statements](index=15&type=section&id=Notes%20to%20Financial%20Statements) [Revenue and Segment Information](index=16&type=section&id=Revenue%20and%20Segment%20Information) The company's revenue primarily derives from online music services and social entertainment services and others, with online music service revenue at RMB 2.97 billion and social entertainment services and other revenue at RMB 860 million during the reporting period, operating as a single segment with most revenue and non-current assets from China, and having one major customer A contributing over 10% of total revenue - The company's business is operated and managed as a single segment, thus no separate segment information is presented[47](index=47&type=chunk) - In H1 2025, customer A contributed **RMB 501 million** in revenue, accounting for **13.1%** of total revenue, becoming a major customer[49](index=49&type=chunk) [Taxation](index=17&type=section&id=Taxation) During the reporting period, the company recorded an income tax credit of RMB 814 million, compared to an expense of RMB 3.63 million in the prior period, primarily due to the recognition of RMB 849 million in deferred tax assets for a wholly-owned subsidiary's accumulated tax losses, and also recognized a top-up tax expense of RMB 30.7 million under OECD Pillar Two rules - The company recorded a total income tax credit of **RMB 814 million**, primarily from the recognition of **RMB 849 million** in deferred income tax assets[51](index=51&type=chunk)[56](index=56&type=chunk) - Due to the implementation of Pillar Two rules in Hong Kong, the Group recognized a top-up tax expense of **RMB 30.7 million** to ensure the effective tax rate is not lower than the **15%** global minimum tax rate[55](index=55&type=chunk) [Earnings Per Share](index=18&type=section&id=Earnings%20Per%20Share) Earnings per share significantly improved due to substantial net profit growth, with basic earnings per share at **RMB 8.96** for the six months ended June 30, 2025, a significant increase from **RMB 3.88** in the prior period, and diluted earnings per share at **RMB 8.85**, higher than **RMB 3.84** in the prior period Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Earnings Per Share (RMB) | 8.96 | 3.88 | | Diluted Earnings Per Share (RMB) | 8.85 | 3.84 | [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Compliance with Corporate Governance Code](index=20&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with all applicable provisions of the Corporate Governance Code during the reporting period, with one deviation: Mr. Ding Lei holds both Chairman and CEO roles, which the Board believes ensures consistent leadership and efficient strategic planning, with all major decisions made in consultation with the Board, including independent non-executive directors, without compromising power balance - The company deviates from Code Provision C.2.1 of the Corporate Governance Code, as the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Ding Lei[65](index=65&type=chunk) - The Board believes that Mr. Ding Lei's dual role ensures leadership stability and decision-making efficiency, with power balance safeguarded through collective Board decisions[65](index=65&type=chunk) [Use of Proceeds and Dividends](index=21&type=section&id=Use%20of%20Proceeds%20and%20Dividends) As of June 30, 2025, approximately **HKD 3.16 billion** in net proceeds from the company's December 2021 global offering remained unutilized, held as short-term bank deposits, and are expected to be deployed within the next 18 months, while the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - Approximately **HKD 3.16 billion** in net proceeds from the 2021 global offering remained unutilized as of the end of the reporting period, expected to be deployed within the next **18 months**[68](index=68&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[69](index=69&type=chunk)

值得注意的是，本次MSCI中国指数调整新增港股标的显著增多，反映近期港股科技、创新药、新消费 等板块强势上涨，接下来相关标的有望迎来更多增量资金。 北京时间8月8日早晨，全球知名指数公司MSCI宣布了2025年8月份的指数审议结果。在本次调整中， MSCI中国指数新纳入地平线机器人、老铺黄金、网易云音乐、三生制药等14只股票，剔除17只股票。 本次调整将于8月26日收盘后生效。 此外，标普国际信用评级公司于8月7日发布报告，决定维持中国主权信用评级"A+"和展望"稳定"不 变。德意志银行、瑞士百达资产管理、路博迈基金、联博基金等多家外资机构纷纷在近期表达了对中国 资产的超配或看多观点。 ...

Group 1 - The core viewpoint of the article highlights the growth and development of NetEase Cloud Music as a leading music community platform, emphasizing its focus on music discovery and sharing, and its significant user base of over 200 million monthly active users [2] - The company has a concentrated shareholding structure, with NetEase being the largest shareholder and founder Ding Lei holding nearly 30% of the shares as of the first half of 2025 [3] - The company has successfully reduced content costs, leading to an increase in gross margin to 33.7% in 2024, with a notable decrease in content service costs as a percentage of revenue from 98% in 2020 to 50% in 2024 [8] Group 2 - The music streaming industry is entering a mature phase, with the recorded music market in China growing at a rate of 9.6% year-on-year in 2024, making it the fifth largest market globally [9] - The complexity of the Chinese music industry is highlighted, with a fragmented copyright landscape and a long digital music industry chain involving multiple stakeholders [10] - The cessation of exclusive copyright models has led to a more competitive environment, with Tencent Music integrating mainstream copyrights and NetEase Cloud Music expanding its music library from 80 million in 2021 to 150 million in 2023 [12]

Group 1: Podcast Industry Growth - The podcast format, originally from abroad, is transitioning from niche culture to mainstream in China, with platforms like Xiaohongshu providing significant traffic support for video podcasts [1] - Xiaohongshu will offer random exposure benefits ranging from 50,000 to 300,000 views for videos tagged with 随时随地视频播客, encouraging more creators to participate [1] - The podcast industry is seeing increased involvement from major platforms, with traditional audio platforms like Ximalaya and Lizhi, as well as music streaming services like QQ Music and NetEase Cloud Music, entering the podcast space [4][9] Group 2: Platform Initiatives and Trends - Xiaoyuzhou, a leading podcast platform, has experienced significant growth, adding 46,196 new podcast programs and 484,134 episodes in 2024, indicating the expanding influence and commercial value of podcasts [4] - Bilibili has launched a "Video Podcast Out of Circle Plan," which includes a 1 billion-level traffic boost and free recording spaces in major cities, aiming to support creators transitioning to video [9] - The audience for Bilibili's video podcasts has grown to over 40 million, with viewing time increasing from 6.9 billion minutes to 25.9 billion minutes, a growth of over 270% [9] Group 3: AI Integration in Podcasting - Bilibili's internal AI tool, codenamed "H," aims to streamline the video creation process for podcast creators, reducing content generation time significantly [10] - ByteDance and Tencent are also developing AI podcast tools, with ByteDance's model enabling quick transformation of text into dialogue-style podcasts, while Tencent's AI podcast feature allows users to convert various content formats into audio [11][12] - The competition between content platforms and tech companies highlights a shift towards standardizing podcast production, raising questions about the future of human-centric podcast content [12]

Core Viewpoint - MSCI announced the results of its quarterly index review, which includes the addition and removal of several stocks in the MSCI China Index and MSCI Global Standard Index, effective after market close on August 26 [1][7]. Group 1: New Additions to MSCI China Index - The MSCI China Index added 14 stocks, including Horizon Robotics-W, Lao Pu Gold, NetEase Cloud Music, Sangfor Technologies, and Citic Bank [1][3]. - Among the newly added stocks, Citic Bank is the largest by market capitalization in the MSCI Emerging Markets Index [1]. Group 2: Stocks Removed from MSCI China Index - A total of 17 stocks were removed from the MSCI China Index, including Yingjia Gongjiu, Oriental Yuhong, Supor, and Hisense Home Appliances [1][9][10]. Group 3: Implications of Index Changes - The inclusion of new stocks in the MSCI China Index is expected to attract significant passive investment flows on the effective date [7]. - The MSCI China A-Shares Onshore Index also saw adjustments, adding five stocks, including Citic Bank and Giant Network [10].