今年1月24日，网易云音乐发布《致韩国SM歌迷的一封信》，告知歌迷朋友，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。 网易云方面表示会争取版权续约，若有进一步消息会第一时间告知用户。（转载自新浪科技） 近期，法院公开了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的开庭信息，案由为滥用市场支配地位纠纷。 公告表明，该案件计划于8月6日在浙江省杭州市中级人民法院开庭审理。 ...

（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]

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]

Core Viewpoint - The company focuses on "music community + technology empowerment" to build a differentiated advantage in the online music platform, actively expanding quality music content resources in the post-copyright era, targeting the younger demographic, and optimizing membership rights, leading to continuous growth in membership scale, with a strong recommendation rating given for initial coverage [1][4]. Group 1: Business Performance - The online music service revenue is expected to grow by 23.1% year-on-year to 5.355 billion yuan in 2024, accounting for 67.35% of total revenue, driven by membership service optimization and rich content [2]. - Membership subscription revenue increased by 22.2% year-on-year to 4.459 billion yuan, with the number of paid users reaching 44.12 million by the end of 2023, and the average revenue per paid user per month at 6.9 yuan [2]. - The company has been expanding channels and improving the membership system, including a strategic partnership with Alibaba's 88VIP to integrate music with e-commerce [2]. Group 2: Competitive Advantage - The company employs a "copyright procurement + original incubation" dual system to expand quality music content, boasting a library of 150 million licensed songs and 770,000 independent musicians, with 350 billion plays of original music [3]. - The platform emphasizes the music community concept, creating a social ecosystem that enhances emotional engagement, with over one million UGC comments generated daily and a stable daily-to-monthly active user ratio above 30% [3]. - Compared to industry leaders, the company shows excellent growth in payment rates, but the ARPPU value remains significantly lower than the industry average, indicating substantial potential for user value enhancement [3]. Group 3: Future Outlook - With the drive of innovative technologies like AI and continuous optimization of membership rights, the company is expected to achieve further increases in payment rates and ARPU values [4]. - Projected revenues for 2025 to 2027 are expected to reach 8.237 billion, 8.832 billion, and 9.663 billion yuan, with adjusted net profits of 1.923 billion, 2.222 billion, and 2.459 billion yuan, corresponding to PE ratios of 30, 26, and 24 times [4].

Investment Rating - The report initiates coverage with a "Strong Buy" rating for NetEase Cloud Music [2][6] Core Views - NetEase Cloud Music focuses on "music community + technology empowerment" to build a differentiated advantage in the online music platform, actively expanding quality music content resources in the post-copyright era, targeting a younger demographic, and optimizing membership benefits, leading to continuous growth in membership scale and significant potential for ARPU increase [6][12][41] Summary by Sections 1. Company Overview - NetEase Cloud Music was launched in 2013, focusing on user experience and social innovation rather than engaging in copyright battles with industry giants, establishing a unique development path in the online music market [12][15] - The ownership structure is stable, with major shareholder NetEase holding approximately 59.54% of shares, ensuring concentrated strategic decision-making [17] 2. Core Business - The core business is divided into "online music services" and "social entertainment services," with a strong emphasis on creating a youthful, interactive music community [19] - The platform boasts over 150 million licensed songs and has established partnerships with major record labels, enhancing its content library and user engagement [20][22] 3. Revenue Growth - Online music service revenue is projected to grow by 23.1% year-on-year to 5.355 billion yuan in 2024, driven by optimized membership services and rich content [30] - The membership subscription revenue is expected to increase by 22.2% year-on-year to 4.459 billion yuan in 2024, reflecting the effectiveness of the membership system [30][37] 4. Community Ecosystem - The platform has built a unique community ecosystem that enhances user engagement, with daily user-generated content (UGC) interactions exceeding 1 million comments [59] - The average revenue per user (ARPU) is currently at 6.9 yuan, significantly lower than competitors, indicating substantial room for growth [63] 5. Financial Projections - Revenue is expected to reach 8.237 billion yuan in 2025, with adjusted net profit projected at 1.923 billion yuan, reflecting a strong growth trajectory [7][30] - The company aims to improve its profitability through strategic partnerships and enhanced user experiences, with a focus on expanding its membership base [37][41]

Core Viewpoint - As of July 18, 160 stocks reached their 52-week highs, with notable performances from China New Economy Investment (00080), Aoyuan Group Equity (02905), and Zhong An Holdings Group (08462) showing high growth rates of 288.89%, 55.28%, and 50.00% respectively [1][2]. Summary by Category 52-Week High Performers - China New Economy Investment (00080) closed at 0.440, with a peak price of 0.700, achieving a growth rate of 288.89% [2]. - Aoyuan Group Equity (02905) closed at 0.218, with a peak price of 0.250, achieving a growth rate of 55.28% [2]. - Zhong An Holdings Group (08462) closed at 0.221, with a peak price of 0.228, achieving a growth rate of 50.00% [2]. - Other notable performers include Hualian International (00969) with a growth rate of 40.13% and Zhongke Bio (01237) with a growth rate of 37.25% [2]. Additional High Performers - Wanma Holdings (06928) closed at 0.550 with a growth rate of 30.43% [2]. - Lepu Biopharma-B (02157) closed at 7.940 with a growth rate of 24.54% [2]. - Other stocks with significant growth include ZhiJianYueDong (06860) at 17.14% and China Jindian Group (08281) at 17.12% [2]. 52-Week Low Performers - The document also lists stocks that reached their 52-week lows, with XI Ernan CO-U (09311) showing a decline of 16.10% [6]. - Other notable declines include XI Ernan CO (07311) at -12.62% and Haotian International Construction Investment (01341) at -5.70% [6].

Key Points - A total of 133 stocks reached their 52-week highs as of July 16, with notable performers including 威雅利 (00854) at 909.12%, 绿心集团股权 (02999) at 135.29%, and 首都金融控股 (08239) at 65.22% [1] - 威雅利 (00854) closed at 12.660, with a peak price of 33.200, marking a significant increase of 909.12% [1] - 绿心集团股权 (02999) had a closing price of 0.020 and reached a high of 0.040, reflecting a growth of 135.29% [1] - 首都金融控股 (08239) closed at 1.590, with a maximum price of 1.900, indicating a rise of 65.22% [1] - Other notable stocks include 中国三三传媒 (08087) with a 59.54% increase, and 云能国际 (01298) with a 41.23% increase [1] - The report also lists stocks that reached their 52-week lows, with 百利达集团控股 (08179) at -7.14% and 昊天国际建投 (01341) at -6.28% [5]

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as new consumption and innovative pharmaceuticals [3][10]. Core Insights - The asset trading platform remains a clear direction for investment, with a focus on the expansion of various asset transactions and liquidity [3][10]. - The report highlights the positive trend in virtual assets, including stablecoins, with traditional financial institutions increasingly entering this space [3][10]. - Recent upgrades in subsidies for e-commerce and food delivery platforms are expected to benefit sectors like coffee and tea drinks, as well as advertising channels [3][10]. Industry Situation Tracking 1. Education - The Chinese education index increased by 2.47% from July 7 to July 11, outperforming major indices [11][20]. - Notable stock performances include New High Education Group rising by 24.18% and Fenbi increasing by 13.44% [11][20]. 2. Luxury Goods - The luxury goods sector faced slight pressure due to macroeconomic impacts, with notable stock movements including Samsonite up by 3.76% and Prada down by 0.99% [22][24]. 3. Coffee and Tea Drinks - The coffee sector remains highly prosperous, with significant benefits from platform subsidies, while tea drinks also see substantial gains [26][27]. - Luckin Coffee opened 373 new stores, with a focus on both first and second-tier markets [32]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index saw a slight increase of 0.18%, with stocks like Beike and Dingdong rising by 6.34% and 3.85% respectively [31][36]. - The competition in the e-commerce sector remains fierce, with significant subsidy initiatives impacting profitability [31][38]. 5. Streaming Platforms - The Hang Seng Media Index rose by 2.2%, with stocks like NetEase Cloud Music and iQIYI showing positive performance [37][42]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $374.04 billion, with Bitcoin and Ethereum prices increasing by 8.8% and 17.9% respectively [41][43]. - The report emphasizes the ongoing development of regulatory frameworks for virtual assets in both the US and Hong Kong [48].

Group 1: AI Industry Insights - The China Securities Artificial Intelligence Theme Index (930713) increased by 0.84%, with notable gains from companies such as Lexin Technology (688018) up 5.32% and Inspur Information (000977) up 2.51% [1] - Elon Musk announced the live release of Grok 4, while DeepMind's Isomorphic Labs is preparing to test AI-designed drugs on humans, indicating advancements in AI applications in drug development [1] - The top ten weighted stocks in the China Securities Artificial Intelligence Theme Index account for 52.8% of the index, with companies like Zhongji Xuchuang (300308) and Hikvision (002415) among the leaders [8] Group 2: Consumer Electronics Sector - The China Securities Consumer Electronics Theme Index (931494) rose by 1.28%, with significant increases from companies like Jingwang Electronics (603228) up 7.42% and Industrial Fulian (601138) up 7.17% [4] - The Consumer Electronics ETF (561600) has seen a net value increase of 22.37% over the past year, reflecting strong performance in the sector [4] - The top ten weighted stocks in the China Securities Consumer Electronics Theme Index represent 51.02% of the index, featuring companies such as Luxshare Precision (002475) and SMIC (688981) [11] Group 3: Online Consumption Market - The China Securities Hong Kong-Shenzhen Online Consumption Theme Index (931481) increased by 0.90%, with stocks like NetEase Cloud Music (09899) rising by 4.58% [6] - The Online Consumption ETF (159793) has shown a remarkable net value increase of 44.37% over the past year, indicating robust growth in online consumption [6] - The top ten weighted stocks in the China Securities Hong Kong-Shenzhen Online Consumption Theme Index account for 52.54%, with major players including Tencent Holdings (00700) and Alibaba-W (09988) [14]