Core Insights - NetEase Cloud Music (09899.HK) reported annual performance for the year ending December 31, 2025, with revenue of RMB 7.76 billion and gross profit of RMB 2.77 billion [1] - The gross profit slightly increased by RMB 88.1 million, with the gross margin expanding from 33.7% to 35.7%, primarily due to increased online music service revenue and improved operational efficiency, despite a decline in social entertainment service revenue [1] - Operating profit for 2025 reached RMB 1.622 billion, up from RMB 1.171 billion in 2024, mainly due to reduced promotional and advertising expenses and increased government subsidies [1] - The net profit for 2025 was RMB 2.746 billion, compared to RMB 1.565 billion in 2024 [1] - During the reporting period, the company recognized deferred tax assets of RMB 747 million, mainly due to cumulative tax losses from a wholly-owned subsidiary, which can be carried forward to offset future taxable income [1] - Adjusted net profit for 2025, excluding the impact of equity settled share-based payments, was RMB 2.86 billion, compared to RMB 1.7 billion in 2024 [1]
网易云音乐(09899.HK)2025年度净利润为27.46亿元 同比增长约75.46%