Core Insights - NetEase Cloud Music (09899) reported a revenue of approximately 7.759 billion yuan for 2025, with a gross profit of about 2.77 billion yuan, reflecting a year-on-year growth of 3.3% [1] - The annual profit reached approximately 2.746 billion yuan, marking a significant year-on-year increase of 75.4%, while the adjusted net profit was around 2.86 billion yuan, up by 68.2% [1] Group 1: User Engagement and Community Development - The company continues to expand and deepen its music-oriented community ecosystem, leading to growth in user scale and activity [1] - Daily active users (DAU) as a percentage of monthly active users (MAU) maintained above 30%, showing steady improvement compared to 2024 [1] - The average daily listening time for mobile users has also increased, indicating enhanced user engagement [1] Group 2: Content Strategy and Partnerships - The company has enriched its copyright music reserves and actively promoted original Chinese music, creating a diverse and unique content library [1] - In 2025, the company introduced content from Korean labels to supplement its Chinese music library, adding film soundtracks and variety show music [1] - The company deepened collaborations with labels for content promotion and music-centric activities, while its independent musician ecosystem continued to thrive [1] Group 3: Product Innovation and User Experience - The company prioritized user needs and focused on innovating music discovery and listening experiences [2] - In 2025, the core product framework was upgraded to enhance visual appeal and better meet diverse music discovery preferences [2] - The launch of the self-developed AI generative recommendation model "Climber" and features like Automix and "Shen Guang Player" provided an immersive audio-visual experience [2] Group 4: Revenue and Profitability - The monetization capability centered around music continued to achieve steady growth, with membership subscription revenue increasing by 13.3% due to a rise in membership scale [2] - The growing membership scale demonstrated stronger user stickiness, with improved retention and activity rates [2] - The company's gross margin reached 35.7% in 2025, significantly up from 33.7% in 2024, with operating profit increasing by 38.5% due to business scale growth and improved online music commercialization capabilities [2]
网易云音乐公布2025年业绩 经调整净利润约28.6亿元 同比增长68.2%