2451640435470109114115116118120121186187 20242 1520245 23 22 P.O. Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands 33191915 353A1201 20252 20 90 1542 9899 820100005 http://ir.music.163.com 1826 Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 183171712-1716 •2023791.1%202480•20232127.5%202427•20237113.2%202416 •20241,700.12023818.5 (1) (1) 2024 30%(UGC) 2024JYPKakaoCJ20242024(Follow) 202422.2% 2024202326.7%33.7%2023818.520241,700.1 •••• 2024 •ACGKeyNGVaVaAIRGalen Grew •JYPCJK-PopKakao• 202412773,500440202410 •AIMarc DoldYuto •2024• •2024 2024(Follow)5:20 AMDehors 202435.8% •PUGC/UGC•PGCPGC 20242024 •1)2)3 •AIDIY 2024 ••UGC •2024 •2024 2024202312 31 7,950.12,681.5578.820241,565.42023734.2 20241,700.12023818.5 20237,867.01.1%20247,950.1 20234,350.923.1%20245,354.520233,649.220244,459.0 20233,516.126.2%20242,595.6 20235,764.38.6%20245,268.620234,598.720244,008.9 20232,102.727.5%20242,681.5202326.7%202433.7%20241.3 2023758.219.3%2024611.5 2023165.111.8%2024184.7 2023868.710.2%2024779.7 202371.8202427.9 202437.3202352.320232024 2023437.92024406.2 202333.520244.9 20241,565.42023734.2 20241,700.12023818.5 (1) 202412 312023202412 314038 2024 20242 1520245 23 4042 16.20 20162 2202112 2 17 331,55030,663,242 202412 31331,550 6225202470108 114 186 15 0.000125 351,800.00202390,000.00 4653 2024 202412 3114,901.2202314,632.9 11835(b) 202412 31 202412 31 202412 3125.0%2023 12 3127.3% 2024 2024 34202412 3120231231 202412 31 14.2%2023 10.9%25.7%202320.6%20248.3%2023 6.4% 202412 311,3591,331202412 31 2.2.9 2024 20235 241,215.820231,154.0 (a)(b)(c)(d)(e)(f)(g)(h) 202111 21 202111 21 243010202412 31 18 3.2546531033(c)9 9.510 13.2013.2113.22 99%1%20243 31100%50%50% 17 (a)(b)VIE(c)VIEVIE(d)VIE(e)VIE(f)(g) (a)202311 2 (b)202311 2(i)(e)(ii)(c)202311 2(d)202311 2(e)202311 2 (f)20215 18 (g)20215 18(i)(ii) (h)20215 18 (i)20215 18 (j)20215 18 (k)2024331 (l)20243 31(i)1(ii) (m)20243 31(i)1(ii) (n)20243 31(o)20243 31(p)20243 31(q)20243 31(r)20243 31(s)20243 31(t)20215 18 (u)20215 18 (v)20215 18(i)(ii) (w)20215 18 (x)20215 18 (u)(x)2021202120243 31 202412 317,7067.9 2023 202311 28202320241 1202612 31 (a)(i)(ii)(b)(i)(ii)(iii)(iv) 2023 2023202311 28 1. eCPM xxx1 •••• 2. 3. CDNIDCCPU CPU 4. 5. 6. (a)(b)A(c) A 14A.55 14A.56 33A 202112 216,000,0003,1602,5842021121 202412 31 24 202410 15Cloud Music Inc.NetEase Cloud Music Inc.202410 30202410 31CLOUD MUSICNETEASEMUSIC202411 27202411 6202411 22 20251 103319191520252 20 20253 14 202312 31 53199972005111999200520151DAO 47201942010720154201542018620181999720021200492004920069 38202072015201352015320116201352008720116 52200319998200310DDB1998119997199611 631992102014520158HPQ2021920237GitLab Inc.3.10(2)19952(CPA)199510(AICPA)(FCPA)1986719915 5420046200992021120038200451994720033 561988•199119921992199420102018198611 422023120077201492015320215202152022122005620076 3020214CEO2019820214BIGO2017620185 4420182016520182201132016320029201012(CICPA)(AICPA)2019320027 49Vistra 202412 31571XV352 (1)331,550Shining Globe International Limited129,034,168Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd. (2)4,338(i)2016300,000(ii)20222022201625,870 (3)2,341(i)20162,700(ii)202212,934 (4)202412 31216,722,361 (1)www.hkexnews.hk20252 28(2)Shining Globe International Limited1,450,300,0001,406,000,0008,860,000Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd.2025228(3)20092019 202412 31 202412 31336 (1)331,550Shining Globe International Limited129,034,168Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd. (2)225,000GIC Private Limited(i) Novel Entertainment Limited10,366,988(ii) SincereJovial Limited1,329,770(iii) LVC Cloudy Paradise LP2,226,5985%GIC Private LimitedGIC (Ventures) Pte. Ltd.GIC Special Investments Private LimitedGIC Private LimitedNovel Entertainment LimitedSincere Jovial LimitedLVC Cloudy Paradise LP (3)202412 31216,722,361 202412 31XV23336 (a)2016(b) 2022202220162016202220236 152016202220228 1820236 15202217 201620236 15 20222022 20162016202220236 15201620241 1202412 3120162016 20241 1202412 31202210,462,2802,077,5692022(i)20241 1202412 31202210,462,2802,077,569(ii)00% 2016IV-20IV-24202220228 18202220235 24(www.hkexnews.hk)(http://ir.music.163.com) 2024 2024 202412 31 C.2.1 20242 1520245 23 4042 3.13 202412 31 202412 31 19 3.21 2024 3.25 202412 3110 2024 05,000,0005,000,00110,000,000 20252 20 70108 (a)(b)(c)(d) •••••• A.2.1 F.1.1 2024 109113 2024109113 2024 4042 (i) (ii)(iii)LOOK•AI24/7 • • (iv) (v)(i)(ii) 42 20243.2915 12.32121 http://ir.music.163.com 353A1201 http://ir.music.163.com (a) (i)(ii)(iii)(iv)(v)(vi)(www.hkexnews.hk) (b) (c) (h