网易云音乐2025中期报告

2 4 6 17 27 61 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 •20246 30416.0%20256 3038 •20246 301,425.72.3%20256 301,392.5•20246 30599.940.8%20256 30844.5•20246 308132.4%20256 3019 20256 30905.420246 30670.920256 301,946.420246 30880.7 (1) 2025 202530% 2025RBWStarShip 2025 202515.2% 2025202536.4%2024 ••••• •2025RBWStarShipK-PopK-Pop2025HighAloneGBAD •ACG•BLACKPINKJennie Lisa 20256819,000480 •AI202112060 • •Zaliva-DMiu Miu 2025 2025 •PUGC/UGCDJ•KOL •PGCPGC 2025 •1)2)3)4) •DeepSeek 2025Audio Vivid 3,827.11,392.533.235.0%36.4%20256 30844.520246 30599.9 20256 301,882.120246 30809.920256 30849.420256 301,946.420246 30880.7 20246 304,070.56.0%20256 303,827.1 20246 302,559.715.9%20256 302,967.320246 302,144.320256 302,469.8 20246 301,510.843.1%20256 30859.8 20246 302,644.87.9%20256 302,434.620246 302,014.420251,803.2 20246 301,425.72.3%20256 301,392.520246 3035.0%20256 3036.4% 202520246 30369.455.8%163.4 20246 3089.83.6%202593.0 20246 30395.64.2%2025378.9 20246 3021.2202584.7 20256 302.620246 307.8 20246 30214.42025223.1 20256 30814.120243.69 20256 301,882.120246 30809.9 20256 30905.420246 30670.920256 301,946.420246 30880.7 (1) 20256 3020256 3021202412 3138 2220256 30 20256 301,3001,26520256 30 20228 1820235 2420256 30648.12024630591.7 202412 31D232 40(2)www.hkexnews.hkhttp://ir.music.163.com 13.2013.2113.22 13.51B(1) 3.103.21 3.103.21 20256 30571XV352 (1)331,550Shining Globe International Limited129,034,168Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd.(2)8,027(i)2016300,000(ii)20222022201628,926(3)202214,462(4)20256 30217,782,658(5) (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 20256 30 20256 30336 (1)331,550Shining Globe International Limited129,034,168Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd. (2)20256 30217,782,658 20256 30XV23336 (a) 2016(b) 20222016202220228 1820236 152022172016 2016IV-20IV-24202220228 18202220235 24(www.hkexnews.hk)(http://ir.music.163.com) 00% 2016 20162016202220236 15201620251 120256 3020162016 20256 302016174774,068 2022 20222022 202210,462,2804.81%3%20222,077,56919.9%0.96%1% 20251 1202210,462,2802,077,569202220256 30202210,462,2802,077,569 C.2.1 20256 30331,550 202112 216,000,0003,1602,5842021121 20256 30 18 28603434 2410 34 2025814 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 1 1.1 20162 2PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands NetEase, Inc.NetEase, Inc. 20256 3020258 14 1.2 20256 3034 20241231 2 202412 31 (a) 21 (b) 20251 120256 30 1818 3 202412 31 4 4.1 202412 31 202412 31 4.2 •1•12•3 4 4.2 20256 30 202412 31 4 4.2 (a) 202520246 30 1%20256 3066,00020246 30 5 (a) (b) 202520246 30 202520246 30 (c) 20256 3010% 6 7 8 9 16.5% 25%202215% 10% 9 NetEase, Inc. 15%15% 20251 130,700,00020256 30 10 (a) 10 (b) 11 202520246 30 12 12 2025630234202412315,76520256 30215202412315,759519202412316 13 13 0180 15 16 17 17 (a) (b) 10%50% (c) 18 ••• 202520246 30 18 (a) 201612 311015,000,000 (i) 18 (a) (i) 18 (a) (ii) 20161,781,250 202520246 30 18 (b) 202212 3120221010,462,280 202520246 3013 202520246 30 18 (c) 202520246 30 18 (d) 2019 201910201920192019322,458,300 202520246 30 18 (e) 202520246 30 19 21 20256 30 21 (a) 22 20256 30202412 31