网易云音乐2025年度报告

2461741445571124129130131133135136214215 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 •2024802.4%202578•2024273.3%202528•20241238.5%202516•20241675.4%202527 (1)202512 31746.7 •202517202413202529202417 (1) 2025 202530%24 2025 2025AIClimberAutomix 202513.3% 202535.7%202433.7%202538.5% ••••• •2025RBWStarShip Shofar MusicK-PopTVB •ACGU/M/A/ADECO*27 •Mariah CareyTaylorSwiftJENNIE •12BLACKPINK9i-dle 2025100560 •20252025 •TCL13 2025MIYEONGlow Up 2025 •PGC2025ACG •PUGC/UGCIP•105IP •2025APP 2025App 2025 •20251)2)3)AI4)AIClimber •AutomixAIMVAI2.0AIAI 2025Audio Vivid 2025202412 31 (1) 7,759.52,769.688.133.7%35.7%20251,622.020241,170.8 20252,745.820241,565.4746.720252,860.020241,700.1 20247,950.12.4%20257,759.5 20245,354.512.0%20255,994.420244,459.020255,052.7 20242,595.632.0%20251,765.0 20245,268.65.3%20254,989.920244,008.920253,733.5 20242,681.53.3%20252,769.6202433.7%202535.7% 2024611.533.2%2025408.7 2024184.74.4%2025176.6 2024779.72.3%2025761.6 202427.92025181.9 202517.4202437.3 2024406.22025445.9 2025678.120244.9746.761.012 20252,745.820241,565.4 20251,733.720241,309.420252,860.020241,700.1 (1) 202512 312024202512 313831 2025 4143 16.20 20162 2202112 2 17 202512 31331,550 6225202571123 129 214 15 0.000126 39,927.002024351,800.00 4754 2025 202512 3115,122.8202414,901.213336(b) 202512 31 202512 31 202512 3121.8%2024 12 3125.0% 2025 2025 35202512 3120241231 202512 31 17.6%2024 14.2%29.3%202425.7%20259.2%2024 8.3% 202512 311,3311,288202512 31 2.2.9 2025 20235 241,278.420241,215.8 (a)(b)(c)(d)(e)(f)(g)(h) 202111 21 202111 21 253110202512 31 18 3.2547541034(c)9 9.810 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)20243 31(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 202512 317,6649.1 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 34A 202112 216,000,0003,1602,5842021121 12 20263 13 54199972005111999200520151DAO 48201942010720154201542018620181999720021200492004920069 39202072015201352015320116201352008720116 53200319998200310DDB1998119997199611 641992102014520158HPQ2021920237GitLab Inc.3.10(2)19952(CPA)199510(AICPA)(FCPA)1986719915 5520046200992021120038200451994720033 571988•19911992199219942010201820162025198611 432023120077201492015320215202152022122005620076 3120214CEO2019820214BIGO2017620185 4520182016520182201132016320029201012(CICPA)(AICPA)2019320027 50Vistra20 202512 31571XV352 (1)331,550Shining Globe International Limited129,034,168Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd.(2)10,857(i)2016300,000(ii)20222022201623,474(3)1,543202211,736(4)202512 31217,880,973(5) (1)www.hkexnews.hk20262 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.2026228 (3)20092019 202512 31 202512 31336 (1)331,550Shining Globe International Limited129,034,168Shining Globe International LimitedShining Globe Holding LimitedShining Globe Holding LimitedTMF (Cayman) Ltd. (2)202512 31217,880,973 202512 31XV23336 (a)2016(b) 2022202220162016202220236 152016202220228 1820236 15202217 201620236 15 20222022 20162016202220236 15201620251 1202512 3120162016 20251 1202512 31202210,462,2802,077,5692022(i)20251 1202512 31202210,462,2802,077,569(ii)00% 2016IV-20IV-24202220228 18202220235 24(www.hkexnews.hk)(http://ir.music.163.com) 2025 2025 202512 31 C.2.1 4143 3.13 202512 31202512 31 20 3.21 2025 3.25 202512 3110 2025 05,000,0005,000,00110,000,000 20252 20 71123 (a)(b)(c)(d) •••••• A.2.1 F.1.1 2025 124128 2025124128 2025 4143 (i) (ii) (iii)LOOK •AI24/7 • • (iv) (v)(i)(ii) 43 20253.2915 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) (http://ir.music.163.com) (d) (e) music.ir@service.netease.com (f) (g) ESGESG 20251 1202512 312026 C2ESG2021GRI2021S2IFRS S2 ESG ESG2025ESGESG ESG2025ESGESG ESG (http://ir.music.163.com/tc/index.php) ESG music.ir@service.netease.com 1ESG ESGESGESG 1.1ESG ESGESGESG ESGESGESGESGESGESGESGESGESGESGESGESGESGESG 1.2 ESGESGESG 1.3ESG ESGESGESGSASB2021GRI20212030(UN SDGs)ESGESGESGESGESG19ESG ESGESGE