NETEASE MUSIC (09899) announced its performance in 2025, with adjusted net profit of approximately 2.86 billion yuan, a year-on-year increase of 68.2%.

NetEase Music (09899) announced its performance for 2025, with a revenue of approximately 7.759 billion yuan, a gross profit of approximately 2.77 billion yuan, a year-on-year increase of 3.3%; a net profit of approximately 2.746 billion yuan, a year-on-year increase of 75.4%; adjusted net profit of approximately 2.86 billion yuan, a year-on-year increase of 68.2%. The company continues to expand and deepen its music-oriented community ecosystem. In 2025, upgrades to user experience and brand enhancement will drive both the user scale and activity level on the platform to achieve year-on-year growth. At the same time, the company's daily active users as a percentage of monthly active users remains above 30%, steadily increasing from the 24th year; the average daily listening time of mobile users is also on the rise. It is worth noting that the company's efforts in providing quality content and experiences, along with leading aesthetics and designs on the platform, have resonated strongly with young music lovers, who are gradually becoming loyal users of the company's platform. By continuously enriching its licensed music reserves and actively promoting the creation of Chinese music, the company has built a diverse and unique content library. In 2025, the company introduced content from Korean labels to supplement its Chinese music catalog, adding movie and TV show soundtracks and music for variety shows, further consolidating its specialty music categories, including rap and Western music. The company has also deepened its cooperation with labels in content promotion and music-centric events. The company's unique independent musician ecosystem continues to thrive, and self-produced works such as "Two Dilemmas" and "What If" have gained wide recognition both on and off the platform. From a product perspective, the company continues to prioritize user needs and is committed to innovating and excelling in music discovery and listening experiences. In 2025, the company further upgraded its core product framework to enhance its visual appeal and better meet users' diverse music discovery preferences. The company advances personalized content distribution and launched its self-developed AI-generated recommendation model Climber. Innovative features such as Intelligent Transition Automix, "Divine Light Player," and landscape mode bring a more immersive audiovisual experience. The company also expands and enhances community scenes, encouraging more active user participation and interaction. The company's revenue-generating capabilities centered on music continue to achieve steady growth. In 2025, subscription revenue increased by 13.3% year-on-year, benefiting from the growth in membership, despite a slight offset from the dilution of monthly per paying user income due to changes in membership structures. Importantly, the rapidly growing membership base also demonstrates stronger stickiness, with improved retention rates and activity levels. By continuously enhancing membership benefits in content, features, and customization, the company further stimulates users' willingness to pay for a premium experience. In addition to commercial growth, the company's profitability improved further in 2025. The gross profit margin reached 35.7%, significantly higher than the 33.7% in 2024. In 2025, operating profit increased by 38.5% year-on-year, mainly driven by the growth in business scale, improved online music commercialization capabilities, prudent cost management, and operational leverage.