交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月1日 港元90.45 港元104.00↑ +15.0% 云音乐 (9899 HK) 成本优化好于预期，利润释放趋势不变  2023年下半年利润超预期。2023年下半年云音乐收入39.6亿元（人民币， 个股评级 下同），同比降16%，环比增1%，与我们/市场预期一致。毛利率同/环比 买入 优化13/4个百分点，受益于在线音乐规模效应、版权成本优化以及社交 收入分成比例收窄。经调整净利润为 4.9 亿元，好于我们和市场预期的 3.0亿元，主要因毛利率改善及利息收入高于预期。 1年股价表现 9899 HK  2023下半年业务亮点：1）会员订阅收入同比增23%，得益于会员规模增 30% MSCI中国指数 加（同比+19%，环比净增 470 万），及月人均付费（ARPPU）持续优化 20% 10% （同/环比+3%/2%至7元）。2）品牌/效果广告拓展新客户，激励广告下 0% 半年开始贡献收入增量。3）强化播客/有声书等多元化内容供给，2023年 -10% 长音频收听时长同比增71%。4）尽管社交娱乐收入受业务调整影响同比 -20% 降42% ...

2月29日，网易云音乐披露2023年业绩公告，交出了一份不错的成绩单。 让市场最振奋的，无疑是网易云音乐首次全年扭亏为盈，净利润7.34亿元。犹记得，去年上半年，网易云音实现了营业利润及经调整净利润的首次双双为 正, | --- | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------------------------------|---------| | 同我們的管理層審閱。 | 董事會欣然宣佈本公司及其子公司(統稱「本集團」)截至2023年12月31日止年度 的未經審計合併業績。該等未經審計合併年度業績已由董事會的審計委員會連 | 截 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 7,866,992 thousand, a decrease of 12.5% compared to RMB 8,992,221 thousand in 2022[2] - Adjusted net profit for 2023 was RMB 818,500 thousand, marking the first annual profit compared to an adjusted net loss of RMB 114,573 thousand in 2022[2] - The company recorded revenue of RMB 7,867.0 million and gross profit of RMB 2,102.7 million, with a significant gross profit increase of RMB 809.6 million due to improved cost control, resulting in a net profit of RMB 734.2 million in 2023 compared to a net loss of RMB 221.5 million in 2022[17] - Profit for the year was RMB 734.2 million in 2023, compared to a loss of RMB 221.5 million in 2022[25] - Adjusted net profit for the year was RMB 818.5 million in 2023, compared to a loss of RMB 114.6 million in 2022[26] User Engagement and Growth - Monthly active users for online music services reached 205.9 million, an increase of 8.7% from 189.4 million in 2022[4] - The number of monthly paying users for online music services rose to 44,120 thousand, up from 38,267.1 thousand in the previous year[5] - Daily active users to monthly active users ratio remains above 30% in 2023, indicating strong user engagement[7] - Long audio content consumption increased significantly by 70.9% in 2023 compared to the previous year, indicating a growing user engagement with audio offerings[12] Revenue Streams - Online music service revenue increased to RMB 4,350,913 thousand in 2023 from RMB 3,698,781 thousand in 2022, reflecting a growth of approximately 17.7%[41] - Subscription revenue grew by 20.2% year-on-year, primarily due to an increase in subscriber numbers and steady improvement in revenue per paying user[6] - Revenue from social entertainment services decreased by 33.6% year-on-year due to operational strategy adjustments[7] - Social entertainment services and others revenue decreased to RMB 3,516,079 thousand in 2023 from RMB 5,293,440 thousand in 2022, a decline of about 33.5%[41] Cost Management - Operating costs decreased by 25.1% from RMB 7,699.1 million in 2022 to RMB 5,764.3 million in 2023, primarily due to a reduction in content service costs[19] - Content service costs decreased to RMB 4,598,724 thousand in 2023 from RMB 6,711,646 thousand in 2022, a reduction of approximately 31.4%[43] - Total operating costs, including sales, marketing, general, administrative, and R&D expenses, amounted to RMB 7,556,358 thousand in 2023, down from RMB 9,516,435 thousand in 2022, representing a decrease of about 20.5%[43] Corporate Governance - The company has adopted and complied with all applicable provisions of the Corporate Governance Code as of December 31, 2023, with some deviations noted[58] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the year ended December 31, 2023[61] - The company has confirmed compliance with the Standard Code for securities transactions by directors and relevant insiders for the year ended December 31, 2023[59] - The board believes that the dual role of the chairman and CEO held by Ding Lei ensures effective and efficient strategic planning[58] Cash and Assets - Cash and cash equivalents increased from RMB 2.9 billion in 2022 to RMB 4.0 billion in 2023, primarily used for operational needs and capital expenditures[27] - Total assets increased to RMB 11,610,551 thousand in 2023 from RMB 10,891,392 thousand in 2022, representing a growth of approximately 6.6%[33] - Total liabilities increased to RMB 3,169,649 thousand in 2023 from RMB 3,071,333 thousand in 2022, an increase of approximately 3.2%[36] Music Content and Innovation - The platform has accumulated approximately 149 million music tracks by the end of 2023, expanding its content library significantly[8] - The company launched the "Cloud Ladder Plan 2023" to optimize revenue support for musicians, enhancing the attractiveness of the revenue settlement mechanism[10] - AI-assisted tools have been introduced to facilitate music creation, including the launch of the NetEase Tianyin platform for music composition and arrangement[10] - The company plans to deepen cooperation with copyright holders and enhance its ability to incubate independent musicians and produce original music[7] Marketing and Promotion - Sales and marketing expenses rose by 19.5% to RMB 758.2 million in 2023, attributed to increased promotional and advertising costs to enhance brand influence and user scale[21] - The company launched several successful self-produced music projects, including popular songs and thematic music initiatives, enhancing its content matrix[11] - The introduction of the "Private DJ" feature enhanced personalized music recommendations, contributing to improved user experience and engagement[14] Financial Ratios and Metrics - The debt-to-asset ratio was 27.3% as of December 31, 2023, down from 28.2% in 2022[28] - Basic earnings per share increased to RMB 3.49 in 2023 from a loss of RMB (1.06) in 2022[50]

Core Viewpoint - NetEase Cloud Music has launched a significant upgrade initiative by introducing the "Arranger Freedom Royalty" feature, which officially includes arrangers in the post-release royalty distribution of songs, aiming to provide fair compensation for their contributions [1] Group 1: Industry Impact - The introduction of the "Arranger Freedom Royalty" feature is expected to have a long-term and profound impact on the Chinese music industry, particularly in the emerging RAP music sector [1] - This initiative recognizes the status of arrangers within the industry, addressing the historical lack of respect and recognition for their contributions [1] Group 2: Copyright Structure - The copyright structure of songs is complex, involving multiple contributors such as lyricists, composers, arrangers, performers, and recording producers, each holding different rights [2][5] - Arrangers possess performance rights, reproduction rights, broadcasting rights, and moral rights, but their rights have not been effectively protected under current copyright laws [5][6] Group 3: Legal Nature of Arranger Rights - The legal definition of "arranger rights" remains ambiguous, with current copyright laws in China lacking specific provisions for the protection of arrangers [5][6] - Judicial practices indicate that arrangements may not qualify as independent works under copyright law due to the lack of originality required for protection [6] Group 4: Emerging Music Genres - In the context of RAP music, the creation of "beats" plays a crucial role, often surpassing traditional arrangements in importance, yet the legal classification of beats remains contentious [7][8] - The production of beats may be viewed as either arrangement or co-composition, highlighting the need for a reevaluation of the legal status of arrangers in modern music [8] Group 5: Conclusion - The move by NetEase Cloud Music to include arrangers in royalty distributions is a groundbreaking step, but further legal recognition and protection for arrangers' contributions are necessary to address the existing gaps in copyright law [9]

【TechWeb】1月30日消息，今日，网易云音乐针对幕后音乐人群体发布“编曲人自由版税”功能，将编曲人群体正式纳入歌曲发布后版税收益分成中。 当下，音乐版税分配体系不健全，编曲人在售卖其作品时，经常被采用最简单的“一口价”方式买断，购买者面对后续的“版税分成”这个问题，则是闭口不谈，编曲制作人的利益在这种情况下往往得不到应有的保障。 针对这一行业痛点，网易云音乐在词曲版税分成功能上进行了全新升级，将“编曲”身份纳入其中。据悉，网易云音乐在2022年上线了面向词曲创作者的词曲版税分成功能。 据介绍，编曲人自由版税为自定义分配收益模式，歌曲的创作者们可以根据作品的贡献度相互协商，自由定义歌曲的分配。在线上填写约定好的比例，系统会自动为上传者、词/曲及编曲作者分配收益。 网易云音乐方面披露的数据显示，该项目自去年12月上线试运行，不到20天，成功完成签约的音乐人已超300位。 ...

Revenue and Profitability - Revenue decreased by 8.2% to RMB 3,908.4 million for the six months ended June 30, 2023, compared to RMB 4,258.7 million for the same period in 2022[7]. - Gross profit increased by 79.7% to RMB 965.1 million for the six months ended June 30, 2023, up from RMB 537.1 million in the prior year[7]. - Net profit for the period was RMB 293.8 million, a turnaround from a net loss of RMB 270.8 million in the same period last year[10]. - Adjusted net profit for the six months ended June 30, 2023, was RMB 331.9 million, compared to an adjusted net loss of RMB 217.0 million in the same period last year[9]. - The company achieved positive operating profit and adjusted net profit for the first time in the first half of 2023[15]. - Operating profit for the six months ended June 30, 2023, was RMB 104,611 thousand, compared to an operating loss of RMB 301,015 thousand in the previous year[89]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 528,113 thousand, compared to RMB 25,928 thousand for the same period in 2022[97]. User Engagement and Growth - Monthly active users for online music services reached 206.7 million, representing a year-on-year growth of 13.7%[15]. - The number of paying users for online music services increased to 41,750.9 thousand, up from 37,613.0 thousand in the previous year[13]. - Average revenue per paying user for online music services rose to RMB 6.8, compared to RMB 6.5 in the prior year[13]. - The daily active users to monthly active users ratio remained above 30%, indicating strong user engagement[15]. - The company focused on enhancing music-oriented content products and improving user experience to drive subscription growth[15]. - Membership subscription revenue increased by 16.7% year-over-year, driven by an expanded member base and improved revenue per paying user[16]. Cost Management and Financial Health - Operating costs decreased by 20.9% to RMB 2,943.2 million, attributed to improved cost control and reduced content service costs[32]. - Research and development expenses decreased by 8.5% to RMB 440.7 million, reflecting better cost management in technology development[36]. - Total operating costs, including sales and marketing expenses, general and administrative expenses, and R&D expenses, amounted to RMB 3,826,375 thousand for the six months ended June 30, 2023, compared to RMB 4,607,650 thousand in 2022, a decrease of approximately 16.9%[117]. - Content service costs for the six months ended June 30, 2023, were RMB 2,399,396 thousand, down from RMB 3,251,129 thousand in 2022, a reduction of about 26.3%[117]. Shareholder Information and Equity - As of June 30, 2023, the major shareholder, NetEase, holds 129,034,168 shares, representing 60.39% of the total shares[57]. - Shining Globe International Limited, controlled by Lei Ding, owns 1,450,300,000 shares, which is 45.0% of NetEase's total shares[55]. - Alibaba Group holds 20,733,975 shares, accounting for 9.70% of the total shares[57]. - The total number of issued shares as of June 30, 2023, is 213,667,126 shares[60]. - The total equity attributable to the company's equity holders increased from RMB 7,495,533 thousand as of June 30, 2022, to RMB 8,221,215 thousand as of June 30, 2023, reflecting a growth of 9.7%[97]. Corporate Governance and Compliance - The company has a commitment to high standards of corporate governance, which is deemed essential for the development of the group and the protection of shareholder interests[75]. - The board believes that the dual role of the chairman and CEO held by Ding Lei enhances the effectiveness and efficiency of strategic planning[76]. - The company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[77]. - The company has adopted a securities trading policy that is no less stringent than the "Standard Code" outlined in the Listing Rules, ensuring compliance by all directors during the reporting period[78]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased to RMB 2.6 billion as of June 30, 2023, down from RMB 2.9 billion as of December 31, 2022[44]. - Operating activities used net cash of RMB 372.9 million for the six months ended June 30, 2023, compared to a net cash inflow of RMB 782.6 million for the same period in 2022[45]. - The company believes it will meet liquidity needs through funds raised from its global offering and other capital market financing[44]. Stock Options and Incentive Plans - The company has two active equity incentive plans: the 2016 Plan and the 2022 Restricted Share Unit Plan[61]. - The total number of unexercised stock options as of June 30, 2023, was 5,277,325, a decrease of 46.3% from 9,818,500 in the same period of 2022[148]. - The company’s stock incentive plans are designed to align the interests of employees with those of shareholders, thereby enhancing overall performance and shareholder value[141]. - The total employee benefits expense recognized for equity-settled share-based payments was RMB 38,143,000 in the first half of 2023, down 29.1% from RMB 53,810,000 in the same period of 2022[158]. Regulatory and Legal Matters - The company reported a restriction on bank balances amounting to RMB 122,975,000 due to ongoing investigations by local regulatory authorities[168]. - The company has not recorded any provisions related to the ongoing investigations, indicating a cautious approach to potential financial impacts[168].

[5 -> 28] Good day, and thank you for standing by. Welcome to the Cloud Music, Inc. first half of 2023 earnings conference call. Please be advised that in the interest of time, the prepared remarks will be conducted in Chinese, and an English version can be found on the company's IR website. After the call, [29 -> 53] The English summary of Q&A and a webcast replay of this conference call will be available on the company's IR website. And now, I would like to hand the call over to Ms. Angela Shi, IR Directo ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 CLOUD MUSIC INC. 雲音樂股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9899） 截至2023年6月30日止六個月的 中期業績公告 董事會欣然宣佈本公司及其子公司（統稱「本集團」）於報告期間（即截至2023年 6月30日止六個月）的未經審計合併業績。該等中期業績已由我們的核數師羅兵 咸永道會計師事務所按照國際核數及保證準則委員會頒佈的《國際審閱準則》第 2410號「由實體獨立核數師執行中期財務資料審閱」進行審閱，並經由董事會的 審計委員會審閱。 截至6月30日止六個月 2023年 2022年 變動(%) （未經審計）（未經審計） （人民幣千元，百分比除外） 收入 3,908,380 4,258,716 –8.2% 毛利 965,147 537,113 +79.7% ...

Financial Performance - Revenue increased by 28.5% from RMB 6,997,622,000 in 2021 to RMB 8,992,221,000 in 2022[5] - Gross profit surged by 806.3% from RMB 142,674,000 in 2021 to RMB 1,293,118,000 in 2022[5] - Net loss decreased by 89.2% from RMB 2,056,092,000 in 2021 to RMB 221,494,000 in 2022[5] - Adjusted net loss reduced by 89.0% from RMB 1,043,712,000 in 2021 to RMB 114,573,000 in 2022[7] - In 2022, the total revenue of the company increased by 28.5% year-on-year, driven primarily by the growth in subscription members and social entertainment services[15] - The adjusted net loss narrowed from RMB 1 billion in 2021 to RMB 100 million in 2022, with positive operating cash flow achieved in 2022[16] - The company recorded revenue of RMB 8.99 billion and gross profit of RMB 1.29 billion for the year 2022, with a net loss of RMB 2.22 billion compared to RMB 20.56 billion in 2021[27] - The adjusted net loss decreased by 89.0% from RMB 1 billion in 2021 to RMB 0.11 billion in 2022, primarily due to increased net revenue and improved cost control[27] User Engagement and Growth - Monthly active users for online music services reached 189.4 million in 2022, up from 182.6 million in 2021[10] - Monthly paying users for online music services increased to 38,267.1 thousand in 2022 from 28,940.4 thousand in 2021[11] - The paid user conversion rate improved from 15.8% in 2021 to 20.2% in 2022, supported by enhanced user experience and expanded membership benefits[15] - Daily active users spent an average of 78.9 minutes per day listening to music on the platform, an increase from 78.2 minutes in 2021[21] - 33.4% of music plays on the platform were generated from recommendations, indicating strong user engagement and platform stickiness[21] Revenue Streams - Online music service revenue rose by 12.4% from RMB 3,290.0 million in 2021 to RMB 3,698.8 million in 2022, driven by a significant increase in subscription sales[28] - Social entertainment services and other revenue surged by 42.8% from RMB 3,707.6 million in 2021 to RMB 5,293.4 million in 2022[29] Cost Management and Profitability - The gross margin increased significantly from 2.0% in 2021 to 14.4% in 2022, attributed to economies of scale and optimized cost structure[16] - Operating costs increased by 12.3% from RMB 6,854.9 million in 2021 to RMB 7,699.1 million in 2022, primarily due to rising content service costs[30] Research and Development - Research and development expenses amounted to RMB 1.01 billion, representing 11.3% of total revenue for 2022[26] - Research and development expenses increased by 16.3% from RMB 869.1 million in 2021 to RMB 1,011.1 million in 2022, reflecting investments in innovation and platform optimization[34] Strategic Initiatives - The company aims to convert more users to paying subscribers and enhance monetization capabilities[10] - Plans for 2023 include enhancing community engagement through interactive features and optimizing user experience to increase subscription willingness[16] - The company will continue to explore commercialization opportunities and expand listening scenarios through multi-terminal layouts and potential gamification initiatives[16] Content and Partnerships - The content library expanded to over 116 million music tracks by the end of 2022, including collaborations with major music labels[17] - The company aims to deepen partnerships with copyright holders to enhance its content offerings, including a recent agreement with Believe Music[18] - The company has provided services to over 611,000 registered independent musicians, contributing approximately 2.6 million music tracks to its content library[18] Corporate Governance and Management - The board includes independent directors with diverse backgrounds, enhancing governance and strategic oversight, such as Mr. Gu and Mr. Xu, who have academic and professional expertise[118][119] - The management team includes Mr. Ding as the CEO and Mr. Zhang as the Vice President of Commercialization and Marketing, who joined in November 2022, bringing experience from NetEase and Tencent[120] - The company has a strong focus on product development, with Mr. Zhang and Mr. Zhang serving as Vice Presidents for commercialization and product management, respectively, indicating a commitment to innovation[120] Risk Management - The company acknowledges that risk management is crucial for operational success, facing significant risks from overall market conditions and regulatory changes in the Chinese internet, music, live streaming, and online telecommunications industries[171] - The company has implemented a comprehensive risk management policy to identify, assess, and monitor key risks related to strategic objectives, including financial reporting and compliance risks[171] Shareholder Relations - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategy[180] - The company has established multiple channels for ongoing dialogue with shareholders, including annual reports, interim reports, and quarterly reports[180] Compliance and Ethics - The company has adopted a whistleblowing policy for employees to report misconduct confidentially to the internal audit department[175] - The company has implemented anti-corruption policies and conducts ongoing training to foster a culture of integrity[175]

Financial Performance - Revenue increased by 33.8% to RMB 4,258.7 million for the six months ended June 30, 2022, compared to RMB 3,183.7 million for the same period in 2021[9] - Gross profit turned positive at RMB 537.1 million for the six months ended June 30, 2022, compared to a gross loss of RMB 12.9 million for the same period in 2021[10] - Loss before income tax decreased by 93.0% to RMB 266.8 million for the six months ended June 30, 2022, from RMB 3,807.0 million in the same period of 2021[9] - Adjusted net loss reduced by 59.3% to RMB 217.0 million for the six months ended June 30, 2022, compared to RMB 533.0 million for the same period in 2021[11] - The loss for the period decreased by 92.9% from RMB 3.8 billion for the six months ended June 30, 2021, to RMB 270.8 million for the same period in 2022[36] - The net loss attributable to equity holders for H1 2022 was RMB 270,810 thousand, a significant improvement from a net loss of RMB 3,809,147 thousand in H1 2021[95] User Metrics - Monthly active users for online music services decreased to 181.9 million as of June 30, 2022, from 184.5 million in the same period of 2021[14] - Monthly paying users for online music services increased to 37.6 million as of June 30, 2022, from 26.1 million in the same period of 2021[15] - Monthly paying users for social entertainment services increased to 1.2 million as of June 30, 2022, from 496.4 thousand in the same period of 2021[15] - Users spent an average of 80.6 minutes per day listening to music on the platform, up from 76.9 minutes in the first half of 2021[19] - 31.4% of music plays came from platform recommendations as of June 30, 2022, an increase from 30.5% a year earlier[19] Revenue Breakdown - Online music service revenue rose by 11.2% from RMB 1.604 billion to RMB 1.784 billion, driven by a significant increase in subscription sales[26] - Social entertainment services and other revenue surged by 56.7% from RMB 1.579 billion to RMB 2.475 billion, with monthly paying users increasing from 496.4 thousand to 1.2 million[26] - Total revenue increased by 33.8% year-on-year in the first half of 2022, despite challenging industry conditions[17] - Revenue recognized at a point in time was RMB 2,525,548 thousand for the six months ended June 30, 2022, compared to RMB 1,705,639 thousand in the previous year, indicating a growth of approximately 48.2%[87] - Revenue recognized over time was RMB 1,733,168 thousand for the six months ended June 30, 2022, up from RMB 1,478,035 thousand in the same period of 2021, marking an increase of about 17.3%[87] Cost and Expenses - Operating costs increased by 16.4% to RMB 3.7 billion, primarily due to rising content service costs[27] - Research and development expenses rose by 14.6% to RMB 481.5 million, attributed to higher employee-related costs and technology development expenses[31] - Total operating costs, including sales and marketing expenses, general and administrative expenses, and R&D expenses, amounted to RMB 4,607,650 thousand in H1 2022, compared to RMB 3,902,029 thousand in H1 2021, reflecting an 18.1% increase[89] - Content service costs increased to RMB 3,251,129 thousand in H1 2022 from RMB 2,759,391 thousand in H1 2021, representing a growth of 17.8%[89] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 1.86 billion as of June 30, 2022, from RMB 476.149 million as of June 30, 2021[41] - Operating cash flow for the six months ended June 30, 2022, was RMB 782.551 million, compared to a cash outflow of RMB 748.015 million for the same period in 2021[41] - The company’s cash needs are primarily funded through cash flows from financing and investments, with a significant reliance on external financing[40] - The company plans to utilize funds raised from its global offering and other capital market financing to meet liquidity needs in the future[40] Shareholder Information - Shining Globe International Limited holds 128,364,668 shares of the company, representing 61.35% of the total issued shares as of June 30, 2022[51] - The company has a total of 209,245,601 issued shares as of June 30, 2022[52] - The company’s major shareholder, Mr. Ding Lei, holds 44.2% of the shares, amounting to 1,450,300,000 shares[47] - Alibaba Group holds 20,733,975 shares, representing 9.91% of the total shares[51] - GIC Private Limited holds 13,923,356 shares, which is 6.65% of the total shares[51] Employee and Compensation - Total employee compensation cost for the six months ended June 30, 2022, was RMB 573.7 million, up from RMB 550.3 million for the same period in 2021[42] - As of June 30, 2022, the company had 1,526 employees, an increase from 1,192 employees as of June 30, 2021[42] - The company has a stock incentive plan that allows for the issuance of up to 15,000,000 Class A ordinary shares, aimed at attracting and retaining outstanding performers[112] Corporate Governance - The company has complied with the corporate governance code and has no reported violations of the standard code during the reporting period[58] - The board believes that the dual role of the chairman and CEO enhances strategic planning and decision-making efficiency[58] Future Outlook - The company aims to convert more users to paying subscribers and enhance monetization capabilities[14] - The company aims to enhance user engagement and monetization through innovative product offerings and improved user experience[18] - The company continues to explore market expansion opportunities and new product development, although specific details were not provided in the content[134]