February 11, 2026, NETEASE MUSIC(09899.HK) released its Annual Report for the period ended December 31, 2025, Total Revenue stood at CNY 7.76 billion, decreased by 2.4% YoY; Net Profit stood at CNY 2.75 billion, YoY increase of 75.41%; Profit Attributable to Shareholders stood at CNY 2.75 billion, YoY increase of 76%; Basic Earnings Per Share (EPS) stood at CNY 13.02.
In terms of profitability, NETEASE MUSIC Gross Profit changed from CNY 2.68 billion in the same period last year to CNY 2.77 billion in the current period, increased by CNY 88.08 million; gross profit margin changed from 33.73% in the same period last year to 35.69% in the current period, increased by 1.96 percentage points; net profit changed from CNY 1.57 billion in the same period last year to CNY 2.75 billion in the current period, increased by CNY 1.18 billion; net profit margin changed from 19.69% in the same period last year to 35.39% in the current period, increased by 15.7 percentage points.
In terms of earnings quality, NETEASE MUSIC Operating Profit changed from CNY 1.17 billion in the same period last year to CNY 1.62 billion in the current period, increased by CNY 451.11 million; Operating Profit Margin changed from 14.73% in the same period last year to 20.9% in the current period, increased by 6.18 percentage points.
In terms of financial soundness, NETEASE MUSIC Debt-to-Asset Ratio changed from 25.04% in the same period last year to 21.82% in the current period, decreased by 3.22 percentage points; Total Equity changed from CNY 10.182 billion in the same period last year to CNY 12.869 billion in the current period, increased by CNY 2.69 billion; Current Liabilities changed from CNY 3.31 billion in the same period last year to CNY 3.49 billion in the current period, increased by CNY 174.08 million.
In terms of R&D investment focus, NETEASE MUSIC R&D Expenses changed from CNY 779.66 million in the same period last year to CNY 761.6 million in the current period, decreased by CNY 18.06 million; R&D to Total Revenue Ratio changed from 9.81% in the same period last year to 9.82% in the current period, increased by 0.01 percentage points.
By the close of trading on February 11, 2026, NETEASE MUSIC(09899) saw a gain of 4.39% in its share price, closing at HKD 183. During the session, it reached an intraday high of HKD 186. The full-day turnover stood at HKD 304.76 million, showing significant volume increase, with the latest market capitalization at HKD 39.81 billion.

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