NetEase Cloud Music Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	7,759	7,950	7,867	8,992	6,998
Revenue Growth (YoY)	-2.40%	1.06%	-12.51%	28.50%	42.93%
Cost of Revenue	4,990	5,269	5,764	7,699	6,855
Gross Profit	2,770	2,682	2,103	1,293	142.67
Selling, General & Admin	585.34	796.18	923.34	806.28	695.53
Research & Development	761.6	779.66	868.7	1,011	869.15
Other Operating Expenses	-188.69	-32.6	-21.59	-145.53	-71.49
Operating Expenses	1,158	1,543	1,770	1,672	1,493
Operating Income	1,611	1,138	332.22	-378.69	-1,351
Interest Expense	-0.19	-0.24	-0.32	-0.35	-
Interest & Investment Income	445.88	406.19	437.88	183.11	48.42
Earnings From Equity Investments	0.1	-6.54	-0.06	-2.72	2.33
Currency Exchange Gain (Loss)	-1.99	-2.4	-2.04	5	-3.86
EBT Excluding Unusual Items	2,055	1,535	767.68	-193.65	-1,304
Gain (Loss) on Sale of Investments	12.6	34.98	-	-10.83	7.44
Other Unusual Items	-	-	-	-	-755.24
Pretax Income	2,068	1,570	767.68	-204.48	-2,051
Income Tax Expense	-678.09	4.89	33.5	17.02	4.67
Earnings From Continuing Operations	2,746	1,565	734.18	-221.49	-2,056
Minority Interest in Earnings	2.38	-3.86	-	-	-
Net Income	2,748	1,562	734.18	-221.49	-2,056
Net Income to Common	2,748	1,562	734.18	-221.49	-2,056
Net Income Growth	76.00%	112.69%	-	-	-
Shares Outstanding (Basic)	211	209	210	209	129
Shares Outstanding (Diluted)	214	211	212	209	129
Shares Change (YoY)	1.18%	-0.36%	1.36%	61.80%	5.98%
EPS (Basic)	13.02	7.48	3.49	-1.06	-15.92
EPS (Diluted)	12.87	7.40	3.47	-1.06	-15.92
EPS Growth	73.92%	113.26%	-	-	-
Free Cash Flow	-	1,771	183.51	1,817	-947.91
Free Cash Flow Per Share	-	8.39	0.87	8.69	-7.34
Gross Margin	35.69%	33.73%	26.73%	14.38%	2.04%
Operating Margin	20.77%	14.32%	4.22%	-4.21%	-19.30%
Profit Margin	35.42%	19.64%	9.33%	-2.46%	-29.38%
Free Cash Flow Margin	-	22.27%	2.33%	20.20%	-13.55%
EBITDA	1,626	1,153	348.7	-356.13	-1,335
EBITDA Margin	20.96%	14.51%	4.43%	-3.96%	-19.09%
D&A For EBITDA	14.91	14.91	16.47	22.56	15.04
EBIT	1,611	1,138	332.22	-378.69	-1,351
EBIT Margin	20.77%	14.32%	4.22%	-4.21%	-19.30%
Effective Tax Rate	-	0.31%	4.36%	-	-
Advertising Expenses	295.67	519.76	688.31	563.47	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.