Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. NETEASE CLOUD MUSIC INC. ʮ̡ (incorporated in the Cayman Islands with limited liability) (Stock Code: 9899) INSIDE INFORMATION UNAUDITED RESULTS FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2025 ANNOUNCED BY OUR CONTROLLING SHAREHOLDER, NETEASE, INC. This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). On 20 November 2025 (after trading hours Hong Kong time), our controlling shareholder and parent company, NetEase, Inc. ( “NetEase ”), a company listed on the Nasdaq in the United States (NASDAQ: NTES) and The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) (HKEX: 9999), published its unaudited results for the third quarter ended 30 September 2025 (the “NTES Earnings Release ”). The NTES Earnings Release contains references to our company ’s financial performance for the third quarter ended 30 September 2025. A copy of the NTES Earnings Release is available for viewing on the websites of the Stock Exchange at www.hkexnews.hk and NetEase at http://ir.netease.com/ . The financial results contained in the NTES Earnings Release, including those relating to our company, have been prepared in accordance with Generally Accepted Accounting Principles of the United States, or U.S. GAAP, which are different from International Financial Reporting Standards (“IFRSs ”). We use IFRSs to prepare and present our financial information. As such, the financial information contained in the NTES Earnings Release is not directly comparable with the financial results published and to be published by our company. Our shareholders and potential investors are reminded that the financial results contained in the NTES Earnings Release are unaudited, are not required to be prepared in accordance with IFRSs, and have not been prepared or presented by our company. We make no indication or assurance that the financial results of our group will be the same as those presented in the NTES Earnings Release. To ensure that our shareholders and potential investors have equal and timely access to the information pertaining to our company, set forth below are the key highlights of financial and other information published by NetEase in the NTES Earnings Release that relate to our company, some of which may constitute inside information of our company.
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2 Extract of the NTES Earnings Release relating to our company (also referred to as NetEase Cloud Music in the NTES Earnings Release) Third Quarter 2025 Financial Highlights • NetEase Cloud Music net revenues were RMB2.0 billion (US$275.9 million), a decrease of 1.8% compared with the same quarter of 2024. Third Quarter 2025 Financial Results Net Revenues Net revenues from NetEase Cloud Music were RMB2.0 billion (US$275.9 million) for the third quarter of 2025, compared with RMB2.0 billion each for the preceding quarter and the same quarter of 2024. NETEASE, INC. UNAUDITED SEGMENT INFORMATION (in thousands) Three Months Ended Nine Months Ended September 30, 2024 June 30, 2025 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Net revenues: NetEase Cloud Music 1,999,163 1,968,729 1,964,063 275,890 6,069,656 5,791,180 813,482 Cost of revenues: NetEase Cloud Music (1,343,921) (1,258,855) (1,269,289) (178,296) (3,988,683) (3,703,921) (520,287) Gross profit: NetEase Cloud Music 655,242 709,874 694,774 97,594 2,080,973 2,087,259 293,195 The accompanying notes are an integral part of this announcement. Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.1190 on the last trading day of September 2025 (September 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on September 30, 2025, or at any other certain date .
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3 The business performance for the third quarter ended 30 September 2025 contained in this announcement represents preliminary statistics and a preliminary assessment based on the management accounts of our group and such information has not been audited or reviewed by our company ’s auditor. Our shareholders and potential investors are advised not to place undue reliance on the NTES Earnings Release and to exercise caution when dealing in the securities of our company. By Order of the Board of Directors of NetEase Cloud Music Inc. Mr. William Lei Ding Chairman of the Board Hong Kong, 20 November 2025 As at the date of this announcement, our company ’s board of directors comprises Mr. William Lei Ding, Mr. Yong Li and Ms. Yanfeng Wang as executive directors, Mr. Yat Keung Li as non- executive director, and Mr. Ying Kit Caleb Lo, Mr. Xianfeng Gu and Mr. Zhong Xu as independent non-executive directors.