NetEase Cloud Music (9899) Q1 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2025 earnings summary
7 May, 2026Executive summary
Net revenues for the first quarter of 2025 were RMB1.9 billion (US$256.1 million), down 8.4% year-over-year due to lower social entertainment services revenue.
Gross profit for the quarter was RMB682.6 million (US$94.1 million).
Financial highlights
Net revenues decreased to RMB1.9 billion from RMB2.0 billion in Q1 2024 and RMB1.9 billion in Q4 2024.
Gross profit was RMB682.6 million, up from RMB600.5 million in Q4 2024 but down from RMB770.5 million in Q1 2024.
Cost of revenues was RMB1.18 billion, down from RMB1.28 billion in Q4 2024 and RMB1.26 billion in Q1 2024.
Segment performance
Social entertainment services experienced a decline in net revenues, driving the overall year-over-year decrease.
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