NetEase Cloud Music (9899) Q3 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q3 2025 earnings summary
7 May, 2026Executive summary
Net revenues for the third quarter of 2025 were RMB2.0 billion (US$275.9 million), down 1.8% year-over-year.
Gross profit for the quarter was RMB694.8 million (US$97.6 million).
Financial results are preliminary, unaudited, and based on management accounts.
Financial highlights
Net revenues remained flat sequentially from the previous quarter and the same quarter last year at RMB2.0 billion.
Gross profit for Q3 2025 was RMB694.8 million, compared to RMB709.9 million in Q2 2025.
Cost of revenues for Q3 2025 was RMB1.27 billion.
Key financial ratios and metrics
Gross margin for Q3 2025 was approximately 35.4%.
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