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China's second-largest online music streaming platform, known for algorithmic recommendations and a strong indie/user-generated content community.
China's second-largest online music streaming platform, known for algorithmic recommendations and a strong indie/user-generated content community.
Earns from paid memberships and from social-entertainment services, such as live-streamed audio rooms where users buy virtual gifts, and pays licence fees to record labels for its catalogue. NetEase, the gaming and internet group, remains its controlling shareholder after the 2021 Hong Kong listing.
In one line: China's Spotify (community/indie-focused).
Moat: none (brand, network effects). Strong community/brand loyalty but a distant #2 in licensed catalog scale versus Tencent Music.
Headquarters: Hangzhou, China · Founded: 2013 · Employees: 1,288
Size NetEase Cloud Music (9899.HK) is a Hong Kong Communication Services company (Internet Software/Services) with a market value of $2.52B, the 378th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$97.40 on 6 Nov 2026.
Performance Over six months the shares fell 21.3%, against -2.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 8 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +6.0%); the operating margin is 17.4% (peer median 9.5%).
Valuation It trades at 10.1× forward earnings against a peer median of 14.5× (cheapest of 7).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -28 pp: the price already allows for a slowdown.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$8.82B | HK$8.42B | HK$8.62B | HK$8.69B | HK$10.5B |
| Revenue growth | — | -2% | -1% | -17% | — |
| Gross profit | HK$3.19B | HK$2.99B | HK$2.89B | HK$2.31B | HK$1.48B |
| EBITDA | HK$1.55B | HK$1.56B | HK$1.22B | HK$365M | -HK$580M |
| Net income | HK$1.87B | HK$2.98B | HK$1.69B | HK$811M | -HK$258M |
| Free cash flow | HK$2.15B | HK$2.24B | HK$2.20B | HK$678M | HK$2.29B |
| Capital expenditure | HK$7.01M | HK$12.1M | HK$4.02M | HK$6.13M | HK$30.3M |
| Total debt | n/a | HK$6.90M | HK$6.89M | HK$7.00M | HK$9.43M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NetEase Cloud Music 9899.HK | $2.52B | -21% | +6% | 17% | 10.1× | -18.7% |
| Tencent Music Entertainment 1698.HK | $13.9B | -2% | +16% | 29% | 11.0× | 0.6% |
| Spotify Technology SPOT | $124B | +44% | +17% | 15% | 37.4× | 29.4% |
| Netease Inc Sponsored ADR NTES | $74.3B | +12% | +10% | 35% | 13.1× | -4.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9899.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.6% | -6.0% | highest of 8 |
| 6-month return | -21.3% | -2.9% | 2nd lowest of 8 |
| Distance from 52-week high | -62.1% | -25.8% | lowest of 8 |
| Revenue growth (TTM) | +6.0% | +6.0% | 4th lowest of 8 |
| Operating margin | 17.4% | 9.5% | 4th highest of 8 |
| Forward P/E | 10.1× | 14.5× | cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | -18.7% | -2.1% | least demanding of 7 |
| Growth delivered (Del g) | +8.9% | +11.6% | 3rd lowest of 7 |
| Hurdle (Req g minus delivered) | -27.6 pp | -16.5 pp | 3rd least demanding of 7 |
| EV / EBITDA | 3.0× | 10.3× | cheapest of 6 |
| Net debt / EBITDA | -9.8× | -0.5× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NetEase Cloud Music 9899.HK | Hong Kong | $2.52B | -21% | +6% | 17% | 10.1× | -18.7% | +8.9% |
| RUM RUM | United States | $2.44B | -41% | +13% | -101% | n/a | n/a | n/a |
| Autohome 2518.HK | Hong Kong | $2.70B | +21% | -22% | 0% | 22.7× | -15.3% | -6.4% |
| Grindr GRND | United States | $2.35B | -10% | +32% | 31% | 19.7× | -6.0% | +31.1% |
| China Ruyi 0136.HK | Hong Kong | $2.82B | -5% | -40% | -17% | 12.6× | 13.1% | +69.6% |
| CarGurus CARG | United States | $3.01B | -3% | +6% | 26% | 12.1× | 2.7% | +10.5% |
| Cyber Agent 4751.T | Japan | $4.13B | +3% | +14% | 10% | 15.4× | -11.3% | +12.8% |
| Match MTCH | United States | $8.88B | +6% | 0% | 30% | 13.6× | 1.8% | +7.8% |