NetEase Cloud Music (9899) Q1 2026 earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2026 earnings summary
25 May, 2026Executive summary
Net revenues for the first quarter of 2026 reached RMB2.0 billion (US$287.2 million), up 6.6% year-over-year from the same quarter in 2025.
Gross profit for the quarter was RMB734.2 million (US$106.4 million), showing sequential and year-over-year improvement.
Financial highlights
Net revenues increased to RMB1,981 million in Q1 2026 from RMB1,858 million in Q1 2025 and RMB1,968 million in Q4 2025.
Cost of revenues for Q1 2026 was RMB1,247 million, down from RMB1,286 million in Q4 2025 but up from RMB1,176 million in Q1 2025.
Gross profit rose to RMB734 million in Q1 2026 from RMB682 million in Q1 2025 and RMB682 million in Q4 2025.
Segment performance
The music segment delivered steady revenue growth and improved gross profit margins compared to both the previous quarter and the same quarter last year.
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