NETEASE CLOUD MUSIC INC (9899) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of NETEASE CLOUD MUSIC INC HK$166, price HK$85.55, upside +93.8%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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NETEASE CLOUD MUSIC INC
9899 · HKClearly undervaluedStrong Fair Value upside, but quality is only moderate.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
58‑month range HK$53.15 – HK$302.40 · fair‑value band HK$113.95 – HK$234.32 · the HK$85.55 price screens below the HK$165.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Company profile
NetEase Cloud Music Inc., an investment holding company, engages in the operation of online platforms to provide music and social entertainment services in the People's Republic of China. It operates NetEase Cloud Music, an online music platform.
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NetEase Cloud Music Inc., an investment holding company, engages in the operation of online platforms to provide music and social entertainment services in the People's Republic of China. It operates NetEase Cloud Music, an online music platform. The company also offers ancillary and social entertainment products, such as LOOK Live Streaming, Sheng Bo, and Yin Jie; membership subscription; sublicensing of contents royalties; and online advertising services on its online platforms, as well as sells digital music album and songs, and virtual items in social entertainment platforms operating. In addition, it provides online music streaming services. The company was formerly known as Cloud Music Inc. and changed its name to NetEase Cloud Music Inc. in November 2024. The company was founded in 1999 and is headquartered in Hangzhou, China. NetEase Cloud Music Inc. is a subsidiary of NetEase, Inc.
Stock analysis
NETEASE CLOUD MUSIC INC (9899) currently trades at HK$85.55, while our model-based Fair Value estimate is HK$165.80, implying the stock looks roughly 48.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$275.67 per share, and 21 of the 24 models we run sit above the HK$85.55 price.
Bear case: the Asset-Based group reads lowest at HK$49.29, and 3 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$113.95 (bear) to HK$234.32 (bull), the price of HK$85.55 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
NETEASE CLOUD MUSIC INC reported revenue of 7.8B CNY in FY2025 versus 7.0B CNY in FY2021, a compound +2.6%/yr. Reported net income was 2.7B CNY in FY2025.
Key figures
Market cap HK$18.3B (≈ $2.3B) · P/E ratio 7.3 · P/S ratio 2.59 · EPS (TTM) HK$8.85 · Net margin 35.4% · Return on equity 23.8% · Return on assets (EBIT) 0.7% · Operating margin 19.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 68% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 94%, 9899 screens cheaper than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 69 · Market factors (momentum, volatility) 16
Revenue & earnings trend
Growth Forecast
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Earlier news
- NetEase Cloud Music Inc. Reports First Half 2026 Financial Results
- NetEase misses second-quarter profit forecasts; shares slide
- NetEase Cloud Music Inc. to Report First Half 2026 Financial Results on August 20, 2026
- NetEase to Report Second Quarter 2026 Financial Results on August 20
Compare NETEASE CLOUD MUSIC INC with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Content & Information · 141 stocks
Valuation Multiplesvs Internet Content & Information median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Communication Services
- Undervalued stocks: Hong Kong Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Internet Content & Information stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Alphabet Inc GOOG | $341.08 | $334.16 | −2% |
| Meta Platforms, Inc META | $751.66 | $826.83 | +10% |
| Tencent Holdings 0700 | HK$436.60 | HK$707.60 | +62% |
| Spotify Technology S.A SPOT | $510.01 | $561.01 | +10% |
| Baidu, Inc BIDU | $86.71 | $67.13 | −23% |
| Reddit, Inc RDDT | $145.36 | $131.44 | −10% |
| NAVER Corporation 035420 | 194,700 KRW | 314,922 KRW | +62% |
| Kuaishou Technology, an investment holding company, 1024 | HK$30.02 | HK$101.50 | +238% |
| Tencent Music Entertainment Group 1698 | HK$32.38 | HK$71.46 | +121% |
| REA Group REA | A$157.50 | A$173.25 | +10% |
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Key figures of NETEASE CLOUD MUSIC INC
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