NetEase Cloud Music Inc. (Stock Code: 9899) announced on 27 November 2025 the granting of 32,424 Awards to a total of 12 individual Employee Participants under its 2022 Restricted Share Unit Plan. The Awards will be satisfied with existing Shares upon vesting, and the purchase price per Award Share upon vesting is nil.

According to the announcement, the closing price per Share on the grant date was HK$191.50. Each Award is subject to a three-year vesting period starting 1 December 2025, with vesting evenly over three years. Performance targets apply, and the portion of the Awards that vest depends on each participant meeting a specified threshold in their performance appraisals in the year prior to each vesting date. A clawback mechanism is also in place, allowing unvested or outstanding Awards to lapse under misconduct or certain other circumstances determined by the plan administrator.

Following these grants, the announcement states that an aggregate of 10,462,280 new Shares remains available for future grants under the 2022 Plan. None of the Grantees is a related entity participant or a service provider, and no individual has exceeded the 1% individual limit under Chapter 17 of the Listing Rules. The company also does not provide financial assistance to any participant for purchasing Award Shares. The 2022 Plan is classified as a share scheme under Chapter 17 of the Listing Rules.