On 28 November 2023, Cloud Music Inc. and NetEase entered into the NetEase Group Framework Agreement, pursuant to which, the Continuing Transactions are renewed for a term of three years, commencing 1 January 2024. Term: 1 January 2024 to 31 December 2026. Transaction: The Group provides advertising services to end-advertising clients (being primarily third parties) in exchange for advertising service fees.

These advertising services include: embedding advertisements across the Group's platforms or through the Group's services, coordinating advertising campaigns using music or products available on the Group's platforms, and facilitating collaborations between the end-advertising client and the Group's users, artists or stakeholders in the music industry. Certain of these end-advertising clients or advertising services are referred to the Group through NetEase Group, and accordingly, part of the service fees generated from this portion of advertising services will be recorded by the Group as connected transactions with NetEase Group.