{"id":24778,"date":"2026-10-30T08:40:56","date_gmt":"2026-10-30T08:40:56","guid":{"rendered":"https:\/\/interspacemusic.com\/blog\/tang-truong-thue-bao-cua-trung-quoc-da-mat-mau-so-theo-quy\/"},"modified":"2026-10-30T08:40:56","modified_gmt":"2026-10-30T08:40:56","slug":"tang-truong-thue-bao-cua-trung-quoc-da-mat-mau-so-theo-quy","status":"publish","type":"post","link":"https:\/\/interspacemusic.com\/blog\/vi\/tang-truong-thue-bao-cua-trung-quoc-da-mat-mau-so-theo-quy\/","title":{"rendered":"T\u0103ng tr\u01b0\u1edfng thu\u00ea bao c\u1ee7a Trung Qu\u1ed1c \u0111\u00e3 m\u1ea5t m\u1eabu s\u1ed1 theo qu\u00fd"},"content":{"rendered":"

Hai n\u1ec1n t\u1ea3ng \u00e2m nh\u1ea1c ni\u00eam y\u1ebft c\u1ee7a Trung Qu\u1ed1c kh\u00f4ng c\u00f2n cung c\u1ea5p cho ch\u1ee7 s\u1edf h\u1eefu b\u1ea3n quy\u1ec1n b\u00ean ngo\u00e0i c\u00e2u tr\u1ea3 l\u1eddi r\u00f5 r\u00e0ng theo qu\u00fd cho m\u1ed9t c\u00e2u h\u1ecfi c\u01a1 b\u1ea3n: thu nh\u1eadp t\u1eeb thu\u00ea bao t\u0103ng v\u00ec c\u00f3 th\u00eam ng\u01b0\u1eddi tr\u1ea3 ph\u00ed, hay v\u00ec m\u1ed7i ng\u01b0\u1eddi tr\u1ea3 nhi\u1ec1u ti\u1ec1n h\u01a1n? NetEase Cloud Music cho bi\u1ebft c\u01a1 s\u1edf thu\u00ea bao t\u0103ng trong n\u1eeda \u0111\u1ea7u n\u0103m 2026, trong khi doanh thu b\u00ecnh qu\u00e2n tr\u00ean m\u1ed7i ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed gi\u1ea3m. Tencent Music Entertainment (TME) \u0111\u00e3 ng\u1eebng c\u00f4ng b\u1ed1 s\u1ed1 li\u1ec7u ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed v\u00e0 doanh thu b\u00ecnh qu\u00e2n theo qu\u00fd trong n\u0103m nay. V\u1edbi m\u1ed9t h\u00e3ng \u0111\u0129a \u0111\u1ed9c l\u1eadp l\u1eadp ng\u00e2n s\u00e1ch cho m\u1ed9t \u0111\u1ee3t ph\u00e1t h\u00e0nh t\u1ea1i Trung Qu\u1ed1c, kho\u1ea3ng tr\u1ed1ng n\u00e0y r\u1ea5t quan tr\u1ecdng v\u00ec t\u0103ng tr\u01b0\u1edfng doanh thu n\u1ec1n t\u1ea3ng kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ef1 b\u00e1o ti\u1ec1n b\u1ea3n quy\u1ec1n.<\/p>\n

\u0110\u00e2y l\u00e0 c\u00e2u h\u1ecfi kh\u00e1c v\u1edbi b\u00e0i vi\u1ebft g\u1ea7n \u0111\u00e2y c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 c\u00e1c kho\u1ea3n kh\u1ea5u tr\u1eeb v\u00e0 ng\u00e0y thanh to\u00e1n ti\u1ec1n thu t\u1eeb nh\u1ea1c s\u0129 t\u1ea1i Trung Qu\u1ed1c, c\u0169ng nh\u01b0 c\u1ea3nh b\u00e1o chung c\u1ee7a m\u1ed9t ban bi\u00ean t\u1eadp kh\u00e1c r\u1eb1ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty ph\u00e1t tr\u1ef1c tuy\u1ebfn kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ef1 b\u00e1o cho danh m\u1ee5c. C\u00e1c b\u00e0i vi\u1ebft \u0111\u00f3 t\u1eadp trung v\u00e0o chi ph\u00ed thu ti\u1ec1n ho\u1eb7c nguy\u00ean t\u1eafc l\u1eadp ng\u00e2n s\u00e1ch. \u1ede \u0111\u00e2y, v\u1ea5n \u0111\u1ec1 l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 thu\u00ea bao theo qu\u00fd t\u1ea1i Trung Qu\u1ed1c kh\u00f4ng c\u00f2n \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, c\u00f9ng v\u1edbi vi\u1ec7c NetEase th\u1eeba nh\u1eadn r\u00f5 r\u00e0ng r\u1eb1ng t\u0103ng tr\u01b0\u1edfng thu\u00ea bao l\u00e0m gi\u1ea3m doanh thu b\u00ecnh qu\u00e2n. Hai h\u1ed3 s\u01a1 cho th\u1ea5y ch\u00ednh x\u00e1c gi\u1edbi h\u1ea1n c\u1ee7a b\u1eb1ng ch\u1ee9ng c\u00f4ng khai tr\u01b0\u1edbc khi h\u00e3ng \u0111\u0129a cam k\u1ebft \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng n\u00e0y.<\/p>\n

NetEase c\u00f3 th\u00eam thu\u00ea bao nh\u01b0ng doanh thu b\u00ecnh qu\u00e2n tr\u00ean m\u1ed7i ng\u01b0\u1eddi d\u00f9ng th\u1ea5p h\u01a1n<\/h2>\n

Trong b\u00e1o c\u00e1o gi\u1eefa ni\u00ean \u0111\u1ed9 c\u00f4ng b\u1ed1 ng\u00e0y 24 September 2026<\/a>, NetEase Cloud Music cho bi\u1ebft doanh thu t\u1eeb h\u1ed9i vi\u00ean thu\u00ea bao t\u0103ng trong s\u00e1u th\u00e1ng t\u00ednh \u0111\u1ebfn ng\u00e0y 30 June nh\u1edd c\u01a1 s\u1edf thu\u00ea bao m\u1edf r\u1ed9ng. C\u00f4ng ty n\u00f3i th\u00eam r\u1eb1ng thay \u0111\u1ed5i trong c\u01a1 c\u1ea5u thu\u00ea bao \u0111\u00e3 l\u00e0m gi\u1ea3m ARPPU h\u00e0ng th\u00e1ng, t\u1ee9c doanh thu b\u00ecnh qu\u00e2n tr\u00ean m\u1ed7i ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed. B\u00e1o c\u00e1o n\u00eau chi\u1ec1u h\u01b0\u1edbng c\u1ee7a c\u1ea3 hai thay \u0111\u1ed5i, nh\u01b0ng kh\u00f4ng \u0111\u01b0a ra s\u1ed1 ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed hay m\u1ee9c gi\u1ea3m ARPPU. V\u00ec v\u1eady, \u0111\u1ed9c gi\u1ea3 kh\u00f4ng th\u1ec3 t\u00ednh \u0111\u01b0\u1ee3c c\u00f3 bao nhi\u00eau thu\u00ea bao m\u1edbi b\u00f9 \u0111\u1eafp cho m\u1ee9c doanh thu b\u00ecnh qu\u00e2n th\u1ea5p h\u01a1n.<\/p>\n

B\u00e1o c\u00e1o ng\u00e0y 24 September c\u1ee7a NetEase ghi nh\u1eadn doanh thu thu\u00ea bao h\u1ed9i vi\u00ean \u0111\u1ea1t RMB2.601 billion (kho\u1ea3ng US$383 million) trong n\u1eeda \u0111\u1ea7u n\u0103m 2026, so v\u1edbi RMB2.470 billion (kho\u1ea3ng US$364 million) m\u1ed9t n\u0103m tr\u01b0\u1edbc \u0111\u00f3. C\u00e1c s\u1ed1 quy \u0111\u1ed5i sang \u0111\u00f4 la n\u00e0y d\u00f9ng t\u1ef7 gi\u00e1 RMB6.7851 \u0111\u1ed5i m\u1ed9t \u0111\u00f4 la M\u1ef9, t\u1ef7 gi\u00e1 ng\u00e0y 30 June 2026 \u0111\u01b0\u1ee3c n\u00eau trong k\u1ebft qu\u1ea3 kinh doanh ng\u00e0y 20 August 2026 c\u1ee7a NetEase<\/a>; \u0111\u00e2y l\u00e0 c\u00e1c ph\u00e9p quy \u0111\u1ed5i \u0111\u1ec3 so s\u00e1nh, kh\u00f4ng ph\u1ea3i t\u1ef7 gi\u00e1 l\u1ecbch s\u1eed. M\u1ee9c t\u0103ng l\u00e0 c\u00f3 th\u1eadt, nh\u01b0ng ph\u1ea7n gi\u1ea3i th\u00edch c\u1ee7a ch\u00ednh NetEase cho bi\u1ebft doanh thu h\u1ed9i vi\u00ean t\u0103ng th\u00eam kh\u00f4ng \u0111\u1ebfn t\u1eeb kho\u1ea3n thanh to\u00e1n b\u00ecnh qu\u00e2n cao h\u01a1n tr\u00ean m\u1ed7i thu\u00ea bao.<\/p>\n

B\u00e1o c\u00e1o gi\u1eefa ni\u00ean \u0111\u1ed9 c\u0169ng ghi nh\u1eadn doanh thu d\u1ecbch v\u1ee5 \u00e2m nh\u1ea1c tr\u1ef1c tuy\u1ebfn \u0111\u1ea1t RMB3.067 billion (kho\u1ea3ng US$452 million) trong n\u1eeda \u0111\u1ea7u n\u0103m 2026, t\u0103ng t\u1eeb RMB2.967 billion (kho\u1ea3ng US$437 million) trong c\u00f9ng k\u1ef3. Thu nh\u1eadp thu\u00ea bao n\u1eb1m trong d\u00f2ng doanh thu r\u1ed9ng h\u01a1n n\u00e0y. Ph\u1ea7n c\u00f2n l\u1ea1i kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t lo\u1ea1i thu\u00ea bao kh\u00e1c. N\u1ebfu xem to\u00e0n b\u1ed9 doanh thu d\u1ecbch v\u1ee5 \u00e2m nh\u1ea1c tr\u1ef1c tuy\u1ebfn l\u00e0 ngu\u1ed3n thu t\u1eeb thu\u00ea bao, s\u1ebd ph\u00f3ng \u0111\u1ea1i nh\u1eefng g\u00ec con s\u1ed1 thu\u00ea bao cho bi\u1ebft v\u1ec1 danh m\u1ee5c c\u1ee7a m\u1ed9t ch\u1ee7 s\u1edf h\u1eefu b\u1ea3n quy\u1ec1n.<\/p>\n

NetEase c\u0169ng chi nhi\u1ec1u h\u01a1n \u0111\u1ec3 thu h\u00fat v\u00e0 gi\u1eef ch\u00e2n kh\u00e1n gi\u1ea3. B\u00e1o c\u00e1o ng\u00e0y 24 September cho bi\u1ebft chi ph\u00ed b\u00e1n h\u00e0ng v\u00e0 ti\u1ebfp th\u1ecb t\u0103ng t\u1eeb RMB163.4 million (kho\u1ea3ng US$24.1 million) trong n\u1eeda \u0111\u1ea7u n\u0103m 2025 l\u00ean RMB295.2 million (kho\u1ea3ng US$43.5 million) trong n\u1eeda \u0111\u1ea7u n\u0103m 2026, ch\u1ee7 y\u1ebfu do ho\u1ea1t \u0111\u1ed9ng qu\u1ea3ng b\u00e1 v\u00e0 qu\u1ea3ng c\u00e1o nh\u1eb1m n\u00e2ng cao nh\u1eadn di\u1ec7n th\u01b0\u01a1ng hi\u1ec7u v\u00e0 thu h\u00fat ng\u01b0\u1eddi d\u00f9ng. L\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng gi\u1ea3m t\u1eeb RMB844.5 million (kho\u1ea3ng US$124.5 million) xu\u1ed1ng RMB746.2 million (kho\u1ea3ng US$110.0 million). C\u00e1c ph\u00e9p quy \u0111\u1ed5i n\u00e0y d\u00f9ng c\u00f9ng t\u1ef7 gi\u00e1 ng\u00e0y 30 June 2026. B\u00e1o c\u00e1o cho r\u1eb1ng nguy\u00ean nh\u00e2n ch\u00ednh khi\u1ebfn l\u1ee3i nhu\u1eadn gi\u1ea3m l\u00e0 kho\u1ea3n chi qu\u1ea3ng b\u00e1 \u0111\u00f3. B\u00e1o c\u00e1o kh\u00f4ng cho bi\u1ebft bao nhi\u00eau chi ph\u00ed \u0111\u00e3 gi\u00fap thu h\u00fat thu\u00ea bao tr\u1ea3 ph\u00ed hay nh\u1eefng thu\u00ea bao \u0111\u00f3 nghe nh\u1ea1c n\u00e0o.<\/p>\n

S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng l\u01b0u \u00fd v\u1edbi m\u1ed9t h\u00e3ng \u0111\u0129a \u0111\u1ed9c l\u1eadp n\u01b0\u1edbc ngo\u00e0i. N\u1ec1n t\u1ea3ng c\u00f3 th\u1ec3 t\u0103ng s\u1ed1 t\u00e0i kho\u1ea3n tr\u1ea3 ph\u00ed v\u00e0 chi nhi\u1ec1u h\u01a1n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3, trong khi kho\u1ea3n thanh to\u00e1n b\u00ecnh qu\u00e2n tr\u00ean m\u1ed7i t\u00e0i kho\u1ea3n l\u1ea1i gi\u1ea3m. Kh\u00f4ng di\u1ec5n bi\u1ebfn n\u00e0o trong s\u1ed1 n\u00e0y x\u00e1c l\u1eadp gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t b\u1ea3n ghi \u00e2m c\u1ee5 th\u1ec3. C\u00e2u h\u1ecfi h\u1eefu \u00edch v\u1edbi nh\u00e0 ph\u00e2n ph\u1ed1i ho\u1eb7c h\u00e3ng \u0111\u0129a l\u00e0 li\u1ec7u b\u00e1o c\u00e1o Trung Qu\u1ed1c c\u1ee7a h\u1ecd c\u00f3 cho th\u1ea5y s\u1ed1 l\u01b0\u1ee3t s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c thanh to\u00e1n t\u0103ng th\u00eam, t\u1ef7 l\u1ec7 th\u1ef1c nh\u1eadn t\u1ed1t h\u01a1n theo th\u1ecfa thu\u1eadn, hay ch\u1ec9 l\u00e0 ho\u1ea1t \u0111\u1ed9ng tr\u00ean n\u1ec1n t\u1ea3ng nhi\u1ec1u h\u01a1n.<\/p>\n

Tencent \u0111\u00e3 thay \u0111\u1ed5i th\u01b0\u1edbc \u0111o<\/h2>\n

Th\u00f4ng c\u00e1o k\u1ebft qu\u1ea3 c\u1ea3 n\u0103m ng\u00e0y 17 March 2026 c\u1ee7a TME<\/a> l\u00e0 l\u1ea7n cu\u1ed1i c\u00f4ng ty c\u00f4ng b\u1ed1 b\u1ea3ng s\u1ed1 li\u1ec7u theo qu\u00fd v\u1ec1 ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng, ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed v\u00e0 ARPPU c\u1ee7a \u00e2m nh\u1ea1c tr\u1ef1c tuy\u1ebfn. Trong qu\u00fd th\u1ee9 t\u01b0 n\u0103m 2025, c\u00f4ng ty b\u00e1o c\u00e1o c\u00f3 127.4 million ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed \u00e2m nh\u1ea1c tr\u1ef1c tuy\u1ebfn, t\u0103ng 5.3 per cent so v\u1edbi m\u1ed9t n\u0103m tr\u01b0\u1edbc, v\u00e0 ARPPU h\u00e0ng th\u00e1ng l\u00e0 RMB11.9 (kho\u1ea3ng US$1.70), t\u0103ng 7.2 per cent. Ph\u00e9p quy \u0111\u1ed5i sang \u0111\u00f4 la n\u00e0y d\u00f9ng t\u1ef7 gi\u00e1 RMB6.9931 \u0111\u1ed5i m\u1ed9t \u0111\u00f4 la M\u1ef9 \u0111\u01b0\u1ee3c n\u00eau trong c\u00f9ng th\u00f4ng c\u00e1o cho ng\u00e0y 31 December 2025. TME cho bi\u1ebft thay v\u00e0o \u0111\u00f3, c\u00f4ng ty s\u1ebd b\u00e1o c\u00e1o t\u1ed5ng s\u1ed1 ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed tr\u00ean c\u00e1c d\u1ecbch v\u1ee5 \u00e2m nh\u1ea1c m\u1ed7i n\u0103m v\u00e0o cu\u1ed1i n\u0103m.<\/p>\n

Trong th\u00f4ng c\u00e1o th\u00e1ng 3 \u0111\u00f3, TME gi\u1ea3i th\u00edch thay \u0111\u1ed5i b\u1eb1ng c\u00e1ch n\u00eau qu\u1ea3ng c\u00e1o, c\u00e1c s\u1ea3n ph\u1ea9m s\u1edf h\u1eefu tr\u00ed tu\u1ec7 v\u00e0 nhi\u1ec1u c\u1ea5p h\u1ed9i vi\u00ean. C\u00f4ng ty cho bi\u1ebft doanh thu v\u00e0 l\u1ee3i nhu\u1eadn \u0111\u00e3 tr\u1edf th\u00e0nh c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u qu\u1ea3 ch\u00ednh. L\u1eddi gi\u1ea3i th\u00edch n\u00e0y h\u1ee3p l\u00fd khi m\u00f4 t\u1ea3 m\u1ed9t m\u00f4 h\u00ecnh kinh doanh r\u1ed9ng h\u01a1n. Tuy nhi\u00ean, n\u00f3 c\u0169ng lo\u1ea1i b\u1ecf m\u1eabu s\u1ed1 theo qu\u00fd v\u1ed1n gi\u00fap ng\u01b0\u1eddi ngo\u00e0i ph\u00e2n bi\u1ec7t t\u0103ng tr\u01b0\u1edfng thu\u00ea bao v\u1edbi m\u1ee9c chi ti\u00eau b\u00ecnh qu\u00e2n c\u1ee7a m\u1ed7i thu\u00ea bao. Kh\u00f4ng th\u1ec3 l\u1ea5y c\u00e1c s\u1ed1 li\u1ec7u qu\u00fd th\u1ee9 t\u01b0 n\u0103m 2025 \u0111\u1ec3 m\u00f4 t\u1ea3 qu\u00fd th\u1ee9 hai n\u0103m 2026.<\/p>\n

Trong k\u1ebft qu\u1ea3 c\u00f4ng b\u1ed1 ng\u00e0y 11 August 2026<\/a>, TME b\u00e1o c\u00e1o doanh thu d\u1ecbch v\u1ee5 h\u1ed9i vi\u00ean qu\u00fd th\u1ee9 hai \u0111\u1ea1t RMB4.79 billion (US$706 million), t\u0103ng 8.1 per cent so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc. C\u00f4ng ty n\u00eau r\u00f5 vi\u1ec7c h\u1ee3p nh\u1ea5t n\u1ec1n t\u1ea3ng \u00e2m thanh Ximalaya \u0111\u00e3 \u0111\u00f3ng g\u00f3p v\u00e0o m\u1ee9c t\u0103ng n\u00e0y. Th\u01b0\u01a1ng v\u1ee5 \u0111\u01b0\u1ee3c ho\u00e0n t\u1ea5t ng\u00e0y 18 May v\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a Ximalaya \u0111\u01b0\u1ee3c t\u00ednh t\u1eeb ng\u00e0y \u0111\u00f3. C\u00f9ng th\u00f4ng c\u00e1o \u0111\u1ecbnh ngh\u0129a d\u1ecbch v\u1ee5 h\u1ed9i vi\u00ean bao g\u1ed3m quy\u1ec1n truy c\u1eadp n\u1ed9i dung \u00e2m nh\u1ea1c v\u00e0 \u00e2m thanh c\u00f9ng c\u00e1c quy\u1ec1n l\u1ee3i h\u1ed9i vi\u00ean kh\u00e1c. V\u00ec v\u1eady, d\u00f2ng doanh thu n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 th\u01b0\u1edbc \u0111o t\u01b0\u01a1ng \u0111\u01b0\u01a1ng tr\u1ef1c ti\u1ebfp ch\u1ec9 ri\u00eang c\u00e1c g\u00f3i thu\u00ea bao ph\u00e1t tr\u1ef1c tuy\u1ebfn nh\u1ea1c.<\/p>\n

Ph\u1ea7n doanh thu c\u00f2n l\u1ea1i li\u00ean quan \u0111\u1ebfn \u00e2m nh\u1ea1c c\u1ee7a TME th\u1eadm ch\u00ed c\u00f2n r\u1ed9ng h\u01a1n. Th\u00f4ng c\u00e1o ng\u00e0y 11 August ghi nh\u1eadn RMB2.81 billion (US$415 million) doanh thu d\u1ecbch v\u1ee5 ti\u1ebfp th\u1ecb v\u00e0 ti\u00eau d\u00f9ng trong qu\u00fd th\u1ee9 hai, m\u1ed9t d\u00f2ng doanh thu m\u00e0 c\u00f4ng ty cho bi\u1ebft ch\u1ee7 y\u1ebfu g\u1ed3m qu\u1ea3ng c\u00e1o, bi\u1ec3u di\u1ec5n tr\u1ef1c ti\u1ebfp v\u00e0 h\u00e0ng h\u00f3a ngh\u1ec7 s\u0129. T\u1ed5ng doanh thu d\u1ecbch v\u1ee5 li\u00ean quan \u0111\u1ebfn \u00e2m nh\u1ea1c \u0111\u1ea1t RMB7.61 billion (US$1.12 billion). C\u1ed9ng c\u00e1c nh\u00f3m n\u00e0y l\u1ea1i cho th\u1ea5y ph\u1ea1m vi th\u01b0\u01a1ng m\u1ea1i c\u1ee7a TME, nh\u01b0ng kh\u00f4ng t\u1ea1o ra m\u1ee9c gi\u00e1 m\u1ed7i l\u01b0\u1ee3t ph\u00e1t hay m\u1ed9t qu\u1ef9 duy nh\u1ea5t \u0111\u1ec3 chi tr\u1ea3 to\u00e0n b\u1ed9 ti\u1ec1n b\u1ea3n quy\u1ec1n b\u1ea3n ghi \u00e2m.<\/p>\n

Th\u00f4ng c\u00e1o t\u01b0\u01a1ng t\u1ef1 c\u1ee7a TME cho bi\u1ebft doanh thu d\u1ecbch v\u1ee5 gi\u1ea3i tr\u00ed x\u00e3 h\u1ed9i v\u00e0 c\u00e1c ngu\u1ed3n kh\u00e1c gi\u1ea3m 16.4 per cent so v\u1edbi c\u00f9ng k\u1ef3 xu\u1ed1ng c\u00f2n RMB1.33 billion (US$196 million) trong qu\u00fd th\u1ee9 hai. \u0110\u00e2y l\u00e0 m\u1ed9t l\u1eddi nh\u1eafc kh\u00e1c r\u1eb1ng t\u0103ng tr\u01b0\u1edfng t\u1ed5ng th\u1ec3 c\u1ee7a n\u1ec1n t\u1ea3ng c\u00f3 th\u1ec3 che khu\u1ea5t thay \u0111\u1ed5i trong c\u00e1ch ng\u01b0\u1eddi ti\u00eau d\u00f9ng chi ti\u1ec1n. H\u00e3ng \u0111\u0129a d\u00f9ng t\u1ed5ng doanh thu c\u1ee7a c\u00f4ng ty l\u00e0m ch\u1ec9 d\u1ea5u thay th\u1ebf cho thu nh\u1eadp danh m\u1ee5c s\u1ebd g\u1ed9p c\u00e1c m\u1ea3ng kinh doanh c\u00f3 kh\u00e1ch h\u00e0ng, s\u1ea3n ph\u1ea9m v\u00e0 quy\u1ec1n kh\u00e1c nhau.<\/p>\n

Nh\u1eefng g\u00ec h\u1ed3 s\u01a1 c\u00f4ng b\u1ed1 c\u00f3 th\u1ec3 ch\u1ee9ng minh<\/h2>\n

B\u00e1o ch\u00ed kinh doanh Trung Qu\u1ed1c \u0111\u00e3 \u0111\u01b0a tin v\u1ec1 cu\u1ed9c c\u1ea1nh tranh gi\u00e0nh ng\u01b0\u1eddi d\u00f9ng. B\u1ea3n tin ng\u00e0y 20 August 2026 c\u1ee7a Yicai<\/a> nh\u1ea5n m\u1ea1nh chi ph\u00ed ti\u1ebfp th\u1ecb cao h\u01a1n c\u1ee7a NetEase v\u00e0 m\u1ed1i li\u00ean k\u1ebft s\u00e2u h\u01a1n gi\u1eefa Tencent v\u1edbi Weixin. B\u1ea3n tin ng\u00e0y 11 August 2026 c\u1ee7a Caixin<\/a> m\u00f4 t\u1ea3 \u00e1p l\u1ef1c l\u00ean m\u1ea3ng h\u1ed9i vi\u00ean v\u00e0 qu\u1ea3ng c\u00e1o c\u1ee7a Tencent, d\u00f9 trang Caixin c\u00f3 th\u1ec3 truy c\u1eadp ch\u1ec9 cung c\u1ea5p m\u1ed9t \u0111o\u1ea1n tr\u00edch ng\u1eafn c\u1ee7a b\u00e0i vi\u1ebft. C\u00e2u h\u1ecfi c\u1ee7a ch\u00fang t\u00f4i h\u1eb9p h\u01a1n: b\u1eb1ng ch\u1ee9ng n\u00e0o trong b\u00e1o c\u00e1o c\u1ee7a ch\u00ednh hai c\u00f4ng ty c\u00f3 th\u1ec3 l\u00e0m c\u01a1 s\u1edf cho gi\u1ea3 \u0111\u1ecbnh v\u1ec1 doanh thu danh m\u1ee5c?<\/p>\n

C\u00e2u tr\u1ea3 l\u1eddi b\u1eaft \u0111\u1ea7u t\u1eeb vi\u1ec7c t\u00e1ch bi\u1ec7t ba th\u01b0\u1edbc \u0111o. Quy m\u00f4 kh\u00e1n gi\u1ea3 cho bi\u1ebft kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn c\u1ee7a m\u1ed9t d\u1ecbch v\u1ee5. Doanh thu thu\u00ea bao \u0111o s\u1ed1 ti\u1ec1n kh\u00e1ch h\u00e0ng tr\u1ea3 cho m\u1ed9t g\u00f3i quy\u1ec1n l\u1ee3i. B\u00e1o c\u00e1o c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu b\u1ea3n quy\u1ec1n cho bi\u1ebft th\u1ecfa thu\u1eadn c\u1ee7a h\u1ecd v\u00e0 b\u00e1o c\u00e1o s\u1eed d\u1ee5ng c\u1ee7a n\u1ec1n t\u1ea3ng ph\u00e2n b\u1ed5 kho\u1ea3n n\u00e0o cho danh m\u1ee5c c\u1ee7a h\u1ecd. Hai th\u01b0\u1edbc \u0111o \u0111\u1ea7u c\u00f3 th\u1ec3 cho th\u1ea5y c\u01a1 h\u1ed9i th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng kh\u00f4ng th\u01b0\u1edbc \u0111o n\u00e0o x\u00e1c \u0111\u1ecbnh th\u01b0\u1edbc \u0111o th\u1ee9 ba. Vi\u1ec7c NetEase c\u00f4ng b\u1ed1 thay \u0111\u1ed5i trong c\u01a1 c\u1ea5u thu\u00ea bao v\u00e0 TME thay \u0111\u1ed5i c\u00e1ch b\u00e1o c\u00e1o c\u00e0ng khi\u1ebfn vi\u1ec7c ph\u00e2n bi\u1ec7t n\u00e0y c\u1ea7n thi\u1ebft h\u01a1n.<\/p>\n

Tuy\u00ean b\u1ed1 ng\u00e0y 6 January 2022 c\u1ee7a National Copyright Administration of China<\/a> k\u00eau g\u1ecdi \u00e1p d\u1ee5ng m\u1ee9c b\u1ea3o \u0111\u1ea3m t\u1ed1i thi\u1ec3u c\u1ed9ng v\u1edbi ph\u1ea7n chia d\u1ef1a tr\u00ean m\u1ee9c s\u1eed d\u1ee5ng th\u1ef1c t\u1ebf trong c\u1ea5p ph\u00e9p nh\u1ea1c s\u1ed1, tr\u1eeb nh\u1eefng tr\u01b0\u1eddng h\u1ee3p \u0111\u1eb7c bi\u1ec7t, \u0111\u1ed3ng th\u1eddi y\u00eau c\u1ea7u l\u00e0m r\u00f5 quy\u1ec1n s\u1edf h\u1eefu v\u00e0 ph\u1ea1m vi danh m\u1ee5c. Tuy\u00ean b\u1ed1 kh\u00f4ng c\u00f4ng b\u1ed1 \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng hi\u1ec7n h\u00e0nh c\u1ee7a b\u1ea5t k\u1ef3 n\u1ec1n t\u1ea3ng n\u00e0o. Ch\u00ednh s\u00e1ch \u0111\u00f3 ch\u1ec9 ra nh\u1eefng t\u00e0i li\u1ec7u m\u00e0 h\u00e3ng \u0111\u0129a th\u1ef1c s\u1ef1 c\u1ea7n: ph\u1ea1m vi gi\u1ea5y ph\u00e9p, c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o \u0111\u1ea3m \u00e1p d\u1ee5ng v\u00e0 chia theo m\u1ee9c s\u1eed d\u1ee5ng, c\u00f9ng b\u00e1o c\u00e1o th\u1ec3 hi\u1ec7n c\u00e1ch ph\u00e2n b\u1ed5 l\u01b0\u1ee3t ph\u00e1t. Kh\u00f4ng th\u00f4ng c\u00e1o k\u1ebft qu\u1ea3 kinh doanh c\u00f4ng khai n\u00e0o cung c\u1ea5p c\u00e1c t\u00e0i li\u1ec7u \u0111\u00f3.<\/p>\n

V\u1edbi m\u1ed9t h\u00e3ng \u0111\u0129a \u1edf Lagos, Nairobi ho\u1eb7c Accra, ph\u00e9p th\u1eed th\u1ef1c t\u1ebf l\u00e0 t\u00e1ch ri\u00eang hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng tr\u00ean n\u1ec1n t\u1ea3ng Trung Qu\u1ed1c v\u00e0 kho\u1ea3n thu t\u1eeb danh m\u1ee5c t\u1ea1i Trung Qu\u1ed1c th\u00e0nh hai c\u1ed9t. X\u00e1c nh\u1eadn c\u00e1c b\u1ea3n ghi \u00e2m \u0111\u00e3 \u0111\u01b0\u1ee3c g\u1eedi l\u00ean v\u00e0 \u0111\u1ed1i chi\u1ebfu \u0111\u00fang v\u1edbi t\u00ean t\u00e1c ph\u1ea9m. H\u1ecfi b\u00ean l\u1eadp b\u00e1o c\u00e1o cho h\u00e3ng \u0111\u0129a v\u1ec1 nh\u1eefng d\u1ecbch v\u1ee5 v\u00e0 l\u01b0\u1ee3t s\u1eed d\u1ee5ng n\u00e0o \u0111\u01b0\u1ee3c t\u00ednh trong b\u00e1o c\u00e1o, li\u1ec7u kho\u1ea3n b\u1ea3o \u0111\u1ea3m t\u1ed1i thi\u1ec3u c\u00f3 ph\u1ea3i ho\u00e0n tr\u1ea3 t\u1eeb doanh thu hay kh\u00f4ng, v\u00e0 c\u00e1c l\u01b0\u1ee3t s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p t\u1eeb thu\u00ea bao, qu\u1ea3ng c\u00e1o v\u00e0 ngu\u1ed3n kh\u00e1c \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n ra sao. So s\u00e1nh l\u01b0\u1ee3t s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c thanh to\u00e1n v\u00e0 kho\u1ea3n thu t\u01b0\u01a1ng \u1ee9ng gi\u1eefa c\u00e1c k\u1ef3 tr\u01b0\u1edbc khi t\u0103ng ng\u00e2n s\u00e1ch ph\u00e1t h\u00e0nh. \u0110\u00e2y l\u00e0 nh\u1eefng c\u00e2u h\u1ecfi v\u1ec1 h\u1ee3p \u0111\u1ed3ng v\u00e0 b\u00e1o c\u00e1o ri\u00eang c\u1ee7a h\u00e3ng \u0111\u0129a, kh\u00f4ng ph\u1ea3i s\u1ed1 li\u1ec7u c\u00f3 th\u1ec3 l\u1ea5y t\u1eeb b\u1ea3n tr\u00ecnh b\u00e0y d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a m\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft.<\/p>\n

B\u00e1o c\u00e1o c\u1ee7a c\u00e1c n\u1ec1n t\u1ea3ng Trung Qu\u1ed1c v\u1eabn c\u00f3 gi\u00e1 tr\u1ecb. NetEase cho bi\u1ebft tr\u1ef1c ti\u1ebfp r\u1eb1ng c\u01a1 s\u1edf thu\u00ea bao l\u1edbn h\u01a1n c\u00f3 th\u1ec3 \u0111i c\u00f9ng m\u1ee9c doanh thu b\u00ecnh qu\u00e2n th\u1ea5p h\u01a1n. TME cho bi\u1ebft m\u1ed9t d\u00f2ng doanh thu h\u1ed9i vi\u00ean \u0111ang t\u0103ng c\u00f3 th\u1ec3 bao g\u1ed3m \u00e2m thanh t\u1eeb n\u1ec1n t\u1ea3ng \u0111\u01b0\u1ee3c mua l\u1ea1i v\u00e0 c\u00e1c quy\u1ec1n l\u1ee3i ngo\u00e0i vi\u1ec7c nghe nh\u1ea1c. Kh\u00f4ng c\u00f4ng ty n\u00e0o cho m\u1ed9t h\u00e3ng \u0111\u0129a \u0111\u1ed9c l\u1eadp n\u01b0\u1edbc ngo\u00e0i bi\u1ebft h\u1ecd \u0111\u01b0\u1ee3c chia bao nhi\u00eau ti\u1ec1n. Cho \u0111\u1ebfn khi b\u00e1o c\u00e1o danh m\u1ee5c tr\u1ea3 l\u1eddi \u0111\u01b0\u1ee3c c\u00e2u h\u1ecfi \u0111\u00f3, t\u0103ng tr\u01b0\u1edfng n\u1ec1n t\u1ea3ng ch\u1ec9 l\u00e0 b\u1ed1i c\u1ea3nh, ch\u01b0a ph\u1ea3i ti\u1ec1n m\u1eb7t.<\/p>\n","protected":false},"excerpt":{"rendered":"NetEase cho bi\u1ebft s\u1ed1 thu\u00ea bao t\u0103ng nh\u01b0ng doanh thu b\u00ecnh qu\u00e2n tr\u00ean m\u1ed7i ng\u01b0\u1eddi gi\u1ea3m, trong khi Tencent kh\u00f4ng c\u00f2n c\u00f4ng b\u1ed1 s\u1ed1 li\u1ec7u ng\u01b0\u1eddi d\u00f9ng tr\u1ea3 ph\u00ed theo qu\u00fd. T\u0103ng tr\u01b0\u1edfng doanh thu c\u1ee7a c\u1ea3 hai n\u1ec1n t\u1ea3ng kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ef1 b\u00e1o ti\u1ec1n b\u1ea3n quy\u1ec1n danh 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