aily Spotlight 24 Febuary 2026 Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 27,082 | 2.5 | 5.7 | | HSCEI | 9,197 | 2.7 | 3.2 | | HSCCI | 4,467 | 1.9 | 11.2 | | MSCI HK | 15,066 | (0.2) | 10.1 | | MSCI CHINA | 85 | 2.3 | 2.1 | | FTSE CHINA A50 | 14,745 | (1.3) | (3.7) | | CSI 300 | 4,660 | (1.3) | 0.7 | | TWSE | 33,773 | 0.5 | 16.6 | | SENSEX | 82,815 | 0.4 | (2.8) | | NIKKEI 225 | 56,826 | (1.1) | 12.9 | | KOSPI | ...

格隆汇2月24日丨网易云音乐(09899.HK)公告，2月24日耗资1500万港元回购9.4万股。 ...

网易云音乐(09899)发布公告，于2026年2月24日斥资1499.98万港元回购9.37万股;就根据股份计划授予参 与人(发行人的董事除外)的股份奖励或期权而发行1150股股份。 ...

智通财经APP讯，网易云音乐(09899)发布公告，于2026年2月24日斥资1499.98万港元回购9.37万股;就根 据股份计划授予参与人(发行人的董事除外)的股份奖励或期权而发行1150股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 網易雲音樂股份有限公司 呈交日期： 2026年2月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09899 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | | 佔有關事件前的現有已發 | | | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | ...

网易云音乐(09899)公布，2026年2月23日耗资约1499.77万港元回购9.45万股股份。 ...

Core Insights - The competitive landscape of online music has shifted from simple copyright acquisition to a comprehensive competition involving operational capabilities and AI productivity [1][3] - In 2025, NetEase Cloud Music's total revenue was 7.76 billion yuan, a slight decrease of 2.4% year-on-year, with a notable shift in business structure [4][7] Business Structure - NetEase Cloud Music's revenue is divided into two main categories: online music services and social entertainment services, with online music revenue previously accounting for 89.4% in 2018 [5] - By 2025, online music services generated 5.99 billion yuan, while social entertainment services contributed 1.77 billion yuan, indicating a return to 2019 revenue proportions [7] Regulatory Impact - Two key regulatory events have influenced the online music market: the prohibition of exclusive copyrights and tightened regulations on live streaming rewards, which have reshaped the growth potential of social entertainment services [6] - These regulations have allowed NetEase Cloud Music to improve its copyright content depth, aligning more closely with Tencent Music, while also capping the growth of social entertainment revenue [6][8] Competitive Dynamics - ByteDance's Soda Music is rapidly reshaping the market, with monthly active users increasing from 120 million to nearly 140 million, positioning it as the fourth-largest player [11] - Soda Music employs a low-decision threshold model, attracting users with its algorithm-driven music discovery, contrasting with traditional music apps [12][13] User Engagement and Revenue - NetEase Cloud Music's subscription revenue grew by 13.3% to 5.053 billion yuan in 2025, driven by an increase in subscriber numbers, but offset by a decrease in average revenue per paying user (ARPPU) [10] - In contrast, Tencent Music experienced a 17.2% increase in subscription revenue, with ARPPU rising by 10.2%, indicating a more favorable revenue environment [10] Strategic Responses - NetEase Cloud Music is focusing on enhancing its community features, including product upgrades and AI-driven recommendations, to maintain user engagement and listening time [19][20] - The company is leveraging AI to strengthen its competitive edge, introducing models that capture user preferences and enhance music creation tools [20] Emotional Connection vs. Algorithmic Efficiency - The reliance on algorithms raises concerns about the potential dilution of emotional connections within the music community, as evidenced by user dissatisfaction with the accuracy of annual listening reports [21] - NetEase Cloud Music faces a strategic choice between becoming a more efficient recommendation engine or preserving its community's emotional warmth, which has historically differentiated it from competitors [22]

该行认为，网易云音乐致力于执行其核心音乐内容、产品及变现策略，以服务其差异化的年轻乐迷群 体，此举得益于人工智能(特别是在内容及算法方面)应用的加速。尽管国内音乐市场竞争加剧，但该行 仍对公司能够逐步释放其差异化且高黏性的年轻乐迷的长期价值而感到乐观。 中银国际发表研报指，网易云音乐去年下半年总收入按年微增1%，略低于市场预期1%。其中，在线音 乐收入年增8%，由核心音乐订阅收入按年增长12%推动，但被社交娱乐业务收入按年跌17%所抵销。经 调整净利润率23.2%，符合市场预期。 该行将网易云音乐的今明两年的总收入预测下调1%，但维持核心音乐收入预测不变；大致维持经调整 经营利润预测不变。该行维持对其"买入"评级，目标价从295港元降至200港元。 ...

【重点推荐】 证券研究报告 | 2026年02月24日 | 晨会纪要 | | --- | | 数据日期:2026-02-13 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4082.07 | 14100.18 | 4660.40 | 15387.66 | 4134.99 | 1470.33 | | 涨跌幅度（%） | -1.25 | -1.27 | -1.25 | -0.94 | -1.19 | -0.71 | | 成交金额（亿元） | 8468.08 | 11358.71 | 4528.78 | 3880.66 | 5421.16 | 615.92 | 宏观与策略 策略专题:策略专题研究-决胜 26 年牛市的三大行业机遇 行业与公司 公用环保行业专题:可控核聚变系列研究（一）-聚变启航，未来已来 【常规内容】 宏观与策略 宏观快评:1 月金融数据解读-居民信贷"破冰" 宏观快评:美国 1 月 CPI 点评-通胀回落，降息时点仍靠后 固定收益投 ...

备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 网易云音乐 | 丁磊 | 好仓 | 1.30 亿股 | 1.30 亿股 | 59.54%(最新) | | (09899) | | | | | 59.50%(前次) | | 中金公司(03908) | Tencent Holdings | 好仓 | 9580.67 万股 | 9515.67 万股 | 4.99%(最新) | | | Limited | | | | 5.03%(前次) | | 爱世纪集团 | 吴奇峰 | 好仓 | 2.53 亿股 | 2.51 亿股 | 62.86%(最新) | | (08507) | | | | | 63.36%(前次) | | 爱世纪集团 | Three Apple | 好仓 | 2.53 亿股 | 2.51 亿股 | 62.86%(最新) | | (08507) | Industry Holdings | | | | 63.36%( ...