年度 報告 目 錄 | 公司資料 | 2 | | --- | --- | | 財務及業務摘要 | 4 | | 管理層討論與分析 | 5 | | 董事會報告 | 16 | | 董事及高級管理層 | 40 | | 其他資料 | 43 | | 企業管治報告 | 54 | | 環境、社會及管治報告 | 70 | | 獨立核數師報告 | 109 | | 合併損益表 | 114 | | 合併綜合收益表 | 115 | | 合併資產負債表 | 116 | | 合併權益變動表 | 118 | | 合併現金流量表 | 120 | | 合併財務報表附註 | 121 | | 五年財務概要 | 186 | | 釋義 | 187 | 公司資料 董事會 執行董事 丁磊先生 （主席兼首席執行官） 李勇先生 王燕鳳女士 非執行董事 李日強先生 鄭德偉先生 （於2024年2月15日辭任非執行董事） 王冉先生 （於2024年5月23日辭任非執行董事） 獨立非執行董事 盧英傑先生 顧險峰先生 許忠先生 審計委員會 盧英傑先生 （主席） 顧險峰先生 許忠先生 薪酬委員會 許忠先生 （主席） 顧險峰先生 盧英傑先生 提名委員會 顧險峰先生 （主席） ...

近日，网易云音乐相继上线"神光模式"播放器、"炫彩皮肤"装扮等全新功能，为用户在听歌时提供更酷 炫、多彩的视觉体验。网易云音乐方面表示，将面向不同用户需求，持续打造实用、精美的产品设计体 验，为用户提供更多优质功能选择。(36氪) ...

3月21日，歌手李荣浩在微博发文，质问网易云音乐为何技术失误。 在他看来，之前新专辑有错字问题，团队已在专辑发货前进行多轮质量抽检，未料仍出现技术故障。他 愤怒地连续发问：网易云音乐既然没有这个技术为什么要做这件事？就这么合作的吗？你这么大个公司 没人去刷一下自己制作的卡吗？ 檄文一发，网易云音乐得到的"声讨"一浪接一浪，不但粉丝跳出来为哥哥喊冤，其他吐槽网易云音乐功 能臃肿、版权不足的评论也渐渐被顶到了前列。 从踩中时代情绪，靠暖心评论和社区氛围出圈，到失去周杰伦的版权，再到"草台班子"式的工作态度， 一些曾经被这里治愈过的年轻人，正在渐渐告别网易云音乐。 而新的鲶鱼正在划水入局，搅动在线音乐平台一池春水。 （原标题：丢了周杰伦，惹怒李荣浩：年轻人正在抛弃网易云音乐） 网易云音乐又闯祸了。 近日，一位网易云音乐用户在小红书上吐槽，自己购买的李荣浩新专辑《黑马》附赠的NFC实体卡片扫 描后，错误地跳转至另一位歌手的专辑页面。NFC音乐卡片是一种融合近场通信技术的智能互动卡片， 不用插电、不用扫二维码，贴一下手机就能听歌，因简单便捷收获了年轻人的喜爱。 失去周杰伦，更草台班子了???????? 音乐，对年轻人来 ...

摘要 Q&A 当前港股市场尤其是科技板块的投资机会和行情如何？ 今年（2025 年）港股市场，尤其是科技板块，我们认为长线依然非常有信心。 然而，近期市场面临一定的调整压力，主要原因包括二季度经济数据压力以及 4 月 2 日关税落地带来的市场调整和风险偏好下行。对于前期涨幅较大或估值 修复较多的板块，可能会面临一定的回调压力。但在此过程中，一些公司仍然 表现出被错杀的迹象。 为什么推荐在线音乐行业及其龙头公司腾讯音乐和网易云音乐？ 我们推荐在线音乐行业及其龙头公司腾讯音乐和网易云音乐主要基于以下三点 原因： • 2024 年在线音乐市场规模达 200 亿人民币，腾讯音乐占比超 150 亿，同比 增长 26%；网易云音乐会员订阅收入近 50 亿，同比增长超 20%，市场增长 态势良好。 • 在线音乐市场形成腾讯音乐（六至七成份额）和网易云音乐（两至三成份 额）的"一超一强"格局，竞争格局相对稳定，为长期发展奠定基础。 • 腾讯音乐侧重收入增长，关注订阅用户净增和 ARPU 值提升；网易云音乐则 依赖订阅会员数量驱动增长，提升空间在于付费用户转化和内容成本优化。 • 截至 2024 年末，腾讯音乐旗下 APP 整 ...

近日，有网易云音乐用户在社交媒体上反馈，歌手李荣浩新专辑《黑马》附赠的NFC实体卡片扫描后， 错误跳转至另一位歌手的专辑页面。 3月21日，李荣浩在微博平台发文质疑网易云音乐技术失误。 李荣浩在博文中表示，团队已在专辑发货前进行多轮质量抽检，特别强调"随机抽取十本实体专辑核验 NFC卡片链接准确性"，未料仍出现技术故障。 他连续发问："网易云音乐既然没有这个技术为什么要做这件事？ 就这么合作的吗？ "事件发酵后，其工作室@一样音乐工作室称"正在等待相关平台以及技术部门解决"，承诺将及时公布 解决方案。 3月21日下午，NFC卡片的合作供应商经典五大（北京）文化传播有限公司发布微博，向李荣浩及所有 受影响的歌迷以及合作方网易云音乐致歉，并表示对此承担全部责任。 网易云音乐是网易旗下的核心音乐流媒体平台，于?2021年12月?在香港联交所主板挂牌上市。 网易云音乐2024年财报显示，网易云音乐全年营收79.5亿元，同比增长1.1%，经调整净利润17亿元，同 比增长107.7%。 在线音乐服务营收53.5亿元，同比增加23.1%，其中会员订阅收入44.6亿元，同比增长22.2%。 （实习生徐佳扬对本文亦有贡献） 值 ...

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (09899.HK) with a target price of HKD 167.81, equivalent to RMB 154.80 [4][9]. Core Views - The company is expected to benefit from the continuous optimization of its music library and the strengthening of its online music operations, leading to an increase in monthly active users (MAU) [4]. - The introduction of well-known Korean music labels and the promotion of original music are anticipated to enhance online music revenue, with projected net profits for 2024, 2025, and 2026 being RMB 1.56 billion, RMB 1.72 billion, and RMB 2.18 billion respectively [4]. - The report highlights a strategic shift towards core music business, with a reduction in social entertainment revenue due to a more cautious operational approach [4]. Financial Summary - Revenue for 2022 was RMB 8.995 billion, with a projected decline to RMB 7.867 billion in 2023, followed by a slight recovery to RMB 8.015 billion in 2024 [6][12]. - The company reported a net profit of RMB 734 million in 2023, with expectations of RMB 1.562 billion in 2024, reflecting a significant year-on-year growth of 112.7% [6][12]. - Gross margin is expected to improve from 26.7% in 2023 to 33.7% in 2024, driven by increased online music revenue and cost optimization measures [6][12]. Revenue Breakdown - Online music revenue is projected to reach RMB 28 billion in 2024, representing a year-on-year growth of 20%, primarily due to enhanced membership services and content offerings [9]. - Social entertainment revenue is expected to decline to RMB 11 billion in 2024, down 33% year-on-year, as the company focuses on its core music business [9]. Valuation Metrics - The report uses a comparable company analysis, suggesting an average adjusted P/E ratio of 20 times for 2025, which supports the target price of HKD 167.81 [4][10]. - The projected earnings per share (EPS) for 2024 is RMB 7.21, increasing to RMB 10.06 by 2026 [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 167.81 (CNY 154.80) based on a 20x adjusted P/E for comparable companies in 2025 [4][9]. Core Insights - The company is expected to benefit from the continuous optimization of its music library and the strengthening of its original music promotion, leading to an increase in online music MAU (Monthly Active Users) [4]. - The forecasted net profit for the company is projected to be CNY 1.56 billion, CNY 1.72 billion, and CNY 2.18 billion for the years 2024, 2025, and 2026 respectively, reflecting a significant increase from previous estimates due to better-than-expected music library additions [4][9]. Financial Performance Summary - **Revenue**: The company's revenue for 2022 was CNY 8.995 billion, with a projected decline to CNY 7.867 billion in 2023, followed by a slight recovery to CNY 8.015 billion in 2024, and further growth to CNY 8.262 billion in 2025 and CNY 9.158 billion in 2026 [6][12]. - **Net Profit**: The net profit for 2022 was a loss of CNY 221 million, with a turnaround to a profit of CNY 734 million in 2023, and projected profits of CNY 1.562 billion, CNY 1.716 billion, and CNY 2.179 billion for 2024, 2025, and 2026 respectively [6][12]. - **Earnings Per Share (EPS)**: EPS is expected to improve from a loss of CNY 1.02 in 2022 to CNY 3.39 in 2023, and further to CNY 7.21, CNY 7.92, and CNY 10.06 in the following years [6][12]. - **Gross Margin**: The gross margin is projected to increase from 14.4% in 2022 to 26.7% in 2023, reaching 33.7% in 2024 and continuing to rise to 38.5% by 2026 [6][12]. - **Net Margin**: The net margin is expected to shift from -2.5% in 2022 to 9.3% in 2023, with further improvements to 19.5%, 20.8%, and 23.8% in the subsequent years [6][12]. Market Performance - The company's stock performance over the past year shows a significant increase, with a 71.01% rise in December and a 31% increase over the past month [7].

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (9899.HK) and raises the target price to HKD 190, indicating a potential upside of 16% from the current price of HKD 163.2 [2][3][20] Core Insights - The company's revenue for 2H24 is projected at RMB 38.8 billion, a year-on-year decline of 2.0%, which is below market expectations by 3.3%. However, the gross margin improved by 3.6 percentage points to 32.4%, driven by growth in online music service revenue and optimized cost control. The adjusted net profit is expected to be RMB 8.2 billion, exceeding market expectations of RMB 5.9 billion, with an adjusted net profit margin increasing by 8.8 percentage points to 21.1% [1][2] - Online music services continue to show strong performance, with subscription revenue growing by 19% year-on-year. The 2H24 online music service revenue is expected to reach RMB 27.9 billion, reflecting a 20.0% year-on-year increase and a 7.9% quarter-on-quarter increase. The monthly active users (MAU) are steadily increasing, and the daily active users (DAU) to MAU ratio remains above 30%, indicating high user engagement and stickiness [1][2] - The social entertainment service segment is undergoing a strategic contraction, with revenue for 2H24 expected to be RMB 10.8 billion, down 33.4% year-on-year. The company is focusing on its core music business and has simplified its app to reduce distractions from non-core services. Despite the expected decline in social entertainment revenue, cost reductions are anticipated to mitigate the impact on overall profitability [2][3] Financial Projections - The report projects the following financial metrics for NetEase Cloud Music: - FY24 revenue: RMB 7.95 billion - FY25E revenue: RMB 8.08 billion - FY26E revenue: RMB 8.63 billion - FY27E revenue: RMB 9.16 billion - Adjusted net profit for FY25E: RMB 16.2 billion - Adjusted net profit for FY26E: RMB 18.1 billion - Target P/E for FY25E: 23.2x - Target P/E for FY26E: 20.8x [3][9]

交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 2 月 25 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 163.20 | 港元 184.00↑ | +12.7% | | | 网易云音乐 (9899 HK) | | | | | | 2024 下半年利润超预期；仍看好音乐付费长期增长潜力 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 7,867 | 7,950 | 8,008 | 8,700 | 9,382 | | 同比增长 (%) | -12.5 | 1.1 | 0.7 | 8.6 | 7.8 | | 净利润 (百万人民币) | 819 | 1,700 | 1,819 | 2,021 | 2,228 | | 每股盈利 (人民币) | 3.86 | 8.06 | 8.52 | 9.46 | 10.43 | ...

Investment Rating - The report upgrades the investment rating to "Buy" based on improved profitability and growth prospects [3]. Core Insights - The company achieved a revenue of 7.95 billion RMB in 2024, a year-on-year increase of 1.1%, with significant improvement in profitability, achieving a gross profit of 2.682 billion RMB, up 27.5% year-on-year, and a net profit of 1.7 billion RMB, up 107.7% year-on-year [1][3]. - The online music segment showed resilience with a revenue of 5.355 billion RMB, reflecting a year-on-year growth of 23.1%, driven by an increase in subscription revenue [1][2]. Summary by Sections Revenue and Profitability - The company reported a total revenue of 7.95 billion RMB for 2024, with a slight increase of 1.1% compared to the previous year [1]. - Gross profit reached 2.682 billion RMB, with a gross margin improvement from 26.7% in 2023 to 33.7% in 2024 [1]. - Adjusted net profit for 2024 was 1.7 billion RMB, marking a substantial increase of 107.7% year-on-year [1][3]. User Engagement and Content Strategy - The company focuses on enhancing its differentiated content ecosystem, increasing the number of independent musicians on the platform to over 773,500, with approximately 4.4 million music tracks uploaded [2]. - The average listening time for long audio content per user increased by 35.8% year-on-year, indicating growing user engagement [2]. Cost Management - Sales expenses decreased by 19.3% to 612 million RMB due to more prudent promotional strategies, while R&D expenses fell by 10.2% to 780 million RMB, reflecting improved resource utilization [3]. Future Projections - The adjusted net profit forecast for 2025 is raised to 1.9 billion RMB, representing a 64% increase from previous estimates, with projections for 2026 and 2027 at 2.174 billion RMB and 2.446 billion RMB, respectively [3][4].