格隆汇2月26日丨网易云音乐(09899.HK)公告，2月26日耗资1499.6万港元回购9.8万股。 ...

智通财经APP讯，网易云音乐(09899)发布公告，于2026年2月26日，该公司斥资1499.63万港元回购9.8万 股股份，每股回购价150.2-156.3港元。 于2026年2月26日，该公司根据首次公开发售前股份奖励计划行使股份期权而发行300股新股。 ...

网易云音乐(09899)发布公告，于2026年2月26日，该公司斥资1499.63万港元回购9.8万股股份，每股回 购价150.2-156.3港元。 于2026年2月26日，该公司根据首次公开发售前股份奖励计划行使股份期权而发行300股新股。 ...

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 FF305 | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 公司名稱： 網易雲音樂股份有限公司 呈交日期： 2026年2月26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 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股 ...

Core Viewpoint - The company shows a significant improvement in profitability with adjusted operating profit increasing by over 30% year-on-year, despite a slight decline in revenue due to a more cautious operational strategy in social entertainment services [1]. Financial Performance - In 2025, revenue is projected to be 7.759 billion yuan, a year-on-year decrease of 2.4%, while net profit attributable to shareholders is expected to reach 2.748 billion yuan, reflecting a year-on-year increase of 76.0% [1]. - Adjusted operating profit is forecasted at 1.734 billion yuan, up 32.4% year-on-year, driven by continuous optimization of marketing expenses and content costs [1]. - The adjusted net profit is anticipated to be 2.860 billion yuan, representing a year-on-year growth of 68.2%, with a significant tax benefit impacting the figures [1]. Profitability Metrics - The gross margin for 2025 is expected to be 35.7%, an increase of 2.0 percentage points year-on-year, while the adjusted operating profit margin is projected at 22.34%, up 5.9 percentage points year-on-year [1]. - Sales expenses are forecasted to be 409 million yuan, down 33.2% year-on-year, indicating a reduction in the sales expense ratio by 2.42 percentage points [1]. User Growth and Revenue Streams - The company anticipates online music business revenue of 5.994 billion yuan in 2025, a year-on-year increase of 12.0%, with subscription revenue contributing 5.053 billion yuan, up 13.3% due to enhanced user experience and membership benefits [2]. - The number of paid users is increasing, contributing to the growth in online music subscription revenue, while the monthly active users (MAU) remain stable with a daily active users (DAU) to MAU ratio above 30% [2]. Cost Management - Content service costs are expected to be 3.734 billion yuan in 2025, down 6.9% year-on-year, accounting for 48.1% of revenue, a decrease of 2.3 percentage points [3]. - Promotion and advertising expenses are projected at 296 million yuan, a significant reduction of 43.1% year-on-year, reflecting a more cautious promotional strategy [3]. Content Expansion and AI Features - The company is expanding its music copyright content by introducing new K-Pop labels and nurturing independent musicians, with over 1 million registered independent musicians by the end of 2025 [3]. - New AI features have been launched, including an AI singing assistant and personalized player backgrounds, enhancing the overall music experience [3]. Future Projections - Revenue forecasts for 2026-2028 are 8.479 billion yuan, 9.116 billion yuan, and 9.699 billion yuan, respectively, with net profit estimates of 2.059 billion yuan, 2.274 billion yuan, and 2.476 billion yuan [4]. - The adjusted net profit for the same period is projected at 2.179 billion yuan, 2.404 billion yuan, and 2.617 billion yuan, corresponding to adjusted P/E ratios of 14, 13, and 12 times [4].

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

格隆汇2月25日丨网易云音乐(09899.HK)公告，2月25日耗资1500万港元回购9.4万股。 ...

智通财经APP讯，网易云音乐(09899)发布公告，于2026年2月25日，该公司斥资1499.89万港元回购9.37 万股。 ...

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 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 | | 已發行股份（不包括庫存股份）數 | 佔有關事件前的現有已發 行股份（不包括庫存股 | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 ...

Core Viewpoint - Guohai Securities projects that NetEase Cloud Music (09899) will achieve revenues of 8.479 billion, 9.116 billion, and 9.699 billion yuan from 2026 to 2028, with net profits of 2.059 billion, 2.274 billion, and 2.476 billion yuan respectively, and adjusted net profits of 2.179 billion, 2.404 billion, and 2.617 billion yuan, corresponding to adjusted P/E ratios of 14, 13, and 12 times. The company is a leading online music platform in China, with a continuous increase in paying users driving high growth in subscription revenue, and long-term operational leverage gradually releasing, enhancing profitability. Therefore, a "Buy" rating is maintained [1][8]. Financial Performance - In 2025, the revenue is expected to reach 7.759 billion yuan, primarily due to a more prudent operational strategy for social entertainment services. The net profit attributable to the parent company is projected at 2.748 billion yuan, a year-on-year increase of 76.0%. Adjusted operating profit is estimated at 1.734 billion yuan, up 32.4% year-on-year, driven by continuous optimization of marketing expenses and content costs. Adjusted net profit is forecasted at 2.860 billion yuan, a year-on-year increase of 68.2%, with a tax expense of -678 million yuan [2][9]. - The gross margin for 2025 is expected to be 35.7%, an increase of 2.0 percentage points year-on-year. The adjusted operating profit margin is projected at 22.34%, up 5.9 percentage points year-on-year, with sales expenses of 409 million yuan. By the end of 2025, cash on hand is expected to be 12.175 billion yuan, a year-on-year increase of 19.2% [2][9]. Revenue and Cost Structure - Revenue from the online music business in 2025 is projected to be 5.994 billion yuan, a year-on-year increase of 12.0%, with subscription revenue of 5.053 billion yuan, up 13.3% year-on-year. This growth is attributed to enhanced user experience, upgraded membership benefits, and a rich music community content, leading to an increase in monthly paying users. The company's MAU continues to grow steadily, with the DAU/MAU ratio maintained above 30%, showing steady improvement year-on-year. Other revenues from advertising and single sales are expected to total 942 million yuan, a year-on-year increase of 5.2% [3][11]. - On the cost side, content service costs for 2025 are projected at 3.734 billion yuan, accounting for 48.1% of revenue, while promotional and advertising expenses are estimated at 296 million yuan, reflecting a more cautious promotional strategy [3][11]. Content and AI Development - The company is expanding its music copyright content by introducing new content from K-POP labels such as RBW, StarShip, and Shofar Music, as well as works from Chinese artists like Li Jian, Zhang Yixing, Chen Chusheng, and Yi Yangqianxi. By the end of 2025, the number of registered independent musicians is expected to exceed 1 million, an increase of approximately 181,000 from the first half of 2025, with over 5.6 million music uploads, an increase of 800,000 from the first half of 2025. The company is also focusing on developing high-quality, premium music content [5][12]. - In terms of AI functionality, the company has launched several features, including "AI Singing Assistant 2.0" for one-click MV creation, "AI Shining Player" for personalized player backgrounds, and "AI Songwriting" for real-time songwriting, further enriching the music experience [5][12].