2024 年 10 月 10 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn [Table_Title] 已加入港股通，经营杠杆持续释放 ——云音乐（9899.HK）公司动态研究 投资要点: 最近一年走势 2024H1 业绩超市场预期，盈利能力显著改善。 2024H1 公司收入 40.70 亿元（yoy+4.1%），营业成本 26.45 亿元 （yoy-10.14%），经调整净利润 8.81 亿元（yoy+165.4%），主要 系在线音乐服务中的会员订阅服务收入的大幅增长及审慎经营社交 娱乐业务。2024H1 公司毛利率 35.0%，同比提升 10.3pct，主要系 内容服务成本下降且将内容授权费进行一次性调整。费用来看， 2024H1公司销售费用/研发费用率9.1%/9.7%，同比下降0.4/1.6pct， 整体改善较好。 相对恒生指数表现 2024/10/10 表现 1M 3M 12M 付费用户增加，在线音乐业务业绩持续向好。 ...

中期 報告 INTERIM REPORT 2024 中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 財務及業務摘要 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 15 | | 中期財務資料的審閱報告 | 25 | | 釋義 | 55 | 雲音樂 2024 年中期報告 2 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 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） 盧英傑先生 許忠先生 公司秘書 黃慧兒女士 授權代表 李勇先生 黃慧兒女士 核數師 羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師 香港中環 太子大廈22樓 註冊辦事處 P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands ...

传媒 证 券 研 究 报 告 财务数据及盈利预测 上 市 公 司 公 司 研 究/ 公 司 点 评 报告原因：强调原有的投资评级 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 17 日 | | 收盘价（港币） | 90.75 | | 恒生中国企业指数 | 6176.03 | | 52 周最高/最低（港币） | 110.10/77.15 | | H 股市值（亿港币） | 195.86 | | 流通 H 股（百万股） | 215.82 | | 汇率（人民币 / 港币） | 1.0981 | 一年内股价与基准指数对比走势： -20% 30% 80% 09/1910/1911/1912/1901/1902/1903/1904/1905/1906/1907/1908/19 HSCEI 云音乐 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsr ...

在线音乐收入增长超预期 ——云音乐（9899.HK）24H1 点评 核心观点 ⚫ 24H1 营收 40.7 亿(yoy+4.1%, hoh+3%)，主要系会员订阅收入因付费会员数增长 提升。我们预期 24H2 达 40 亿（yoy+1%），主要系直播业务首页流量权重调整影 响。24H1 毛利率 35%（yoy+10pp，hoh+6pp），主要系业务规模的扩大、核心在 线音乐业务的强劲商业化表现带来经营杠杆持续提效，以及版权成本的一次性调 整。 24H1 销售费用 4 亿(yoy-0%,hoh-5%)。24H1 管理费用 0.9 亿 (yoy+24%,hoh3%)，主要系僱员福利费用增加。24H1 研发费用 4 亿 (yoy-10%,hoh-8%)。主要系 技术资源利用率提高。 24H1 归母净利润（IFRS）8.1 亿（yoy+176%,hoh+84%)， 我们预期盈利能力随着会员收入提升持续优化。 ⚫ 24H1 在线音乐收入 26 亿(yoy+27%, hoh+10%)，主要系在线音乐月付费用户增 加，如持续致力拓宽与音乐版权方的合作，完善了平台的韩国音乐内容库，并与音 乐厂牌建立深入的伙伴关系等。我们预期 ...

在线音乐收入增长超预期 ——云音乐（9899.HK）24H1 点评 核心观点 ⚫ 24H1 营收 40.7 亿(yoy+4.1%, hoh+3%)，主要系会员订阅收入因付费会员数增长 提升。我们预期 24H2 达 40 亿（yoy+1%），主要系直播业务首页流量权重调整影 响。24H1 毛利率 35%（yoy+10pp，hoh+6pp），主要系业务规模的扩大、核心在 线音乐业务的强劲商业化表现带来经营杠杆持续提效，以及版权成本的一次性调 整。 24H1 销售费用 4 亿(yoy-0%,hoh-5%)。24H1 管理费用 0.9 亿 (yoy+24%,hoh3%)，主要系僱员福利费用增加。24H1 研发费用 4 亿 (yoy-10%,hoh-8%)。主要系 技术资源利用率提高。 24H1 归母净利润（IFRS）8.1 亿（yoy+176%,hoh+84%)， 我们预期盈利能力随着会员收入提升持续优化。 ⚫ 24H1 在线音乐收入 26 亿(yoy+27%, hoh+10%)，主要系在线音乐月付费用户增 加，如持续致力拓宽与音乐版权方的合作，完善了平台的韩国音乐内容库，并与音 乐厂牌建立深入的伙伴关系等。我们预期 ...

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 92.85 | 港元 120.00 | +29.2% | 云音乐 (9899 HK) 上半年利润超预期，核心音乐会员业务维持稳健 2024 上半年利润超预期。2024 上半年云音乐收入 40.7 亿元（人民币，下 同），同/环比增4%/3%，主要受音乐业务拉动，基本符合我们/市场预期。 剔除版权成本一次性调整影响，毛利率同/环比扩 8/4 个百分点，受益于在 线音乐规模效应、自制增加以及社交收入分成比例收窄。经调整净利润 8.8 亿元，好于市场预期的 6.2 亿元，主要因费用优化好于预期。 音乐业务维持稳健增长，持续聚焦规模扩张及用户体验优化：1）会员订 阅收入同比增25%，公司不再披露MAU、会员等运营数据，但分享将通过 增加差异化内容供给及升级产品/会员功能发力用户和会员规模增长，预 计人均付费（ARPPU）或相对持稳。2）非会员收入同比增 33%，主要受 广告拉动，激励广告开始贡献收入增量。 展望：我们预计 2 ...

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 4,070,493 thousand, representing a 4.1% increase compared to RMB 3,908,380 thousand in the same period of 2023[6]. - Gross profit for the same period was RMB 1,425,731 thousand, a significant increase of 47.7% from RMB 965,147 thousand year-over-year[6]. - The company achieved a profit before income tax of RMB 813,578 thousand, marking a substantial increase of 160.8% compared to RMB 311,961 thousand in the previous year[6]. - Net profit for the period was RMB 809,949 thousand, reflecting a remarkable growth of 175.7% from RMB 293,750 thousand in the prior year[6]. - Adjusted net profit, which excludes certain equity settlement items, reached RMB 880,749 thousand, up 165.4% from RMB 331,893 thousand in the same period last year[6]. - Operating profit surged to RMB 599,933,000, a substantial rise from RMB 104,611,000 in 2023, representing an increase of 472.5%[47]. - Basic earnings per share for the first half of 2024 were RMB 3.88, compared to RMB 1.39 in 2023, reflecting a growth of 179.1%[48]. - The company's profit attributable to equity holders for the six months ended June 30, 2024, was RMB 809,832,000, a significant increase from RMB 293,750,000 in the same period of 2023, representing a growth of 175.5%[47]. - Adjusted net profit for the same period was RMB 880,749,000, compared to RMB 331,893,000 in 2023, reflecting a year-over-year increase of 164.5%[47]. - Total revenue for the first half of 2024 reached RMB 4,070,493,000, up from RMB 3,908,380,000 in 2023, marking an increase of 4.1%[47]. Revenue Breakdown - Online music service revenue increased by 26.6% to RMB 2,559.7 million, driven by a rise in subscription sales[30]. - Social entertainment service revenue decreased by 19.9% to RMB 1,510.8 million, reflecting a more cautious operational strategy[31]. - The cost of content services decreased to RMB 2,014,439, down 16% from RMB 2,399,396 in 2023[60]. - Total comprehensive income for the first half of 2024 was RMB 850,054,000, compared to RMB 528,113,000 in 2023, indicating an increase of 60.9%[48]. User Engagement and Content Strategy - Subscription revenue grew by 25.5% year-over-year, driven by an increase in the number of subscribers[12]. - Daily active users to monthly active users ratio remained above 30%, indicating strong user engagement[11]. - The company is focusing on expanding its content library, particularly in niche music genres like rap, to cater to diverse user preferences[12]. - The company expanded its music label library in the first half of 2024, collaborating with major Korean labels like JYP Entertainment and Kakao Entertainment, as well as Chinese labels like KC DIGITAL and Guoran Entertainment[16]. - The platform registered over 732,000 independent musicians by June 2024, with approximately 3.6 million music tracks uploaded, enhancing the support system for emerging musicians, particularly in niche genres like rap[17]. - The average listening time for long audio content per user increased by 49.4% in the first half of 2024, driven by enhanced quality content attracting long audio users and encouraging deeper consumption[20]. - The company focused on producing popular rap tracks and successfully launched several well-received songs, including the Henan dialect rap song "5:20 AM" and the instrumental piece "Farewell Letter" in the first half of 2024[21]. - The company enhanced user experience by optimizing music discovery and listening experiences, contributing to increased user engagement and retention[24]. - The company actively expanded its PGC long audio content reserve, including self-produced audio dramas that resonated well with the young user demographic, proving effective in attracting new users[22]. - The company strengthened partnerships with copyright holders, enhancing the content supply of niche music genres to cater to the preferences of its young audience[15]. - The company implemented product innovations and optimizations in the "NetEase Cloud Music" app, focusing on personalized content recommendations and community engagement, which improved user experience and interaction[23]. Cost Management and Financial Health - Operating costs decreased by 10.1% to RMB 2,644.8 million, primarily due to a reduction in content service costs[32]. - Research and development expenses decreased by 10.2% to RMB 395.6 million, attributed to improved resource utilization[37]. - Financial net income increased to RMB 214.4 million from RMB 208.6 million, due to a continuous increase in deposit amounts[40]. - Tax expenses decreased significantly from RMB 18.2 million in 2023 to RMB 3.6 million in 2024, mainly due to reduced withholding tax on interest income[41]. - Cash and cash equivalents decreased to RMB 2,560,079,000 from RMB 4,020,400,000 at the end of 2023, a decline of 36.3%[50]. - The company's total equity attributable to equity holders increased to RMB 9,309,325,000 from RMB 8,440,902,000, reflecting a growth of 10.3%[52]. - Total assets as of June 30, 2024, amounted to RMB 12,448,703,000, an increase from RMB 11,610,551,000 at the end of 2023, representing a growth of 7.2%[50]. Corporate Governance and Compliance - The company has adopted and complied with all applicable provisions of the Corporate Governance Code, with the exception of the separation of roles between the Chairman and CEO, which is currently held by Mr. Ding Lei[76]. - The interim financial results for the six months ended June 30, 2024, have been reviewed by the audit committee and are unaudited, with no disagreements on accounting treatment between the board and the audit committee[77]. - The company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[76]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[77]. - The company will reassess the separation of roles between the Chairman and CEO in the future, considering the overall situation of the group[76]. - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[69]. - The board has decided not to declare an interim dividend for the reporting period[80]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[78]. - The interim results announcement will be published on the Hong Kong Stock Exchange website and the company's website, with timely distribution to shareholders upon request[81]. - The company expects to utilize the remaining net proceeds from the global offering within the next 30 months[79].

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年6月4日 港元107.30 港元120.00↑ +11.8% 云音乐 (9899 HK) 1 季度毛利率优化超预期，上调全年盈利预期  1季度毛利率优化超预期。云音乐公布2024年1季度业绩，收入39.6亿 个股评级 元（人民币，下同），同比增3.6%，基本符合我们预期。剔除部分版权 买入 费用的一次性调整影响，毛利率同/环比优化11/3个百分点，受益于在线 音乐规模效应、版权成本优化以及社交收入分成比例收窄。 1年股价表现  会员增长或略好于此前预期：网易在1季度业绩会上透露，音乐订阅收入 9899 HK 增长较去年全年（+20%）加速增长，其中会员规模季度净增创两年新高， 40% MSCI中国指数 略好于我们此前预期。基于Sensor Tower流水数据，我们预测上半年会员 30% 20% 数同比增21%，月人均付费（ARPPU）同比+2%，环比或持平。 10% 0%  产品改版聚焦提升核心音乐用户体验，社交收入环比或继续承压。年初以 -10% 来产品改版聚焦提升音乐用户体验和留存，强化个性化及社区属性，直播 -20% -30% 入 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in gross margin for Q1 2024, attributed to a one-time adjustment in copyright costs, increased subscription revenue, and ongoing cost control improvements. The gross margin reached 38%, a year-on-year increase of 15.6 percentage points [5] - The company is expected to continue its profitability growth trajectory, with projected net profits for 2024-2026 being 1.008 billion, 1.281 billion, and 1.444 billion respectively, corresponding to EPS of 4.7, 6.0, and 6.7 [5] - The report emphasizes the company's strategy of enriching its content library through original support, self-produced music, and copyright acquisitions, which has led to successful hits and collaborations with major global music labels [6] - The integration of AI technology in music production and consumption is expected to enhance efficiency and open new growth avenues, potentially lowering content production costs and expanding monetization opportunities [7] Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 2 billion (up 3.6% year-on-year, up 2.2% quarter-on-quarter) and gross profit of 770 million (up 75.6% year-on-year, up 28.3% quarter-on-quarter) [5] - The gross margin for Q1 2024 was reported at 38%, reflecting a substantial improvement due to copyright cost adjustments [5] Content Strategy - The company is focusing on three main paths to enrich its content: supporting original works, producing self-made music, and acquiring copyrights. This strategy has led to notable successes, including award nominations and popular songs [6] - The return of popular Korean music copyrights to the platform has further enhanced its content offerings [6] AI Integration - The company is deepening the application of AI in the music creation process, providing tools that assist users in music production, which is expected to lower barriers to entry and increase user engagement [7]

७ 网易云音乐 雲音樂股份有限公司 ( 於 開 曼 群 島 註 冊 成 立 之 股 份 有 限 公 司) 股份代號: 9899 2 目 錄 | --- | |----------------------| | | | 公司資料 | | 財務及業務摘要 | | 管理層討論與分析 | | 董事會報告 | | 董事及高級管理層 | | 其他資料 | | 企業管治報告 | | 環境、社會及管治報告 | | | | 獨立核數師報告 | | 合併損益表 | | 合併綜合收益表 | | 合併資產負債表 | | 合併權益變動表 | | 合併現金流量表 | | 合併財務報表附註 | | 五年財務概要 | | | 2 4 6 17 41 45 54 70 106 111 112 113 115 117 118 181 釋義 182 2 雲音樂 2023 年年報 董事會 公司秘書 黃慧兒女士 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 審計委員會 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） 盧英傑先生 許忠先生 公司資料 授權代表 李勇先生 黃慧兒女士 核數師 羅兵咸永道 ...