Group 1 - The company achieved operating revenue of 3.83 billion yuan in H1 2025, a year-on-year decrease of 6%, while net profit attributable to shareholders reached 1.89 billion yuan, a significant increase of 132.8% [1] - Adjusted operating profit for H1 2025 was 910 million yuan, reflecting a year-on-year growth of 35%, and adjusted net profit was 1.95 billion yuan, up 121% year-on-year [1] - The gross margin improved to 36.4% in H1 2025, compared to 35% in H1 2024, driven by a large deferred tax credit of 850 million yuan and reduced advertising expenses [1] Group 2 - The company continues to enhance its monetization capabilities centered around music, with online music revenue reaching 2.97 billion yuan in H1 2025, a year-on-year increase of 15.9% [1] - Subscription service revenue amounted to 2.47 billion yuan, up 15.2% year-on-year, attributed to improved user experience and enriched music community content [1] - The number of active users and paying users has shown stable growth, with the ratio of daily active users to monthly active users remaining above 30% [1] Group 3 - The company is expanding its music copyright portfolio by establishing agreements with popular K-Pop labels such as RBW and StarShip, and is focusing on genres like rap, Japanese ACG, and Western music [2] - As of June 2025, the platform has 819,000 registered independent musicians, an increase of 11.9% year-on-year, with approximately 4.8 million tracks uploaded, reflecting a 33.3% year-on-year growth [2] - The company has introduced innovative features in its app, such as the "Shen Guang Player," and is leveraging AI to enhance music creation, which has received positive feedback from users [2]
网易云音乐(09899.HK):业绩延续高增长 曲库扩充与生态优化共驱成长