Group 1 - The company expects adjusted net profits for 2025-2027 to be 27.58/22.22/24.58 billion CNY, reflecting a year-on-year growth of +62.3%/-19.5%/+10.6% [1] - The company maintains a target price of 312 HKD for 2026, with a PE ratio of 28X, and continues to hold an "overweight" rating [1] - The company reported a revenue of 3.83 billion CNY for the first half of 2025, a decrease of 6.0% year-on-year, with a gross margin of 36.4%, an increase of 1.4 percentage points [1] Group 2 - Online music revenue for the first half of 2025 reached 2.97 billion CNY, an increase of 15.9% year-on-year, with subscription revenue growing by 15.2% to 2.47 billion CNY [2] - The company has over 819,000 registered independent musicians and approximately 4.8 million music tracks uploaded as of June 2025 [2] - The company has implemented a more cautious promotional strategy, resulting in a 55.8% reduction in sales and marketing expenses for the first half of 2025 [1]
网易云音乐(9899.HK)：会员订阅业务稳健增长 大幅削减推广及广告费用