Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music [7] Core Insights - The company is enhancing collaboration with copyright holders to enrich audio content, resulting in a year-on-year increase in user scale and activity [3] - The report forecasts revenue growth for NetEase Cloud Music, with expected revenues of 84.3 billion, 92.1 billion, and 101.5 billion RMB for 2026, 2027, and 2028 respectively, reflecting year-on-year growth of +8.6%, +9.3%, and +10.1% [26] - Adjusted net profit is projected to be 22.6 billion, 26.1 billion, and 30.0 billion RMB for the same years, with a year-on-year change of -21.2%, +15.8%, and +14.4% [26] Financial Summary - Revenue for 2024 is projected at 7,950 million RMB, with a slight increase of 1.1% year-on-year, and expected to reach 10,145 million RMB by 2028, growing at a compound annual growth rate (CAGR) of 10.1% [5] - Gross profit is expected to rise from 2,682 million RMB in 2024 to 4,259 million RMB in 2028, with gross margin improving from 33.7% to 42.0% [5] - Adjusted net profit is anticipated to increase from 1,700 million RMB in 2024 to 2,987 million RMB in 2028, with a significant jump of 107.7% in 2025 [5] Business Performance - In the second half of 2025, the company achieved revenue of 39.3 billion RMB, a year-on-year increase of 1.4%, with a gross margin of 35.0%, up by 2.7 percentage points [26] - Online music revenue reached 30.3 billion RMB in the second half of 2025, growing by 8.3% year-on-year, with subscription revenue increasing by 11.6% to 25.8 billion RMB [26] - The company is focusing on high-quality development of its core music ecosystem, with user engagement metrics showing improvement [26] Market Data - The stock price range over the past 52 weeks is between 130.70 and 302.40 HKD, with a current market capitalization of 36,038 million HKD [8]
网易云音乐（09899）： 25 年报点评：经营提效，深化以音乐为导向的社区生态