网易云音乐：经营提效，深化以音乐为导向的社区生态-20260213
GUOTAI HAITONG SECURITIES·2026-02-13 00:25

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 NetEase Cloud Music's revenue for 2026-2028 to be 84.3 billion, 92.1 billion, and 101.5 billion RMB, representing year-on-year growth of +8.6%, +9.3%, and +10.1% respectively [26] - Adjusted net profit is projected to be 22.6 billion, 26.1 billion, and 30.0 billion RMB for the same period, with a year-on-year change of -21.2%, +15.8%, and +14.4% [26] Financial Summary - Revenue for 2024 is estimated at 7,950 million RMB, with a slight increase of 1.1% [5] - Gross profit is expected to reach 2,682 million RMB in 2024, with a gross margin of 33.7% [5] - Adjusted net profit for 2024 is projected at 1,700 million RMB, with an adjusted PE of 13.5 [5] - The company achieved a revenue of 39.3 billion RMB in the second half of 2025, reflecting a year-on-year increase of 1.4% [26] - The gross margin for the same period was 35.0%, up by 2.7 percentage points year-on-year [26] Business Performance - Online music revenue in the second half of 2025 was 30.3 billion RMB, up 8.3% year-on-year, with subscription revenue increasing by 11.6% to 25.8 billion RMB [26] - The proportion of subscription revenue in online music services was 85.3% [24] - Social entertainment and other business revenues faced a decline of 16.6% year-on-year, totaling 9.1 billion RMB [26] User Engagement - The platform's user scale and activity both saw year-on-year growth, with the DAU/MAU ratio maintaining above 30% [26] - Daily listening time for mobile users has also shown improvement [26] Strategic Developments - The company has launched its self-developed AI generative recommendation model, Climber, to enhance personalized content distribution [26] - New content from Korean labels has been introduced to supplement the Chinese music library, along with an increase in film soundtracks and variety show music [26]