网易云音乐：2H25 revenue miss on soft non-subscription business; intact FY26 earnings growth outlook-20260213
NETEASE MUSICNETEASE MUSIC(HK:09899) Zhao Yin Guo Ji·2026-02-13 02:24

CMB International Global Markets | Equity Research | Company Update 13 Feb 2026 China Internet NetEase Cloud Music (9899 HK) NetEase Cloud Music (9899 HK) FY26 earnings growth outlook 2H25 revenue miss on soft non-subscription business; intact FY26 earnings growth outlook Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of RMB7.91bn. Adjusted net profit was up by ...