Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][23] Core Insights - The company reported a total revenue of 3.93 billion yuan for 25H2, reflecting a year-on-year increase of 1%, with adjusted profit growing by 12% to 910 million yuan [1][8] - The company is focusing on shareholder returns, with over 13 billion yuan in cash reserves and plans for stock buybacks [1][8] - The online music revenue for 25H2 reached 3.02 billion yuan, up 8% year-on-year, driven by a 12% increase in subscription revenue [2][14] Financial Performance - The gross margin for 25H2 was 35%, an increase of 2.4 percentage points year-on-year, primarily due to optimized music copyright costs [1][8] - The adjusted profit forecast for 2025-2027 is 2.22 billion, 2.49 billion, and 2.75 billion yuan, respectively, with a downward adjustment of 6%, 12%, and 18% [2][17] - The company plans to increase marketing investments in 2026 to enhance user engagement and content quality without compromising profit margins [1][8] Revenue Breakdown - The social entertainment services revenue for 25H2 was 910 million yuan, down 17% year-on-year, but the decline has narrowed compared to the previous half [2][16] - The company expects a rise in both volume and price for subscription services in 2026, with a projected growth in subscriber numbers [2][14]
网易云音乐（09899）：积极股东回报，26年订阅业务有望量价齐升：网易云音乐（09899.HK）