【网易云音乐（9899.HK）】订阅增长稳健，利润超预期系销售费用收缩——25H1业绩点评（付天姿/杨朋沛）

Core Viewpoint - The company reported its 1H25 earnings, showing a slight revenue miss but a significant profit beat, driven by tax asset recognition and cost control measures [4]. Group 1: Financial Performance - The company achieved revenue of 3.83 billion RMB, a year-over-year decrease of 6%, compared to Bloomberg's consensus estimate of 3.91 billion RMB [4]. - Gross profit reached 1.39 billion RMB, with a gross margin of 36.4%, reflecting a year-over-year increase of 1.4 percentage points due to operational leverage [4]. - Operating profit increased by 40.8% year-over-year to 845 million RMB, primarily due to reduced sales expenses [4]. - Adjusted net profit attributable to shareholders was 1.95 billion RMB, a substantial year-over-year increase of 121%, mainly due to the recognition of deferred tax assets amounting to 850 million RMB [4]. Group 2: Online Music Business - The company generated online music service revenue of 2.97 billion RMB, representing a year-over-year growth of 15.9% [5]. - Subscription revenue grew by 15.2% year-over-year to 2.47 billion RMB, driven by an increase in membership subscriptions [5]. - Non-subscription revenue, including advertising and digital albums, rose by 20% year-over-year to 498 million RMB [5]. - The platform continues to enhance its content and community ecosystem by introducing high-quality copyright music and strengthening original content capabilities [5][6]. Group 3: Cost Management - Sales expenses for 1H25 were 163 million RMB, a significant year-over-year decrease of 55.8%, attributed to a cautious promotional strategy [7]. - Management expenses increased by 3.6% year-over-year to 93 million RMB, while R&D expenses decreased by 4.2% year-over-year to 379 million RMB [7].