【网易云音乐（9899.HK）】收入略不及预期，持续强化差异化内容生态——2025年业绩点评（付天姿/杨朋沛）

Core Viewpoint - The company reported its 2025 performance, showing a mixed financial outcome with a slight decline in revenue but significant growth in adjusted net profit, primarily due to deferred tax asset recognition [4]. Financial Performance - The company achieved revenue of 7.759 billion RMB, a year-over-year decrease of 2.4%, compared to Bloomberg's consensus forecast of 7.913 billion RMB [4] - Gross profit reached 2.770 billion RMB, up 3.3% year-over-year, with a gross margin of 35.7%, slightly below the expected 36.4% [4] - Operating profit increased by 38.5% year-over-year to 1.622 billion RMB, mainly due to reduced sales expenses [4] - Adjusted net profit attributable to shareholders was 2.860 billion RMB, a substantial increase of 68.2% year-over-year, largely due to the recognition of deferred tax credits amounting to 747 million RMB [4] Revenue Breakdown - Online music service revenue was 5.994 billion RMB, reflecting a year-over-year growth of 12.0%, with subscription revenue increasing by 13.3% to 5.053 billion RMB, driven by membership growth [5] - Social entertainment services and other revenues fell by 32.0% to 1.765 billion RMB, primarily due to the closure of the live streaming entry after the version update at the end of 2024 [5] - The platform's user base and activity levels grew year-over-year, maintaining a DAU/MAU ratio above 30%, with increased average daily listening time on mobile [5] Content Strategy and Innovation - The company is enhancing its differentiated content ecosystem by deepening partnerships with domestic and international copyright holders, introducing K-POP labels and expanding its Chinese popular music library [6] - The independent musician ecosystem has grown, with over 1 million registered independent musicians and more than 5.6 million tracks uploaded by the end of 2025, enhancing unique content supply [6] - AI-driven product innovations, including a self-developed AI recommendation model and new interactive tools, have improved user experience and engagement [6] Cost Management - Sales expenses decreased by 33.2% year-over-year to 409 million RMB, attributed to more prudent promotional and advertising spending [7] - Management expenses fell by 4.4%, benefiting from controlled administrative costs [7] - R&D expenses declined by 2.3%, due to improved resource utilization and a more focused investment structure on core products and AI capabilities [7]