Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

（文章来源：广州日报） 截至2025年底，网易云音乐原创音乐人超100万，上传超560万首音乐曲目。 财报显示，2025年以来，网易云音乐不断推动AI技术深度融入用户听歌场景，通过"创作工具+商业机 制+标杆赛事"等系统性举措，助力健康AI音乐产业生态的构建。2025年，网易云音乐面向创作者研发 的音乐播客生成工具与对谈播客生成工具，已完成国产开源大模型DeepSeek—R1的全能力接入，并陆 续推出"DeepSeek锐评红心歌单""AI推荐"等创新功能。 2025年，网易云音乐持续深化与全球音乐厂牌的战略合作。华语音乐方面，平台与中国台湾宏扬唱片等 知名版权公司达成合作，并上线了陈奕迅、李健、刘欢、张艺兴、陈楚生、范晓萱、王嘉尔、吉克隽逸 等知名华语音乐人的作品，不断拓展版权曲库。 2月11日，网易云音乐发布2025年度业绩公告。数据显示，网易云音乐2025年实现营收77.6亿元，营业 利润16.2亿元，营业利润同比增长38.5%。2025年，网易云音乐在线音乐服务收入59.9亿元，同比增长 12.0%。会员订阅收入50.5亿元，同比增长13.3%。平台持续升级会员权益，推动会员黏性增强，留存率 及活跃度均 ...

Core Viewpoint - NetEase Cloud Music reported a revenue of 7.76 billion yuan for 2025, with an operating profit of 1.62 billion yuan, reflecting a year-on-year growth of 38.5% in operating profit, driven by a focus on core online music services and AI technology innovations [1] Group 1: Financial Performance - In 2025, NetEase Cloud Music achieved an online music service revenue of 5.99 billion yuan, representing a year-on-year increase of 12.0% [1] - Membership subscription revenue reached 5.05 billion yuan, with a year-on-year growth of 13.3% [1] - Daily active users maintained a ratio of over 30% of monthly active users, showing steady improvement compared to 2024 [1] Group 2: AI Integration and User Engagement - The company has integrated AI technology into music recommendation, search, and sound quality enhancement, enhancing user experience [2] - New features such as "AI songwriting" and various incentive mechanisms have been launched to foster a healthy AI music ecosystem [1] Group 3: Content and Copyright Expansion - NetEase Cloud Music has deepened strategic partnerships with global music labels, expanding its copyright library with notable artists from both Chinese and K-POP music [2] - The platform has successfully launched exclusive content, including Mariah Carey's new album, which achieved significant streaming numbers in China [2] Group 4: Audio Content Growth - Long audio content consumption has steadily increased, with the introduction of self-produced audiobooks and popular podcasts featuring well-known hosts [3] - The platform has expanded its multi-terminal service ecosystem, enhancing music experiences in various life scenarios, including partnerships with automotive brands [3]

Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

Core Insights - NetEase Cloud Music (09899) reported a revenue of approximately 7.759 billion yuan for 2025, with a gross profit of about 2.77 billion yuan, reflecting a year-on-year growth of 3.3% [1] - The annual profit reached approximately 2.746 billion yuan, marking a significant year-on-year increase of 75.4%, while the adjusted net profit was around 2.86 billion yuan, up by 68.2% [1] Group 1: User Engagement and Community Development - The company continues to expand and deepen its music-oriented community ecosystem, leading to growth in user scale and activity [1] - Daily active users (DAU) as a percentage of monthly active users (MAU) maintained above 30%, showing steady improvement compared to 2024 [1] - The average daily listening time for mobile users has also increased, indicating enhanced user engagement [1] Group 2: Content Strategy and Partnerships - The company has enriched its copyright music reserves and actively promoted original Chinese music, creating a diverse and unique content library [1] - In 2025, the company introduced content from Korean labels to supplement its Chinese music library, adding film soundtracks and variety show music [1] - The company deepened collaborations with labels for content promotion and music-centric activities, while its independent musician ecosystem continued to thrive [1] Group 3: Product Innovation and User Experience - The company prioritized user needs and focused on innovating music discovery and listening experiences [2] - In 2025, the core product framework was upgraded to enhance visual appeal and better meet diverse music discovery preferences [2] - The launch of the self-developed AI generative recommendation model "Climber" and features like Automix and "Shen Guang Player" provided an immersive audio-visual experience [2] Group 4: Revenue and Profitability - The monetization capability centered around music continued to achieve steady growth, with membership subscription revenue increasing by 13.3% due to a rise in membership scale [2] - The growing membership scale demonstrated stronger user stickiness, with improved retention and activity rates [2] - The company's gross margin reached 35.7% in 2025, significantly up from 33.7% in 2024, with operating profit increasing by 38.5% due to business scale growth and improved online music commercialization capabilities [2]

Core Insights - NetEase Cloud Music (09899.HK) reported annual performance for the year ending December 31, 2025, with revenue of RMB 7.76 billion and gross profit of RMB 2.77 billion [1] - The gross profit slightly increased by RMB 88.1 million, with the gross margin expanding from 33.7% to 35.7%, primarily due to increased online music service revenue and improved operational efficiency, despite a decline in social entertainment service revenue [1] - Operating profit for 2025 reached RMB 1.622 billion, up from RMB 1.171 billion in 2024, mainly due to reduced promotional and advertising expenses and increased government subsidies [1] - The net profit for 2025 was RMB 2.746 billion, compared to RMB 1.565 billion in 2024 [1] - During the reporting period, the company recognized deferred tax assets of RMB 747 million, mainly due to cumulative tax losses from a wholly-owned subsidiary, which can be carried forward to offset future taxable income [1] - Adjusted net profit for 2025, excluding the impact of equity settled share-based payments, was RMB 2.86 billion, compared to RMB 1.7 billion in 2024 [1]

Core Insights - NetEase Cloud Music (09899) reported a revenue of approximately 7.759 billion yuan for 2025, with a gross profit of about 2.77 billion yuan, reflecting a year-on-year growth of 3.3%. The annual profit reached around 2.746 billion yuan, marking a significant year-on-year increase of 75.4%, while the adjusted net profit was approximately 2.86 billion yuan, up by 68.2% [1] Group 1: User Engagement and Community Development - The company continues to expand and deepen its music-oriented community ecosystem, leading to growth in user scale and activity [1] - Daily active users (DAU) as a percentage of monthly active users (MAU) maintained above 30%, showing steady improvement compared to 2024 [1] - The average daily listening time for mobile users has also increased, indicating enhanced user engagement [1] Group 2: Content Strategy and Partnerships - The company has enriched its copyright music reserves and actively promoted original Chinese music, creating a diverse and unique content library [1] - In 2025, the company introduced content from Korean labels to supplement its Chinese music catalog, adding film soundtracks and variety show music, while further solidifying niche music categories such as rap and Western music [1] - The company deepened collaborations with labels in content promotion and music-centric activities, while its independent musician ecosystem continued to thrive [1] Group 3: Product Innovation and User Experience - The company prioritized user needs and continued to innovate in music discovery and listening experiences, upgrading its core product framework in 2025 to enhance visual appeal and meet diverse user preferences [2] - Personalized content distribution was advanced with the launch of the self-developed AI generative recommendation model, Climber, along with innovative features like Automix and "Shen Guang Player" [2] - The company expanded and enhanced community scenarios to encourage more active user participation and interaction [2] Group 4: Revenue and Profitability - The monetization capability centered around music continued to achieve steady growth, with membership subscription revenue increasing by 13.3% in 2025 due to a rise in membership scale, despite slight dilution from changes in membership structure [2] - The rapidly growing membership scale demonstrated stronger user stickiness, with improved retention rates and activity levels [2] - The company's profitability improved further in 2025, with a gross margin of 35.7%, significantly up from 33.7% in 2024, and operating profit increased by 38.5% year-on-year, driven by business scale growth and enhanced online music commercialization capabilities [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 NETEASE CLOUD MUSIC INC. 網易雲音樂股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9899） 截至2025年12月31日止年度的 年度業績公告 董事會欣然宣佈本公司及其子公司（統稱「本集團」）截至2025年12月31日止年度 的未經審計合併業績。該等未經審計合併年度業績已由董事會的審計委員會連 同我們的管理層審閱。 一般附註 於本公告：(i)「我們」及「我們的」指本公司及倘文義另有所指，則指本集團； (ii)數字可能會約整至小數點後一位或兩位；及(iii)除另有所指外，所用匯率為 人民幣1元兌1.1071港元及0.1423美元。 2 管理層討論與分析 截至12月31日止年度 | | 2025年 | 2024年 | 變動(%) | | --- | --- | --- | --- | | | | （人民幣千元，百分比除外） | | | 收入 | 7,759,450 | ...

Group 1 - The AI concept sector in Hong Kong stocks has shown strong performance, with notable increases in share prices for companies such as Kingsoft Cloud, Bilibili, and Zhiyun [1][2] - Zhiyun has seen a significant rise of over 60% in just two trading days, reaching a market capitalization of 150 billion HKD, boosting confidence in domestic large model technology iterations [2][4] Group 2 - The launch of the anonymous large model "Pony Alpha" by OpenRouter has sparked industry speculation, with its capabilities being compared to top-tier models [3][4] - Independent tests indicate that "Pony Alpha" aligns closely with Zhiyun's GLM series, suggesting that it may be a test version of the upcoming GLM-5 model [4][5] - The current period is critical for global large model iterations, and the potential release of GLM-5 could mark a significant milestone for domestic AI technology in key areas [6] Group 3 - Recent favorable policies, such as the implementation opinions from the National Development and Reform Commission, are accelerating the application of AI in the bidding and tendering sector [8] - The policy aims to enhance the digitalization of transaction services and regulatory oversight, with a clear timeline for nationwide implementation by the end of 2027 [8]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -12% -5% 2% 9% 15% 22% 29% 36% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 4,128.37 | | 0.13 | | 深证成指 | | 14,210.63 | | 0.02 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 300 | | 4,724.30 | | 0.11 | | 上证 50 | | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 50 | | 1,924.26 | | -0.67 | | 中证 100 | | 4,613.64 | | 0.04 | | 中证 500 | | 8,306.4 ...