机构：东吴证券 研究员：张良卫/张家琦 扶持原创音乐，丰富内容生态。截至2025 年6 月，平台注册独立音乐人数超81.9 万名，上传曲目数约 480 万首，较2024 年底的77.4 万名音乐人、440 万首作品实现稳步增长。平台近期上线"AI 音乐 人"及"见习音乐人"新身份，为创作者提供新成长机遇。2025H1 平台推动安子与九妹乐队、羽果乐队等 创作者作品进入乐道汽车、萨洛蒙等品牌宣传活动，增加音乐人知名度并提供商业机会。内容方面，平 台与RBW、StarShip 娱乐等韩国厂牌合作扩充K-Pop 曲库，补充李健、张艺兴等知名华语音乐人作品， 发力说唱等特色品类，继续丰富内容生态。 盈利预测与投资评级：公司聚焦音乐主业持续优化产品体验，有望驱动用户规模增长，对标国内外音乐 流媒体平台付费墙较低商业化空间广阔。考虑确认递延所得税抵免影响，我们将网易云音乐2025-2027 年归母净利润预期从16.3/19.4/23.2 亿元上调至28.9/23.2/27.5 亿元，2025 年8 月15 日收盘价对应2025- 2027 年PE 分别为19.2/23.9/20.2 倍，维持"买入"评级。 风险提示：竞争 ...

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (09899.HK) [1] Core Views - The company achieved a revenue of 3.83 billion yuan in H1 2025, a year-on-year decrease of 6.0%, but exceeded market expectations due to a significant increase in adjusted net profit by 121.0% to 1.95 billion yuan [7] - Cost control measures have proven effective, with a notable reduction in sales expenses by 55.8% and a decrease in content service costs by 10.5% [7] - Membership growth and product optimization have enhanced user engagement, with online music revenue increasing by 15.9% [7] - The company is focusing on supporting original music and expanding its content ecosystem, with over 819,000 independent musicians registered on the platform [7] - The adjusted net profit forecast for 2025-2027 has been raised to 2.89 billion, 2.32 billion, and 2.75 billion yuan respectively, reflecting a strong growth outlook [7] Financial Summary - Total revenue forecast for 2023A is 7.87 billion yuan, with a projected decline of 1.21% in 2025E [1] - The net profit for 2023A is estimated at 734.18 million yuan, with a significant increase of 431.47% in 2024A [1] - The latest diluted EPS for 2025E is projected at 13.27 yuan, with a P/E ratio of 19.22 [1] - The company’s total assets are expected to reach 16.45 billion yuan by 2025E, with a debt ratio of 20.49% [8]