交银国际发表报告指，网易云音乐上半年收入38.3亿元，按年降6%，主要因社交娱乐收入下降，会员 订阅收入维持稳健，按年增加15%；毛利率36.4%，按年优化1.4个百分点，符合预期；剔除一次性影 响，经调整净利润11亿元，超市场预期。 基于好于预期的费用管控，上调网易云音乐2025/2026年剔除一次性影响经调整净利润12%及9%，各至 21.7亿及23.9亿元，将估值切换至2026年，考虑行业估值中枢上移，基于28倍市盈率将目标价由240港元 上调至339港元，维持"买入"评级。 ...

Group 1 - The core viewpoint of the article is that Citic Lyon has raised the target price for NetEase Cloud Music (09899) by 4.5%, from HKD 297 to HKD 310.5, while maintaining an "outperform" rating [1] - Citic Lyon indicates that NetEase Cloud Music's performance in the first half of 2025 demonstrates a robust execution of the company's "scale-first" strategy, highlighting significant profit potential [1] - The adjusted net profit for the company reached RMB 1.1 billion, representing a year-on-year increase of 25%, exceeding Citic Lyon's and other institutions' expectations by 19% and 34% respectively [1] Group 2 - The company's music subscription revenue increased by 15% year-on-year, primarily driven by strong growth in paying users, which was offset by the average revenue per paying user (ARPPU) [1] - The target price adjustment is attributed to an increase in the company's earnings per share forecast [1]

Core Viewpoint - The company reported strong Q2 2025 earnings, with revenue and net profit both showing significant year-over-year growth, driven by increased subscription income and advertising revenue. Financial Performance - Q2 2025 revenue reached 8.44 billion yuan, up 17.9% year-over-year and 14.7% quarter-over-quarter, primarily due to an increase in ARPPU driving subscription revenue growth; net profit attributable to shareholders was 2.41 billion yuan, up 43.4% year-over-year, but down 43.8% quarter-over-quarter [1] - GAAP net profit was 2.64 billion yuan, reflecting a year-over-year increase of 33.0% and a quarter-over-quarter increase of 18.6%; gross margin improved to 44.4%, up 2.4 percentage points year-over-year [1] - Cash and cash equivalents stood at 34.92 billion yuan at the end of Q2 2025, indicating sufficient funds to support business expansion [2] Business Segments - Online music service revenue was 6.85 billion yuan, up 26.4% year-over-year and 18.1% quarter-over-quarter, with subscription revenue contributing 4.38 billion yuan, a 17.1% year-over-year increase [2] - The number of paid users reached 124 million, a 6% increase year-over-year, with a payment rate of 22.5%, up 2 percentage points [2] - Advertising and other revenue surged to 2.47 billion yuan, a 46.9% year-over-year increase, driven by new advertising initiatives and strong growth in artist-related events [2] Strategic Initiatives - The company is enhancing its content ecosystem and interactive community, successfully hosting major international concerts and creating numerous live performance opportunities for its artists [3] - A strategic acquisition of Ximalaya for 1.26 billion USD and a stake of up to 5.1986% in A-class shares aims to expand into long audio content, creating a comprehensive entertainment matrix [3] Future Outlook - Revenue projections for 2025-2027 are 32.948 billion yuan, 37.478 billion yuan, and 41.059 billion yuan, with net profit estimates of 10.978 billion yuan, 10.339 billion yuan, and 11.494 billion yuan respectively [4] - The company is expected to benefit from a healthy revenue structure driven by long-term growth in paid user numbers and ARPPU values, leading to improved profitability [4]

Investment Rating - The investment rating for Tencent Music (TME.N) is "Outperform" [1] Core Views - The report highlights that Tencent Music is expanding in the pan-music field, with a successful increase in ARPPU (Average Revenue Per Paying User) [1][4] - The company is expected to maintain a strong position in the subscription business, driven by the growth of ARPPU and an increase in paid user penetration [6][28] - Tencent Music's acquisition of the long audio leader, Ximalaya, is anticipated to enhance synergies between long audio and music, similar to the model of Spotify [6][29] Financial Performance - In Q2 2025, Tencent Music achieved total revenue of 8.44 billion yuan, representing a year-on-year increase of 17.9% and a quarter-on-quarter increase of 14.8% [11][20] - The online music revenue accounted for 81% of total revenue, with a gross margin of 44.4%, up 2.4 percentage points year-on-year [11][20] - Adjusted net profit for Q2 2025 was 2.64 billion yuan, reflecting a year-on-year growth of 33% [11][20] Subscription Business - In Q2 2025, subscription revenue reached 4.38 billion yuan, a year-on-year increase of 17.1% [4][20] - The number of online music paying users was 124 million, with a payment rate of 22.5%, up 2 percentage points year-on-year [4][26] - The monthly ARPPU was 11.7 yuan, showing a year-on-year increase of 9.3% [4][26] Other Online Music Revenue - Other online music business revenue, including advertising and digital albums, grew by 46.9% year-on-year to 2.47 billion yuan [5][20] - The company has seen strong growth in artist-related activities and live performances, including managing large international tours [5][20] Strategic Developments - Tencent Music is actively expanding overseas, including a stake in South Korean SM Entertainment and launching the "Bubble" product for high-end fan services [8][29] - The report suggests that the company is well-positioned to leverage its leading market position and expand its pan-music offerings [6][29] Valuation - The reasonable valuation range for Tencent Music is set at $27.10 to $28.90, reflecting an increase of 66-71% [1][29] - The report uses comparable companies for valuation, indicating a strong growth potential in the pan-entertainment sector [29][30]

Core Insights - NetEase Cloud Music reported a revenue of 3.827 billion yuan for the first half of the year, representing a year-on-year decrease of 6% [1] - Adjusted net profit reached 1.946 billion yuan, showing a significant year-on-year increase of 121%, primarily due to effective cost control [1] - The company is focused on building a comprehensive and differentiated content ecosystem, with stable growth in core online music service revenue [1] Financial Performance - The profit exceeded expectations mainly due to good cost and expense management [1] - The company has completed adjustments to its product pages in the first quarter, and future revenue from social entertainment services is expected to remain relatively stable [1] - The forecast for adjusted net profit for 2025, 2026, and 2027 is set at 3.091 billion, 2.656 billion, and 2.983 billion yuan respectively, with increases of 61%, 29%, and 36% [1] Valuation and Ratings - The target price for NetEase Cloud Music has been raised from 205.47 HKD to 360.42 HKD [1] - The rating remains "Buy" [1]

华泰证券发表研报指，网易云音乐上半年财报收入38.27亿元(年减6%)；经调整净利润为19.46亿元(年增 121%)。利润超预期主要得益于良好的成本费用控制。公司专注于打造全面且差异化的内容生态，核心 在线音乐服务收入稳健增长，在营运效率持续优化下利润率有望进一步提升。该行表示，网易云音乐产 品页面调整已于第一季基本完成，预期未来社交娱乐业务收入将维持相对稳定。考虑到公司2025年上半 年毛利率及销售费用率优化优于预期，经营杠杆有望持续兑现，并考量一次性递延税项影响，该行预测 其2025、2026、2027年调整后归母净利润分别为30.91亿、26.56亿、29.83亿元(上调61%、29%、36%)。 该行对其目标价从205.47港元上调至360.42港元，维持"买入"评级。 ...

报告指，2025年上半年集团收入38.3亿元人民币，毛利率36.4%，同比优化1.4个百分点，符合预期。剔 除一次性影响，经调整净利润11亿元人民币，超市场预期。该行维持2025年在线音乐收入同比增15%预 期，预计会员订阅收入仍受会员规模扩张拉动。 智通财经APP获悉，交银国际发布研报称，基于网易云音乐(09899)好于预期的费用管控，该行上调 2025/26年经调整净利润12%及9%，至21.7及23.9亿元人民币(剔除一次性影响)，将估值切换至2026年， 考虑行业估值中枢上移，基于28倍市盈率，将目标价从240港元上调41%至339港元，维持"买入"评级。 ...

该行预计网易云音乐2025年下半年以及2026年毛利率扩张及效率提升将持续。网易云音乐目前毛利率及 销售费用率(2025年上半年分别为36%和4%)仍有较大改善空间，尤其是在中国音乐行业相对稳定的竞争 格局下。该行将2025-2027财年年营运利润预期上调至17/19/21亿元，主要反映其营运费用的控制及毛利 率改善。 招银国际发布研报称，上调网易云音乐(09899)目标价63%，从202.5港元升至330港元，维持"买入"评 级。网易云音乐上半年总营收38.3亿元人民币(下同);经调整运营利润润同比增35%至9.05亿元，相当于 该行全年预期的57%，主要得益于音乐业务商业化程度的提升、毛利率的改善及销售费用的有效控制， 将估值窗口更新至2026年。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's online subscription revenue shows steady growth, with effective control over costs and expenses driving a significant increase in adjusted operating profit [2][6] - The company's H1 2025 performance exceeded market expectations, with a notable impact from tax credits on adjusted net profit [6][8] - The company is focusing on enhancing its content offerings and user experience to drive growth in paid subscriptions [10][12] Financial Performance Summary - For H1 2025, the company reported revenue of 3.83 billion yuan, a year-over-year decrease of 6.0%, while net profit attributable to shareholders reached 1.89 billion yuan, up 132.7% year-over-year [5][8] - Adjusted operating profit was 910 million yuan, reflecting a year-over-year increase of 35.0%, and adjusted net profit was 1.95 billion yuan, up 121.0% year-over-year [8] - The decline in revenue was primarily due to a more cautious operational strategy in online social entertainment services, which saw a 43% year-over-year drop [8] Revenue and Cost Analysis - Online music business revenue for H1 2025 was 2.967 billion yuan, an increase of 15.9% year-over-year, with subscription revenue contributing 2.47 billion yuan, up 15.2% [8][12] - The company maintained a gross margin of 36.4%, an increase of 1.4 percentage points year-over-year, and an adjusted operating margin of 23.7%, up 7.2 percentage points year-over-year [8] - Content service costs decreased by 10.5% year-over-year, accounting for 47.1% of revenue, while promotional and advertising expenses dropped by 67.1% [9][12] Future Projections - The company is projected to achieve revenues of 8.326 billion yuan in 2025, with net profit attributable to shareholders expected to reach 2.866 billion yuan [11][12] - The adjusted net profit forecast for 2025 is 3.006 billion yuan, with corresponding adjusted P/E ratios of 18 for 2025, 23 for 2026, and 20 for 2027 [11][12] - The company aims to enhance its content library and user engagement, which is expected to drive long-term growth in paid subscriptions [10][12]

Investment Rating - The report maintains a "Buy" rating for Tencent Music (1698.HK) [1][12][13] Core Views - The report highlights that Tencent Music's revenue and profit growth exceeded expectations, driven by an increase in ARPPU (Average Revenue Per Paying User) and subscription income [5][6][12] - The company is expected to see continued growth in revenue and profitability, supported by a healthy revenue structure and an increase in paying users [12][13] Financial Performance Summary - For Q2 2025, Tencent Music reported revenue of 8.44 billion yuan, a year-over-year increase of 17.9% and a quarter-over-quarter increase of 14.7% [5][6] - The net profit attributable to shareholders was 2.41 billion yuan, reflecting a year-over-year increase of 43.4% [5][6] - The gross profit margin improved to 44.4%, up 2.4 percentage points year-over-year, due to growth in online music revenue and a decrease in revenue sharing from social entertainment services [6][12] User Metrics and Revenue Streams - Online music service revenue reached 6.85 billion yuan, a year-over-year increase of 26.4% [7] - The number of paying users increased to 124 million, a year-over-year growth of 6%, with a paying rate of 22.5% [7] - Advertising and other revenue surged to 2.47 billion yuan, a year-over-year increase of 46.9%, driven by new advertising models and strong growth in artist-related events [7][12] Strategic Initiatives - Tencent Music is enhancing its content ecosystem and interactive community to increase platform value, including hosting major international concerts and introducing interactive community features [8][9] - The company plans to acquire 100% of Ximalaya for $1.26 billion to expand into long audio content, aiming to create a comprehensive entertainment matrix [10][12] Financial Forecast - Revenue projections for 2025-2027 are 32.95 billion yuan, 37.48 billion yuan, and 41.06 billion yuan respectively, with net profit estimates of 10.98 billion yuan, 10.34 billion yuan, and 11.49 billion yuan [11][12] - The adjusted P/E ratios are forecasted to be 30, 24, and 22 for the respective years [12]