Investment Rating - The investment rating for the company is "Outperform the Market" [4][26]. Core Views - The company's revenue increased by 7% year-on-year, with a notable profit performance primarily influenced by sales expenses. In Q1 2025, the company achieved a revenue of 28.8 billion yuan, a 7% increase year-on-year. The Non-GAAP net profit attributable to the parent company was 11.2 billion yuan, representing a 32% year-on-year growth, with a Non-GAAP net profit margin of 39%, up by 7 percentage points year-on-year [10][4]. - The online gaming business showed strong growth, with revenue reaching 23.4 billion yuan in Q1 2025, a 15% increase year-on-year. PC game revenue surged by 85% to 8.1 billion yuan, driven by the return of popular titles and new game releases [2][19]. - The company has adjusted its profit expectations upward, forecasting adjusted net profits of 39.3 billion, 42.5 billion, and 46.7 billion yuan for 2025-2027, reflecting increases of 5%, 2%, and 2% respectively [4][26]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 64.1%, an increase of 0.7 percentage points year-on-year. The gross margin for games and value-added services was 68.8%, down by 0.7 percentage points due to changes in game product structure. The total operating expense ratio was 28%, a decrease of 7 percentage points year-on-year, with the sales expense ratio at 9.4%, down by 4.6 percentage points [10][11]. Game Business - The mobile game revenue was 15.4 billion yuan, down 4% year-on-year due to a high base from the previous year. However, the PC game revenue of 8.1 billion yuan saw an impressive 85% increase, attributed to the successful return of titles like "Overwatch" and the performance of new games [2][19]. - Several new games have performed exceptionally well, enhancing the company's global gaming influence. Titles like "Marvel's Contest of Champions" and "Outsiders" have quickly climbed to the top of sales charts [19][2]. Other Business Segments - The company's education segment, Youdao, reported a net revenue of 1.3 billion yuan, a 7% year-on-year decline, but the decline rate has narrowed compared to the previous quarter. Key products in AI educational services and programming learning have shown significant growth [20]. - NetEase Cloud Music reported a net revenue of 1.9 billion yuan, down 8% year-on-year, with a gross margin of 36.8%. The decline was primarily due to a one-time copyright adjustment in the previous year [23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, an increase of 0.7 percentage points year-over-year [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, reflecting a year-over-year increase of 32.0% and a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was a major income source, and several new games that performed well [5] - The company has a strong pipeline of new games, including "Destiny: Rising" and "Marvel: Secret Wars," enhancing its product matrix [5] AI and Education Strategy - The Youdao business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The integration of AI into educational products is aimed at enhancing the user experience and driving intelligent transformation across various sectors [6] Music and Content Ecosystem - The cloud music segment achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem development to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching the creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan, respectively [8] - The adjusted net profit (Non-GAAP) for the same years is projected to be 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, reflecting a year-over-year increase of 0.7 percentage points [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, a year-over-year increase of 32.0%, with a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Summary by Sections Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was the main revenue driver, and several new games like "Marvel Showdown" and "Yanyun Sixteen Sounds" performing well in the market [5] - Long-term operational games are showing stable performance, with titles like "Identity V" and "Naraka: Bladepoint" maintaining steady revenue streams [5] Youdao Business Strategy - Youdao's business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The strategy focuses on AI-enabled products and services to drive intelligent transformation across various industries [6] Cloud Music Operations - Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem building to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan respectively, with corresponding net profits of 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8] - The company expects a year-over-year revenue growth of 8.1% in 2025, followed by 4.3% and 4.5% in the subsequent years [11]

qoq+2.7%）。我们预期随着SVIP 更高ARPPU 的会员套餐渗透率提升，25Q2 公司ARPPU 将持续提升， 或达11.6 元/月，MPU 或达1.24 亿。 Q1 社交娱乐收入15.5 亿人民币（yoy-11.9%, qoq-4.6%），同比减少主要系对直播互动功能进行了调整 和更严格的合规程序所致。我们预期25Q2 收入或达15.5 亿元（yoy-11%，qoq+0%），同比下滑主要系 公司合续缩紧叠加宏观因素导致。 随着在线音乐付费用户、ARPPU 双增，公司在线音乐收入在整体结构比重持续提高，利润率端有望持 续优化。我们预计 25-27 年归母净利润分别为104/101/112 亿元(25-26 年原预测值为 76/91 亿元，因根据 财报上调arppu，毛利率、其他收益等调整盈利预测)。因25 年有高额其他收益，我们参照可比公司，给 予26 年27 倍P/E，目标价94.86 港币(87.26 人民币)，维持"买入"评级。 风险提示 机构：东方证券 研究员：项雯倩/李雨琪/金沐阳 Q1 营收73.6 亿人民币(yoy+8.7%, qoq-1.4%)，Q1 毛利率44.07% (yoy+3. ...

Group 1 - Morgan Stanley suggests that investors can buy US stocks on dips following Moody's downgrade of the US rating [2] - The Reserve Bank of Australia emphasizes that maintaining low and stable inflation is a top priority [2] - Danske Bank delays expectations for a Federal Reserve rate cut due to easing recession risks [2] Group 2 - CITIC Securities highlights the continuous catalysts in the nuclear fusion sector, indicating strong growth prospects [2] - CITIC Construction Investment notes that the global online music industry is experiencing both volume and price increases, building long-term growth potential [2] - Galaxy Securities reports that positive factors in the banking sector are accumulating, with improvements expected [2] - Tianfeng Securities mentions that Xiaomi's self-developed chips may accelerate changes in the competitive landscape of high-end domestic smartphones [2] - Zhongtai Securities anticipates structural market opportunities in the vitamin sector due to price increases and performance realization [2] - Everbright Securities sees potential acceleration in the commercialization process, focusing on the application of exoskeleton robots in medical rehabilitation [2] - Guotai Junan Securities indicates that the liquor industry is seeking a bottom in its cycle, highlighting its investment value [2]

金融界5月20日消息，周一港股承压低开后下挫，恒科指曾跌超2%，随即跌幅收窄，恒指及国指午后一 度翻红，最终均小幅收跌；周二开盘，港股恒生指数涨0.28%报23398.35点，恒生科技指数涨0.22%报 5266.61点，国企指数涨0.31%报8486.65点，红筹指数涨0.24%报3866.97点。 中信建投：国内音乐行业需求稳定，两大龙头通过社区建设和独立音乐内容扶持实现差异化，双龙头具 有长期成长潜力。看行业，相比长视频，国内音乐平台具有更良性的增长环境。一方面，音乐平台受益 于更高的迁移成本、更长的内容生命周期、更强的付费粘性；另一方面，短视频为音乐平台提供高效宣 发渠道，两者并非竞争关系。而独家版权终结降低成本压力，监管引导良性竞争，激发增长潜力。看增 长，海外产品提升增长想象空间。Spotify 的高付费率打开国内龙头收入增长空间；扶持独立音乐人策 略增强对全球三大唱片公司的议价能力，打开毛利率空间。随着国内双龙头聚焦在线音乐主业的"付费 会员和 ARPPU"双轮驱动，在良性竞争环境和行业格局下，看好业绩可持续增长。 本文源自：金融界 作者：青枫 华泰证券：往前看，美国对华关税水平低于市场预期，出 ...

Industry Overview - The global recorded music market is projected to reach $29.6 billion in 2024, reflecting a 5% year-on-year growth [1] - Music streaming channels are the primary growth driver, accounting for 68% of the market, with revenues expected to reach $20.4 billion in 2024, marking a 7% increase [1] - The U.S. holds the largest market share at 38%, followed by Japan at 8%, the UK, Germany, and China, which ranks fifth with a market size of $1.6 billion, representing a 9.6% growth and 5% of the global share [1] Online Music Industry Dynamics - The online music industry is entering a phase of healthy growth due to improved competitive dynamics, increased user willingness to pay, and a restructured value chain [1] - The domestic music industry in China shows stable demand, with leading companies achieving differentiation through community building and support for independent music content, indicating long-term growth potential [2] - The online music platforms benefit from higher migration costs, longer content lifecycles, and stronger payment stickiness compared to long video platforms [2] Company Performance - Tencent Music reported a 8.7% year-on-year revenue growth to 7.36 billion yuan in Q1, with adjusted net profit increasing by 22.8% to 2.23 billion yuan [3] - Tencent's online music service revenue grew by 15.9% to 5.8 billion yuan, with subscription revenue rising by 16.6% to 4.22 billion yuan, and paid user count reaching 122.9 million [3] - NetEase Cloud Music achieved a net revenue of 1.858 billion yuan in Q1, with operating costs decreasing by 6.6% year-on-year, leading to a gross profit of 683 million yuan, reflecting a 13.7% quarter-on-quarter growth [3]

2025年5月14日，腾讯发布的一季度财报再次印证了其作为互联网巨头的盈利能力：营收1800亿元，同比增长13%；经营利润（Non-IFRS）693亿元，同比增 长18%。 在AI技术全面赋能广告、游戏等核心业务的背景下，腾讯的"现金牛"板块——游戏与音乐，却呈现出截然不同的发展态势。游戏业务凭借长青战略与全球化 布局持续高歌猛进，而音乐业务则在付费用户增长的"甜蜜"背后，面临用户基数萎缩与生态重构的深层危机。 腾讯游戏：高增长下的"创新焦虑" 一季度，腾讯游戏业务收入达595亿元，其中国际市场收入166亿元，同比增长23%，连续三个季度创历史新高。《PUBG MOBILE》《荒野乱斗》等产品在 海外市场表现强劲，而《三角洲行动》国际版上线首日即登顶169个国家和地区免费榜，展现了腾讯自研游戏出海的爆发力。 本土市场同样亮眼，《王者荣耀》《和平精英》等长青游戏通过春节活动与AI技术加持，日活用户与流水再创新高，其中《和平精英》引入DeepSeek大模 型的AI队友功能，推动用户时长同比增长16%。 然而，这份成绩单难掩腾讯游戏的"创新焦虑"。尽管财报强调"长青战略"的成功，但收入增长仍高度依赖运营超5年的老I ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][12][13] Core Views - The company reported Q1 2025 revenue of 28.829 billion yuan, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8%. The net profit attributable to the parent company was 10.301 billion yuan, with a year-over-year increase of 34.9% and a quarter-over-quarter increase of 17.5% [4][8] - The gaming business showed strong growth, with revenue from games and value-added services reaching 28.83 billion yuan, driven by new game launches and a robust strategy of "refinement and longevity" [8][10] - The company is expected to continue focusing on innovation and long-term operations, enhancing the gaming experience for global players [8][10] Financial Performance - Key financial metrics for Q1 2025 include: - Revenue: 28.829 billion yuan (YoY +7.4%, QoQ +7.8%) - Net profit: 10.301 billion yuan (YoY +34.9%, QoQ +17.5%) - Non-GAAP net profit: 11.237 billion yuan (YoY +32%, QoQ +16.1%) - Gross margin: 64.1% (YoY +0.7pct, QoQ +3.3pct) [4][8] - The company’s total market capitalization is approximately 601.54 billion HKD, with a current share price of 190.00 HKD [6][8] Business Segments - **Gaming Business**: Revenue from gaming and value-added services was 28.83 billion yuan, with a gross margin of 68.8%. New games contributed significantly to revenue growth, with titles like "Marvel Duel" and "Yanyun Sixteen Sounds" achieving notable success [8][10] - **Youdao**: Revenue for Q1 2025 was 1.298 billion yuan, a decrease of 6.7% year-over-year. However, operating profit increased significantly, indicating improved financial efficiency [8][10] - **NetEase Cloud Music**: Revenue was 1.858 billion yuan, down 8.4% year-over-year, but cost control measures led to a gross margin of 36.7% [8][10] - **Innovative and Other Businesses**: Revenue decreased by 17.6% year-over-year to 1.624 billion yuan, with a focus on high-quality products and services [8][10] Forecasts - Revenue projections for 2025-2027 are as follows: - 2025: 1140 billion yuan - 2026: 1239 billion yuan - 2027: 1303 billion yuan - Adjusted net profit forecasts are: - 2025: 39 billion yuan - 2026: 43.5 billion yuan - 2027: 46.1 billion yuan [11][12]

报告摘要 点击注册小程序 查看完整报告 特别申明： 事件： 1Q25业绩略超彭博一致预期：实现收入73.6亿元人民币（yoy+8.7%，vs彭博一致预期+7.5%）；实现毛利润 32.4亿元，同比提升17.0%，对应毛利率为44.1%（vs彭博一致预期44.0%），环比提升0.5pct；实现经调整净利 润22.3亿元（yoy+22.8%），实现经调整归母净利润21.2亿元（yoy+24.6%，vs彭博一致预期+14.0%），对应利 润率为28.9%。股东回报方面，公司于25Q1从公开市场以约6450万美元现金回购总计590万股ADS，并已于25 年4月支付2.75亿美金年度现金股利。 1Q25公司音乐订阅业务稳步增长，社交娱乐业务降幅优于预期 在线音乐收入58.0亿元（yoy+15.9%），占总收入比例同比提升6.7pct至78.9%，增长主要得益于订阅和广告收 入的强劲增长，艺人周边及线下演出收入亦贡献一定增量。1）会员订阅收入42.2亿元（yoy+16.6%），音乐 MAU达5.55亿人（yoy-4.0%），期末订阅付费用户数达1.23亿人，同比增长8.3%，环比24Q4期末净增加190万 人，增长主要得 ...