Core Viewpoint - The report from CICC maintains the Non-IFRS net profit forecast for NetEase Cloud Music (09899) for 2026/27, with a target price of HKD 224, indicating a 22% upside from the current price [2][7]. Financial Performance - For 2025, the company reported revenues of CNY 7.759 billion, aligning closely with CICC's expectation of CNY 7.807 billion, and a Non-IFRS net profit of CNY 2.860 billion, which is also in line with expectations [8]. - Online music revenue for 2025 reached CNY 5.994 billion, reflecting a 12% year-on-year increase, with subscription revenue growing by 13.3% and non-subscription revenue by 5.2% [8]. - The gross margin for 2025 improved to 35.7%, up by 2 percentage points year-on-year, while sales, management, and R&D expenses decreased [4][8]. Business Segments - The social entertainment and other revenue for 2025 was CNY 1.765 billion, down 32% year-on-year due to a cautious operational strategy, although there was a slight quarter-on-quarter increase in the second half of 2025 [3][8]. - The company aims to expand its paid user base in 2026, with expectations for a 10.8% year-on-year growth in online music revenue, and a 12.1% increase in subscription revenue [8]. Industry Outlook - The industry is experiencing concerns regarding stability, but NetEase Cloud Music's user base remains relatively stable compared to competitors [5][10]. - The company has launched its self-developed AI recommendation model, Climber, and is focusing on user experience and continuous innovation to maintain a differentiated position in the market [10].

机构：光大证券 研究员：付天姿/杨朋沛 事件：公司发布2025 年业绩公告，实现收入77.59 亿元人民币（yoy-2.4%，vs彭博一致预测79.13 亿 元）；实现毛利润 27.70 亿元，同比增长3.3%，对应毛利率35.7%，略低于彭博一致预期的36.4%；公司 实现营业利润16.22 亿元，同比提升38.5%，主要系销售费用收缩所致；实现经调整归母净利润28.60 亿 元，同比大幅提升68.2%，主要系确认递延所得税抵免7.47 亿元，因全资子公司产生的累计税项亏损确 认递延税项资产而导致，剔除该影响后，25 年实现经调整归母净利润约21 亿元。 1）版权与原创内容双轮驱动：公司持续深化与国内外版权方的合作，2025 年引入RBW、StarShip、 Shofar Music 等K-POP 厂牌资源，补充日韩及粉丝向内容矩阵，同时丰富华语热门曲库及影视原声 公司持续加强费用管控。25 年销售费用同比下降33.2%至4.09 亿元，主要系推广及广告投放更趋审慎， 强调投放效率与转化效果；管理费用同比下降4.4%，得益于日常行政开支控制；研发费用同比下降 2.3%，主要由于技术资源利用率提升、研发投入结 ...