2026-02-24-中银国际-网易云音乐（09899）_2H25业绩大致符合预期_坚定执行的核心音乐策略_3页_729kb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Michael MENG (852)39886433 michael.meng@bocigroup.com Index Performance Last close % 1D % YTD HSI 27,082 2.5 5.7 HSCEI 9,197 2.7 3.2 HSCCI 4,467 1.9 11.2 MSCI HK 15,066 (0.2) 10.1 MSCI CHINA 85 2.3 2.1 FTSE CHINA A50 14,745 (1.3) (3.7) CSI 300 4,660 (1.3) 0.7 TWSE 33,773 0.5 16.6 SENSEX 82,815 0.4 (2.8) NIKKEI 225 56,826 (1.1) 12.9 KOSPI 5,846 0.6 38.7 ASX 200 9,004 0.3 3.8 DJIA 48,804 (1.7) 1.5 S&P 500 6,838 (1.0) (0.1) FTSE 100 10,685 (0.0) 7.6 * US data as of 23 Feb 2026 Commodity Price Performance Last close % 1D %YTD Brent Crude (US$/bbl) 71 (0.4) 18.2 Gold (US$/oz) 5,227 2.3 21.0 Copper (US$/t) 12,964 1.2 4.4 Aluminum (US$/t) 3,079 1.3 3.7 Nickel (US$/t) 17,144 0.4 3.9 CH domestic steel rebar 25 (RMB/t) 3,219 (0.1) (0.7) CH domestic high speed wire (RMB/t) 3,639 0.0 (1.4) CH domestic hot rolled steel (RMB/t) 3,255 0.0 (0.5) CH domestic cold rolled steel (RMB/t) 3,744 (0.0) (1.6) BDI (index) 2,019 0.0 7.6 * US data as of 23 Feb 2026 Key Macro and Earnings Releases Con-sensus Last actual PPI Final Demand YoY (US) 27/2 2.6 3.0 Retail Sales Advance MoM (US) 2/3 -- 0.0 S&P Global US Manufacturing PMI (US) 2/3 -- 51.2 RatingDog China PMI Mfg (CH) 2/3 -- 50.3 ISM Manufacturing (US) 2/3 51.8 52.6 RatingDog China PMI Services (CH) 4/3 -- 52.3 ISM Services Index (US) 4/3 53.9 53.8 S&P Global US Services PMI (US) 4/3 -- 52.3 ADP Employment Change (US) 4/3 43.0 22.0 Manufacturing PMI (CH) 4/3 -- 49.3 Non-manufacturing PMI (CH) 4/3 -- 49.4 Key BOCI Events Corp Access Date Xinyi Energy (1x, Group Lunch) 3868.HK HK 2 Mar MMG (1x1) 1208.HK HK 5 Mar BOC Aviation (1x1) 2588.HK HK 23 Mar CIMC Enric (Group Call at 2pm) 3899.HK 25 Mar Please register with your BOCI sales rep. # MORNING INSIGHTS # NetEase Cloud Music - BUY (9899 HK/HK$156.60; TP: HK$200.00) # Raphael Chen, CFA/Dolores Tang Target Price Change | TMT (i) 2H25 $1\%$ YoY topline missed consensus by $1\%$ , driven by $8\%$ YoY online music (facilitated by $+12\%$ YoY core music subs revenue) being offset by $-17\%$ YoY social entertainment. $23.2\%$ adj. NPM met streets' expectation. (ii) We deem Co. is committed to executing their core music content, product and monetisation strategies for their differentiated young generation music lovers empowered by accelerated AI adoptions especially on content and algorithm. (iii) Despite intensified domestic music competition, we remain optimistic on Co. to progressively extract long-term value of their differentiated engaged young music enthusiasts. Maintain $\text{BUY}$ with new TP of HK$200.0. # 网易云音乐-2H25业绩大致符合预期；坚定执行的核心音乐策略(买入）*9899.HK # 陈逸群/唐雨欣 (i)2H25总收入同比微增 $1\%$ ，略低于市场预期 $1\%$ 。其中在线音乐收入同比增长 $8\%$ ，由同比增长 $12\%$ 的核心音乐会员收入贡献，社交娱乐业务收入同比下降 $17\%$ □ $23.2\%$ 的经调整净利润率符合市场预期。 (ii) 我们认为公司将会基于其差异化的年轻音乐热爱者持续坚定执行其核心音乐内容，产品功能及商业化策略，同时在核心生态内尤其是内容及算法上加速应用AI技术。 (iii) 尽管国内音乐市场由于汽水音乐的进入而竞争加剧，我们目前仍对公司在中长期逐渐挖掘其核心强粘性的年轻音乐用户的进程表示乐观。维持买入评级，新目标价为200.0港元。 # Certifications and Important Disclosure All views expressed in this material reflect the personal views of each analyst about any and all of the subject securities or issuers. In addition, no part of the analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this material. 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