NetEase Cloud Music SEHK 9899 Margin Jump To 35.4% Tests Cautious Growth Narratives

Simply Wall St.

02/13

NetEase Cloud Music (SEHK:9899) just posted its FY 2025 numbers, with second half revenue at C$3,932 million and basic EPS of C$4.08, capping a trailing twelve month EPS of C$13.02 on C$7.8 billion of...

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Over the past few reporting periods the business has seen revenue move from C$3,880 million in 2H 2024 to C$3,827 million in 1H 2025 and C$3,932 million in 2H 2025, while basic EPS shifted from C$3.60 to C$8.96 and then to C$4.08...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","BK4501":"段永平概念","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0359201612.USD":"贝莱德中国基金A2","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0228659784.USD":"施罗德金砖四国基金","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","BK4503":"景林资产持仓","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","IE0008368742.USD":"首域中国增长基金I Acc","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","09999":"网易-S","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","BK4505":"高瓴资本持仓","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","09899":"网易云音乐","NTES":"网易","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4588":"碎股","SG9999014674.SGD":"Nikko AM All China Equity A SGD","BK4548":"巴美列捷福持仓","LU0231459107.USD":"abrdn SICAV I - ASIAN SMALLER COMPANIES \"A\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","BK1615":"港股-互联网"},"translate_title":"网易云音乐SEHK 9899利润率跃升至35.4%考验谨慎的增长叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09899":0.9,"NTES":1.5,"09999":1.5},"content_text":"NetEase Cloud Music (SEHK:9899) just posted its FY 2025 numbers, with second half revenue at C$3,932 million and basic EPS of C$4.08, capping a trailing twelve month EPS of C$13.02 on C$7.8 billion of revenue and C$2,748 million of net income from core operations. Over the past few reporting periods the business has seen revenue move from C$3,880 million in 2H 2024 to C$3,827 million in 1H 2025 and C$3,932 million in 2H 2025, while basic EPS shifted from C$3.60 to C$8.96 and then to C$4.08. Together, these figures frame a story where widening trailing margins and higher profits are front and center for investors assessing these results. See our full analysis for NetEase Cloud Music. With the headline numbers on the table, the next step is to set them against the widely followed narratives around NetEase Cloud Music to see which stories the latest margins support and which ones the fresh data calls into question. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:9899 Revenue & Expenses Breakdown as at Feb 2026 AdvertisementMargins Climb to 35.4% on C$7.8b Revenue  On a trailing 12 month basis, NetEase Cloud Music generated C$7.8b of revenue and C$2,748 million of net income from core operations, which works out to a 35.4% net profit margin compared with 19.6% a year earlier. What stands out for the more bullish narrative is how this 35.4% margin and 76% trailing earnings growth sit alongside semi annual net income of C$751.7 million, C$1,885.5 million and C$862.7 million. This shows profits holding up across different halves even as individual periods move around.  To see how other investors connect these margin shifts to long term stories for the stock, have a look at the 📊 Read the full NetEase Cloud Music Consensus Narrative. Earnings Growth Outruns Revenue at 76%  Across the last 12 months, revenue growth was 8.3% while earnings increased 76% and five year annualized earnings growth averaged 73.6% per year, so profit growth ran far ahead of the top line. Supporters of a bullish stance often point to this gap, arguing that strong earnings growth on 8.3% revenue growth reflects better economics. Yet the data also show semi annual EPS moving from C$3.60 to C$8.96 and then to C$4.08, which reminds you that short term swings in per share profit can be quite pronounced even when the longer term trend looks strong.  P/E of 11.4x and DCF Fair Value Gap  The shares trade on a trailing P/E of 11.4x, below the peer average of 46.8x and the Hong Kong Entertainment industry average of 14.2x. The current price of C$162.80 sits about 39.3% below a C$268.36 DCF fair value in the provided data. Investors taking a more cautious or bearish angle highlight that forward earnings are only forecast to grow 0.7% per year compared with a 12.3% market forecast. While the 11.4x P/E and discount to DCF fair value might appeal, the relatively modest expected profit growth can lead some to question how much re rating potential is implied by these valuation gaps.   Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on NetEase Cloud Music's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. See What Else Is Out There While margins and trailing earnings look strong, the 0.7% forecast earnings growth versus the 12.3% market forecast raises questions about future upside potential. If that limited growth outlook has you hesitating, you can quickly line up alternatives with 231 high quality undervalued stocks that balance attractive pricing with stronger growth profiles and act before opportunities move on.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if NetEase Cloud Music might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}