网易云音乐（09899）今日盘中股价大幅下挫5.85%，市场波动显著。
消息面上，公司于前一交易日盘后发布了2025年度业绩公告。财报显示，网易云音乐2025年实现营收约77.6亿元，同比微降2.4%。尽管经调整净利润同比激增68.2%至约28.6亿元，营业利润也同比增长38.5%，但营收的小幅下滑引发了部分投资者的担忧。分析指出，营收下降主要源于公司战略调整，主动收缩了社交娱乐服务等非核心业务的投入，转而更聚焦于在线音乐服务等核心板块。
与此同时，公司在成本控制与效率提升方面取得进展，通过优化版权采购策略、深化AI技术应用（如“AI写歌”功能、智能推荐模型）以及拓展多终端场景，提升了盈利质量与用户粘性。然而，在行业存量竞争加剧的背景下，市场对其营收增长放缓的短期表现作出了反应。
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