智通财经APP获悉，网易云音乐(09899)涨超5%，高见211.2港元创上市新高。截至发稿，涨5.68%，报210.2港元，成交额2.23亿港元。
消息面上，网易云音乐今年一季度净收入为18.58亿元人民币；毛利润6.83亿元，对应毛利率为36.7%。据光大证券计算，由于24Q1某些版权费用的一次性调整增加了约5个百分点的毛利率，剔除该影响后24Q1真实毛利润约为6.7亿元，对应真实毛利率约33.0%；因此25Q1真实毛利润同比增长约2.0%，真实毛利率同比提升约3.7pct。公司版权内容采购高度重视ROI，经营杠杆释放带来毛利率持续提升。
中信证券此前指出，网易云音乐是中国领先的在线音乐平台，拥有强互动、年轻化的音乐社区生态。该行认为随着竞争格局改善、用户付费意愿提高和价值链重塑，在线音乐行业已进入良性增长阶段。网易云音乐通过社区生态和分发机制打造差异化体验，并通过版权回归计划和独立音乐人生态补齐内容差距，商业化变现效率加速提升，有望带动业绩持续增长。
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