金吾财讯 | 交银国际研报指，网易云音乐(09899)1季度收入18.6亿元（人民币，下同），同比降8%。毛利率36.7%，同比提升3.7个百分点，较2024年下半年提升4.4个百分点，好于该机构/市场预期。展望2025年，该机构预计在线音乐收入同比增15%，其中会员订阅收入或增16%，仍受会员规模扩张拉动， ARPPU短期或基本持稳，高端会员增加的积极影响或被学生会员占比提升等抵消，长期对标同业及其他内容付费平台仍有较大提升空间。非会员业务收入同比增11%，广告收入受高基数影响增速或放缓。基于快于预期的成本费用端优化，该机构上调2025/26年经调整净利润6%/9%，并基于 SOTP 估值，上调未来12个月目标价至240港元（原 184 港元）。网易云音乐付费墙及ARPPU仍有较大运营空间，看好长期会员收入增长潜力，维持买入评级。
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