交银国际发表报告指，网易云音乐上半年收入38.3亿元，按年降6%，主要因社交娱乐收入下降，会员订阅收入维持稳健，按年增加15%；毛利率36.4%，按年优化1.4个百分点，符合预期；剔除一次性影响，经调整净利润11亿元，超市场预期。基于好于预期的费用管控，上调网易云音乐2025/2026年剔除一次性影响经调整净利润12%及9%，各至21.7亿及23.9亿元，将估值切换至2026年，考虑行业估值中枢上移，基于28倍市盈率将目标价由240港元上调至339港元，维持“买入”评级。
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