腾讯音乐、网易云音乐股价翻倍的底层逻辑

证券市场周刊
Aug 27, 2025

腾讯音乐、网易云音乐业绩、股价齐升,前者通过丰富超级会员权益,实现付费用户数量、单个付费用户月均收入的双增长,后者则通过成本优化与社区化运营推动在线音乐业务增长。国内音乐双雄交出亮眼成绩单,2025年上半年,腾讯音乐实现营业收入157.98亿元,净利润为68.55亿元;网易云音乐营业收入38.27亿元,净利润18.82亿元。前者创下公司历史最高半年报业绩,后者收入未达到历史最佳,但盈利能力已处于...

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