智通财经APP获悉，网易云音乐(09899)涨超5%，截至发稿，涨5.12%，报291.8港元，成交额1.2亿港元。
消息面上，近期，网易云音乐发布2025年上半年业绩。招商证券国际表示，网易云音乐上半年业绩超预期，在线音乐服务收入达29.7亿元人民币，同比增长16%(符合预期)，占总收入的78%。毛利率同比提升1.4个百分点至36.4%，超出市场预期的34.1%。核心营业利润同比增长35%至9.05亿元人民币，较市场预期高出40%，期末净现金储备为124亿元人民币。展望未来，该行预计2025年下半年在线音乐业务以17%的同比增速，推动集团总收入实现同比正增长。
华泰证券指出，对比海外同业，国内音乐平台的长期优质资产属性尚未被充分定价。从成长性来看，国内音乐平台付费率随用户年龄结构优化仍有上行空间，粉丝经济玩法有望激活高粘性核心用户付费潜力。从盈利能力来看，国内流媒体平台持续加深上下游布局，盈利天花板优于海外平台。从估值看，当前估值相比海外同业仍具性价比。
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