华泰证券发表报告指，网易云音乐(09899.HK) 公布2025年报，收入77.59亿元人民币(下同)，按年跌2.4%，略低于市场预期的79亿元；经调整净利润为28.6亿元，按年增长68.2%，剔除一次性所得税影响(7.47亿元)后约21.13亿元，高于市场预期的20亿元。报告指，考虑到公司2026年将加大获客力度，推动付费用户规模增长并带动毛利率改善，同时营运效率有望持续优化，维持“买入”评级。...
Source Link华泰证券发表报告指，网易云音乐(09899.HK) 公布2025年报，收入77.59亿元人民币(下同)，按年跌2.4%，略低于市场预期的79亿元；经调整净利润为28.6亿元，按年增长68.2%，剔除一次性所得税影响(7.47亿元)后约21.13亿元，高于市场预期的20亿元。报告指，考虑到公司2026年将加大获客力度，推动付费用户规模增长并带动毛利率改善，同时营运效率有望持续优化，维持“买入”评级。...
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