瑞银研究报告指，网易云音乐(09899.HK) 2025年下半年收入逊预期，线上音乐业务收入按年增长8%，较市场预期低4.7%，而盈利则符合预期。该行认为线上音乐业务增长放缓主要因每月每付费用户平均收入(ARPPU)被稀释，反映订阅用户组合转向价格较低的88VIP及学生会员，而订阅用户数量增长则依然健康，该行估算按年增长16%。展望2026年，管理层重申将专注于透过优质及差异化内容，以扩大用户及...
Source Link瑞银研究报告指，网易云音乐(09899.HK) 2025年下半年收入逊预期，线上音乐业务收入按年增长8%，较市场预期低4.7%，而盈利则符合预期。该行认为线上音乐业务增长放缓主要因每月每付费用户平均收入(ARPPU)被稀释，反映订阅用户组合转向价格较低的88VIP及学生会员，而订阅用户数量增长则依然健康，该行估算按年增长16%。展望2026年，管理层重申将专注于透过优质及差异化内容，以扩大用户及...
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