大行评级丨瑞银：网易云音乐去年下半年核心音乐业务趋弱，仍予“买入”评级

格隆汇02-12

格隆汇2月12日｜瑞银发表研报指，网易云音乐2025年下半年收入按年增长1.4%至39.32亿元，分别较该行及市场预期低4%及2.3%。毛利13.77亿元，毛利率35%，均较该行及市场预期低。非公认会计准则经营利润8.28亿元，较该行预期高1.9%，因成本控制严格。细分方面，网易云音乐的在线音乐业务收入按年升8%至30.27亿元，较该行及市场预期低6%及4.7%。该行预期市场对网易云音乐的核心音乐...

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