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<Research>HTSC Maintains Buy on NETEASE MUSIC (09899.HK), Cuts Earnings Forecast
Recommend 2 Positive 3 Negative 1 |
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NETEASE MUSIC (09899.HK) released its 2025 annual report, with revenue of RMB7.759 billion, down 2.4% YoY, slightly below the market expectation of RMB7.9 billion, Huatai Securities said in a report. The adjusted net profit was RMB2.86 billion, up 68.2% YoY. After excluding the impact of one-time income tax (RMB747 million), the adjusted net profit was approximately RMB2.113 billion, above the market expectation of RMB2 billion. Considering the company's plan to ramp up customer acquisition in 2026, which was expected to drive growth in the scale of paying users and improve gross margins, along with the continuous optimization of operational efficiency, the broker kept Buy rating. The adjusted net profit forecasts for 2026/ 2027 were lowered by 16% to RMB2.239 billion/ RMB2.52 billion, respectively, and a forecast for 2028 was introduced at RMB2.75 billion. The target price was reduced from HKD360.42 to HKD239.4. AASTOCKS Financial News Website: www.aastocks.com |
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