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<Research>CLSA Trims NETEASE MUSIC's TP to HKD235, ARPPU Likely to Resume Growth This Yr
According to a research report released by CLSA, NETEASE MUSIC (09899.HK)'s 2H25 subscription revenue grew by only 11.6% YoY to RMB2.58 billion, below the broker's expectat...
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<Research>CLSA Trims NETEASE MUSIC's TP to HKD235, ARPPU Likely to Resume Growth This Yr
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According to a research report released by CLSA, NETEASE MUSIC (09899.HK)  +1.600 (+1.216%)    Short selling $24.03M; Ratio 91.313%   's 2H25 subscription revenue grew by only 11.6% YoY to RMB2.58 billion, below the broker's expectations.

Despite logging a slower growth rate, NETEASE MUSIC's subscription revenue still led to a 24% YoY increase in core EBIT and a YoY expansion of 3.1 ppts in the profit margin to 16.9%.

Management also remains confident in NETEASE MUSIC's competitiveness, believing that the average revenue per paying user (ARPPU) should resume growth in 2026, supporting further expansion of the profit margin.

CLSA has maintained an Outperform rating on NETEASE MUSIC but cut its target price from HKD275 to HKD235.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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