---
title: "CITIC Securities lowers the target price for NETEASE MUSIC to 232 yuan, maintaining a \"Buy\" rating"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/275867915.md"
description: "China Merchants Securities released a research report, lowering the target price for NETEASE MUSIC to RMB 232, maintaining a \"Buy\" rating. The report pointed out that revenue in the second half of 2025 is slightly below expectations by 2%, but due to operational leverage effects and cost control, profit margin expansion exceeded expectations. Online music service revenue increased by 8.3% year-on-year to RMB 3.03 billion, lower than market forecasts. It is expected that revenue will grow by 10% year-on-year in the fiscal years 2026 and 2027, with core operating profit increasing by 15% and 17%"
datetime: "2026-02-13T07:59:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/275867915.md)
  - [en](https://longbridge.com/en/news/275867915.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/275867915.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275867915.md) | [English](https://longbridge.com/en/news/275867915.md)


# CITIC Securities lowers the target price for NETEASE MUSIC to 232 yuan, maintaining a "Buy" rating

Zhaoyin Securities published a research report indicating that NetEase Music (09899.HK) will have revenue in the second half of 2025 slightly below expectations by about 2%, but benefiting from operational leverage and cost control, profit margin expansion is better than expected. During the period, the company's online music service revenue growth slowed, increasing by 8.3% year-on-year to RMB 3.03 billion, which is 4.7% lower than market forecasts. The firm believes that these factors have already been reflected in the stock price, and the company's user growth and profit margin expansion prospects remain solid.

The firm expects that Cloud Music's revenue for the fiscal years 2026 and 2027 will grow by 10% year-on-year, with core operating profit increasing by 15% and 17% year-on-year, driven by differentiated user mind share, growth in paying users, operational leverage, and prudent AI-enabled cost control. The firm also lowered its core net profit forecasts for the period by 9% and 10%, with the target price reduced from RMB 293 to RMB 232, maintaining a "Buy" rating

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