CMB International: Maintains "buy" rating on NETEASE MUSIC (09899) and raises target price to HK$202.5.

11:03 25/02/2025

Net profit increased by 108% year-on-year to 1.7 billion yuan, exceeding expectations by 20%, mainly due to the improvement in profitability of online music business and effective cost control.

Zhaojin International released a research report, maintaining a "buy" rating on NetEase Music (09899) with a target price raised from HK$115 to HK$202.5. Based on rigorous cost control and robust gross margin expansion, the bank raised the company's 2025 to 2026 profit forecast by 8% to 13%. Zhaojin International pointed out that Cloud Music announced its 2024 fiscal year performance, with revenue growing by 1% year-on-year to RMB 7.95 billion, in line with market expectations. Adjusted net profit increased by 108% year-on-year to RMB 1.7 billion, exceeding the consensus forecast by 20%, mainly due to the improved profitability of the online music business and effective cost control. Looking ahead to the 2025 fiscal year, the company will continue to focus on improving user experience to unlock long-term growth opportunities.

ABBISKO-B(02256): FGFR2/3 inhibitor ABSK061 has been granted orphan drug designation by the FDA for the treatment of achondroplasia.

BLACK SESAME(02533): The parties to the agreement have mutually agreed to terminate the distribution agreement.

Konfoong Materials International (300666.SZ) has received approval from the Shenzhen Stock Exchange for the issuance of stocks to specific entities.

ABBISKO-B(02256): FGFR2/3 inhibitor ABSK061 has been granted orphan drug designation by the FDA for the treatment of achondroplasia.

BLACK SESAME(02533): The parties to the agreement have mutually agreed to terminate the distribution agreement.

Konfoong Materials International (300666.SZ) has received approval from the Shenzhen Stock Exchange for the issuance of stocks to specific entities.