CITIC Securities: Raises Netease Music's target price to HK$310.5, maintains "Outperform" rating
![CITIC Securities: Raises Netease Music\'s target price to HK$310.5, maintains \](https://fs-cms.hexun.com/img/2025-08-19/220980422.png "CITIC Securities: Raises Netease Music\'s target price to HK$310.5, maintains \")
CITIC Securities released a research report that raises Netease Music's (09899) target price by 4.5%, from HK$297 to HK$310.5, and maintains the "Outperform" rating.
According to CITIC Securities, Netease Music's 2025 first-half performance shows that the company has executed its "scale-first" strategy steadily, with immense profit potential. Benefiting from prudent marketing, strict content expenditures, and adjusted net profit of RMB11 billion, a year-on-year increase of 25%, exceeding the expectations of CITIC Securities and institutions by 19% and 34%. The company's music subscription revenue increased by 15% year-on-year, mainly due to strong growth in paid users, which was offset by the average revenue per paying user (ARPPU). As a result of improving earnings per share estimates, the target price is raised.