According to a research report published by Yamato, NetEase Cloud Music's newly launched family membership package may have an impact on the average income per user. Since the new family package of 4.5 yuan per user may lower the average income per user, it is expected that the plan will drive an increase in the number of subscribers, but due to changes in the content structure, it is expected that its average revenue per user will still be under pressure this year. Yamato also pointed out that he understands the market's concerns about the competitive pattern of the Chinese online music industry, but believes that NetEase Cloud Music can maintain user growth, and that the user acquisition strategy or low price strategy will last longer than the bank's previous expectations. Yamato lowered NetEase Cloud Music's 2026-2027 earnings forecast by 7% to reflect its lower average revenue per user assumption and higher marketing cost assumption; while reaffirming the “outperforming market” rating, it lowered the 12-month target price from HK$310 to HK$215 because of declining peer valuations and the possibility that the company may increase investment in the short term to withstand more intense competition, so it lowered the target price-earnings ratio for 2026 earnings per share from 27 times to 18 times.

According to a research report published by Yamato, NetEase Cloud Music's newly launched family membership package may have an impact on the average income per user. Since the new family package of 4.5 yuan per user may lower the average income per user, it is expected that the plan will drive an increase in the number of subscribers, but due to changes in the content structure, it is expected that its average revenue per user will still be under pressure this year. Yamato also pointed out that he understands the market's concerns about the competitive pattern of the Chinese online music industry, but believes that NetEase Cloud Music can maintain user growth, and that the user acquisition strategy or low price strategy will last longer than the bank's previous expectations. Yamato lowered NetEase Cloud Music's 2026-2027 earnings forecast by 7% to reflect its lower average revenue per user assumption and higher marketing cost assumption; while reaffirming the “outperforming market” rating, it lowered the 12-month target price from HK$310 to HK$215 because of declining peer valuations and the possibility that the company may increase investment in the short term to withstand more intense competition, so it lowered the target price-earnings ratio for 2026 earnings per share from 27 times to 18 times.