Core Viewpoint - Tencent Music's Q2 performance was strong, with revenue growth of 17.9% year-on-year to 8.4 billion, exceeding market expectations by 6% [1] - Non-GAAP net profit increased by 33% year-on-year to 2.6 billion, surpassing market expectations by 16%, with a net profit margin expansion of 4 percentage points to 31% [1] Group 1 - The firm maintains a "Buy" rating for Tencent Music, raising the target price from 85 HKD to 105 HKD, based on a projected 2026 price-to-earnings ratio of 26 times, in line with peers [1] - The firm forecasts a 15.7% year-on-year growth in Tencent Music's subscription revenue for 2025, driven by strong pricing power from ongoing content upgrades and increased penetration of Super VIP (SVIP) [1]

午盘，港股恒生指数涨1.88%，报25439.91点，恒生科技指数涨2.35%，报5566.72点，国企指数涨 1.86%，报9082.52点，红筹指数涨0.56%，报4370.56点。 苹果概念延续涨势，鸿腾精密涨超8%。美国总统特朗普宣布计划对半导体进口征收100%关税，但承诺 在美进行大规模投资的企业将可获得豁免。招银国际认为此豁免政策将对以下领域产生积极影响：1） 智能手机/iPad/TWS相关企业，因苹果/三星的豁免将缓解市场对232条款关税的担忧；2）服务器/AI服 务器企业，因服务器组装位于墨西哥（根据USMCA协议）及辉达（NVDA.US）承诺在美投入5,000亿 美元AI基础设施投资，将维持关税豁免。 生物技术股大涨，北海康成涨超34%。北海康成公布，向百洋医药（301015.SZ）发行7497万股新股， 每股作价1.34港元，较停牌前收报折让19.76%，认购事项所得款项净额约9866.18万港元，拟用于商业 化产品的研发；营销及推广活动；偿还贷款融资；及日常营运。完成后，百洋医药将持有公司股本 14.99%，后者已表示其无意于三年内收购公司任何控股股份。 中资券商股普涨，国联民生涨超7% ...

Core Viewpoint - The report from CICC indicates that Tencent Music's non-subscription business has outperformed expectations, leading to an upward revision of Non-IFRS net profit forecasts for 2025 and 2026 by 6.8% and 13.0% to 9.46 billion and 11.21 billion yuan respectively [1] Group 1: Financial Performance - In Q2 2025, Tencent Music reported revenue of 8.44 billion yuan, a year-on-year increase of 17.9%, surpassing CICC's expectation of 8 billion yuan and the consensus estimate of 7.99 billion yuan [2] - The Non-IFRS net profit for Q2 2025 was 2.57 billion yuan, reflecting a 37.4% year-on-year growth, exceeding both CICC's forecast of 2.26 billion yuan and the consensus estimate of 2.27 billion yuan [2] - The gross margin for Q2 2025 increased by 0.3 percentage points to 44.4%, while sales and management expenses remained relatively stable [4] Group 2: Revenue Breakdown - Online music revenue in Q2 2025 reached 6.85 billion yuan, a 26.4% year-on-year increase, with subscription revenue growing by 17% to 4.38 billion yuan and the number of paying users increasing by 1.5 million to 124 million [3] - The non-subscription business saw a remarkable growth of 47% year-on-year, generating 2.47 billion yuan, driven by advertising, concerts, and artist-related merchandise [3] - Social entertainment revenue for Q2 2025 was 1.59 billion yuan, with expectations for stabilization in Q3 and Q4 2025 [3] Group 3: Strategic Initiatives - The company is enhancing its upstream and user platform capabilities through a "one body, two wings" strategy, deepening collaborations with record labels to enrich content offerings [5] - Tencent Music is hosting concerts for top Korean artists and planning to invite popular Chinese artists to engage users, which is expected to drive SVIP conversion [5] - The potential acquisition of Ximalaya is anticipated to create significant collaboration opportunities in subscription and advertising, further solidifying the company's market position [5]

Group 1: Market Overview - The Hang Seng Index rose by 1.88%, gaining 470 points to close at 25,439 points, while the Hang Seng Tech Index increased by 2.35% [1] - The early trading volume in the Hong Kong stock market reached HKD 143.8 billion [1] Group 2: Biotechnology Sector - The Hang Seng Biotechnology Index surged by 3.77%, driven by a collective rise in pharmaceutical stocks following the debut of the "dual directory" for drug applications [1] - Zhonghui Biotech-B (02627) saw a significant increase of 24%, while Jiuyuan Gene (02566) rose by 8.99%, and Kintor Pharmaceutical (09939) increased by 5.7% [1] - Innovent Biologics (01801) experienced a rise of 7.27%, and He Yu-B (02256) reached a new high with a 7.38% increase, reporting a 59% year-on-year growth in net profit for the first half of the year [1] Group 3: Pharmaceutical Developments - Daqi Pharmaceutical-B (06996) rose over 15% as Claudin 18.2 ADC was proposed for inclusion as a breakthrough therapy [2] Group 4: Technology Sector - Tencent's subsidiaries reported generally better-than-expected earnings, with Tencent Music-SW (01698) rising by 15%, and Reading Group (00772) also increasing by over 15% [2] - Weimeng Group (02013) saw an increase of over 7% [2] Group 5: Industrial and Manufacturing Sector - Chongqing Machinery (02722) rose by 8.9%, with an expected 50% year-on-year growth in net profit due to rapid growth in AIDC engine demand [3] - Zhongyan Hong Kong (06055) increased by over 7%, maintaining its position in the domestic cigarette export tax-free business, with earnings to be announced next Friday [3] Group 6: Technology and Electronics - Qiu Tai Technology (01478) rose by over 8%, reporting a 167% year-on-year increase in net profit for the first half of the year, leading to target price upgrades from multiple institutions [4] - Hong Teng Precision (06088) increased by over 9% post-earnings, with a cumulative rise of over 60% in the month, reporting an 11% revenue growth but a 3% decline in net profit [5] - Minmetals Resources (01208) rose by over 9% after reporting a 15-fold increase in net profit for the first half of the year and lowering cost guidance for its mines [6] Group 7: Performance Review - 361 Degrees (01361) fell by over 10% post-earnings, with institutions stating that the first half performance met expectations, but net profit growth was slightly lower than revenue growth [7]

Group 1 - Kangji Medical (09997) resumed trading with a nearly 1% increase, announcing a privatization agreement with Knight Bidco Limited, which will make Kangji a wholly-owned subsidiary and delist from the Hong Kong Stock Exchange after completion [1] - Tencent Music (01698) opened high with over a 15% increase, reporting a 30% year-on-year increase in adjusted net profit for Q2 ending June 30, 2025, driven by high-quality growth in its online music business [1] - Mingyuan Cloud (00909) opened over 2% higher, announcing a cash acquisition of 100% equity in ASIOT Co., Ltd. for 700 million yen by its subsidiary MytePro Japan [1] Group 2 - Yuedu Group (00772) surged over 15%, reporting a 68.5% year-on-year increase in net profit for the first half of the year, with strong performance in IP for premium films and animations, and significant growth in the emerging short drama sector [2] - Minmetals Resources (01208) rose over 9%, with net profit increasing 15 times year-on-year, attributed to higher copper production and rising prices of copper, gold, silver, and zinc [2] - Beihai Kangcheng-B (01228) increased over 31%, announcing a strategic cooperation agreement with Baiyang Pharmaceutical for exclusive commercial services in promoting several products in mainland China, Hong Kong, and Macau [2] Group 3 - Zhonghui Biotech-B (02627) surged over 25%, as its vaccine product was included in the preliminary review list of the national commercial health insurance innovative drug catalog [2] - Gilead Sciences-B (01672) rose over 5%, announcing promising efficacy results for its candidate drug ASC47 in combination with teriparatide for obesity treatment in diet-induced obesity mouse studies [3] - Dongying Travel (06882) fell over 9%, issuing a profit warning with expected net profit of approximately 6 million HKD for the first half of 2025, down about 82% from 34 million HKD in the same period last year [3] Group 4 - Kodak (KODK.US) dropped 19.91% after reporting a shift from profit to loss in Q2, raising concerns about its ability to execute critical financing measures [4] - Niu Technologies (NIU.US) rose 11.69%, reporting a turnaround to profitability in Q2 and projecting Q3 revenue between 1.433 billion to 1.638 billion CNY, a year-on-year increase of 40% to 60% [4] - Huya (HUYA.US) increased by 4.53%, preparing to release its financial report, with a strong growth trajectory in gaming-related services [4] Group 5 - ON Running (ONON.US) rose 8.95%, reporting a 32% year-on-year increase in Q2 sales and projecting annual net sales of at least 2.91 billion Swiss francs, exceeding previous expectations [6] - Micron Technology (MU.US) increased by 3.26%, significantly raising its Q4 fiscal year 2025 revenue guidance to between 11.1 billion to 11.3 billion USD, with gross margin guidance improved to 44% to 45% [6]

(责任编辑：宋政 HN002) | 恒生指数 | | 25430.69 | +461.01 | +1.85% | | --- | --- | --- | --- | --- | | 800000 | 3 | | | | | 国企指数 | | 9081.34 | +164.49 | +1.84% | | 800100 | W | | | | | 恒生科技指数 | | 5563.91 | +124.75 | +2.29% | | 800700 | no | | | | 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月13日｜港股持续拉升，恒生科技指数涨幅扩大至超2%，恒指、国指均涨超1.8%。腾讯音乐涨 超15%，哔哩哔哩涨超5%，阿里巴巴涨超4%。 ...

Core Viewpoint - The report from CICC indicates that Tencent Music's non-subscription business has exceeded expectations, leading to an upward revision of Non-IFRS net profit forecasts for 2025 and 2026 by 6.8% and 13.0% to 9.46 billion and 11.21 billion yuan respectively [1] Financial Performance - In Q2 2025, Tencent Music reported revenue of 8.44 billion yuan, a year-on-year increase of 17.9%, surpassing both CICC's expectation of 8 billion yuan and the consensus estimate of 7.99 billion yuan [2] - The Non-IFRS net profit for Q2 2025 was 2.57 billion yuan, reflecting a 37.4% year-on-year growth, also exceeding CICC's forecast of 2.26 billion yuan and the consensus estimate of 2.27 billion yuan [2] Revenue Breakdown - Online music revenue in Q2 2025 reached 6.85 billion yuan, up 26.4% year-on-year [3] - Subscription revenue increased by 17% to 4.38 billion yuan, with paid user count rising by 1.5 million to 124 million and ARPPU increasing by 9.3% to 11.7 yuan/month [3] - Non-subscription revenue grew by 47% to 2.47 billion yuan, driven by advertising, concerts, and artist-related products, with an expected annual growth of 30% [3] - Social entertainment revenue for Q2 2025 was 1.59 billion yuan, with expectations for stabilization in Q3 and Q4 2025 [3] Profitability and Cost Management - The gross margin for Q2 2025 improved by 0.3 percentage points to 44.4%, while sales and management expenses remained relatively stable [4] - Effective cost control is anticipated to support continued healthy growth in Non-IFRS net profit for 2025 [4] Strategic Initiatives - The company is enhancing its upstream and user platform capabilities, focusing on a "one body, two wings" strategy to deepen collaborations with record labels and enrich content offerings [5] - Initiatives include hosting concerts for top Korean artists and introducing interactive community features on QQ Music, which allow users to engage with popular artists [5] - The company is also exploring potential synergies with a possible acquisition of Ximalaya, which could enhance subscription and advertising opportunities [5]

Investment Rating - The report maintains a "Buy" rating for Tencent Music Entertainment Group (TME) [5][7] Core Views - TME's Q2 2025 performance exceeded expectations with revenues of 8.44 billion RMB, a year-on-year increase of 17.9%, and adjusted net profit of 2.64 billion RMB, up 33% year-on-year, driven by the rapid growth of super members and strong performance in non-subscription businesses [1][2] - The company is expanding its content advantages in K-POP and film and television variety shows, and plans to acquire 100% of Ximalaya, which is expected to enhance its content ecosystem and support long-term growth [1][3] - TME's gross margin improved to 44.4% in Q2 2025, with expectations of continued upward trends in long-term profitability despite potential seasonal fluctuations in gross margin due to changes in revenue structure [4][5] Summary by Sections Financial Performance - In Q2 2025, online music revenue grew by 26.4% to 6.85 billion RMB, with subscription revenue increasing by 17.1% to 4.38 billion RMB and non-subscription revenue rising by 46.9% [2] - The number of paid users reached 124.4 million, with ARPPU slightly increasing to 11.7 RMB [2] Strategic Developments - TME acquired approximately 9.66% of SM Entertainment, becoming its second-largest shareholder, which is expected to strengthen TME's position in the K-POP market [3] - The planned acquisition of Ximalaya is anticipated to enhance user engagement and conversion rates, solidifying TME's leading position in the online music and audio market [3] Profitability Outlook - The report projects adjusted net profit for 2025-2027 to be 9.46 billion RMB, 10.61 billion RMB, and 12.22 billion RMB respectively, reflecting increases of 6.5%, 4.1%, and 9.5% [5][11] - The target price is set at 29.30 USD or 117.49 HKD, based on a 35x PE ratio for 2025 [5][11]

编辑 王进雨 2025年第二季度，腾讯音乐季度总收入为84.4亿元，同比增长17.9%，调整后净利润为26.4亿元，同比 增长33.0%。其中，在线音乐业务保持良好发展势头，持续驱动腾讯音乐高质量增长。第二季度在线音 乐服务收入同比增长26.4%至68.5亿元，在线音乐付费用户数同比增长6.3%至1.244亿，单个付费用户月 均收入从2024年同期的10.7元增长至11.7元。 新京报贝壳财经讯 8月12日，腾讯音乐发布截至2025年6月30日止第二季度未经审计财务业绩。 ...

腾讯音乐2025年中报显示业绩持续增长，但流动性指标出现下滑趋势。公司2025年上半年总营业额达到 157.98亿元，股东应占溢利为67.00亿元，同比增长0.84%。毛利率提升至44.25%，较2024年的42.34%有 所改善，显示出公司在成本控制和盈利能力方面的持续优化。 公司管理层在业绩回顾中表示，坚定践行高质量增长策略，本季度继续取得亮眼的业绩表现，其中收入 增长强劲，盈利保持稳健。依托于坚实的业务基础、日益丰富多元的音乐生态以及健康的财务状况，公 司有信心从容应对国际局势的不确定性。 财务指标显示增长放缓但盈利稳健 从主要财务数据来看，腾讯音乐2025年中报总营业额157.98亿元，相比2024年全年284.01亿元的营收规 模，上半年业绩表现基本符合预期。每股营业额为5.10元，每股营业利润达到2.52元，显示出较为稳定 的盈利水平。 资产负债表数据显示，腾讯音乐的财务结构继续保持稳健态势。2025年中报总资产达到1078.73亿元， 较2024年底的904.44亿元增长19.3%。其中，投资项目大幅增加至364.21亿元，相比2024年底的194.76亿 元几乎翻倍，反映出公司在战略投资方面的 ...