Core Viewpoint - Barclays Bank released an extremely optimistic report, labeling Tencent Music's (TME) latest financial results as "all-around perfect" [1] Financial Performance - Tencent Music achieved revenue of 8.442 billion RMB in Q2 2025, a year-on-year increase of 17.9%, surpassing Barclays' expectations by 6.0% [2] - Online music service revenue reached 6.854 billion RMB, growing 26.4% year-on-year, exceeding expectations by 6.8% [2] - Non-subscription online music revenue showed strong performance, exceeding expectations by 19%, accounting for 30% of online music revenue [3] User Growth and Engagement - The number of Super VIP (SVIP) members surpassed 15 million, indicating a clear and sustainable growth strategy [4] - User engagement metrics are at an all-time high, with SVIP users spending nearly 100 minutes daily on the platform [4] Profitability and Business Model - Tencent Music's unique business model allows it to avoid reliance on discounts or marketing expenses for competition [5] - Advertising revenue grew over 30%, with other income sources, including offline concerts and artist merchandise, doubling [6] - The adjusted net profit margin for Q2 2025 exceeded 30%, reaching 31.3%, up from 26% in the same period of 2024 [7] Valuation and Market Position - Barclays raised the target price for Tencent Music from $16 to $27, reflecting a 69% increase [1] - The new target price implies a projected P/E ratio of 28 times for the fiscal year 2027, making it one of the highest-valued Chinese stocks [7] - Compared to global music streaming giant Spotify's projected P/E ratio of about 40 times, Tencent Music remains relatively undervalued [7]

Group 1 - The core viewpoint of the articles highlights the strong performance of Tencent Music's Q2 2025 earnings, with total revenue increasing by 17.9% year-on-year to 8.44 billion yuan and adjusted net profit rising by 33% to 2.64 billion yuan [1][2] - Tencent Music's online music service revenue grew by 26.4% to 6.85 billion yuan, with the number of paid users increasing by 6.3% to 124.4 million, and the average monthly revenue per paid user rising from 10.7 yuan to 11.7 yuan [1] - Citigroup noted that Tencent Music's total revenue and adjusted net profit exceeded market expectations by 5.5% and 5.7%, respectively, driven by a 17% increase in subscription revenue and a 47% increase in non-subscription online music revenue [2] Group 2 - The article mentions that southbound capital has seen a net inflow of over 910 billion HKD this year, primarily flowing into core assets in AI and new consumption sectors, indicating a trend towards emerging industries [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with companies like Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD expected to become the "seven giants" of Chinese tech stocks [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

南向资金年内净流入超9100亿港元，主要流向人工智能和新消费等核心资产。AI、新消费这两大赛道 体现出新兴产业的发展趋势和一定的稀缺性，有望进一步吸引资金加码，助推港股行情持续向好。公开 信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股深度 聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪（002594）等有望成为 中国科技股"七巨头"。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI 核心资产。（场外联接A/C：013402/013403）。 港股市场即将迎来中期业绩预告密集披露期。8月12日，腾讯音乐公布最新业绩，二季度总收入增长 17.9%，调整后净利润增长33%，超市场预期，13日开盘后一度涨超17%。据此前披露，腾讯控股将在8 月13日公布中报，网易和京东集团计划于8月14日公布中报。 中泰国际指出，市场风险偏好持续走强，推动大盘高位震荡。7月中国出口韧性超预期，进口同比增速 创一年多新高，下游物价温和修复，上游降价压力仍存，基本面整体延续温和改善，叠加市场预期政策 聚焦结构性发力，港股整体仍有上升 ...

（文章来源：每日经济新闻） 花旗点评称，腾讯音乐公布了好于预期的2025年第二季度业绩，总收入和调整后净利润分别比该机构/ 市场普遍预期高出5.5%/5.7%和18%/16%，这归因于订阅收入/非订阅在线音乐收入分别增长17%/47%， 抵消了社交娱乐收入同比8.5%的下降。更强的非订阅音乐收入增长得益于稳健的在线广告收入增长以 及商品销售和线下演唱会的强劲增长。展望2025年下半年，随着TME继续推动订阅收入的高质量增 长，粉丝经济、演唱会和广告收入的增长势头将支持比此前预期更快的全年增长。 南向资金年内净流入超9100亿港元，主要流向人工智能和新消费等核心资产。AI、新消费这两大赛道 体现出新兴产业的发展趋势和一定的稀缺性，有望进一步吸引资金加码，助推港股行情持续向好。公开 信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股深度 聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪等有望成为中国科技 股"七巨头"。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资 产。（场外联接A/C：013402/013 ...

Summary of Tencent Music Entertainment Group (TME) Earnings Review Company Overview - **Company**: Tencent Music Entertainment Group (TME) - **Market Cap**: $39.5 billion - **Enterprise Value**: $34.5 billion - **Industry**: Music Streaming and Entertainment in China Key Financial Highlights - **2Q25 Performance**: Revenue and profit exceeded expectations, prompting a revision of profit estimates for FY25-27 upwards by 6-7% [1] - **Revenue Growth**: Expected 21% growth in music service revenue and 24% growth in net profit for FY25 [1] - **Revenue Forecasts**: - FY25: Rmb 32,309.7 million (up 2.4% from previous estimates) - FY26: Rmb 36,367.8 million (up 4.6%) - FY27: Rmb 40,429.3 million (up 5.3%) [21] Core Business Insights - **Diversification of Revenue Streams**: TME is expanding beyond streaming and subscriptions into non-subscription revenue sources such as advertising, concert sponsorship, and fan economy initiatives [1][18] - **SVIP Membership Growth**: SVIP membership reached over 15 million, with expectations to grow to 25.9 million by 2027, increasing penetration from 13% to 19% of total paying members [11][24] - **Non-Subscription Revenue Growth**: Non-subscription music revenue grew by over 46% year-on-year, driven by a 30% increase in advertising and a doubling of fan merchandising and concert sponsorship revenue [11][18] Financial Metrics and Ratios - **Earnings Per Share (EPS)**: - FY25: Rmb 6.15 (up from Rmb 5.77) - FY26: Rmb 7.19 (up from Rmb 6.75) - FY27: Rmb 8.13 (up from Rmb 7.64) [5] - **Profit Margins**: Expected to sustain margin expansion towards low 30% operating profit margin (OPM) and net profit margin (NPM) [18] - **Valuation**: Target price raised to $27 (from $21) and HK$106 (from HK$82) reflecting improved growth prospects [19] Growth Projections - **3Q25 Expectations**: - 17% year-on-year group revenue growth - 23% year-on-year online music revenue growth - Gross profit of Rmb 3.6 billion with a gross profit margin of 43.9% [20] - **Long-Term Outlook**: Non-subscription business expected to outpace subscription revenue growth over the next 2-3 years [11][18] Risks and Challenges - **Key Risks**: - Potential derailment from the current growth trajectory - Higher-than-expected content pricing from label companies - Inability to maintain market dominance and subscription growth - Slower-than-expected expansion of non-subscription services [22] Conclusion - **Investment Recommendation**: Reiterated "Buy" rating based on strong performance, diversified revenue streams, and positive growth outlook [1][19]

Core Viewpoint - Tencent Music's stock price surged over 17%, reaching a historical high of 104 HKD following the release of its Q2 earnings report, indicating strong financial performance and investor confidence [1] Financial Performance - Total revenue for Q2 reached 8.442 billion RMB, representing a year-on-year increase of 17.91% [1] - Shareholder profit amounted to 2.409 billion RMB, showing a year-on-year growth of 43.22% [1] - Adjusted profit for Q2 was 2.574 billion RMB, reflecting a year-on-year increase of 37.43% [1] Year-to-Date Performance - For the first half of the year, shareholder profit reached 6.7 billion RMB, which is a year-on-year increase of 116% [1] - Adjusted profit for the first half was 4.698 billion RMB, marking a rise of 31.34% compared to the previous year [1]

消息面上，腾讯音乐发布了截至2025年6月30日止的第二季度未经审计财务业绩报告。财报显示，公司 二季度总收入同比增长17.9%达84.4亿元，调整后净利润同比增长33.0%达26.4亿元。其中，在线音乐业 务持续高质量增长，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐订阅收入同比增长17.1%至 43.8亿元，在线音乐付费用户数同比增长6.3%至1.244亿，ARPPU进一步提升至11.7元。 智通财经获悉，腾讯音乐-SW(01698)高开近13%，截至发稿，涨12.8%，报99.6港元，成交额1044.8万港 元。 本文源自：智通财经网 ...

截至8月12日，恒生科技HKETF(513890)最新规模达5.68亿元，最新份额达5.15亿份，创成立以来新高。 伴随AI驱动新一轮科技浪潮的兴起，摩根资产管理整合旗下"全球视野投科技"产品线，从主动管理到被 动投资产品，助力投资者从全球视野布局优质科技企业，把握时代浪潮下的投资机遇。 从资金净流入方面来看，恒生科技HKETF(513890)近3天获得连续资金净流入，最高单日获得1668.62万 元净流入，合计"吸金"3223.43万元，日均净流入达1074.48万元。 截至2025年8月13日 09:36，恒生科技HKETF(513890)上涨1.26%，盘中换手2.17%，成交1253.66万元。 跟踪指数恒生科技指数(HSTECH)强势上涨1.27%，成分股腾讯音乐-SW(01698)上涨14.95%，哔哩哔哩- W(09626)上涨4.09%，舜宇光学科技(02382)上涨3.49%，阿里巴巴-W(09988)，比亚迪电子(00285)等个 股跟涨。 恒生科技HKETF紧密跟踪恒生科技指数，恒生科技指数代表经筛选后最大30间与科技主题高度相关的 香港上市公司。恒生科技HKETF(513890)，场外 ...

每经AI快讯，腾讯音乐-SW短线拉升，涨幅扩大至15%，报102.1港元，再创新高。 ...

Market Overview - The Hong Kong stock market opened higher on August 13, with the Hang Seng Index at 25,236 points, up 1.07% [1] - The Hang Seng Tech Index reached 5,508 points, increasing by 1.27% [1] Capital Flow - As of August 12, the cumulative net inflow of southbound funds this year exceeded 910 billion HKD, marking a historical high for annual net inflow, surpassing the total net inflow of 807.87 billion HKD for the entire year of 2024 [3] Company Performance - Tencent Music saw a significant increase of over 15% in its stock price after announcing its Q2 earnings, which reported total revenue of 8.44 billion CNY, a year-on-year growth of 17.9% [3] - The net profit attributable to equity holders was 2.41 billion CNY, up 43.2% year-on-year, while the non-IFRS net profit attributable to equity holders was 2.57 billion CNY, reflecting a 37.4% increase [3] - The overall net profit increased by 33.0% to 2.64 billion CNY [3] Sector Performance - Technology stocks generally performed well, with Alibaba and JD.com both rising over 2%, and Bilibili increasing nearly 2% [3] - The innovative drug sector showed signs of recovery, with Lijun Pharmaceutical rising over 2% [3] - Cryptocurrency-related stocks opened high, with Huajian Medical increasing by 8% [3] - Domestic brokerage stocks experienced a broad increase, with CICC rising over 1% [3] ETF Performance - Cross-border ETFs such as the Hong Kong Internet ETF, Southeast Asia Technology ETF, and China Concept Internet ETF all rose over 2% [4] - Other ETFs, including the NASDAQ Technology ETF, Hong Kong Technology ETF, and Hong Kong Medical ETF, increased by more than 1.5% [4]