Core Insights - Tencent Music's stock price surged over 17%, reaching a historical high of HKD 104 per share, with a market capitalization of HKD 315 billion, driven by strong Q2 2025 performance [1] - The company reported total revenue of CNY 8.44 billion, a year-on-year increase of 17.9%, and adjusted net profit of CNY 2.64 billion, up 33% [1] - The growth was primarily fueled by robust online advertising revenue and strong sales from merchandise and live concerts [1] Revenue Breakdown - Online music business remained the core growth engine, generating revenue of CNY 6.85 billion, a 26.4% year-on-year increase [1] - Online music subscription revenue grew by 17.1% to CNY 4.38 billion, with paid user count reaching 124.4 million and average revenue per paying user (ARPPU) increasing from CNY 10.7 to CNY 11.7 [1] Membership and Strategic Initiatives - Tencent Music's super membership reached 15 million, marking a significant milestone [2] - The company expanded its business by collaborating with domestic and international record companies and artists, producing songs for popular films and hosting major concerts [2] - Tencent Music is planning acquisitions of South Korea's SM Entertainment and Himalaya, aiming to enhance K-pop and long audio user engagement, which could drive super membership subscriptions [2] Challenges - Social entertainment revenue declined by 8.5% to CNY 1.588 billion during the reporting period, but the overall performance remained positive due to better-than-expected online music business results [2]

Core Viewpoint - Daiwa's report indicates that Tencent Music's Q2 performance reflects strong execution in monetizing Super VIP (SVIP) and fan economy, leading to an upgrade of the stock rating from "Hold" to "Outperform" due to new projects driving revenue growth [1] Group 1: Financial Performance - Tencent Music's Q2 results show a robust execution in SVIP and fan economy monetization while maintaining disciplined spending [1] - The 12-month target price has been raised from HKD 66 to HKD 106 based on a revised price-to-earnings ratio of 25 times, up from 18 times [1] Group 2: Revenue Growth Drivers - Concerns regarding Tencent Music's strategy to attract/retain price-sensitive users have been alleviated with the introduction of new incentive advertising membership pricing, which is expected to drive advertising revenue growth faster than subscription revenue [1] - The acquisition of Ximalaya may serve as a strategic complement to its music business and strengthen the SVIP product, with potential to leverage Tencent's distribution network to reduce sales and marketing costs [1] Group 3: Earnings Forecast Adjustments - Daiwa has raised revenue forecasts for 2025 to 2027 by 3% to 4% and adjusted earnings per share estimates upward by 2% to 7% due to better-than-expected online music revenue growth and operating profit margins [1] - The potential acquisition is estimated to contribute an incremental profit of 5% to 10% by 2026, pending regulatory approval, which is not yet included in Daiwa's forecasts [1]

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]

Market Performance - The Hang Seng Index rose by 1.88% to 25,439.91 points, while the Hang Seng Tech Index increased by 2.35% to 5,566.72 points, and the China Enterprises Index gained 1.86% to 9,082.52 points [1][2] - Major tech stocks saw significant gains, with Alibaba up 4.37%, Tencent Holdings up 3.13%, and JD.com up 2.85% [2] Company Highlights - Tencent Music's stock surged over 15% after reporting Q2 2025 unaudited financial results, with total revenue of RMB 8.44 billion (approximately USD 1.18 billion), a year-on-year increase of 17.9%. The net profit attributable to equity holders was RMB 2.41 billion (approximately USD 336 million), up 43.2% year-on-year [2] - CICC raised its Non-IFRS net profit estimates for Tencent Music for 2025 and 2026 by 6.8% and 13.0% to RMB 9.46 billion and RMB 11.21 billion, respectively, maintaining an outperform rating [3] Sector Developments - The biotechnology sector experienced a significant rise, with North Sea Health rising over 34% after announcing a share issuance to Baiyang Pharmaceutical at a discount [4] - Chinese brokerage stocks saw widespread gains, with Guolian Minsheng rising over 7%. Donghai Securities noted that the multi-tiered capital market system is gradually improving, which may enhance the attractiveness of the capital market [4]

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 - 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。 ...