(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 ...

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]

中国资产全线爆发。 今日港股开盘后，恒生指数、恒生科技指数集体大涨，均涨超1%。其中，腾讯音乐暴涨超17%，其最 新发布的财报大超市场预期。隔夜美股市场中，中概股的表现也非常亮眼，纳斯达克中国金龙指数收涨 1.49%。 另外，金融市场对美联储降息的预期大幅升温也是港股科技股大涨的主要原因。美东时间8月12日，美 国财政部长贝森特暗示，在上月按兵不动之后，美联储应当对9月降息50个基点持开放态度。 大爆发 8月13日，港股开盘后，恒生指数、恒生科技指数集体大涨，截至10:10，涨幅分别为1.12%、1.22%。 其中，腾讯音乐暴涨超17%，创出历史新高。消息面上，腾讯音乐最新发布的财报大超市场预期。 腾讯音乐管理层透露，SVIP订阅用户已突破1500万，创下历史新高，反映出用户对高端音乐体验的强 烈需求和支付意愿。 港股其他互联网科技股亦全线大涨，截至10:10，舜宇光学科技大涨超4%，比亚迪电子、哔哩哔哩涨超 3%，华虹半导体、腾讯控股、阿里巴巴、京东涨超2%。 今日港股盘后，腾讯也将披露最新的财报，分析师预计其财报将显示截至6月的季度收入同比增长 11%，这将是连续第三个季度实现两位数增长。 另外，市场对腾 ...

8月12日，美国CPI数据公布，美股三大指数集体收涨， 标普500指数 、纳斯达克指数创下 新高。 大型科技股和中概股集体上涨。英伟达、Meta股价创下新高； 纳斯达克中国金龙指数收涨 1.49%， 腾讯音乐二季度业绩"喜人"，涨超10%。 上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ "稳定币第一股"Circle发布美股上市以来的首份业绩报告， 业绩亏损，营收增幅超预期。 百年胶片巨头柯达大跌，公司在财报中发出经营预警。 国际油价继续下跌，欧佩克上调明年全球石油需求预期。 受CPI提振，美股大涨 美东时间8月12日（周二），美股三大指数均涨超1%， 标普500指数 和纳斯达克指数再创 新高。 截至收盘， 标普500指数 上 涨1.13%，报 收于 6445.76点；纳斯达克综合指数 上 涨 1.39%，报 收于 21681.9点；道琼斯工业指数涨1.1%，报 收于 44458.61点。 市场受到最新通胀数据的提振。 美国7月消费者价格指数（CPI）同比上涨2.7%，低于预期 的2.8%；剔除食品和能源价格的核心CPI同比上涨3.1%，略高于预期的3%。 ...

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]

中国资产全线爆发。 今日港股开盘后，恒生指数、恒生科技指数集体大涨，均涨超1%。其中，腾讯音乐暴涨超17%，其最新发布 的财报大超市场预期。隔夜美股市场中，中概股的表现也非常亮眼，纳斯达克中国金龙指数收涨1.49%。 另外，金融市场对美联储降息的预期大幅升温也是港股科技股大涨的主要原因。美东时间8月12日，美国财政 部长贝森特暗示，在上月按兵不动之后，美联储应当对9月降息50个基点持开放态度。 大爆发 8月13日，港股开盘后，恒生指数、恒生科技指数集体大涨，截至10:10，涨幅分别为1.12%、1.22%。 其中，腾讯音乐暴涨超17%，创出历史新高。消息面上，腾讯音乐最新发布的财报大超市场预期。 具体来看，2025年第二季度，腾讯音乐总收入达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%。其中，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达1.244亿，ARPPU（单个付费用户月均收入）进一步提升至11.7元。 腾讯音乐管理层透露，SVIP订阅用户已突破1500万，创下历史新高，反映出用户对高端音乐体验 ...