余建军当时也提醒团队，"不能让是否可以上市，影响喜马拉雅去做一家真正的好公司。" 他认为，最 极端的情况下，如果两年三年不上市、不 IPO，也要不影响喜马拉雅的节奏。 根据我们获得的最新数据，喜马拉雅在继 2022 年第四季度实现首次盈利后，2023 年全年经调整净利 润达 2.24 亿元。2024 年，喜马拉雅净利润已破 5 亿元，连续实现 9 季度盈利。 不过长音频在中国的市场规模不算大。根据艾媒咨询《2023-2024 年中国在线音频行业研究报告》， 截至 2023 年底，中国在线音频用户规模达 6.8 亿人，但渗透率不足 50%，远低于美国的 80%。 一起并购让 "声音" 的生意从小众走向大众。 2025 年 6 月 10 日，腾讯音乐娱乐集团与喜马拉雅签订并购协议， 腾讯音乐将以总计 12.6 亿美元的 现金、不超过截至不晚于交易交割前五个工作日的工作日当天腾讯音乐已发行及发行在外的普通股总 数 5.1986% 的 A 类普通股，以及不超过总股数 0.37% 的该等A类普通股， 作为对价全资收购喜马拉 雅。喜马拉雅将保持现有品牌不变、现有产品独立运营不变、核心管理团队不变、公司战略发展方向 不变。 ...

站在音频行业发展的十字路口，这场收购案的意义已超越交易 本身。流量红利见顶的当下，垂直平台独立生存空间日益逼 仄。 作者：远山 封图：图虫创意 6月10日，腾讯音乐娱乐集团与喜马拉雅签署并购协议，以12.6亿美元现金加腾讯音乐相关股权 （总计交易对价约182亿元人民币）完成了对喜马拉雅的全资收购。 喜马拉雅保持品牌独立运营，腾讯音乐则补足了自身的长音频短板。这场交易不仅标志着中国长音 频赛道最大并购案落地，更拉开了音频行业深度整合的序幕。 从巅峰期的估值360亿元，腰斩至当前交易对价182亿元，喜马拉雅的估值滑坡堪称音频行业近年 的缩影。 自2012年成立至今，这家曾被资本捧上云端的"音频独角兽"，在四次IPO折戟后逐渐褪去光环。 字节跳动、网易等在音频领域的竞争，使得腾讯音乐迫切需要用长音频内容巩固护城河。喜马拉雅 3亿注册用户、1500万创作者的海量资源，恰好弥补了其在非音乐类音频内容的空白。 微信生态与QQ音乐的渠道优势，能为喜马拉雅带来精准流量；而喜马拉雅的有声书、播客等内 容，又能丰富腾讯音乐的娱乐矩阵。这种互补性在对抗后来者的竞争时尤为重要——当番茄畅听依 托抖音流量快速崛起时，腾讯音乐需要同样强 ...

Market Overview - Major U.S. index futures are down, with Dow futures falling by 0.55%, S&P 500 futures down by 0.41%, and Nasdaq futures decreasing by 0.38% [1] Chinese Stocks - Most Chinese stocks are experiencing declines, with Alibaba down over 2%, Li Auto down approximately 2%, JD.com down about 1%, Bilibili down around 1%, and Pinduoduo down nearly 1% [1] Boeing Incident - Boeing shares dropped over 7% following the news of a Boeing 787-8 Dreamliner crash in India, which was carrying 242 people [1] XPeng Motors - XPeng Motors saw a pre-market decline of 4.3% due to a breach of confidentiality by a media outlet that leaked product shooting content, which the company claims has caused significant operational disruption [1] Tencent Music - Tencent Music shares rose by 2.8% in pre-market trading, as Goldman Sachs highlighted the company's expansion into long-form audio and podcasting, proposing a potential acquisition aligned with its growth strategy, with a target price set at $15.5 [1] GameStop - GameStop's shares fell by over 10% in pre-market trading as the company announced plans to issue $1.75 billion in convertible bonds, which could be the largest convertible bond supply in the U.S. market for 2025 [2] Eli Lilly - Eli Lilly announced the launch of a multi-dose prefilled pen for Tirzepatide in China, aimed at increasing supply to meet patient demand, with each pen containing four fixed doses for weekly use [2] OpenAI Financing - OpenAI is reportedly in talks with Saudi and Indian investors to facilitate a $40 billion financing plan [2] Tesla FSD Approval - Elon Musk has called on the EU to expedite the approval process for Tesla's Full Self-Driving (FSD) technology, emphasizing the need for enhanced safety for Tesla vehicles in Europe [2]

一起并购让 "声音" 的生意从小众走向大众。 2025 年 6 月 10 日，腾讯音乐娱乐集团与喜马拉雅签订并购协议， 腾讯音乐将以总计 12.6 亿美元的 现金、不超过截至不晚于交易交割前五个工作日的工作日当天腾讯音乐已发行及发行在外的普通股总 数 5.1986% 的 A 类普通股，以及不超过总股数 0.37% 的该等A类普通股， 作为对价全资收购喜马拉 雅。喜马拉雅将保持现有品牌不变、现有产品独立运营不变、核心管理团队不变、公司战略发展方向 不变。此次并购事项也将于各项前置条件满足后正式交割。 据我们了解，两家公司在几年前就讨论过合并的可能性。喜马拉雅 CEO 余建军在 2022 年曾意识到， 喜马拉雅必须成为一家能正向盈利的公司。同时，为了公司下一步发展，管理层也将 IPO 和与巨头合 作同时纳入了战略选项。 余建军当时也提醒团队，"不能让是否可以上市，影响喜马拉雅去做一家真正的好公司。" 他认为，最 极端的情况下，如果两年三年不上市、不 IPO，也要不影响喜马拉雅的节奏。 根据我们获得的最新数据，喜马拉雅在继 2022 年第四季度实现首次盈利后，2023 年全年经调整净利 润达 2.24 亿元。202 ...

远山/文 6月10日，腾讯音乐娱乐集团与喜马拉雅签署并购协议，以12.6亿美元现金加腾讯音乐相关股权 （总计交易对价约182亿元人民币）完成了对喜马拉雅的全资收购。 喜马拉雅保持品牌独立运营，腾讯音乐则补足了自身的长音频短板。这场交易不仅标志着中国长音频赛 道最大并购案落地，更拉开了音频行业深度整合的序幕。 从巅峰期的估值360亿元，腰斩至当前交易对价182亿元，喜马拉雅的估值滑坡堪称音频行业近年的缩 影。 自2012年成立至今，这家曾被资本捧上云端的"音频独角兽"，在四次IPO折戟后逐渐褪去光环。 2023年首次实现经调整收益2.24亿元的微弱盈利，与其累计融资超90亿元的投入相比，资本回报率难言 乐观。 更严峻的是，长音频赛道拥挤，荔枝、蜻蜓FM等老对手还未退场，字节跳动的番茄畅听、网易云阅读 等新玩家又加入战局。 随着视频内容的崛起，对音频行业的整体价值冲击也变大。用户注意力的转移导致喜马拉雅广告与付费 收入增长乏力。其依赖会员订阅和广告的单一商业模式显得后劲不足。早期投资者急于退出，公司却缺 乏持续造血能力，估值回调成为必然。 这场收购对音频行业的重塑才刚刚开始。在腾讯音乐生态的加持下，喜马拉雅或将突 ...

Core Viewpoint - Tencent Music Entertainment Group (TME) has officially announced the acquisition of long audio platform Ximalaya for approximately $2.4 billion, marking it as the largest merger in China's internet audio sector in recent years and indicating a new ecological integration and value reassessment in the Chinese audio marketing market [1][2]. Group 1: Acquisition Details - The acquisition will be executed through a cash and equity mix, with Tencent Music paying $1.26 billion in cash, issuing up to 5.2% of Class A common stock, and an additional 0.37% in incentive equity to fully acquire Ximalaya [2]. - Post-acquisition, Ximalaya will operate as a wholly-owned subsidiary of Tencent Music, maintaining its brand and team independence [2]. Group 2: Strategic Implications for Tencent Music - This acquisition represents a strategic upgrade for Tencent Music, which has faced challenges such as slowing growth in subscription users and diminishing streaming benefits [3]. - By acquiring Ximalaya, Tencent Music aims to fill its gap in the long audio sector and achieve a comprehensive content layout of "music + long audio" [3]. - The content distribution and monetization logic of Ximalaya complements Tencent Music's user system, allowing for precise recommendations and multi-platform exposure, which can drive cross-member growth and deepen content commercialization [3]. Group 3: Ximalaya's Positioning - For Ximalaya, being acquired by Tencent is both a strategic retreat and an opportunity for transformation, as it has struggled with weak profitability and user growth in recent years [4]. - Integration into Tencent's ecosystem provides Ximalaya with capital, technology, and opportunities for upgrading creator resources, copyright cooperation, distribution networks, and IP linkage while maintaining brand independence [4]. Group 4: Changes in Audio Marketing Landscape - The acquisition is expected to significantly impact the audio marketing industry, as long audio has become a key trend in content consumption, especially among Gen Z and users in lower-tier markets [5]. - The integration of Tencent Music and Ximalaya will lead to three key changes in audio marketing: 1. Creation of a "sound economy" closed loop through comprehensive content reach [5]. 2. Acceleration of content recommendation and commercialization driven by AI, enhancing ROI for advertisers [7]. 3. Optimization of monetization paths for creators, fostering closer brand collaborations through new models like custom podcasts and IP co-creation [8]. Group 5: Industry Outlook - The merger will accelerate industry reshuffling, posing stronger competition for platforms like NetEase Cloud Music and Tomato Listening [9]. - The ability of a sound platform to provide a complete chain of "content breadth + distribution depth + commercial tools" will become a crucial reference for brand investment decisions [9]. - This acquisition is seen as a systemic test of the integration capabilities of "content + technology + commerce," redefining marketing boundaries in the audio sector [9].

Core Viewpoint - Tencent Music Entertainment Group has signed an acquisition agreement to fully acquire Ximalaya for a total consideration of approximately $2.9 billion, which includes $1.26 billion in cash and shares, marking a significant expansion into the long audio content sector [2][8]. Group 1: Acquisition Details - The acquisition includes a cash payment of $1.26 billion and up to 5.1986% of Tencent Music's Class A ordinary shares, with additional shares for Ximalaya's founding shareholders [2]. - The total estimated acquisition cost is around $2.9 billion, equivalent to approximately 20.8 billion RMB [2]. - Ximalaya will undergo a business restructuring related to the acquisition, maintaining its brand, product independence, core management team, and strategic direction [3]. Group 2: User Metrics and Market Position - Tencent Music has experienced a decline in monthly active users, with figures dropping from 620 million in 2022 to an estimated 570 million in 2024 [5]. - In contrast, Ximalaya reported an average monthly active user base of 302.6 million in 2023, with a steady increase in paid users from 14.9 million in 2021 to 15.8 million in 2023 [6]. - Tencent Music's paid user numbers for online music services are projected to grow from 84.2 million in 2022 to 117.6 million in 2024, indicating potential for revenue growth [6]. Group 3: Strategic Implications - The acquisition is seen as a strategic move for Tencent Music to enhance its presence in the online audio sector, diversifying beyond its core music business [8]. - Analysts suggest that the integration of Ximalaya will allow Tencent Music to leverage its content and technology capabilities, potentially leading to improved user retention and monetization opportunities [9][10]. - The long audio sector remains uncertain in terms of profitability, with both companies needing to address this challenge post-acquisition [12].

Core Viewpoint - The domestic audio market is undergoing significant changes as Tencent Music plans to fully acquire the leading online audio platform, Ximalaya, for a total consideration of approximately 20.9 billion yuan (1.26 billion USD) [1][5][10]. Group 1: Acquisition Details - Tencent Music announced the acquisition of Ximalaya, which includes a cash payment of 1.26 billion USD and stock arrangements, with the total transaction value estimated at about 20.9 billion yuan [1][5][10]. - Ximalaya's valuation previously exceeded 30 billion yuan, indicating a significant discount in the current transaction [1][10]. - After the acquisition, Ximalaya will become a wholly-owned subsidiary of Tencent Music, maintaining its brand and operational independence [10]. Group 2: Ximalaya's Background - Founded in 2012, Ximalaya has grown to become the industry leader in online audio, completing 12 rounds of financing totaling around 10 billion yuan [2][9]. - Despite its growth, Ximalaya faced challenges in achieving an IPO, with four attempts since 2021 failing to materialize [2][9]. - In 2023, Ximalaya achieved profitability for the first time, reporting a net profit of 224 million yuan [3][10]. Group 3: Market Implications - The acquisition is expected to enhance resource sharing between Tencent Music and Ximalaya, potentially leading to healthier development for both companies [4][12]. - Tencent Music, which holds about 70% of the domestic online music market, will solidify its position in the audio industry by integrating Ximalaya into its portfolio [11][13]. - The combined resources of Tencent Music and Ximalaya are anticipated to improve customer offerings and overall competitiveness in the digital music sector [12][13].

点击按钮▲立即预约 中美贸易磋商原则上达成框架 伦敦时间6月10日，商务部国际贸易谈判代表兼副部长李成钢在伦敦谈到中美经贸磋商机制首次会议时表示，中美双方进行了专业、理性、深 入、坦诚的沟通。双方原则上就落实两国元首6月5日通话共识以及日内瓦会谈共识达成了框架。美国商务部长卢特尼克表示："谈得很顺利，我 们花了很多时间一起交流。" 据悉，在这轮磋商中，美方考虑取消近期出台的一系列限制措施，涉及芯片设计软件、喷气发动机零件、乙烷以及核材料等领域。这些措施大多 是在过去几周中美关系再度紧张升级时出台的，条件是中国放宽对稀土出口的限制。（综合新华社） ｜点评｜ 中美贸易谈判达成初步框架，是双方都乐于见到的结果。中美两国已经用无数次事实证明，两国关系合则两利，斗则两伤。美国经济 增速放缓，劳动力市场降温；中国内需修复缓慢，行业复苏不均衡。中美两国现在都需要一个稳定的外贸环境，稳固国内经济发展局面，而非 给市场带来更多不确定性。 从中美两国历次谈判经验来看，最终两国需要进行多轮谈判，才能恢复到较为常态化的贸易环境中，期间甚至可能发生多次谈判停摆或重启事 件。无论如何，两国贸易代表坐在一张谈判桌上，坦诚地进行交流，远比加 ...

Core Viewpoint - Tencent Music has signed an acquisition agreement to purchase Ximalaya for approximately $1.26 billion in cash and stock, totaling an estimated $2.85 billion, which has sparked discussions about the valuation and future of both companies [1][2][3]. Summary by Sections Acquisition Details - Tencent Music will pay $1.26 billion in cash and up to 5.1986% of its Class A common stock, along with an additional 0.37% of Class A common stock for Ximalaya's founding shareholders [1]. - The total estimated acquisition cost is around $2.85 billion, equivalent to approximately 20 billion RMB [1]. Financial Performance of Ximalaya - Ximalaya has faced significant financial challenges, with cumulative losses exceeding 10 billion RMB and only achieving a profit of 224 million RMB in 2023 [1][3]. - The company's revenue for 2021, 2022, and 2023 was reported at 5.86 billion RMB, 6.06 billion RMB, and 6.16 billion RMB, respectively, with adjusted net profits of -718 million RMB, -296 million RMB, and 224 million RMB [3][4]. Market Position and User Metrics - Ximalaya has over 300 million monthly active users, but its growth rate has slowed significantly, with a 4.1% increase in 2023 compared to 7.2% in 2021 and 8.6% in 2022 [3][4]. - The platform's paid user rate decreased from 13.3% in 2021 to 11.9% in 2023, indicating a decline in user engagement [3][4]. Strategic Implications for Tencent Music - The acquisition is seen as a strategic move for Tencent Music to enhance its market position in the audio sector, complementing its existing services [5][9]. - Tencent Music has been actively expanding its audio business, having previously acquired Lazy Listening for 2.7 billion RMB, indicating a trend of growth through acquisitions [6][10]. Competitive Landscape - The online audio market in China is highly competitive, with major players like ByteDance and NetEase also vying for market share [5][12]. - Tencent Music's recent financial reports show a decline in active users, highlighting the need for new growth strategies amidst increasing competition [12][13].