弘则研究 问答·国内互联网的一季报怎么看？20250605 摘要 AI 技术正驱动中国互联网公司产品迭代和效率提升，腾讯在游戏和搜索 广告，阿里在电商和云服务均受益，头部公司利润释放速度超收入增速， 凸显投资价值。 中国互联网公司估值集中在 15-18 倍，低于海外 Meta、Google 等公 司，考虑到 AI 带来的边际效应，以及国内企业脉冲式资本开支特点，当 前是投资良机。 国内云业务加速增长，阿里云增速从 13%提升至接近 20%，百度云增 长超 40%。企业内部效率提升和 AI 场景嵌入是主要驱动力，预计二季 度将保持加速态势。 电商竞争格局分化，阿里聚焦品牌，拼多多关注产业链投放，京东侧重 政府补贴电子品类，抖音回归内容导向，各平台策略差异化。 即时零售市场进入第二阶段，美团外卖单量增速放缓但盈利稳定，闪购 业务高速增长。阿里通过饿了么与淘天集团融合，京东补贴收敛，行业 竞争趋于理性。 Q&A 2025 年一季度互联网公司财报的主要特点是什么？ 2025 年一季度互联网公司的财报显示出明显的拐点。自 2024 年四季度以来， 以腾讯和阿里为代表的公司出现了资本开支加速的趋势，尤其是在 AI 领域。 ...

Core Insights - The article discusses the rising popularity and market potential of celebrity trading cards in China, predicting a market size of 27.66 billion yuan by 2025, with approximately 3.587 million consumers involved in the star card market [1][6] - The phenomenon is driven by a combination of social media engagement, consumer enthusiasm, and strategic marketing by companies like Tencent Music, which recently acquired shares in SM Entertainment to expand into the star card business [1][8] Group 1: Market Dynamics - The trading card market is experiencing explosive growth, with a 22-fold increase in transaction volume for celebrity merchandise on platforms like Xianyu since the beginning of 2024 [6] - The average daily views for celebrity trading cards on these platforms have reached nearly 10 million, indicating a strong consumer interest [6] - Rare cards can fetch exorbitant prices, such as 14,000 yuan for a BLACKPINK member's card and 33,000 yuan for a member of the Times Youth League, highlighting the speculative nature of this market [8] Group 2: Consumer Behavior - Young consumers view celebrity cards as "social currency," using them to connect with others who share similar interests, thus enhancing their social interactions [20][23] - The emotional value associated with these cards is significant, as they provide a sense of companionship and connection to idols, which is particularly appealing to fans [20][23] - The collection aspect of these cards drives consumer behavior, with many fans feeling compelled to complete their collections, further fueling demand [23][24] Group 3: Industry Implications - The rise of celebrity trading cards has led to the emergence of a diverse range of related products, such as card sleeves and storage solutions, which are also seeing increased sales [10][12] - Brands are leveraging the popularity of celebrity cards for marketing purposes, with numerous companies launching promotional campaigns that include these cards as incentives for purchases [13][15] - The entertainment industry is benefiting from this trend, as the sales of albums and merchandise are being boosted by the inclusion of trading cards, demonstrating a successful integration of fan engagement strategies [9][10] Group 4: Future Outlook - The trading card market is expected to continue evolving, with potential challenges arising from oversupply and fluctuating consumer interest, necessitating ongoing innovation and adaptation by industry players [29][30] - The overall market for collectible cards, including those based on IPs beyond celebrities, is projected to grow significantly, indicating a broader trend in the collectibles market [19][29]

Core Insights - The Chinese internet content industry is overcoming long-standing profitability challenges, with companies like Bilibili and Zhihu achieving quarterly profitability for the first time in 2024, driven by advertising growth and membership optimization [1][2][15] - The "content five giants" (Tencent Music, Bilibili, iQIYI, Yuewen Group, and Zhihu) share a common revenue model focused on content payment, contrasting with reliance on advertising and e-commerce [2][19] Group 1: Industry Challenges - High copyright costs and weak user payment awareness are significant barriers to profitability, with some platforms spending 40%-60% of operational costs on copyright procurement and average long video industry payment conversion rates remaining at 10%-15% [1][14] - The competition for quality content has driven up copyright prices, creating financial burdens for companies [14][28] Group 2: Financial Performance - In 2024, Tencent Music led in adjusted net profit with 77 billion, followed by iQIYI with 15 billion, while Bilibili and Zhihu reported losses of 221 million and 96.3 million respectively [21][22] - Revenue sources vary among the giants, with membership income being the primary revenue stream for Tencent Music and iQIYI, while Bilibili and Zhihu also rely on advertising and other services [20][19] Group 3: Business Strategies - Companies are adopting cost control strategies to maintain profitability, with iQIYI reducing costs significantly from 207 billion in 2021 to 157 billion in 2024, while Zhihu also cut costs to achieve a reduction in losses [31][32][33] - Tencent Music, Bilibili, and Yuewen Group are exploring new business increments alongside cost reductions, with Bilibili's revenue growing by 19% in 2024, driven by increases in membership and advertising [34][35] Group 4: Future Outlook - The market is cautious about the sustainability of profitability among the content giants, with Tencent Music's market value significantly higher than its peers, indicating a disparity in perceived growth potential [39][40] - Companies are focusing on stabilizing core businesses and exploring AI integration to enhance content creation and user engagement, although the commercial viability of AI applications remains uncertain [41][42]

本文源自：金融界 作者：行情君 财务数据显示，截至2025年03月31日，腾讯音乐收入总额73.56亿人民币，同比增长8.69%；归母净利润 42.91亿人民币，同比增长201.76%。 资料显示，腾讯音乐娱乐集团(纽交所股票代码:TME及港交所股票代码:1698)是中国领先的在线音乐与 音频娱乐平台,运营着在国内市场广受欢迎的创新性音乐产品:QQ音乐、酷狗音乐、酷我音乐和全民K 歌。公司的平台提供在线音乐、在线音频、在线K歌、以音乐为核心的直播及线上演出等服务。公司不 仅是音乐流媒体服务提供商,还将平台打造成一个庞大的社区,让音乐爱好者围绕音乐"发现、听、唱、 看、演出、社交"。在公司的平台上,分享、点赞、评论、关注和赠送虚拟礼物等社交互动形式与公司的 产品深度融合,并与公司为用户提供的核心音乐体验高度互补,这进一步提高了用户的参与度和留存率。 公司的一站式音乐与音频娱乐平台让用户在社交场景下与音乐亲密互动。公司拥有海量的曲库内容,包 括授权、自制及共创内容。公司也以现场及录制形式提供广泛的专业制作视频内容,包括音乐视频、演 唱会和音乐表演。此外,数亿用户在公司的平台上分享他们的K歌作品、短视频、音乐直播演 ...

Core Insights - The report titled "2024 Chinese Digital Music White Paper" by Tencent Music Research Institute focuses on the overall landscape and trends of the Chinese digital music industry, showcasing industry dynamics and transformations through data insights, industry trends, cross-industry cases, and work reviews [1]. Group 1: Global and Chinese Market Data Insights - The global music market revenue is projected to grow from $70.7 billion in 2023 to $76.2 billion in 2024, with live performances remaining the largest revenue source at 46.1% [2][28]. - In China, recorded music revenue increased by 9.6% year-on-year, with online music paying users reaching 180 million, and Tencent Music's paying users rising to 121 million, reflecting a growing willingness to pay and improved service quality [2][34]. - The production of Chinese new songs surged to 1.351 million in 2024, driven by AI technology, while the number of long-tail songs (annual plays <1000) doubled, indicating intensified market competition and content diversification [2][45]. Group 2: Industry Core Trends - "County Narrative" has emerged as a focal point for creation, with local culture becoming a significant theme, as seen in works like "Factory" by Henan's rap artist, which resonates with societal issues [3]. - The "Silver Economy" is shifting from passive consumption to active participation, with the over-60 population exceeding 300 million, showcasing their potential in cultural consumption through events and user-generated content [4]. - The music festival market is experiencing intensified competition, with differentiation becoming crucial through unique artist lineups and cross-industry collaborations [5]. Group 3: Cross-Industry Cases - The game music for "Black Myth: Wukong" integrates diverse musical elements, showcasing the role of music in interactive storytelling and enhancing game promotion [6]. - Duolingo's music courses utilize gamification to lower barriers to learning instruments, achieving 3 million daily active users within six months [7]. - Innovative marketing strategies in live performances, such as the integration of nature and music festivals, demonstrate the potential of live music as a marketing medium [8]. Group 4: Annual Works and Industry Value Outlook - The white paper highlights the top ten artists, songs, and albums of the year, with notable performances from artists like Zhou Shen and Wang Sulong, indicating a balance between popularity and professionalism in music [9]. - The future challenges for the industry lie in embracing cross-industry thinking to break down barriers and adapt to technological changes while balancing content quality and commercial value [9].

在前几天腾讯音乐研究院发布的《2024华语数字音乐年度白皮书》（下称《白皮书》）里，我们看到了不少有趣的数据。 一边是AI狂飙，新歌产量创下五年新高，年产量飙到135.1万首；一边是听众口味多元化，播放量破千万的歌曲一年就多了1095首。 而在这些数据的背后，不只是数量"卷"起来了，还有不可忽视的圈层重组和玩法升级。从AI共创到中老年观众撑起半壁演唱会，再到音乐节和游戏、电 影、品牌花式联动，华语音乐正在换个圈子找增量，也在悄悄进入一个全新的内容实验场。 AI，华语音乐催化剂 华语音乐市场变得更好了吗？ 在《白皮书》的一些数据上，的确体现了这样的答案。 得益于现场音乐的持续性热潮和录制音乐的发展，根据高盛数据，2024年，全球音乐市场收入从前一年的707亿美元暴涨至达762亿美元。 现场音乐毫无疑问仍是最大收入贡献源，占比达46.1%。录制音乐收入份额则上涨0.5%至40.9%。 在此之中，订阅流媒体为录制音乐收入增长贡献了51.2%的占比。特别是在中国市场——得益于平台内容、服务的提升与听众付费意愿加强，过去一年， 中国主要音乐平台在线音乐付费用户规模达1.8亿，其中腾讯音乐在线付费用户数同比增长13.4% ...

Core Viewpoint - The recent acquisition of SM Entertainment shares by TME (Tencent Music Entertainment) marks a significant shift in the K-Pop landscape, indicating a potential strategy change for SM Entertainment in the Chinese market, despite ongoing internal challenges and controversies [1][4][12]. Group 1: Share Acquisition and Market Impact - HYBE sold its entire stake in SM Entertainment to TME for 243 billion KRW, approximately 1.27 billion RMB, making TME the second-largest shareholder with nearly 10% of the shares [1]. - TME's entry into SM Entertainment enhances its influence, especially considering Tencent's existing stakes in Kakao, the largest shareholder of SM [4]. - The acquisition has sparked speculation among fans regarding potential changes in SM's approach to the Chinese market and its treatment of Chinese fans [4][12]. Group 2: Internal Challenges at SM Entertainment - SM Entertainment has faced significant internal strife, including the ousting of founder Lee Soo-man and ongoing management issues, leading to dissatisfaction among fans and artists [4][8][11]. - The company has been criticized for its handling of artist management and has been labeled as the "net loss king" of K-Pop in 2021, struggling to maintain its competitive edge [5][8]. - Recent incidents, such as the absence of key artists from major events due to mismanagement, have further exacerbated tensions between the company and its fanbase [11]. Group 3: Strategic Shifts and Future Prospects - The partnership with TME is seen as a necessary "new story" for SM Entertainment, potentially revitalizing its business model and stock performance [12][19]. - Historically, SM was a leader in introducing K-Pop to China, but recent years have seen a shift in focus towards Southeast Asia and the U.S. market, with a reduction in opportunities for Chinese trainees [13][15]. - The collaboration with TME may open new avenues for revenue generation, particularly through digital platforms and fan engagement strategies, although it remains uncertain if it will significantly alter the treatment of Chinese fans and artists [19][22]. Group 4: Industry Context and Competitive Landscape - The K-Pop industry is witnessing a consolidation trend, with major players like Kakao, HYBE, and YG also backed by Tencent, raising concerns about potential monopolistic practices in the music market [21]. - TME's previous collaborations with SM, such as the launch of limited-edition merchandise and NFTs, indicate a shift towards leveraging digital assets for fan engagement [22][24]. - The evolving dynamics in the online music market, particularly in China, suggest that SM Entertainment may need to adapt its strategies to remain relevant and competitive amidst changing consumer behaviors and market conditions [19][24].

拼多多利润大跌，计划继续牺牲利润投补贴。 一季度营收增速创拼多多上市以来新低，仅增长 9%，总额为 956.7 亿元，远低于市场预期的 1016 亿元 。更加让市场意外的是，经营利润同比大跌 38%，为 160.85 亿元，远低于市场预期的 250 亿 元。 线上营销服务，也就是广告一直是快手最重要的营收板块，一季度占比达到 55.1%。一季度本就是 广告淡季，而快手本季度广告增速尤其缓慢，同比增长仅 8%。去年一季度线上营销服务同比增长 为 27.4%，不过去年一季度《蛋仔派对》《元梦之星》投放激战正酣，短剧也处在集中投放期。有 分析师预估，随着二季度 "618" 等电商购物节的广告需求增长，快手的广告增长将有所回升。 去年 6 月快手推出 AI 视频生成大模型可灵之后，本季度第一次公布这部分的收入，达到了 1.5 亿 元。 腾讯音乐成为 K-POP 公司 SM 娱乐第二大股东。 SM 娱乐旗下艺人包括 EXO、东方神起、少女时代等。花 12.9 亿元人民币从韩国娱乐公司 HYPE 手中收购 SM 娱乐 9.38% 的股份后，腾讯音乐成为其第二大股东，仅次于韩国互联网公司 Kakao。 今年一月，SM 娱乐 ...

兴业银行就"新存千万元可推名企实习"事件致歉，并宣布已暂停该项目。 整理 ｜代明慧 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 深圳基本半导体股份有限公司 36氪获悉，据港交所，深圳基本半导体股份有限公司向港交所提交上市申请书，联席保荐人为中信证券、国金证券（香港）、 中银国际。 牧原食品股份有限公司 深圳市飞速创新技术股份有限公司 36氪获悉，据港交所，牧原食品股份有限公司向港交所提交上市申请书，联席保荐人为摩根士丹利、中信证券、高盛。 5月27日，兴业银行就"新存千万元可推名企实习"的争议回应称，近期该行私人银行部推出菁英企业实习计划，引发公众关切和 媒体报道。该行对该项目在推广中表述不完整造成的误解，深表歉意。该项目由第三方机构通过公开渠道，收集优质企业的实 习岗位信息，推荐给客户，并为客户提供职业能力评估和培训辅导等服务，帮助申请人更好地匹配实习岗位需求。申请人是否 可获得实习机会，由面试企业最终决定。鉴于该项目引起争议，经审慎评估，兴业银行已暂停该项目。 此前，有网友在社交平台爆料称，兴业银行私人银行推出一项实习计划，可以为客户子女提供知名企业实习 ...

Core Viewpoint - HYBE has announced the complete divestment of its shares in SM Entertainment, with Tencent acquiring the stake in a deal valued at 243.3 billion KRW (approximately 1.3 billion RMB), marking a significant shift in the K-pop industry landscape [1] Group 1: Transaction Details - The transaction was executed through an off-market block trade on the 30th, bypassing the secondary market to avoid potential backlash from retail investors [2] - Tencent acquired a 9.66% stake in SM, which, combined with Kakao's 32.4% ownership, indicates a strong Chinese-Korean capital alliance in the management of SM [2] Group 2: Market Reactions - The announcement has led to significant discontent among Korean retail investors, who feel misled after previously investing heavily in SM alongside HYBE [2] - Online discussions reflect a sense of impending change in SM's management dynamics, especially with Tencent now as a major shareholder [4] Group 3: Strategic Implications - The cash-out of over 200 billion KRW by HYBE is seen as a strategic move to fund future growth initiatives, including global tours for Le Sserafim and the debut of NewJeans in the U.S. [4] - The current competitive landscape among the three major K-pop agencies is evolving, with YG relying on Blackpink, JYP on Stray Kids, and SM now facing a mixed ownership structure with Chinese capital involvement [4]