高盛：腾讯音乐-TechNet China -超级订阅会员进展顺利；长期多元化愿景
Goldman Sachs·2025-05-25 14:09
25 May 2025 | 9:15AM HKT Tencent Music Entertainment Group (TME): TechNet China 2025 Key Takeaways: SVIP progress on track; Long-term vision to diversify We hosted Tencent Music with investors during GS TechNet China 2025 in Shanghai, where investors' key focus and our takeaways centered around: 1) SVIP progress: management notes SVIP now accounts for low-teens% of its total paying users with current monthly ARPU at Rmb17~18 and a sequentially improving trajectory; 2) Net adds trend, where company reiterate ...