以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 将投中网设为"星标⭐"，第一时间收获最新推送 在被颠覆的恐惧中开启自救。 作者丨 陈梓洁 编辑丨 曹宾玲 来源丨表外表里 在武汉，几栋不起眼的红色矮楼静卧于汉江湾，国内知名 音乐公司海葵音乐 便是在那里 ，创造出 6亿的年产值。 短短 5年 时 间， 海葵音乐就 从 29名员工 壮大为 500人 的 音乐集团， 投资的音乐工作室超 170家 。 一千公里外的成都，另一位头部玩家阔景音乐，被视为 "凤头"引入音乐 文创园 。 今年前 8个月， 园内 规上企业营收 同比 增长 47.7% ， 是全国 音乐产业增长最快的区域之一。 这两家成功的音乐公司，股权架构里都有一个相同的名字 ——腾讯音乐（TME）。 通过层层投资， TME与大量音乐公司形成联盟，也是"财富共同体"。2025Q3，其营收 增长 20.6% 至 84.6亿元，调整后净利润飙升 27 % ， 实现连续 8个季度的双位数高增长。 而 TME，仅仅是音乐产业蝶变的缩影。 随着短视频崛起、音乐进入市场化时代，行业加速洗牌，在线音乐平台吞下了更多份额，传统唱片公 司也在被颠覆的恐 ...

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 来源丨 表外表里（ID：excel-ers） 作者丨 陈梓洁 编辑丨 曹宾玲 狂挣 4000万 的 《跳楼机》，应运而生； 歌如其名的 《 八方来财 》， 火到了国外 ……一首首短 视频口水歌，成了音乐公司与在线平台的"印钞机"。 图源丨Midjourney 在武汉，几栋不起眼的红色矮楼静卧于汉江湾，国内知名 音乐公司海葵音乐 便是在那里 ，创造出 6 亿的年产值。 短短 5年 时 间， 海葵音乐就 从 29名员工 壮大为 500人 的 音乐集团， 投资的音乐工作室超 170 家 。 一千公里外的成都，另一位头部玩家阔景音乐，被视为 "凤头"引入音乐 文创园 。 今年前 8个月， 园内 规上企业营收 同比 增长 47.7% ， 是全国 音乐产业增长最快的区域之一。 这两家成功的音乐公司，股权架构里都有一个相同的名字 ——腾讯音乐（TME）。 通过层层投资， TME与大量音乐公司形成联盟，也是"财富共同体"。2025Q3，其营收 增长 20.6% 至 84.6亿元，调整后净利润飙升 27 % ， 实现连续 8个季度的双位数高增长。 而 ...

Core Viewpoint - The company, 星空华文, is attempting a strategic shift towards AI music through a joint venture, aiming to revitalize its business amidst declining core IP value and financial losses [1][4]. Group 1: Joint Venture and Investment - The company announced a joint venture with 北京无界音场文化传媒有限公司 to establish an AI music company, with an investment of 115 million yuan for a 32% stake [1]. - The joint venture partner will invest 244 million yuan, holding a 68% stake, indicating a significant control over the new venture [1]. Group 2: Industry Challenges - The AI music sector faces multiple challenges, including unclear copyright laws regarding AI-generated content, leading to frequent infringement disputes [2]. - Data monopolies and a shortage of cross-disciplinary talent in AI and music creation hinder innovation for smaller companies [2]. - The standardization of AI-generated music may threaten niche genres and traditional cultural expressions, impacting the artistic quality of music [2]. Group 3: Financial and Operational Risks - The company reported a revenue of only 59.035 million yuan and a net loss of 11.002 million yuan as of mid-2025, raising concerns about cash flow with the new investment [2]. - The joint venture's structure, with the partner holding 68% control, may limit the company's influence on business direction and resource integration [2]. - The competitive landscape is tough, with major players like Tencent Music and NetEase Cloud Music dominating the AI music space, making it difficult for the company to establish a foothold [2]. Group 4: Brand Image and Market Perception - The company is still dealing with negative public sentiment from the "李玟事件," which may affect the market acceptance of its new business initiatives [3]. - The fallout from this incident has damaged the company's brand image, potentially impacting partner confidence and collaboration opportunities [3]. Group 5: Historical Context and Previous Attempts - The company has experienced a significant decline from its peak, with a notable drop in revenue and market value following the "李玟事件," which led to a 50% drop in stock price and a market cap loss of nearly 26 billion HKD [4]. - Previous diversification attempts, such as ventures into the metaverse and short dramas, have not yielded substantial results, highlighting the challenges of successful transformation [5][6]. - The current shift to AI music aligns more closely with the company's traditional content strengths, but it must navigate significant challenges in balancing technological innovation with artistic quality [6].

根据合营协议，上海久吾一生将投资1.15亿元，其中32万元作为合营公司注册资本，1.15亿元配至资本 储备；合营伙伴将投资2.44亿元，其中68万元作为注册资本，2.44亿元配至资本储备。合营公司成立 后，上海久吾一生和合营伙伴分别持有32%和68%的权益。 （文章来源：第一财经） 11月17日，港股星空华文(06698.HK)盘中一度闪崩跌超30%，截至发稿，跌超14%，成交额超百万港 元。 11月14日，星空华文公告，2025年11月13日，公司间接全资附属公司上海久吾一生与合营伙伴签订合营 协议，决定成立合营公司以开展及运营AI音乐业务。 ...

根据合营协议，上海久吾一生将投资1.15亿元，其中32万元作为合营公司注册资本，1.15亿元配至资本 储备；合营伙伴将投资2.44亿元，其中68万元作为注册资本，2.44亿元配至资本储备。合营公司成立 后，上海久吾一生和合营伙伴分别持有32%和68%的权益。 11月17日，港股星空华文(06698.HK)盘中一度闪崩跌超30%，截至发稿，跌超14%，成交额超百万港 元。 | < 日 | 星空华文(6698) | | | | --- | --- | --- | --- | | | 11-17 10:52:01 | | | | 1.220 额 106万 股本 3.99亿 市盈™ -2.4 | | | 万得 | | -0.210 -14.69% | 换 0.21% 市值 4.86亿 市净" 0.17 | | 窗口 | | 分时 | 五日 日K 周K 月K 更多 ◎ | | | | 量加 | 盘口 | | 成交 | | 1.860 | 30.07% 卖10 1.360 | | | | | 200 | 1.350 | 7500(1) | | | 228 | 1.340 | | | | 更7 | 1.330 | 2400 ...

11月17日，港股星空华文(06698.HK)盘中一度闪崩跌超30%，截至发稿，跌超14%，成交额超百万港元。 | < 日 | 星空华文[6698] | | | | | --- | --- | --- | --- | --- | | | 11-17 10:52:01 | | | | | | 1.220 额 106万 股本 3.99亿 市盈™ -2.4 | | | 万得 | | | -0.210 -14.69% 换 0.21% 市值 4.86亿 市净 0.17 | | | 盘口 | | 分时 | 五日 日日Ｋ 周Ｋ 月Ｋ 更多 | | | | | 叠加 | 盘口 成交 | | | | | 1.860 | 30.07% 卖10 1.360 | | | | | | | | 卖9 1.350 | 7500(1) | | | | 重8 | 1.340 | | | | | | 卖7 1.330 | 2400(1) | | | | 556 | 1.320 | 1.3万(1) | | | | 卖5 | 1.310 | | | 1.430 | | 0.00% 卖4 1.300 | | | | | | 523 | 1.290 | ...

Core Insights - The traditional business model of music streaming platforms, which relies on a vast library of copyrighted content and subscription fees, is facing structural collapse due to the rise of AI-generated music [1][3][4]. Group 1: Impact of AI on Copyright - The scarcity of music copyrights, which has allowed platforms like TME and NetEase Cloud to charge subscription fees, is being undermined by AI music, which can produce industry-level content without the need for traditional music production processes [5][6]. - AI-generated music does not depend on record labels or copyright institutions, leading to a situation where the value of music copyrights diminishes, threatening the core business model of platforms like TME and Spotify [9][10]. Group 2: User Behavior Shift - The transition from "listening" to "generating" music means that TME is now competing not only with similar platforms but also with tech companies that excel in disruptive innovation and have access to larger user bases [10][12]. - TME's recent performance shows a decline in active users and a slowdown in the growth of paying subscribers, indicating a shift in user behavior towards AI-generated music [10][11]. - The traditional music consumption path is being replaced by a new model where users can generate music based on their emotions or preferences, which could lead to a decline in the need for subscription-based streaming services [16][19]. Group 3: Future of the Music Industry - The future music industry is likely to be dominated by models and algorithms that can provide unlimited personalized content, marginalizing platforms that cling to outdated business models [22]. - The emergence of AI music signifies the end of an era dominated by copyright scarcity, suggesting a fundamental shift in the music industry's structure [19][22].

Group 1 - The core point of the announcement is the establishment of a joint venture between Shanghai Jiuwu Yisheng and Beijing Wujie Yinchang Cultural Media Co., Ltd. to operate AI music business in China [1][2] - Shanghai Jiuwu Yisheng will invest a total of RMB 115 million, with RMB 320,000 as registered capital and RMB 114.68 million allocated to capital reserves [1] - The joint venture will be owned 32% by Shanghai Jiuwu Yisheng and 68% by the joint venture partner, making it a non-wholly owned subsidiary of the partner [1] Group 2 - The joint venture will focus on AI music services, including AI music creation, artist management, music library operations, AI concerts, and AI music education [2] - The partner company has a strong background in organizing cultural and artistic events, leveraging a "technology + content + ecosystem" advantage to complement the group's strengths [2] - The collaboration aims to integrate both parties' content and technological capabilities to achieve data-driven, large-scale personalized AI music creation, marking a strategic move in the AI music industry [2]

Core Viewpoint - The article discusses the resurgence of creativity in the "Kichiku" (鬼畜) genre on Bilibili, driven by advancements in AI music generation, particularly the Suno V5 model, which has enabled creators to produce high-quality content with ease [44][46][48]. Group 1: Resurgence of Kichiku Content - The Kichiku genre on Bilibili, once thriving, has seen a decline in creativity over the years [11][12]. - Recently, there has been a notable revival, with creators producing innovative and engaging Kichiku music, marking a "cultural renaissance" on the platform [24][43]. - The emergence of AI tools like Suno V5 has significantly lowered the barriers for creators, allowing them to focus on artistic expression rather than technical skills [44][48]. Group 2: Impact of AI on Music Creation - The Suno V5 model has been highlighted as a game-changer, enabling creators to produce music that surpasses many mainstream songs in quality [46][47]. - The ease of use of AI tools allows individuals without extensive musical training to create complex compositions quickly [51][90]. - The article emphasizes that the AI tools provide a platform for expressing emotions and creativity, reminiscent of the original spirit of Kichiku [100][101]. Group 3: Community and Cultural Significance - The article reflects on the nostalgia associated with Kichiku content, noting that despite changes in creators' lives, the essence of sharing joy through content remains [104][105]. - The community aspect of Bilibili continues to thrive, with users engaging in shared experiences and laughter, reminiscent of earlier days [102][104]. - The revival of Kichiku content is seen as a bridge connecting past and present, allowing older users to relive their youthful experiences while engaging with new creations [101][105].

Core Insights - OpenAI is increasingly adopting a business model similar to Meta, focusing on monetization through advertising and commercial applications [3][20][55] - The influx of former Meta executives into OpenAI's leadership is reshaping its strategic direction, emphasizing product development and market strategies [4][10][12] Group 1: Leadership and Structure - OpenAI has hired a significant number of former Meta employees, with approximately 630 out of 3000 employees (20%) having a Meta background [7][18] - Key leadership positions at OpenAI are now held by former Meta executives, including Fidji Simo as CEO of Applications and Vijaye Raji as Chief Technology Officer of Applications [8][12] - The company is structured into three main lines: product and management, technology, and strategy and marketing, all influenced by the experience of former Meta leaders [10][11] Group 2: Shift Towards Commercialization - OpenAI is transitioning from a pure research lab to a more commercial entity, with plans to explore advertising and new applications like the video social app Sora [20][29] - The company aims to increase user engagement, targeting a goal of reaching one billion weekly active users for ChatGPT [24][35] - OpenAI is investigating how to integrate advertising into its offerings, with a focus on user benefit and potential customization based on user data [31][34] Group 3: New Initiatives and Market Expansion - OpenAI is venturing into the music generation space, collaborating with prestigious institutions to develop AI capable of creating music [39][42] - The company is exploring the integration of music generation tools with existing products like Sora, aiming to enhance user experience in content creation [45][51] - OpenAI's expansion into music follows a trend of significant growth in the AI music market, with competitors already achieving substantial revenue [48][55]