以下文章来源于证券之星 ，作者尤毅 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财 经资讯。 战略摇摆与模式困境的双重绞杀下，昔日明星平台的价值正被资本重估。6月10日，腾讯音 乐娱乐集团(以下简称"腾讯音乐"，TME、HK1698)正式宣布以12.6亿美元现金加股权的 形式全资收购喜马拉雅；收购完成后，喜马拉雅将成为腾讯音乐旗下的全资附属公司。 而不久前，虎扑更是以5亿的价格"委身"迅雷。两个曾经的垂直内容王者殊途同归，选择卖 身。而这背后既有两家自身的特性问题，也有行业的共性问题。 01 战略摇摆：喜马拉雅的AI困局与组织内耗 翻看喜马拉雅的成长轨迹，其曾是中国在线音频领域无可争议的王者。自 2012 年喜马拉 雅上线以来，长音频市场经历了一段高速增长的黄金时期。据艾瑞咨询数据显示，2016 - 2020 年，中国在线音频市场规模从 25.4 亿元增长至 272.4 亿元，年复合增长率高达 69.5%。在这一时期，喜马拉雅凭借其丰富的内容生态，包括有声书、播客、知识付费等， 迅速积累了大量用户。2019 年，用户规模突破 6 亿，月活用户超过 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $33.00 [8][9] Core Insights - The company reported Q1 2025 revenue of 70.03 billion RMB, a year-on-year increase of 23.6%, exceeding the forecast of 69.17 billion RMB. Adjusted net profit was 3.63 billion RMB, surpassing the expected 2.59 billion RMB, driven by the gradual recognition of deferred revenue from "Three Strategies" and stable growth in advertising revenue [1][2][4] - User engagement has significantly increased, with daily average usage time reaching a historical high of 108 minutes and daily active users (DAU) at 107 million, a year-on-year increase of 4.6%. The number of official members grew by 12% to 264 million [2][3] - The gaming revenue for Q1 2025 was 17.31 billion RMB, a 76.1% year-on-year increase, slightly exceeding market expectations. The company anticipates continued high growth in H1 2025, supported by upcoming events and new game releases [3][4] Summary by Sections Revenue and Profitability - The company achieved a gross margin of 36.3% in Q1 2025, an increase of 8 percentage points year-on-year, attributed to high growth in gaming and advertising businesses. The operating profit for Q1 2025 was 3.42 billion RMB, exceeding the forecast of 2.2 billion RMB [4][5] - The report projects revenues of 305.7 billion RMB, 336.1 billion RMB, and 363.2 billion RMB for 2025, 2026, and 2027 respectively, with adjusted net profits of 19.99 billion RMB, 26 billion RMB, and 31.83 billion RMB for the same years [5][15] User Engagement and Advertising - The platform's user engagement metrics improved significantly, with a notable increase in the number of creators with over one million followers, growing by 20%. Advertising revenue for Q1 2025 was 19.98 billion RMB, a year-on-year increase of 19.7% [2][3] - The company expects advertising revenue for 2025 to reach 97.67 billion RMB, reflecting a year-on-year growth of 19% [2][5] Valuation and Market Position - The company employs a segment-based price-to-sales (PS) valuation method, resulting in a target market value of 101.28 billion RMB, corresponding to a target price of $33.00, based on a PS ratio of 3.3x for 2025 [5][15]