腾讯音乐(TME.US)美股盘前涨近5%报21.77美元。消息上，腾讯音乐刚刚公布三季度营收84.6亿元，同 比增20.6%，预估82.3亿元；营业利润27.1亿元，预估26.8亿元。财通证券此前指出，公司向音乐平台公 司拓展，具备龙头优势。同时，AI提升用户参与度及广告效果，驱动广告收入增长。(格隆汇) | TME 腾讯音乐 | | | | --- | --- | --- | | 20 750 4 -0.800 -3.71% | | 收盘价 11/11 15:59 美东 | | 21.770 ↑ 1.020 +4.92% | | 盘前价 11/12 04:04 美东 | | 三四四十月二日 中国选 | | ● 快捷交易 | | 最高价 21.550 | 开盘价 21.460 | 成交量 873.02万 | | 最低价 20.500 | 昨收价 21.550 | 成交额 1.81亿 | | 平均价 20.771 | 市盈率 M 22.48 | 总市值 321.4亿 (m) | | 振 幅 4.87% | 市盈率(静) 34.81 | 总股本 15.49亿 | | 换手率 1.62% | 市净率 2.727 | ...

Core Viewpoint - The company reported its 1H25 earnings, showing a slight revenue miss but a significant profit beat, driven by tax asset recognition and cost control measures [4]. Group 1: Financial Performance - The company achieved revenue of 3.83 billion RMB, a year-over-year decrease of 6%, compared to Bloomberg's consensus estimate of 3.91 billion RMB [4]. - Gross profit reached 1.39 billion RMB, with a gross margin of 36.4%, reflecting a year-over-year increase of 1.4 percentage points due to operational leverage [4]. - Operating profit increased by 40.8% year-over-year to 845 million RMB, primarily due to reduced sales expenses [4]. - Adjusted net profit attributable to shareholders was 1.95 billion RMB, a substantial year-over-year increase of 121%, mainly due to the recognition of deferred tax assets amounting to 850 million RMB [4]. Group 2: Online Music Business - The company generated online music service revenue of 2.97 billion RMB, representing a year-over-year growth of 15.9% [5]. - Subscription revenue grew by 15.2% year-over-year to 2.47 billion RMB, driven by an increase in membership subscriptions [5]. - Non-subscription revenue, including advertising and digital albums, rose by 20% year-over-year to 498 million RMB [5]. - The platform continues to enhance its content and community ecosystem by introducing high-quality copyright music and strengthening original content capabilities [5][6]. Group 3: Cost Management - Sales expenses for 1H25 were 163 million RMB, a significant year-over-year decrease of 55.8%, attributed to a cautious promotional strategy [7]. - Management expenses increased by 3.6% year-over-year to 93 million RMB, while R&D expenses decreased by 4.2% year-over-year to 379 million RMB [7].