18 June 2025 | 6:46AM HKT Tencent Music Entertainment Group (TME) Constructive outlook on faster SVIP penetration, non-subs business long-term potential; Raise TP, Buy | TME | 12m Price Target: $21.00 | Price: $18.20 | Upside: 15.4% | | --- | --- | --- | --- | | 1698.HK | 12m Price Target: HK$82.00 | Price: HK$73.40 | Upside: 11.7% | We raise TME's TP to US$21/HK$82 and reiterate our Buy rating on the name. The stock has rallied +69% YTD (vs. HSTech +18%), on the back of solid music growth visibility and pr ...

证券研究报告/行业研究 用户积累与 ARPU 提升决定金融信息服务企业盈利能力 ——金融信息服务行业专题研究 投资要点 ➢ 24年金融信息服务公司财务表现分化 2024 年指南针、九方智投、同花顺营收和利润表现亮眼。麟龙股份、古鳌科 技、益盟股份等公司营收，净利润均呈现负增长趋势，原因在于行业增速放 缓，其依赖营销及人力获客，导致销售费用率居高不下。行业马太效应持续， 用户规模优势与变现效率将成为决定企业竞争力的关键因素。 ➢ 金融信息服务公司核心竞争力在于零售客户的累积 金融信息服务公司的业务基础均依赖平台用户和流量，而实现客户增长需构 建自有流量矩阵与提升付费转化率。行业头部公司同花顺和早期的东方财富 积累了大量低成本流量并持续留存，指南针和九方智投用户流量池规模相对 较小，在提升付费转化率方面各具特色。指南针专注于证券分析软件领域； 九方智投则通过搭建覆盖 MCN 频道、互联网终端、传统媒体的融媒体生态， 形成"公域获客-私域沉淀-付费转化"的漏斗模型。 ➢ 寻找多元化流量变现途径，提升ARPU 当 PC 与移动端客户流量触及天花板后，各公司业务发展路径均聚焦于提升 ARPU。提升 ARPU 主要有两条 ...

Q1 2025 Earnings Report © 2025 Pinterest. All rights reserved. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) ...

Shares of Roku Inc. ROKU fell in early trading on Friday despite the company’s upbeat first-quarter results on Thursday.The announcement came amid an exciting earnings season. Here are some key analyst takeaways.Rosenblatt Securities On RokuAnalyst Barton Crockett reiterated a Neutral rating, while slashing the price target from $100 to $75.Although Roku’s first-quarter results were positive, with 16% year-on-year revenue growth and 37% growth in adjusted EBITDA, they were near expectations, Crockett said i ...