Group 1 - Tencent Music announced plans to acquire Himalaya for a total consideration of approximately $2.8 billion, which includes $1.26 billion in cash and 5.1986% of Class A common stock [1] - The acquisition price represents a significant discount compared to Himalaya's peak valuation of $5 billion in 2021, indicating a favorable outcome given the current market environment [1] - Following the announcement, Tencent Music's stock surged by 8% in pre-market trading [1] Group 2 - The acquisition of Himalaya is part of a broader trend where companies are integrating "IPO difficulties" into their portfolios, with Tencent Music also acquiring a 9.38% stake in SM Entertainment for $1.29 billion [3] - Himalaya has faced multiple failed IPO attempts, with four unsuccessful attempts leading to a loss of investor patience, ultimately resulting in the decision to sell [3][4] - From 2021 to 2023, Himalaya's revenue showed modest growth, with figures of 5.86 billion, 6.06 billion, and 6.16 billion yuan respectively, while achieving its first quarterly profit in Q4 2022 [5] Group 3 - Himalaya has significantly reduced its workforce from 4,342 employees in 2021 to 2,637 in 2023, a nearly 40% reduction, alongside a 50% cut in executive salaries [6] - The company's sales and marketing expenses as a percentage of total revenue decreased from 44.9% in 2021 to 33.6% in 2023, indicating a focus on cost management [7] - Despite the acquisition, Himalaya has committed to maintaining its brand, product independence, and core management team, while fulfilling existing contracts with partners [7] Group 4 - The acquisition is expected to enhance Tencent Music's competitive position against ByteDance, as it aims to create a comprehensive entertainment ecosystem combining online music streaming, social entertainment, and audio content [8] - In Q1 2023, Tencent Music reported a decline in monthly active users for 14 consecutive quarters, highlighting the need for user engagement strategies [8] - Himalaya holds a 60.5% market share in mobile audio listening time and 25% in online audio revenue, making it a strategic asset for Tencent Music [8] Group 5 - The online audio industry in China is projected to grow to 28.7 billion yuan in 2024, with a compound annual growth rate of 35.12% over the past five years [11] - Despite being the leading player, Himalaya's average monthly active users grew only 4% year-on-year in 2023, indicating challenges in user engagement and monetization [14] - Himalaya's advertising revenue is heavily reliant on opening screen ads, which limits its ability to expand advertising opportunities [15] Group 6 - The audio business faces significant challenges, with competition from ByteDance and other platforms, leading to a fragmented market landscape [10][17] - Himalaya has attempted to diversify its revenue streams through podcasts and short dramas, but these efforts have not yielded significant results [16] - The future of the audio market remains uncertain, with companies like Himalaya and Tencent Music seeking to balance commercial viability with user experience [20]

Group 1 - The core viewpoint of the report maintains Tencent Music's Non-IFRS net profit forecasts for 2025 and 2026, with corresponding P/E ratios for Hong Kong and US stocks indicating potential upside [1] - The estimated total consideration for the acquisition of Ximalaya is approximately $2.854 billion, which includes $1.26 billion in cash and stock issuance [2] - Ximalaya, a leading long audio platform in China, has a strong user base and brand effect, with 72.23 million mobile MAUs and a revenue of 6.163 billion yuan in 2023 [3] Group 2 - The acquisition is expected to maintain Ximalaya's independent operation and brand identity, with no changes to its core management team or strategic direction [2] - Long audio and music users are complementary, with only 9.9% overlap between Ximalaya and QQ Music users, suggesting potential for enhanced user engagement [4] - The differentiated content rights from the acquisition are anticipated to support the sustainable growth of ARPPU for Tencent Music [4]

Group 1: Acquisition Details - Tencent Music is acquiring Ximalaya for $1.26 billion in cash and approximately 5.2% equity, totaling around $2.7 to $2.8 billion [1] - Tencent Music was already a shareholder in Ximalaya, holding about 5.33% of its shares [1] - Ximalaya has raised nearly 10 billion RMB over 12 funding rounds but has struggled to go public, leading to the decision to sell to Tencent [1] Group 2: Market Context - The acquisition comes at a significant discount compared to Ximalaya's peak valuation of approximately 30 billion RMB (over $4 billion) in 2021, representing a nearly 30% decline [6] - Ximalaya's monthly active users (MAU) have decreased to under 200 million, down about one-third from its peak in 2021, due to competition from short video platforms and aggressive commercialization [8][6] Group 3: Strategic Implications for Tencent Music - The acquisition will enhance Tencent Music's product offerings, filling a gap in the long audio content segment, which includes podcasts and audiobooks [8][9] - Tencent Music aims to integrate audio content into its existing platforms, potentially offering a unified membership service that includes music and audio content [10][11] - The acquisition positions Tencent Music to better compete against rivals like NetEase Cloud Music and ByteDance, which are disrupting the market with free models [12][14] Group 4: Competitive Landscape - ByteDance's free music streaming app, Soda Music, has rapidly gained 60 million MAU, posing a direct challenge to Tencent Music's paid subscription model [12][14] - The competition between Tencent and ByteDance spans multiple content areas, including short videos, long videos, literature, and audio [15] - The industry is witnessing a shift towards mixed monetization models, balancing subscription services with free content to attract a broader user base [16][17]

6月10日，腾讯音乐公告称，公司与喜马拉雅及若干其他订约方就拟收购喜马拉雅订立并购协 议及计划。 交易交割后，喜马拉雅将成为公司的全资附属公司。 根据腾讯音乐公告，交易交割时，喜马拉雅相关股东及喜马拉雅的雇员持股计划参与者持有的 喜马拉雅权益性证券须予以注销， 以换取12.6亿美元的现金以及腾讯音乐相关股份 。 6月10日，喜马拉雅公告称，此次并购事项将于各项前置条件满足后正式交割，双方后续将共 同推进相关流程。喜马拉雅也将保持现有品牌不变、现有产品独立运营不变、核心管理团队不 变、公司战略发展方向不变。 喜马拉雅 承诺合作伙伴与喜马拉雅签署的各类合同均会如约履 行，每一位客户权益也依法受到保护。 喜马拉雅称积极拥抱AI 图 片 来 源 ： 公 司 公 告 消息发布后，腾讯音乐美股盘前直线飙升，一度涨超11%。美股开盘后，截至 北京时间 22:34，腾讯音乐涨0.32%。6月10日，港股腾讯音乐涨2.43%，收报73.65港元/股。 喜马拉雅将保持现有品牌 据腾讯音乐公告，交易的交割取决于相关监管部门的批准及若干其他交割前提条件。交易交割 时（含其他步骤），喜马拉雅相关股东及喜马拉雅的雇员持股计划参与者持有的 ...

Core Viewpoint - Tencent Music has finalized the acquisition of Ximalaya for a total cash consideration of $1.26 billion, which includes the issuance of Class A ordinary shares [1] Group 1: Acquisition Details - The acquisition involves a total cash payment of $1.26 billion, with Tencent Music issuing Class A ordinary shares not exceeding 5.1986% of the total shares outstanding prior to the transaction [1] - Ximalaya will undergo a restructuring of certain existing businesses related to the transaction [1] - The completion of the transaction is subject to regulatory approvals and other closing conditions [1] Group 2: Recent Transactions - On May 30, HYBE sold its entire stake in SM Entertainment to Tencent Music's Hong Kong entity for approximately 243.3 billion KRW, equivalent to about 1.29 billion RMB, representing 9.38% of SM Entertainment [2][3] Group 3: Financial Performance - In Q1 2025, Tencent Music reported revenue of 7.356 billion RMB, a year-on-year increase of 8.7%, and an adjusted net profit of 2.226 billion RMB, up 22.8% [5] - Online music revenue grew by 15.9% year-on-year to 5.8 billion RMB, with subscription revenue increasing by 16.6% to 4.22 billion RMB [6] - The number of online paid users rose by 8.3% to 122.9 million, with average revenue per paying user (ARPPU) increasing by 0.3 RMB to 11.4 RMB [6] Group 4: User Engagement Challenges - Monthly active users (MAUs) for Tencent Music's online music services declined by 4.0% year-on-year to 555 million [7] - The decline in MAUs poses a direct constraint on Tencent Music's revenue potential [8] Group 5: Strategic Focus - Tencent Music is shifting its focus towards paid users, a strategy common among Tencent's subsidiaries [8] - The company has decided to no longer separately disclose operational metrics for its social entertainment segment, which saw a revenue decline of 11.9% to 1.55 billion RMB in Q1 [9] Group 6: Potential Benefits of Acquisition - The acquisition of Ximalaya is expected to provide Tencent Music with significant traffic, as Ximalaya reported 303 million MAUs in 2023, with 133 million being mobile users [13] - Ximalaya has developed a unique UGC content ecosystem and holds numerous audiobook copyrights, which could offer substantial monetization opportunities [13] - Tencent Music has a history of successful acquisitions, which have been pivotal in establishing its current market position [13]

点评：这一并购不仅将强化腾讯在内容生态领域的地位，更凸显出音频赛道在流量红利见顶背景下的稀 缺价值。通过将头部播客平台纳入麾下，腾讯音乐可有效补足其"听"场景的短板，构建"音乐+有声内容 +社交"的全链条服务体系，与网易云音乐等竞品形成差异化竞争。 丨 2025年6月11日星期三丨 NO.1腾讯音乐：拟以12.6亿美元收购喜马拉雅 6月10日，腾讯音乐在港交所发布公告称，腾讯音乐娱乐集团与喜马拉雅控股及若干其他订约方就其拟 议收购喜马拉雅订立并购协议及计划。腾讯音乐称，交易交割后，喜马拉雅将成为公司的全资附属公 司。据公告，此次交易总价为12.6亿美元现金，喜马拉雅相关股东及喜马拉雅的雇员持股计划参与者持 有的喜马拉雅权益性证券须予以注销。此外，根据并购协议，喜马拉雅将进行与交易有关的若干现有业 务的重组。 NO.3Siri的AI升级功能短期内不会推出 当地时间6月10日，苹果在WWDC上宣布了Apple Intelligence的一系列新功能，并向开发者开放苹果的 基础模型。据悉，苹果此次推出全新的软件界面设计"液态玻璃"，应用于iPhone等旗下多种硬件设备的 操作系统，iPhone迎来2013年来首次O ...

Core Viewpoint - Tencent Music Entertainment Group announced a merger agreement to acquire Ximalaya for $1.26 billion in cash and stock, aiming to enhance user experience and creator revenue through resource sharing and joint development [1][3][4]. Group 1: Acquisition Details - The acquisition will involve a total payment of $1.26 billion in cash and the issuance of Class A common stock, not exceeding 5.1986% of Tencent Music's total shares outstanding prior to the transaction [2]. - Ximalaya will become a wholly-owned subsidiary of Tencent Music upon completion of the transaction, which is subject to regulatory approvals and other conditions [2][4]. Group 2: Ximalaya's Operations Post-Acquisition - Ximalaya will maintain its brand, product independence, core management team, and strategic direction after the acquisition [3][4]. - The company aims to continue its mission of sharing human wisdom through sound and providing high-quality audio products and services to users, creators, and partners [4]. Group 3: Financial Performance - Ximalaya's revenue for 2021, 2022, and 2023 was reported at 5.86 billion yuan, 6.06 billion yuan, and 6.16 billion yuan respectively, with a gross margin of 54%, 51.9%, and 56.3% [5]. - The adjusted net profit for Ximalaya was -718 million yuan in 2021, -296 million yuan in 2022, and 224 million yuan in 2023, indicating a turnaround in profitability [5]. - Tencent Music reported a total revenue of 28.401 billion yuan in 2024, a year-on-year increase of 2.34%, with a net profit of 6.644 billion yuan, up 35.04% [5].

纳指小幅高开 腾讯音乐涨超4% 智通财经6月10日电，美股三大指数开盘涨跌互现，道指跌0.04%，纳指涨0.15%，标普500指数涨 0.11%。腾讯音乐涨超4%，公司拟议收购喜马拉雅控股。台积电涨超2%，5月营收同比增长39.6%。食 品巨头斯马克跌超6%，Q4营收不及预期。 ...

Group 1 - The core viewpoint is that the company has raised its adjusted net profit forecasts for 2025 and 2026 by 6% and 9% to 1.93 billion and 2.20 billion RMB respectively, based on better-than-expected cost optimization [1] - The target price for the next 12 months has been increased to 240 HKD from 184 HKD, with the core business contributing 223 HKD based on an average P/E ratio of 20 times for quality content and copyright companies [1] - The cash contribution to the target price is 17 HKD, reflecting a 30% discount [1] Group 2 - In Q1 2025, the company reported revenue of 1.86 billion RMB, a year-on-year decline of 8%, which is a larger drop compared to a 2% decline in the second half of 2024, primarily due to a decrease in social entertainment revenue [1] - The gross margin improved to 36.7%, up 3.7 percentage points year-on-year, benefiting from growth in subscription revenue and optimization in live streaming revenue sharing [1] - For 2025, online music revenue is expected to grow by 15% year-on-year, with subscription revenue projected to increase by 16%, driven by membership expansion [2] - Non-member business revenue is anticipated to rise by 11%, although advertising revenue growth may slow due to a high base effect [2] - Social revenue expectations have been lowered by 7% to 1.8 billion RMB, corresponding to a year-on-year decline of 31%, but profit is expected to remain stable due to optimized revenue sharing costs [2]

Core Viewpoint - The report from CMB International raises the target price for NetEase Cloud Music (09899.HK) to HKD 240, maintaining a "Buy" rating due to faster-than-expected cost optimization and growth potential in long-term membership revenue [1] Financial Performance - Adjusted net profit forecasts for 2025 and 2026 have been increased by 6% and 9% respectively [1] - The gross profit margin for the first quarter of this year increased by 3.7 percentage points year-on-year to 36.7%, surpassing both the bank's and market expectations [1] Revenue Drivers - The growth in membership subscription revenue, increased income from various professional services, and optimization of live streaming revenue sharing are key contributors to the improved financial performance [1] Market Outlook - There is significant operational space for the paid wall and ARPPU (Average Revenue Per Paying User), indicating a positive long-term outlook for membership income growth [1]