腾讯音乐 20250513 摘要 • 腾讯音乐娱乐集团 2025 年第一季度收入达人民币 114 亿元，同比增长， 主要受益于音乐订阅和广告收入的强劲增长，以及艺人周边商品和线下演 出收入的贡献。净利润为人民币 44 亿元，同比增长显著。 • 音乐订阅收入增长强劲，2025 年第一季度达到人民币 42 亿元，同比增长 70%，环比增长 5%。公司通过加强与唱片公司的合作，丰富经典音乐库， 并推出高质量音效产品，有效提升了用户参与度和付费用户基数。 • 广告业务保持良好增长势头，通过多样化广告格式和创新广告支持模式， 提高了点击率和广告单价，吸引了更多广告主。赞助广告，如"QQ 音乐 超级盛典之夜"，加强了与广告主的合作，推动生态系统盈利。 • 艺人相关商品销售和线下演出收入增加，得益于肖战实体专辑的发货以及 与音乐行业合作举办的演唱会。公司战略重点已转移到核心音乐业务，社 交娱乐服务收入同比下降 12%至人民币 16 亿元。 • 公司保持严格财务纪律，有效控制促销支出，使 2025 年第一季度营业费 用占收入比例下降至 15.5%。有效税率降至 9.2%，主要由于视同处置收 益影响，确认视同处置联营公司收益 ...

环球音乐集团与Apple Music宣布在健康领域合作开展项目。 ...

百济神州：一季度净利润亏损9450.3万元，同比减亏 大公司： 极氪：关于吉利提议，目前尚未做出任何决定 36氪获悉，极氪发布公告称，关于吉利提议，目前尚未做出任何决定。 4月增速42.53%，美图设计室位列AI产品榜国内增速第三 36氪获悉，在4月AI产品榜中，美图公司旗下的美图设计室以42.53%的增速，位列国内增速第三，全球 增速第六。AI产品榜显示，全球AI应用TOP100有68%在增长，全球AI网站 TOP100有35%在增长。据介 绍，2025年以来，美图设计室持续升级，包括智能抠图功能的迭代，接入站酷海洛PLUS后台等。 神马电力：输配电业务线有望成为业绩增长新引擎 神马电力在业绩说明会上表示，当前公司盈利增长的核心驱动力仍集中于变电站业务板块，但随着输配 电事业部全球产能的释放与市场拓展的加速，该业务线已展现出强劲的增长势头，有望在未来成为公司 业绩增长的新引擎。（证券时报） 88VIP可领820元天猫618消费券 36氪获悉，天猫618今晚发放820元大额消费券。88VIP可领取6张共计820元的大额消费券：1张"满5000- 500"、1张"满1500-150"、3张"满500-50"，以 ...

金十数据5月13日讯，美股开盘，三大股指涨跌不一，道指跌0.4%，标普500指数涨0.1%，纳指涨 0.2%。京东(JD.O)绩后跌1.5%。腾讯音乐(TME.N)跌5%。联合健康(UNH.N)跌11%，公司暂停2025年展 望。英伟达(NVDA.O)涨1.4%，美媒称美国将推动沙特获得人工智能芯片。 美股三大股指开盘涨跌不一 ...

北京时间 5 月 13 日港股盘后、美股盘前，腾讯音乐发布了 2025 年第一季度财报。关税贸易战开打之际，在欧美流媒体纷纷交出超预期成绩的时候，腾讯音乐是 否也能交出一份惊喜答卷？ 而跳出短期业绩的长远视角，腾讯音乐的业绩和估值拉升空间，又将靠什么驱动和支撑？ 具体来看： 一、会员订阅：更专注、更垂类 截至 Q1 末，腾讯音乐的付费渗透率已经达到 22%，环比上季度继续提升。和三年前锚定的长视频付费率目标相比，完成度也接近 90% 了。与此同时，单价的上 涨也靠着付费群策略，与付费率同步攀升——这是腾讯音乐的 3 年增长黄金期。因此当去年下半年，量、价驱动力同时减弱时，市场对增长的担忧也在不断升 温。 Q1 会员订阅增速一如指引（整体收入增速的指引）继续放缓，但分项来看，付费人头的增加还是很一般，但人均付费似乎有新一轮的拉动周期迹象。或者换句话 说，在竞争格局没有进一步出现明显恶化的拐点之前，掌握龙头优势的腾讯音乐，可以自己动态去调节量、价的驱动贡献。 显然，面对持续的用户流失，腾讯音乐选择了更垂类、更专注的一种做法——即，紧抓核心重度用户需求，推动 SVIP 的渗透转化，从单个人头的 UE 模型角度， 优 ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached RMB 7.4 billion, representing a 9% year-over-year growth [19] - Online music revenues increased by 16% year-over-year to RMB 5.8 billion, driven by strong growth in music subscription and advertising revenues [20] - Music subscription revenues reached RMB 4.2 billion, a 70% increase year-over-year [20] - Gross margin improved to 44.1%, up 3.2 percentage points year-over-year [23] - Net profit was RMB 4.4 billion, with a net profit attributable to equity holders of RMB 4.3 billion [25] Business Line Data and Key Metrics Changes - The music subscription business remains the cornerstone, with significant growth in SVIP membership and reduced promotional activity contributing to revenue increases [20][27] - Advertising revenues showed strong year-over-year growth, supported by the ad-supported model and increased engagement [20][21] - Artist-related merchandise sales and offline performances also contributed to revenue growth, with successful concert hosting leading to increased revenues [21][22] Market Data and Key Metrics Changes - The company has strengthened partnerships with record labels, enhancing its music library and user engagement [5][6] - There is a growing popularity of Korean, English, and Japanese tracks among users, indicating a diversification in music consumption preferences [7] - The company has expanded its merchandise collaborations, which have shown strong sales performance [8][9] Company Strategy and Development Direction - The company aims to enhance user engagement through a diverse range of music services and content offerings, focusing on high-quality growth [4][12] - Continued investment in original content production and innovative technologies is planned to improve user experience and strengthen the ecosystem [27] - The company is committed to expanding its SVIP membership and advertising business while diversifying offerings across the music value chain [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, expecting year-over-year growth rates to accelerate and margins to expand [31] - The company is focused on encouraging more music consumption and enhancing user engagement through unique offerings [31][32] - Management highlighted the importance of long-form audio content and its complementary role in driving user engagement and subscription growth [38] Other Important Information - The company released its 2024 ESG report, detailing practices in intellectual property protection, user privacy, and fostering diverse music communities [11] - The effective tax rate for Q1 2025 was 9.2%, a decrease from 19.9% in the same period of 2024 [25] Q&A Session Summary Question: Outlook for top line profit growth for the next quarter and full year 2025 - Management expressed confidence in achieving strong results in Q1 and expects growth rates to accelerate in 2025, driven by rich service offerings and user engagement [31] Question: Growth opportunity of podcasts in China and long-form audio user metrics - Management noted that while podcast growth in China is limited, long-form audio content is expected to grow and complement the existing subscriber base [36][38] Question: SVIP progress and key KPIs - Management reported strong growth in SVIP membership and ARPPU, with plans to enhance the membership system and improve user satisfaction [40][43] Question: Contribution of Super VIP to ARPPU growth - Management indicated that the reduction in promotional activities has positively impacted ARPPU growth, with expectations for continued growth from the SVIP business [46][48] Question: Monetization strategy for nonpaying subscribers - Management emphasized converting nonpaying users into subscribers and leveraging advertising and merchandise sales to generate revenue from this segment [51][55] Question: Future drivers for gross margin improvement - Management highlighted subscriber growth and cost management as key drivers for future gross margin improvement, with expectations for continued growth [60][62] Question: International opportunities, especially in Southeast Asia - Management acknowledged the importance of international markets and plans to invest in content creation and platform development in Southeast Asia [68][71] Question: Outlook for advertising and offline events business - Management expressed a positive outlook for advertising revenue growth and plans to enhance the quality of offline performances [79][80]

3. 截至发稿，WTI原油涨0.97%，报62.55美元/桶。布伦特原油涨0.82%，报65.49美元/桶。 | ඝ 伦敦布伦特原油 | 2025年7月 | 65.49 | 65.51 | 64.62 | +0.53 | +0.82% | | --- | --- | --- | --- | --- | --- | --- | | ■ WTI原油 | 2025年6月 | 62.55 | 62.56 | 61.65 | +0.60 | +0.97% | 市场消息 关税冲击初现端倪，美国4月CPI预期反弹。美国4月CPI将于今晚公布。市场预测共识显示，美国4月CPI预计环比上涨0.3%， 同比上涨2.4%。剔除食品和能源价格的核心通胀预计上涨0.3%，同比上涨2.8%。此前在三月，由于能源价格走低推动通胀回 落，CPI出现自2020年以来的首次月度下降。多数预测人士表示，美国劳工统计局周二发布的报告将显示上月对中国和其他国 家加征的惩罚性关税的初步影响，但影响可能有限，因为上月美国货架上的许多进口商品是在新关税生效前运抵美国的。美国 银行经济学家指出："由于关税以及相关消费者行为的影响，核心商品通胀可能加速。"美国 ...

Core Viewpoint - The overall market sentiment improved, leading to a collective rise in major U.S. stock indices, with notable gains in popular Chinese concept stocks, particularly Tencent Music, which saw a significant increase in its stock price following positive earnings expectations and results [1][3]. Company Performance - Tencent Music's total revenue for Q1 2025 reached 7.36 billion yuan, marking an 8.7% year-over-year increase [3]. - The adjusted net profit for the same quarter was 2.23 billion yuan, reflecting a 22.8% year-over-year growth [3]. - Online music service revenue grew by 15.9% year-over-year to 5.8 billion yuan, while online music subscription revenue increased by 16.6% to 4.22 billion yuan [3]. - The number of paid online music users rose by 8.3% to 12.29 million, with ARPPU (average revenue per paying user) increasing to 11.4 yuan [3]. Market Outlook - Several financial institutions, including Morgan Stanley, Goldman Sachs, and UBS, have a positive outlook on Tencent Music's future growth, with ratings of "buy" or "overweight" [4]. - Morgan Stanley highlighted Tencent Music's strategic positioning and operational flexibility as key factors for maintaining resilience in uncertain macroeconomic conditions [4]. - CICC noted Tencent Music's focus on shareholder returns and the potential for continued healthy growth in its online music business driven by super member conversions and ARPPU improvements [4].

港股互联网：全球变局下的复盘与审视，哪些方向值得坚 守？20250512 摘要 • 港股近期修复速度超预期，恒指面临 23,000 点压力位，若风险偏好释放 或上探 24,000 点，恒生科技指数预计修复至 5,200 点，但需警惕超买修 正风险，建议关注确定性机会。 • 中美贸易战对美国是供给冲击，对中国是需求冲击。短期内美国可通过抢 出口和低价原油缓解内部问题，但长期压力较大，当前市场情绪亢奋，需 警惕风险。 • 港股互联网板块抗压性强，受益于内需和 AI 技术重估，如腾讯、阿里、快 手。即便回调或关税变动，仍具左侧配置机会，现金流充裕，美股估值修 复也将带动其重新估值。 • 中长期看，创新药、科技、新消费等领域因业绩阿尔法带来超额收益，值 得重点关注与配置。美股和港股互联网估值差异大，外资大幅回流港股可 能性较低，需经济企稳吸引外资。 • 2025 年初港股反弹因刺激政策预期、关税真空期、DECP 政策及超低估 值，但当前关税已定，反弹动力减弱，应防范回撤。纳斯达克回撤控制优 于港股，超买状态下应防控风险。 Q&A 今年以来港股整体表现如何？ 今年以来，港股整体表现震荡较大。虽然年初至今恒生指数和恒生科 ...

Core Viewpoint - The recent success of songs like LIBI's "Jumping Machine" and Cloud9's diss track "New Feudalism Rap 2025" has sparked criticism about the state of the Chinese music industry, suggesting a decline in quality and artistic merit [3][7][11]. Summary by Sections Market Performance - "Jumping Machine" has achieved over 10 million collections on QQ Music and NetEase Cloud Music, with QQ Music's hot song chart ranking for 137 weeks, earning double platinum certification from Tencent Music [7]. - The song has also gained popularity in Southeast Asia and regions like Hong Kong and Taiwan, indicating a broad market appeal [7]. - Cloud9's diss track has similarly elevated the artist's profile, leading to recognition and opportunities in the industry [9]. Criticism and Public Perception - Both songs have faced significant backlash, being labeled as low-quality and detrimental to the music scene, with critiques focusing on their lyrical content and perceived lack of depth [9][13]. - Critics argue that the songs reflect a trend towards superficiality in music, prioritizing catchy hooks over meaningful lyrics [13][14]. Emotional Resonance and Commercial Success - The phenomenon of these songs highlights the emotional resonance they create, which is a key factor in their commercial success, regardless of artistic quality [11][15]. - The current music landscape favors emotionally driven content that aligns with audience preferences, often at the expense of traditional musicality [14][16]. Changing Music Aesthetics - The article discusses the evolving nature of music consumption, where the distinction between high and low art becomes blurred, as audiences seek entertainment and emotional feedback rather than artistic integrity [15][20]. - The rapid consumption habits driven by short video platforms have led to a focus on immediate emotional impact, often resulting in songs that are catchy but lack depth [14][20]. Conclusion - The success of these "internet hits" prompts a reevaluation of what constitutes good music in a commercial context, suggesting that market dynamics and audience engagement are increasingly influential [19][21]. - The article emphasizes that music appreciation is subjective, and the commercial viability of a song does not necessarily correlate with its artistic value [20].