腾讯音乐娱乐集团执行董事长彭迦信表示："第三季度，得益于在线音乐业务的全方位优异表现，我们 再次取得扎实稳健的业绩增长。通过持续创新丰富内容生态，并将服务拓展至更多现场体验，我们不仅 推动了订阅业务收入稳健提升，也带动了演唱会及艺人周边等非订阅服务的强劲增长。依托坚实的财务 基础和卓越的运营能力，我们将继续拓展音乐服务的边界，为整个音乐行业创造更大价值。" 腾讯音乐娱乐集团首席执行官梁柱表示："我们很高兴地看到，平台生态持续繁荣。基于不断深化的用 户洞察，我们以创新方式打造个性化服务与体验，推动用户黏性持续提升，促进了超级会员渗透率与单 个付费用户月均收入进一步增长。展望未来，我们将继续强化核心竞争力、提升平台效率，并把握新兴 机遇，持续赋能音乐创作、带动音乐消费。" 智通财经APP讯，腾讯音乐-SW(01698)公布2025年第三季度财务业绩，总收入为人民币84.6亿元(11.9亿 美元)，同比增长20.6%。公司权益持有人应占净利润为人民币21.5亿元(3.02亿美元)，同比增长36.0%。 非国际财务报告准则公司权益持有人应占净利润为人民币24.1亿元(3.38亿美元)，同比增长32.6%。 每股 美国 ...

腾讯音乐11月12日发布了2025年Q3财报。第三季度总收入84.6亿元，同比增长20.6%，调整后净利润 24.8亿元，同比增长27.7%。在线音乐服务收入同比增长27.2%至69.7亿元，单个付费用户月均收入 （ARPPU）进一步提升至11.9元。 ...

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 | ...

专题：聚焦2025年第三季度美股财报 责任编辑：刘明亮 11月12日下午消息，腾讯音乐（NYSE：TME；HKEX： 1698）今日公布了截至9月30日的2025年第三 季度财报：营收为84.6亿元，同比增长20.6%。净利润为22.1亿元，而2024年同期净利润为17.1亿元。归 属于腾讯音乐股东的净利润为21.5亿元，而2024年同期归属腾讯音乐股东的净利润为15.8亿元。 非国际财务报告准则下，净利润为24.8亿元，而2024年同期净利润为19.4亿元。归属于腾讯音乐股东的 净利润为24.1亿元，而2024年同期归属于腾讯音乐股东的净利润为18.1亿元。 ...

Core Insights - Spotify reported a total revenue of €4.3 billion for Q3 2025, reflecting a 12% year-over-year growth at constant currency rates [1] - The company achieved an operating profit of €582 million, exceeding expectations by €97 million, aided by a €41 million positive contribution from stock price fluctuations [1] - Monthly active users increased by 17 million to reach 713 million, surpassing the target by 3 million, while total subscribers grew by 12% year-over-year to 281 million [1] Revenue and User Growth - Subscription revenue grew by 13% year-over-year, primarily driven by an increase in user numbers [1] - For Q4, Spotify anticipates monthly active users to reach 745 million, with a projected increase of 32 million from Q3 [2] - The company expects total revenue for Q4 to be €4.5 billion, with a year-over-year growth rate of approximately 13% at constant currency [2] Profitability and Margins - The gross margin for Q4 is expected to be 32.9%, with an operating profit forecasted at €620 million [2] - The company is experiencing pressure on premium margins compared to advertising margins, but is implementing strategies to enhance premium product quality [3] Product and Service Innovations - Spotify launched an upgraded free tier globally, which has positively impacted user growth [2] - The introduction of "Audiobooks+" has been well-received, contributing to unprecedented average revenue per user (ARPU) levels [4] Strategic Partnerships and Content Development - Spotify is collaborating with major record labels to develop exclusive services for high-end fan bases [3] - The partnership with Netflix for video podcasts is expected to enhance user engagement and content distribution [7][17] Future Outlook - The company is optimistic about steady revenue growth and improving cash flow in 2026, despite anticipated seasonal declines in gross margins due to advertising business fluctuations [2][12] - Spotify aims to leverage artificial intelligence to enhance user experience and content recommendations, potentially creating new revenue streams [5][20] Pricing Strategy - Recent price adjustments in markets like Australia and the UK were made considering various factors, including household income and market maturity [19][23] - The company is focused on maintaining a balance between pricing and the perceived value of its offerings to ensure user retention and growth [19][23]

Core Viewpoint - Tencent Music (01698) is expanding into music platform companies, leveraging its leading position in the domestic music market, with projected revenue growth and profitability from 2025 to 2027 [1][2]. Group 1: Market Position - Tencent Music holds the largest market share in the domestic music market, with approximately 67% of paid users in 2024, and over 260 million authorized and co-created music and audio tracks [2]. - The company has over 800 million monthly active users across its platforms, including QQ Music, Kugou Music, and Kuwo Music, indicating a strong competitive advantage in content and user base [2]. Group 2: Growth Drivers - Three growth curves are identified to support the company's transition to a "music platform": 1. Online music subscriptions are the foundation, with a 6.3% year-on-year increase in paid users to 124 million and a 9.3% increase in ARPU to 11.7 million in Q2 2025 [3]. 2. Social entertainment is emerging as a new growth driver, with over 80 TME Live performances and collaborations with SM Entertainment to expand IP, alongside features like "Bubble" to enhance fan engagement [3]. 3. The B2B SaaS model is facilitating collaborations between music and industries like film and smart driving, with TME Studio offering comprehensive music services [3]. Group 3: AI Integration - AI is restructuring the online music value chain: - On the creation side, the "Qimingxing" tool is generating over 5,000 tracks daily in 2024, at a cost only 1/10 of manual creation [4]. - On the promotion side, algorithms are improving cold start efficiency, with daily user engagement time expected to rebound to 96 minutes in 2024 [4]. - On the consumption side, AI is driving paid user growth, with a significant increase in recommended play shares and a 10% year-on-year growth in user song collections [4].

Core Viewpoint - Tencent Music has a leading position in the domestic music market, with significant growth potential driven by its expansion into music platform services and a strong user base [1][2]. Group 1: Market Position and Financial Projections - Tencent Music holds the largest market share in the domestic music sector, with a projected total revenue of 323.96 billion, 364.94 billion, and 405.19 billion yuan for 2025-2027 [1]. - The company is expected to achieve net profits of 107.32 billion, 103.98 billion, and 123.01 billion yuan for the same period, with corresponding PE ratios of 24.11, 24.89, and 21.04 [1]. Group 2: Growth Drivers - The online music subscription model serves as a solid foundation, with a 6.3% year-on-year increase in paid users to 124 million and a 9.3% rise in ARPU to 11.7 billion yuan by Q2 2025 [2]. - Social entertainment is emerging as a new growth driver, with over 80 TME Live events and collaborations with SM Entertainment to expand IP, alongside the "Bubble" feature enhancing fan engagement [2]. - The B2B SaaS model is facilitating collaborations across music, film, and smart driving sectors, with TME Studio offering comprehensive music services [2]. Group 3: AI Integration in Music Value Chain - AI tools like "Qimingxing" are revolutionizing the music creation process, generating over 5,000 tracks daily at a cost only 1/10 of traditional methods [3]. - Algorithmic enhancements are improving user engagement, with daily usage time expected to rise to 96 minutes in 2024, alongside a significant increase in paid user growth and song collection rates [3]. - AI is also boosting advertising effectiveness, contributing to revenue growth through enhanced user participation [3].

Core Viewpoint - Tencent Music (TME.US) shows a positive outlook with a pre-market increase of 1.31% to $23.2, driven by improved paid penetration, strengthened copyright resources, and a robust original ecosystem [1] Group 1: Business Performance - The report from Northeast Securities highlights that Tencent Music's core business continues to grow, supported by enhanced paid user penetration and a solid content ecosystem [1] - The synergy between social entertainment and live streaming, along with karaoke services, is creating a competitive moat for the company [1] Group 2: Financial Health - Tencent Music exhibits a strong financial structure, with continuous improvement in net profit margin and return on equity (ROE), indicating substantial profit elasticity [1] - The company is expected to maintain a moderate revenue growth rate in the future, with profitability continuing to improve [1] Group 3: Market Position and Future Outlook - As an industry leader, Tencent Music is anticipated to benefit from increasing paid penetration rates and a more comprehensive content ecosystem [1] - The company is expected to have long-term growth potential due to deepening international collaborations [1] - Northeast Securities initiates coverage with a "Buy" rating, reflecting confidence in the company's future performance [1]

Core Viewpoint - Northeast Securities initiates coverage on Tencent Music (01698) with a "Buy" rating, projecting EPS for 2025-2027 at 3.57, 3.47, and 3.96 CNY, respectively, highlighting the company's position as an industry leader with expected moderate revenue growth and improving profitability [1] Group 1: Company Overview - Tencent Music Entertainment Group, established in 2003, has evolved through the integration of KuGou and Kuwo in 2016 and its dual listing in the U.S. and Hong Kong, leveraging Tencent's ecosystem for competitive advantages in copyright, user base, and traffic [1] - As of 2023, the company has surpassed 100 million online music paying users, solidifying its leading position in the industry [1] - The company reported a revenue of 28.401 billion CNY in 2024, a year-on-year increase of 2.34%, with a net profit of 6.644 billion CNY, reflecting a significant profit growth of 35.04% [1] Group 2: Industry Dynamics - The online music market in China has expanded from 9.38 billion CNY in 2018 to 23.98 billion CNY in 2023, with a stable user base of around 700 million, indicating limited growth space but increasing paid penetration driven by younger demographics [2] - The competitive landscape is characterized by a duopoly between Tencent Music and NetEase Cloud Music, with ongoing expansion in copyright content and the application of new technologies like AI composition [2] Group 3: Strategic Focus - The core business of online music services accounts for over 70% of the company's operations, with efforts to deepen ties with musicians and support original works, while expanding long audio and pan-entertainment content [3] - The company enhances user engagement and monetization through platforms like 全民K歌 (Quanmin Kge), live streaming, and social entertainment, while exploring new revenue streams through TME live and virtual concerts [3] Group 4: Investment Highlights - Key investment points include improved paid penetration, strengthened copyright resources, and a growing original ecosystem, ensuring continued growth in core business [4] - The synergy of social entertainment is evident, with live streaming and karaoke services creating a competitive moat [4] - The company maintains a robust financial structure with improving net profit margins and ROE, indicating ample profitability flexibility [4]

Core Viewpoint - The incident involving the late singer Li Wen's NetEase Cloud Music account being accessed by a new user highlights the risks associated with the reallocation of phone numbers by telecom operators, leading to potential privacy breaches and data security issues [1][7][12]. Group 1: Incident Overview - A new user reported logging into Li Wen's NetEase Cloud Music account after registering with a newly acquired phone number, which was previously linked to the singer's account [1]. - The account had 261,000 followers and two badges, indicating its popularity [4]. Group 2: Telecom Operators' Response - NetEase Cloud Music's customer service stated that the issue arose because the phone number linked to the artist's account was reallocated by the telecom operator [7]. - Telecom operators advised users to unlink their accounts from various apps before canceling their phone numbers to prevent such issues [8]. Group 3: Recommendations and Expert Opinions - Experts suggested extending the waiting period before reassigning phone numbers to reduce the likelihood of privacy issues [12]. - Recommendations included implementing a system where inactive accounts must be re-verified after a certain period to prevent unauthorized access to previously linked accounts [12]. Group 4: Media Commentary - Media commentary emphasized the need for better management of old user data and privacy protection in the context of number recycling, highlighting the responsibilities of both telecom operators and online platforms [12][13]. - The commentary pointed out that the current system often leads to user data being inadequately protected, resulting in potential security risks for new users [13].