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]

被视为"多明戈接班人"的罗兰多·维拉宗在走红20多年后首次来到中国，于近日举行了一场别具特色的"拉丁小夜 曲"音乐会。 很多年前，维拉宗就热衷于挖掘古老的民谣。这次带到中国巡演的"拉丁小夜曲"音乐会，始于他与梅斯特2020年 合作录制的同名唱片，民谣里怀着他对故土的热爱、对音乐和拉美文化的热爱，也凝聚他在半百之年对生命本质 的思考。 50岁后松弛享受音乐 维拉宗曾以为，自己的艺术生涯会因先天性囊肿而终结在50岁。 被视为"多明戈接班人"的男高音罗兰多·维拉宗，在走红20多年后第一次来到中国。 6月6日晚，53岁的维拉宗以一袭深蓝天鹅绒礼服登台国家大剧院，与竖琴演奏家萨维耶·德·梅斯特一起，开启一场 极少见的"拉丁小夜曲"音乐会。 两位音乐家用竖琴搭配人声，并联袂挖掘近20首取材于墨西哥、阿根廷、哥伦比亚、巴西、古巴等地区的古老民 歌，这些或哀伤幽婉或激情奔放的民谣让现场气氛热烈，两位音乐家在演出后三度返场，一次次鞠躬，接受现场 的欢呼与掌声。 在世界歌剧舞台声名显赫的维拉宗，虽然只带来一场独唱音乐会，但足见其深厚功力与音乐审美。 1999年，维拉宗在"世界歌剧大赛"中斩获多个奖项。那之后，他成为同辈艺术家中最 ...

喜马拉雅卖身传闻，终于迎来实质性进展。6月10日，腾讯音乐娱乐集团（下称腾讯音乐）发布公告， 宣布与喜马拉雅签署并购协议，计划以12.6亿美元现金，加上不超过总股数5.1986%的A类普通股，以 及喜马拉雅创始股东在交易交割时及之后将分批获得的总数不超过总股数0.37%的腾讯音乐A类普通 股，全资收购喜马拉雅。消息发出后，腾讯音乐美股盘前大涨8%。 若以腾讯音乐当前约284亿美元的估值推算，喜马拉雅所获腾讯音乐股权价值约为15.82亿美元，加上 12.6亿美元现金，总交易成本约为28.4亿美元。 最后一次冲击上市发生在2024年4月，市场反馈依然不温不火，喜马拉雅最后的这条融资路，股东们的 退出路，彻底被堵上了。 很少有公司的上市之路像喜马拉雅这么坎坷。面对持续的亏损和上市困境，成立十年后，喜马拉雅开始 努力求生。据晚点报道，每日优鲜的倒塌给了喜马拉雅管理层很大触动，他们认为不能真正走向盈利的 公司非常危险。2022年8月，喜马拉雅CEO 余建军第一次对公司全体员工明确具体盈利计划。 喜马拉雅最终在2023年实现了扭亏为盈，但主要靠降本而非营收上涨。从2022年第一季度起，喜马拉雅 陆续有员工收到裁员通知，2 ...

国内最大的在线音频平台喜马拉雅，在2021年4月冲刺美股市场失败后，又三度向港交所发起冲击，但 最终仍未能如愿以偿，均吃下了闭门羹。 在资金饥渴、转型阵痛与股东期待的三重压力下，喜马拉雅最终还是等来了白衣骑士;。随着一纸公告 落地，腾讯音乐(01698.HK)(TME.US)以救世主姿态登场，用真金白银将这位音频一哥;收归旗下。 喜马拉雅逾200亿卖身 6月10日盘后，腾讯音乐在港交所发布公告，宣布与喜马拉雅签署并购协议，计划全资收购喜马拉雅。 具体而言，本次交易现金总额为12.6亿美元；腾讯音乐将发行的A类普通股形式的股票，其总数不超过 截至不晚于交易交割前五个工作日的工作日当天公司已发行及发行在外的普通股总数的5.1986%；在交 割时及之后将分批向创始股东（如并购协议所定义）发行的不超过总股数0.37%的该等A类普通股。 根据并购协议，喜马拉雅将进行与交易有关若干现有业务的重组。此外，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。 那腾讯音乐在这场耳朵经济;行业整合中，总共耗资多少？ 腾讯音乐的核心业务是音乐流媒体，旗下平台包括QQ音乐、酷狗和酷我，其在国内在线音乐市场中占 据了约70%的 ...

Economic and Regulatory News - The first meeting of the China-US economic and trade consultation mechanism has entered its second day, with discussions described as professional, rational, in-depth, and candid by Li Chenggang, the Deputy Minister of Commerce [1] - The State Administration for Market Regulation has publicly solicited opinions on the "Live E-commerce Supervision Management Measures" to enhance supervision and promote healthy development in the live e-commerce sector [1] - The Ministry of Commerce has extended the anti-dumping investigation period for imported pork and pork products from the EU until December 16, 2025, due to the complexity of the case [1] Company News - BYD Auto has announced a unified payment term of 60 days for suppliers to support the stability of the industrial supply chain and promote high-quality development in the automotive industry [2] - Tencent Music Entertainment Group plans to acquire 100% of Himalaya for $1.26 billion in cash and stock, with Himalaya stating that its brand, product independence, and core management team will remain unchanged [3] - Chengdu Huami has successfully launched a 4-channel, 12-bit, 16GSPS high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Dongfang Electric has signed a strategic cooperation agreement with Xiaomi's subsidiary to develop robotic electronic skin, leveraging each other's strengths in product development and market expansion [5] - Haiguang Information and Zhongke Shuguang will hold an investor briefing on June 11, 2025, regarding significant asset restructuring matters [6][7] - Qu Mei Home announced that a director sold 58,000 shares during a period of abnormal stock trading, which saw a cumulative price increase of over 20% [7] - Guangting Information plans to acquire 100% of Kaima Technology for 360 million yuan, aiming to integrate resources and enhance cooperation in overseas markets [7]

花旗分析师研报告表示，腾讯音乐娱乐收购中国播客初创公司喜马拉雅的计划对双方都是利好。此次收 购预计将增强腾讯音乐娱乐的长期音频和播客定位，丰富其内容产品，并提高盈利能力。据花旗计算， 这笔现金加股票交易的价值估计在27亿美元至28亿美元之间。 ...

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]

腾讯音乐收购喜马拉雅终于尘埃落定，腾讯音乐将以12.6亿美元现金加腾讯音乐约5.2%股权的方式收购喜马拉雅，交易总价折合接近27~28亿美元 （按现在腾讯音乐股价来算约合人民币200亿元）。 值得一提的是，腾讯早在此之前即是喜马拉雅的股东，持股比例约5.33%，为其第三大机构股东。 喜马拉雅自成立十余年来经历了12轮融资，累计募资近百亿元人民币，背后不乏各路明星投资方。多次尝试IPO未果后选择卖给腾讯，某种程度上 也是寻求一个稳定出路。 那么，腾讯音乐又在想什么？ 向前看，Spotify通过大举投资播客内容，证明了音频平台不能只做音乐流媒体，必须向长音频拓展才能支撑更高的估值和用户时长。 向左看，老牌对手网易云音乐凭借独特的社区文化和音乐品味始终占据一批死忠用户，让腾讯音乐无法完全独霸市场。 向右看，字节跳动这个"野蛮人"正在用免费模式颠覆整个行业——汽水音乐两年拿下6000万月活，番茄畅听直逼喜马拉雅。 看起来音频战役结束了，实际上，音频战役才刚刚开始。 交易的背后 当前这笔收购作价相较喜马拉雅历史高点已大幅折价。 喜马拉雅在2021年市场狂热时期估值曾达约300亿元人民币（约合40多亿美元）。以此次27~ ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-06-11 等待谈判落地 股指期货：放量回撤，震荡市对待 股指期权：买权对冲防御 国债期货：市场情绪偏谨慎 股指期货方面，放量回撤，震荡市对待。昨日午后异动下跌，盘面整 体放量，尤其是科创板块表现弱势，计算机、军工、半导体领跌，但盘面 无太多恐慌情绪。关于下跌的原因，消息面并无明确支持因素，我们理解 盘面回撤更多的是与情绪阶段过热有关。其一，沪指逼近3400点关口， 属于年内偏上沿区域，部分资金担心无法新高之后的回撤风险，其二， 创新药、新消费接连成为阶段主线，板块交易有拥挤之嫌，结合强势股蜜 雪集团多日出现长阴，市场担心高波环境下的持续性问题，其三，消息面 市场计价中美关系缓和，但鉴于谈判结果未定，也有部分资金可能逢高止 盈，提防不确定性。对于下跌，我们认为未必代表调整开始，但短期市场 缺少上行催化因素，仍建议观望。 股指期权方面，买权对冲防御。昨日权益市场早盘震荡，午后跳水。 期权方面，市场成交额提升26.5%重回近10个交易日高位，但交投活跃的 成因在于日内行情波动，期权端对冲避险，而并非资金进场交易。成交量 P ...

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 ...