机构：华安证券 研究员：金荣 25H1： 公司发布25H1 业绩，实现收入38.3 亿元，yoy -6.0%；毛利润13.9 亿元，yoy -2.3%，毛利率为36.4%， 同比增加1.4pct；经调整营业利润9.1 亿元，yoy +35.0%；经调净利润19.5 亿元，yoy+121.0%。净利润 的增加主要由于 2025H1 确认递延所得税抵免 8.5亿元。 费用端上由于采取更审慎的推广策略，推广及广告费用有所减少。25H1 销售费用/管理费用/研发费用 分别为1.63/0.93/3.79 亿元，yoy 分别为-55.8%/+3.6%/-4.2%，销售费用率/管理费用率/研发费用率分别同 比-4.8pct/+0.2pct/-0.2pct 至4.3%/2.4%/9.9%。 风险提示 行业竞争加剧风险；行业政策不确定性风险；版权价格波动风险；版权不确定性；用户付费率不及预期 等。 公司积极以合作策略扩充版权库：25H1 与韩国RBW、StarShip等厂牌签约，丰富K-Pop 内容；上线李 健、张艺兴等头部音乐人作品，并深度合作王嘉尔推出新热单。说唱、ACG 等垂类内容也得到加强。 自制内容上成果显著，独特的 ...

昨晚（8月25日），南都N视频记者注意到，网易云音乐官方发布声明称，网易云音乐没有"访客记录"功能。在网 易云音乐，访问用户主页、音乐人主页等行为，均不会产生访客记录，也不会有其他任何形式的呈现。 近日，多位网友发文询问网易云音乐是否会留下访客记录。 南都记者发现，多位网友在社交平台发布，"网易云音乐是要出访客记录了吗？""网易云真的没有访客记录 吗？"等相关询问，引发关注。 多位网友发文询问。 8月25日晚，网易云音乐官方发布声明表示，网易云音乐没有"访客记录"功能。在网易云音乐，访问用户主页、音 乐人主页等行为，均不会产生访客记录，也不会有其他任何形式的呈现。 同时，用户可以安心地在网易云音乐使用各类功能。平台始终高度重视用户隐私安全，坚持"用户知情、用户同 意、最小必要"的隐私保护原则，在未经授权情况下不会公开任何个人信息。 南都记者注意到，2024年3月，有网友曾在社交平台发文称，"网易云音乐有访客记录了吗，才发现在网易云分享 动态的页面，有个小眼睛，这个标志代表什么意思呀？" 同年12月，网易云音乐小客服在该文下方评论称，"动态阅读量目前已完成小范围测试，暂不支持继续展示了哦， 我们会将您的宝贵建议 ...

8月25日，网易云音乐微博发文称：你的隐私我守护，网易云没有"访客记录"。 近期，我们关注到网上有用户询问"在网易云浏览他人主页，是否会留下访客记录"，在此我们和大家做 个说明： 网易云音乐没有"访客记录"功能。在网易云音乐，访问用户主页、音乐人主页等行为，均不会产生访客 记录，也不会有其他任何形式的呈现。 同时，您可以安心地在网易云音乐使用各类功能。平台始终高度重视用户隐私安全，坚持"用户知情、 用户同意、最小必要"的隐私保护原则，在未经授权情况下不会公开任何个人信息。 感谢大家的信任和支持，也欢迎您多多反馈使用网易云过程中的好建议、好想法。我们会继续努力，不 断维护安全、可信赖的音乐社区环境。 （齐鲁晚报·齐鲁壹点客户端编辑 武秀英 综合网易云音乐微博账号） ...

同年12月，网易云音乐小客服在该文下方评论称，"动态阅读量目前已完成小范围测试，暂不支持继续 展示了哦，我们会将您的宝贵建议认真记录下来，并第一时间反馈给相关负责的团队进行评估。" 同时，用户可以安心地在网易云音乐使用各类功能。平台始终高度重视用户隐私安全，坚持"用户知 情、用户同意、最小必要"的隐私保护原则，在未经授权情况下不会公开任何个人信息。 南都记者注意到，2024年3月，有网友曾在社交平台发文称，"网易云音乐有访客记录了吗，才发现在网 易云分享动态的页面，有个小眼睛，这个标志代表什么意思呀？" 近日，多位网友发文询问网易云音乐是否会留下访客记录。8月25日晚，南都N视频记者注意到，网易 云音乐官方发布声明称，网易云音乐没有"访客记录"功能。在网易云音乐，访问用户主页、音乐人主页 等行为，均不会产生访客记录，也不会有其他任何形式的呈现。 南都记者发现，多位网友在社交平台发布，"网易云音乐是要出访客记录了吗？""网易云真的没有访客 记录吗？"等相关询问，引发关注。 多位网友发文询问。 8月25日晚，网易云音乐官方发布声明表示，网易云音乐没有"访客记录"功能。在网易云音乐，访问用 户主页、音乐人主页等行为 ...

Core Insights - Spotify plans to raise prices for its premium individual subscription in certain markets as part of its strategy to enhance profit margins and invest in new features aimed at reaching 1 billion users [1][3][4] Pricing Strategy - The monthly price for the premium individual subscription will increase from 10.99 euros ($12.93) to 11.99 euros ($14.05) in various regions including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific [4] - The company views price adjustments as a necessary tool in its business strategy, indicating that such changes will be made when deemed appropriate [4] Financial Performance - Recent price increases, along with cost-cutting measures, contributed to Spotify achieving its first annual profit last year [4]

Core Viewpoint - The online music industry is becoming a profitable business, with significant revenue growth reported by major players like Tencent Music and NetEase Cloud Music, driven by improved copyright management and user payment habits [1][3][6]. Financial Performance - Tencent Music reported total revenue of 8.44 billion yuan for Q2 2025, a year-on-year increase of 17.9%, with online music service revenue growing by 26.4% to 6.85 billion yuan [1]. - NetEase Cloud Music's revenue for the first half of 2025 was 3.827 billion yuan, a decrease of 6% from the previous year, but online music service revenue increased by 15.9% to 2.967 billion yuan [1]. - Tencent Music's adjusted net profit for the quarter was 2.64 billion yuan, up 33% year-on-year [1]. Market Dynamics - Online music services now account for 80% of Tencent Music's total revenue and 77.5% of NetEase Cloud Music's total revenue, a significant shift from 2018 when these figures were much lower [2]. - The competitive landscape has evolved, with Tencent Music and NetEase Cloud Music now focusing on online music services rather than social entertainment services, which previously dominated their revenue streams [2][3]. Copyright Management - The decline of music piracy in China, from 95% to below 5%, has been pivotal in the growth of the digital music industry, leading to a "copyright accumulation competition" among platforms [4]. - Tencent Music has secured exclusive rights to a significant portion of the music library, forcing competitors like NetEase Cloud Music to pay high prices for licensing [4][5]. - The copyright wars have driven up the prices of music rights, but they have also fostered a culture of paid subscriptions among users [6][7]. User Engagement and Payment Models - Tencent Music's online music subscription revenue reached 4.38 billion yuan in Q2 2023, with a 17.1% year-on-year growth, and the number of paying users increased to 124 million [7]. - NetEase Cloud Music's subscription revenue grew to 2.47 billion yuan, a 15.2% increase [7]. - The platforms have developed a tiered subscription model to enhance user engagement and payment rates, effectively turning music into a sustainable profit-generating business [7]. Competitive Landscape - The rise of new players like "Soda Music" and "Tomato Listening" is challenging the dominance of Tencent Music and NetEase Cloud Music, leveraging lower subscription fees and algorithm-driven user engagement [14][15]. - The competition is intensifying as these new entrants utilize short video platforms to attract users, creating a potential shift in the market dynamics [14][17]. - The future of the online music industry may evolve into a three-way competition, with Tencent Music, NetEase Cloud Music, and new entrants vying for market share [17].

Auddia Announces New B2B Business Model with Strategic Shift to AI Driven Music Discovery Auddia shifts business model from B2C to B2B, targeting artists and labels for SaaS access to ad-free AM/FM streaming listeners faidr users will enjoy free access to AI driven ad-free AM/FM streams on all music stations Music from new artists and deep tracks from established artists are expected to occupy up to 33% of stream content on average BOULDER, CO, August 20, 2025 – PRISM MediaWire – Auddia Inc. (NASDAQ:AUUD) ( ...

Core Viewpoint - The company reported its H1 2025 performance, showing a revenue of 3.83 billion yuan, a year-on-year decrease of 6.0%, but exceeding market expectations due to significant growth in adjusted net profit [1] Financial Performance - H1 2025 revenue was 3.83 billion yuan, down 6.0% year-on-year; gross margin was 36.4%, up 1.4 percentage points; adjusted operating profit was 910 million yuan, up 35.0% year-on-year; adjusted net profit was 1.95 billion yuan, up 121.0% year-on-year, influenced by a deferred tax credit of 850 million yuan [1][2] Cost Management - The company effectively reduced costs, with sales expenses down 55.8% to 160 million yuan, management expenses up 3.6% to 90 million yuan, and R&D expenses down 4.2% to 380 million yuan; corresponding expense ratios were 4.3%, 2.4%, and 9.9% respectively [2] Revenue Streams - Online music revenue increased by 15.9% to 2.97 billion yuan, while social entertainment revenue decreased by 43.1% to 970 million yuan; music subscription revenue rose by 15.2% to 2.47 billion yuan, driven by an increase in membership scale [2][3] User Engagement - The company enhanced user engagement through product optimization, leading to increased mobile listening time and improved DAU/MAU ratio, which is now above 30% [2] Content Ecosystem - As of June 2025, the platform had over 819,000 independent musicians and approximately 4.8 million uploaded tracks, showing steady growth; new initiatives like "AI Musician" and "Intern Musician" were introduced to support creators [3] Future Outlook - The company is expected to continue optimizing its music-focused business, which may drive user growth; net profit forecasts for 2025-2027 were revised upwards, with corresponding PE ratios of 19.2, 23.9, and 20.2 times [3]

Core Insights - Spotify's advertising business is struggling, with CEO Daniel Ek acknowledging the company has been moving too slowly in this area [1][4] - The goal is for advertising to account for 20% of overall revenue, but as of June, it only made up 11%, with second-quarter ad revenue down 0.7% year-over-year [1][5] - Industry analysts are questioning whether Spotify's ad business has plateaued, contrasting with the company's overall strong performance in user growth and stock price [2][3] Advertising Strategy - Spotify's ad efforts have been hindered by a focus on its more lucrative subscription business, leading to a decline in customer service and low ad rates [3][21] - The company has recognized the need for change, leading to the departure of longtime ad head Lee Brown, with a search for new leadership underway [4][5] - Spotify's podcast strategy, which aims to connect advertisers with Premium users, has been described as messy, with inconsistent execution and various pivots [6][9] Financial Performance - Spotify generated $1.9 billion in ad sales last year, but the profitability of its Premium tier is significantly higher, estimated at 15 to 20 times that of the advertising tier [7][8] - The average CPM for digital audio ads was $16.51 in the second quarter, with Spotify claiming its average CPM is "far above" $9 [15][16] Customer Service and Operations - Advertisers have expressed concerns over Spotify's customer service, citing slow response times and high turnover in the ad sales team [21][22] - Issues with ad consistency in podcast streams have been reported, affecting campaign performance [23] Future Outlook - Spotify is optimistic about improving its ad business by 2026, with recent initiatives including the launch of the Spotify Ad Exchange and partnerships with adtech companies [25][26] - The company is also focusing on video content as a potential revenue stream, with a significant increase in video podcast consumption reported [20][19]

Core Viewpoint - The company reported its 1H25 earnings, showing a slight revenue miss but a significant profit beat, driven by tax asset recognition and cost control measures [4]. Group 1: Financial Performance - The company achieved revenue of 3.83 billion RMB, a year-over-year decrease of 6%, compared to Bloomberg's consensus estimate of 3.91 billion RMB [4]. - Gross profit reached 1.39 billion RMB, with a gross margin of 36.4%, reflecting a year-over-year increase of 1.4 percentage points due to operational leverage [4]. - Operating profit increased by 40.8% year-over-year to 845 million RMB, primarily due to reduced sales expenses [4]. - Adjusted net profit attributable to shareholders was 1.95 billion RMB, a substantial year-over-year increase of 121%, mainly due to the recognition of deferred tax assets amounting to 850 million RMB [4]. Group 2: Online Music Business - The company generated online music service revenue of 2.97 billion RMB, representing a year-over-year growth of 15.9% [5]. - Subscription revenue grew by 15.2% year-over-year to 2.47 billion RMB, driven by an increase in membership subscriptions [5]. - Non-subscription revenue, including advertising and digital albums, rose by 20% year-over-year to 498 million RMB [5]. - The platform continues to enhance its content and community ecosystem by introducing high-quality copyright music and strengthening original content capabilities [5][6]. Group 3: Cost Management - Sales expenses for 1H25 were 163 million RMB, a significant year-over-year decrease of 55.8%, attributed to a cautious promotional strategy [7]. - Management expenses increased by 3.6% year-over-year to 93 million RMB, while R&D expenses decreased by 4.2% year-over-year to 379 million RMB [7].