音乐业务2026 年有望量价齐升，社交娱乐或继续环比企稳。在线音乐：2025 年在线音乐收入59.94 亿 元，同增12%，其中订阅收入同增13.3%，非订阅收入同增5.2%。公司公告中表示，订阅收入的增长主 要得益于付费用户数的增长，部分被会员结构变化下ARPPU 摊薄略抵消，但会员留存率和活跃度有提 升。公司业绩会表示，2026 年战略重点是扩大付费用户规模，ARPPU亦有望因收窄折扣增长。我们预 计，2026 年在线音乐收入同比增长10.8%，其中订阅收入同比增速12.1%。社交娱乐及其他： 机构：中金公司 研究员：张雪晴/白洋/焦杉/肖俨衍/魏萌 业绩回顾 2025 年Non-IFRS 净利润符合我们预期 发展趋势 2025 年社交娱乐及其他收入17.65 亿元，同降32%，主要因审慎经营策略，2H25 社交娱乐及其他收入 已环比小幅提升。 毛利率同比提升，经营费用相对节制。2025 年毛利率35.7%，同比提升2ppt。2025 年销售、管理和研发 费用绝对值均同比下滑，投入节制，公司业绩会表示，2026 年或加大投入，建议关注2026 年公司对内 容成本和获客投入节奏。在音乐业务健康增长带动下，我 ...

机构：光大证券 研究员：付天姿/杨朋沛 事件：公司发布2025 年业绩公告，实现收入77.59 亿元人民币（yoy-2.4%，vs彭博一致预测79.13 亿 元）；实现毛利润 27.70 亿元，同比增长3.3%，对应毛利率35.7%，略低于彭博一致预期的36.4%；公司 实现营业利润16.22 亿元，同比提升38.5%，主要系销售费用收缩所致；实现经调整归母净利润28.60 亿 元，同比大幅提升68.2%，主要系确认递延所得税抵免7.47 亿元，因全资子公司产生的累计税项亏损确 认递延税项资产而导致，剔除该影响后，25 年实现经调整归母净利润约21 亿元。 1）版权与原创内容双轮驱动：公司持续深化与国内外版权方的合作，2025 年引入RBW、StarShip、 Shofar Music 等K-POP 厂牌资源，补充日韩及粉丝向内容矩阵，同时丰富华语热门曲库及影视原声 公司持续加强费用管控。25 年销售费用同比下降33.2%至4.09 亿元，主要系推广及广告投放更趋审慎， 强调投放效率与转化效果；管理费用同比下降4.4%，得益于日常行政开支控制；研发费用同比下降 2.3%，主要由于技术资源利用率提升、研发投入结 ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with total revenues for the nine months reaching over $58 million [4][13] - Adjusted EBITDA for Q3 was $2.6 million, contributing to a positive consolidated adjusted EBITDA of $1.6 million for the second quarter [13] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 [13] Business Line Data and Key Metrics Changes - The audio division generated $18.6 million in revenue for Q3 and $52.2 million for the nine-month period, with an Adjusted EBITDA of $2.6 million for Q3 [5][13] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million [13][14] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [13] Market Data and Key Metrics Changes - The company has over $125 million in net operating loss carryforwards, which represent significant long-term shareholder value and tax efficiencies [5][6] - Industry valuation dynamics are improving, with the company trading at 60% of revenues compared to the industry average of over 3x revenues [6] Company Strategy and Development Direction - The company is focused on expanding partnerships with major players like Amazon, Apple, and Tesla, aiming to launch three significant Fortune 500 partnerships [7][9] - A strategy is in place to convert over 1 million free and ad-supported subscribers into paid tiers, representing potential incremental revenue [7] - The company is also expanding its original IP, having sold its fourth television series to a major streaming platform [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the company has emerged leaner and more disciplined after navigating various challenges, positioning itself for the next growth cycle [4][5] - The preliminary fiscal guidance for the upcoming year is set at $85 million to $95 million in revenues and $8 million to $10 million in Adjusted EBITDA [5][40] - Management expressed confidence in the company's undervaluation and the potential for significant growth driven by B2B partnerships and AI initiatives [11][12] Other Important Information - The company has streamlined its workforce from 350 to 88 members, resulting in a reduction of operating expenses by over 52% year-over-year [4] - The company is actively exploring M&A opportunities as the market stabilizes and valuations normalize [7][11] Q&A Session Summary Question: On the B2B business, can you elaborate on customization and options for customers? - Management stated that the company is uniquely positioned in the B2B space, leveraging AI for customization and offering competitive pricing [17][20] Question: What is the competitive landscape for content provision? - Management indicated that while some competition exists, the company's unique service offerings and flexibility provide a competitive advantage [29][31] Question: What is the potential for advertising revenue from Slacker's non-subscription customers? - Management noted that they are actively increasing advertising offerings and expect to convert free subscribers into paid subscriptions over time [24][26] Question: When will the 10-Qs be released? - The CFO confirmed that the 10-Qs for both LiveOne and PodcastOne would be released the following day [47] Question: How sustainable are current cost levels? - The CFO indicated that G&A and sales and marketing costs are expected to decrease further in the upcoming quarters [49][50] Question: What is the timing for revenue from the 30 million subscriber deal? - Management mentioned that revenue from this deal is expected to ramp up in the following year, with some initial revenue potentially coming in this quarter [61][63]

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with a total of $58 million in revenue for the nine months [15][4] - Adjusted EBITDA for Q3 was $2.6 million, with a consolidated adjusted EBITDA of $1.6 million for the second quarter [15][4] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 [15] Business Line Data and Key Metrics Changes - The audio division generated $18.6 million in revenue and $2.6 million in adjusted EBITDA for Q3 [15] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million [15][16] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [15] Market Data and Key Metrics Changes - The company is trading at 60% of revenues, while the industry is trading over 3x revenues [6] - The private sector in podcasting and audio is trading over 3.7x, with transactions above 5x revenues in the last 120 days [6] Company Strategy and Development Direction - The company aims to scale profitably and close the earnings delivery gap, with preliminary fiscal guidance of $85 million to $95 million in revenues and $8 million to $10 million in adjusted EBITDA for the next fiscal year [5][6] - The focus is on expanding partnerships with major companies like Amazon, Apple, and Tesla, and converting over 1 million free and ad-supported subscribers into paid tiers [8][9] - The company is also investing in original IP, with over 15 projects in the pipeline, and plans to expand live experiences, which previously accounted for 50% of revenues [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for transformational growth, highlighting the importance of AI and behavioral data in driving future opportunities [16][11] - The company is focused on leveraging its $125 million net operating loss carryforwards for long-term shareholder value and tax efficiencies [5][6] - Management noted that the current B2B deals and upcoming partnerships could represent significant growth opportunities, with expectations of substantial revenue increases [41][76] Other Important Information - The company has streamlined its workforce from 350 to 88 members, reducing operating expenses by over 52% year-over-year [4] - The company has paid off over $2.5 million of debt, strengthening its balance sheet and capital flexibility [4][5] Q&A Session Summary Question: On the B2B business and customization - Management explained that the B2B deals are customized and that the company is leveraging AI to enhance service delivery, making it difficult for competitors to replicate [19][20] Question: Advertising revenue potential for Slacker - Management indicated that the advertising business is robust and that partnerships with programmatic advertising companies are expected to drive revenue growth from free subscribers [26][27] Question: Competitive landscape for content provision - Management stated that while some competition exists, the company's unique service offerings and flexibility provide a competitive advantage [31][32] Question: Timing and revenue from the 30 million subscriber deal - Management confirmed that the deal is signed and expected to ramp up in the following year, with conservative revenue estimates included in the guidance [36][62] Question: Conversion rates from Tesla users - Management highlighted a significant conversion rate from Tesla users and expressed optimism about future revenue growth from this segment [70]

经济观察网Spotify Technology S.A.(SPOT.N)在发布2025财年第四季度财报后，当日股价下跌4.59%，收 于464.83美元。下跌原因可从以下几个方面分析： 股价异动原因 财报后获利了结压力：Spotify在2月10日盘后公布超预期的Q4业绩后，股价当日大幅上涨约15%。大幅 上涨后，部分投资者选择兑现利润，导致2月12日出现技术性回调。 汇率逆风拖累营收指引：尽管Q4营收同比增长13%(固定汇率口径)，但美元走强导致财报中计入580个 基点的汇率逆风，实际报表营收增速仅为6.8%。公司对2026年第一季度的营收指引为45亿欧元，略低 于市场预期的45.7亿欧元，主要因预期670个基点的汇率负面影响。这一因素引发市场对短期增长压力 的担忧。 公司估值 估值高位后的理性回归：财报后Spotify的TTM市盈率一度升至59.44倍，2月12日回调后仍达37.64倍。 部分投资者可能认为短期涨幅已充分反映业绩利好，需进一步验证2026年盈利持续性。 Spotify Q4业绩本身强劲，但市场更关注未来指引的细微变化和宏观环境的影响。 以上内容基于公开资料整理，不构成投资建议。 公司基本面 ...

AI-driven efficiencies reduced quarterly operating expenses 52% year-over-year and streamlined staff from 350 to 88Management expands share repurchases, with approximately $6M remaining under the current board-authorized buyback programAudio Division Fiscal 2027 Preliminary Guidance Revenue $85-$95M+Adjusted EBITDA* $8-10M+ LOS ANGELES, Feb. 12, 2026 (GLOBE NEWSWIRE) -- LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today its financial result ...

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (9899.HK) [5] Core Insights - The company reported 2025 revenue of RMB 7.759 billion, slightly below Bloomberg consensus of RMB 7.913 billion, with a year-over-year decline of 2.4% [1] - Gross profit reached RMB 2.770 billion, a 3.3% increase year-over-year, with a gross margin of 35.7%, slightly below the expected 36.4% [1] - Adjusted net profit attributable to shareholders was RMB 2.860 billion, a significant increase of 68.2% year-over-year, primarily due to the recognition of deferred tax assets [1] - The company is focusing on expanding its differentiated content ecosystem and enhancing product innovation through AI [3] Revenue and Profitability - Online music service revenue was RMB 5.994 billion, up 12.0% year-over-year, with subscription revenue increasing by 13.3% to RMB 5.053 billion [2] - Social entertainment services and other revenue decreased by 32.0% to RMB 1.765 billion, mainly due to the closure of the live streaming feature [2] - The company has seen growth in user scale and engagement, maintaining a DAU/MAU ratio above 30% [2] Content Strategy and Innovation - The company continues to strengthen its differentiated content ecosystem by deepening partnerships with domestic and international copyright holders, introducing K-POP labels, and enhancing its original content offerings [3] - The independent musician ecosystem has grown to over 1 million registered musicians, with more than 5.6 million tracks uploaded [3] - AI-driven product innovations, such as the Climber recommendation model and various interactive tools, have improved user experience [3] Cost Management - Sales expenses decreased by 33.2% to RMB 409 million, reflecting a more prudent approach to advertising and promotion [4] - Management and R&D expenses also saw slight reductions, contributing to overall cost control [4] Financial Forecasts - The adjusted net profit forecasts for 2026 and 2027 have been revised down to RMB 2.210 billion and RMB 2.467 billion, respectively, reflecting a 15% and 13% decrease from previous estimates [4] - The report anticipates a long-term improvement in profitability due to scale effects [4]

I called the top on Spotify ( SPOT ) back in July 2025, downgrading the stock to "Sell" right when it seemed unstoppable. It wasn't that I had too many bad things to say about the company; it was just thatI aim to invest in companies with perfect qualitative attributes, buy them at an attractive price based on fundamentals, and hold them forever. I hope to publish articles covering such companies approximately 3 times per week, with extensive quarterly follow-ups and constant updates.I manage a concentrated ...

I called the top on Spotify ( SPOT ) back in July 2025, downgrading the stock to "Sell" right when it seemed unstoppable. It wasn't that I had too many bad things to say about the company; it was just thatI aim to invest in companies with perfect qualitative attributes, buy them at an attractive price based on fundamentals, and hold them forever. I hope to publish articles covering such companies approximately 3 times per week, with extensive quarterly follow-ups and constant updates.I manage a concentrated ...

Core Insights - Tencent Music Entertainment Group (TME) demonstrates robust financial performance and deepens strategic layout while facing new market competition and technological challenges [1] Financial Performance - In Q3 2025, Tencent Music reported total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, with adjusted net profit rising 27.7% to 2.48 billion yuan [2] - Online music service revenue grew by 27.2%, with the number of paying users increasing by 1.3 million quarter-on-quarter to 126 million [2] - Non-subscription revenue surged by 50.3%, becoming a highlight of growth [2] - Institutions expect continued growth in Non-IFRS net profit for 2025 and 2026, with an optimistic outlook on gross margin trends [2] Industry and Risk Analysis - ByteDance's "Tomato Music" is rapidly increasing its monthly active users, complementing "Soda Music," which may intensify competition in the music streaming market [3] - Companies like Kunlun Wanwei (300418) are adopting free strategies in the AI music sector to expand their market presence, circumventing domestic copyright barriers, posing long-term challenges to the industry landscape [3] - Tencent Music is also investing in AI to enhance its services [3] Strategic Advancement - The company adheres to a "one body, two wings" strategy, deepening collaborations with global record companies and expanding its own IP matrix while making long-term investments in offline performances [4] - Tencent Music has partnered with Billboard data provider Luminate to incorporate Chinese music consumption data into international ranking systems, aiming to enhance its global content influence [4] Industry Status - The rapid growth of paid users in music live streaming indicates a shift towards professionalization and interactivity in the industry, which may indirectly affect Tencent Music's competitive strategy in social entertainment [5]