专题：2025全球文化IP产业发展大会 2025全球文化IP产业发展大会期间，"垂直领域IP孵化与衍生品开发"圆桌举行。新浪财经副总编辑岳才 勇主持，腾讯音乐娱乐集团副总裁杨奇虎、阅文集团公共事务总监冯帅、国家音乐产业基地及无限星空 音乐集团CEO唐月明、哔哩哔哩公共事务总监张琳婧等嘉宾，围绕音乐、文学、动画等垂直领域的IP培 育逻辑、衍生品能力判断、内容与商业平衡，以及AIGC趋势展开分享。 会议指出，平台型企业在IP孵化上的差异化优势，来自数据洞察、社区互动与内容生态的长期投入；判 断IP是否具备衍生能力，需要关注从内容热度到粉丝需求的早期信号与"数据畸变"；在尊重原作内核与 满足市场需求之间，核心是找到价值结合点并建立长期合作信任；AIGC将深刻影响上游创作与产业入 口，行业需要以开放心态拥抱新技术。 以下为会议实录（经整理）： 岳才勇表示，本场讨论既"有艺术的味道，也有财富的味道"，希望通过三轮问题，呈现垂直领域IP从孵 化到衍生的可落地方法。 在"平台如何打造IP"方面，杨奇虎从音乐行业变迁切入指出，传统唱片时代的IP打造依赖唱片公司签约 与定制化宣发，而流媒体时代的平台优势在于数据与用户行为洞察： ...

Core Viewpoint - Lehua Entertainment (02306) reported a significant increase in revenue and profit for the six months ending June 30, 2025, driven primarily by growth in artist management income [1] Financial Performance - Revenue for the period reached 414 million RMB, representing a year-on-year increase of 19.28% [1] - Shareholder profit amounted to 58.099 million RMB, showing an impressive year-on-year increase of 88.66% [1] - Basic earnings per share were reported at 0.07 RMB [1] Business Segments - The increase in revenue was mainly attributed to a rise in income from artist management, which grew from 303 million RMB in the six months ending June 30, 2024, to 357 million RMB, marking a 17.7% increase [1] - The company has a robust and professional artist management system, supporting 62 signed artists and 51 trainees in its training program as of June 30, 2025 [1] Market Engagement - Signed artists have played significant roles in popular works, including the film "Sunflower" and series such as "Five Blessings" and "Bamboo Pavilion by the Huai River," as well as in variety shows like "Is It Daughter or Mom 2," "Speed Racer," and "Riding the Wind 2025" [1] - The company is also focused on developing its music IP production and operation business, successfully releasing 11 digital singles and 3 digital albums during the reporting period, which gained widespread popularity [1]

Core Viewpoint - Lehua Entertainment (02306) reported a significant increase in revenue and profit for the six months ending June 30, 2025, driven primarily by growth in artist management income [1] Financial Performance - Revenue for the period reached 414 million RMB, representing a year-on-year increase of 19.28% [1] - Shareholders' profit amounted to 58.1 million RMB, reflecting an impressive year-on-year increase of 88.66% [1] - Basic earnings per share were reported at 0.07 RMB [1] Business Segments - The increase in revenue was mainly attributed to a rise in income from artist management, which grew from 303 million RMB for the six months ending June 30, 2024, to 357 million RMB, marking a 17.7% increase [1] - The company has a robust and professional artist management system, supporting 62 signed artists and 51 trainees in its training program as of June 30, 2025 [1] Artist Engagement and Projects - Signed artists have played significant roles in popular works, including the movie "Sunflower," the series "Five Blessings Arrive," and various variety shows such as "Is It Daughter or Mother 2," "Speed Racing Driver," and "Riding the Wind 2025" [1] - The company is also focused on developing its music IP production and operation business, successfully releasing 11 digital singles and 3 digital albums during the reporting period, which gained widespread popularity [1]

Core Viewpoint - Tencent Music's Q1 2025 earnings report reflects a mixed performance amid a challenging competitive landscape, with a focus on long-term growth strategies and user engagement [1][11]. Membership Subscription: More Focused and Specialized - As of Q1, Tencent Music's paid penetration rate reached 22%, continuing to improve from the previous quarter, nearing 90% of its long-term video subscription target set three years ago [1]. - The increase in average revenue per user (ARPU) is attributed to a strategy targeting core heavy users and enhancing SVIP conversion rates, despite a general slowdown in subscription growth [2][4]. - The company is adjusting its volume and pricing strategies dynamically to maintain its leading market position [1]. Advertising and Digital Album Sales - Advertising revenue showed steady growth in Q1, supported by improved inventory management, while digital album sales remain volatile, heavily influenced by the release schedules of popular artists [7]. - The overall revenue from online music, including advertising and digital album sales, is expected to fluctuate based on market conditions and artist releases [7]. Financial Performance Overview - Total revenues for Q1 2025 were CNY 67.68 million, reflecting a year-over-year decline of 3.4%, but slightly beating consensus estimates by 1.15% [9]. - Gross profit for the same period was CNY 27.71 million, with a gross profit margin (GPM) of 40.9%, indicating a slight improvement from previous quarters [9]. - Non-IFRS net income was reported at CNY 18.12 million, exceeding expectations by 7.86% [9]. User Metrics and Trends - The number of paying users for online music reached approximately 11.35 million, with a net addition of 680,000 users in Q1 [9]. - Monthly ARPPU for online music was CNY 10.6, slightly above consensus estimates, indicating a positive trend in user monetization [9].

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]