Core Viewpoint - Vipshop (VIPS.US) shares rose over 4.8%, reaching a new high of $17.15 since March of this year, driven by positive second-quarter financial results [1] Financial Performance - The company reported a net revenue of 25.8 billion yuan for the second quarter [1] - Non-GAAP net profit was 2.1 billion yuan [1] - Gross Merchandise Volume (GMV) was 51.4 billion yuan, reflecting a year-on-year growth of 1.7% [1] User Engagement - The number of active Super VIP (SVIP) users increased by 15% year-on-year, contributing to 52% of online sales [1] Shareholder Returns - Vipshop plans to return over $600 million to shareholders through stock buybacks and dividends in the first half of 2025 [1]

Core Viewpoint - Tencent Music's Q2 2025 performance exceeded expectations with a revenue increase of 17.9% year-on-year to 8.4 billion RMB, surpassing market expectations by 6% [1] - The company maintains a "Buy" rating with a target price increase from 85 HKD to 105 HKD, based on a projected 2026 P/E ratio of 26 times, in line with peers [1] Group 1 - Non-GAAP operating profit grew by 31.4% year-on-year to 3.2 billion RMB, with an operating profit margin increase of 4 percentage points to 38% [1] - Non-GAAP net profit rose by 33% year-on-year to 2.6 billion RMB, exceeding market expectations by 16%, with a net profit margin expansion of 4 percentage points to 31% [1] - The company anticipates continued robust growth in subscriptions and advertising through the second half of 2025, driven by rich content offerings [1] Group 2 - Subscription revenue is projected to grow by 15.7% year-on-year in 2025, supported by ongoing content upgrades and increased penetration of Super VIP (SVIP) [2] - The management's long-term goal remains at 150 million subscribers, with an average revenue per paying user (ARPPU) target of 15 RMB [2] - The acquisition of Ximalaya for 2.7 billion RMB is expected to enhance user base expansion and paid conversion rates, with impacts anticipated from Q3 2025 [2] Group 3 - Revenue estimates for Q3 2025 and the full year have been raised by 2% and 3% respectively, indicating year-on-year growth of 12% and 13% [2] - Non-GAAP net profit forecasts for Q3 2025 and the full year have been increased by 7% and 8% respectively, suggesting year-on-year growth of 33% and 22% [2] - The company is expected to maintain a net profit margin of approximately 31% for both Q3 and the full year, reflecting ongoing profitability growth and streamlined social entertainment operations [2]

大和表示，其推出新的激励广告会员价格层(每月10元人民币，自动续订为5元人民币，首次优惠为1元 人民币)，相信可能推动广告收入增长快于订阅收入，无论如何对腾讯音乐线上音乐毛利率均为正面。 大和又表示，腾讯音乐收购喜马拉雅可能成为其音乐业务的策略补充，并强化SVIP产品;相信可利用其 腾讯分发网络降低销售及营销成本。若市场监管机构批准此次收购，大和估计2026年将带来5%至10% 的增量盈利，这尚未纳入该行的预测。大和将2025至2027年收入预测上调3%至4%，每股盈余上调2%至 7%，因线上音乐收入增长及营运利润率超预期。大和预期腾讯音乐2026至2027年盈利增长更强，较市 场共识高15%至17%。 大和发布研报称，腾讯音乐(01698)2025年第二季业绩反映其在超级VIP(SVIP)及粉丝经济变现方面的强 劲执行力，并保持严谨的支出，将该股评级从"持有"升至"跑赢大市"，因新项目成为收入增长动力;并 基于25倍市盈率(原本18倍)，将12个月目标价从66港元上调至106港元。 ...

Core Viewpoint - Tencent Music's performance in Q2 2025 exceeded expectations with a revenue growth of 17.9% to 8.4 billion RMB, surpassing market forecasts by 6% [1] - The company maintains a "Buy" rating with a target price increase from 85 HKD to 105 HKD, based on a projected 2026 P/E ratio of 26 times, in line with peers [1] Group 1 - Non-GAAP operating profit increased by 31.4% to 3.2 billion RMB, with an operating profit margin up by 4 percentage points to 38% [1] - Non-GAAP net profit rose by 33% to 2.6 billion RMB, exceeding market expectations by 16%, with a net profit margin expanding by 4 percentage points to 31% [1] - The company anticipates continued robust growth in subscriptions and advertising through the second half of 2025, driven by rich content offerings [1] Group 2 - Subscription revenue is projected to grow by 15.7% in 2025, supported by ongoing content upgrades and increased penetration of Super VIP (SVIP) [2] - The management's long-term goal remains at 150 million subscribers, with an average revenue per paying user (ARPPU) target of 15 RMB [2] - The acquisition of Ximalaya for 2.7 billion RMB is expected to enhance user base expansion and paid conversion rates, with impacts anticipated from Q3 2025 [2] Group 3 - Revenue estimates for Q3 2025 and the full year have been raised by 2% and 3% respectively, indicating year-on-year growth of 12% and 13% [2] - Non-GAAP net profit forecasts for Q3 2025 and the full year have been increased by 7% and 8%, suggesting year-on-year growth of 33% and 22% [2] - The company is expected to maintain a net profit margin of approximately 31% for both Q3 and the full year, reflecting ongoing profitability and streamlined social entertainment operations [2]

腾讯音乐(TME.US)盘前续涨2.6%，报26.05美元；该股昨日盘中创下2021年3月以来新高(25.98美元)， 最终收涨11.85%，报25.39美元。H股今日盘中创下104港元的历史新高，最终收涨超15.6%，报102.1港 元。 消息面上，腾讯音乐第二季度实现总收入84.4亿元，同比增长17.9%，高于市场预期；调整后净利润 26.4亿元，同比增长33%。 大华继显维持对腾讯音乐"买入"评级，目标价从85港元上调至105港元。该行预测，腾讯音乐2025年订 阅收入按年增长15.7%，主要受持续内容升级及超级VIP(SVIP)渗透率提升带动的强大定价能力推动。 另外，大和研报指，腾讯音乐第二季业绩反映其在超级VIP(SVIP)及粉丝经济变现方面的强劲执行力， 并保持严谨的支出，将该股评级从"持有"升至"跑赢大市"，因新项目成为收入增长动力；并基于25倍市 盈率(原本18倍)，将12个月目标价从66港元上调至106港元。(格隆汇) ...

大和发表研报指，腾讯音乐第二季业绩反映其在超级VIP(SVIP)及粉丝经济变现方面的强劲执行力，并 保持严谨的支出，将该股评级从"持有"升至"跑赢大市"，因新项目成为收入增长动力；并基于25倍市盈 率(原本18倍)，将12个月目标价从66港元上调至106港元。 大和将2025至2027年收入预测上调3%至4%，每股盈余上调2%至7%，因线上音乐收入增长及营运利润 率超预期。 尽管此前对腾讯音乐吸引/保留价格敏感用户的策略有所担忧，但其推出新的激励广告会员价格层，相 信可能推动广告收入增长快于订阅收入，无论如何对腾讯音乐线上音乐毛利率均为正面。另外，腾讯音 乐收购喜马拉雅可能成为其音乐业务的策略补充，并强化SVIP产品；相信可利用其腾讯分发网络降低 销售及营销成本。若市场监管机构批准此次收购，大和估计2026年将带来5%至10%的增量盈利，这尚 未纳入该行的预测。 ...

该行维持对腾讯音乐"买入"评级，目标价从85港元上调至105港元，基于预测2026年市盈率26倍，与同 行一致。该行预测，腾讯音乐2025年订阅收入按年增长15.7%，主要受持续内容升级及超级VIP(SVIP) 渗透率提升带动的强大定价能力推动。 大华继显发表研究报告指，腾讯音乐第二季业绩表现强劲，收入按年增长17.9%至84亿元，高于市场预 期6%；Non-GAAP净利润按年增长33%至26亿元，超市场预期16%，净利润率按年扩大4个百分点至 31%。 ...