与此同时，多个日本相关演艺活动陆续宣布调整：QQ音乐宣布取消JO1 Fan Party广州场，上海国际喜 剧节"吉本喜剧专场"也因不可抗力取消。多位日本艺人包括高汐巴、铃木良雄、中本麻里、KOKIA等 在华演出亦相继取消或延期。据日本贸易振兴机构统计显示，目前在中国延期或取消的日本相关活动已 约20项。 前不久，还有两部日本电影《蜡笔小新：炽热的春日部舞者们》《工作细胞》均宣布暂缓上映。 即使中日关系紧张，也有部分日本演员发声表示支持一个中国。近日，日本演员矢野浩二在微博发文表 示："中国，不只是我的第二故乡，更是让我重新认识'家'的地方。我永远珍惜这一切，也永远支持一 11月25日，外交部发言人毛宁在记者会上表示，近期中日之间的交流合作受到影响，起因是日本首相高 市早苗的错误涉台言论。 日本首相高市早苗的错误言论，持续引发连锁反应，使得中日两国演员在对方国家的演出频频取消。 近日，据歌手郑伊健经纪公司在社交平台发布的信息，郑伊健原定于2025年12月5日在日本东京举行的 《EKIN CHENG LIVE IN TOKYO 2025》演唱会，突然宣布因"不可抗力因素"取消。日本演员古川雄辉 近日在微博发文，确 ...

以下文章来源于斑马消费 ，作者陈碧婷 斑马消费 . 寻找泛消费领域的斑马企业 来源丨 斑马消费（ID:banmaxiaofei） 作者丨陈碧婷 图源丨豆包AI 在线音乐行业，正在走出一个漫长的周期。从平台格局到商业模式，从内容分发到用户留存，这场由 版权驱动的旧秩序，正在被算法与行为数据重构。 数字音乐市场在过去十几年里完成了从盗版野蛮生长到正版平台化竞争的转折。但随着抖音以汽水音 乐为代表的搅局者入局，一个算法主导下的后版权时代也正在加速显形。 草莽时期，"神仙"难下手 中国的数字音乐产业最初处于无序发展阶段，整个市场被盗版和未经授权的内容主导。彼时的主流音 乐平台，包括千千静听、酷狗音乐、百度 MP3 等，普遍采用 P2P 搜索与聚合方式构建曲库。这些 平台依赖用户上传和互联网抓取构建音乐数据库，并通过广告或客户端推广获得收入。 以虾米音乐为例，公开资料显示，其初期以用户上传为主，强调编辑打榜和社区推荐，曲库大多由用 户贡献。用户对"免费听歌"的预期长期固化，也缺乏对内容付费的基本认知。 这一阶段的盈利困境同样反映在新兴平台上。网易云音乐于 2013 年正式上线，初期在无版权积累基 础下，主要依赖广告联盟 ...

Core Viewpoint - The article emphasizes the significance of the Hongmeng ecosystem, highlighting the collaborative efforts of developers and partners in building a robust Chinese operating system, which is now gaining momentum and user adoption [3][21]. Group 1: Event Overview - The Hongmeng Starry Night Gala, co-hosted by the Central Radio and Television Station and the Guangdong Provincial Government, aims to celebrate Chinese technology and the contributions of users, developers, and ecosystem partners [3][5]. - The gala is not merely a celebration but a tribute to the spirit of developers and the collective journey of the Hongmeng ecosystem [3][5]. Group 2: Challenges in System Development - Developing an operating system is extremely challenging, especially in a market dominated by established players, making it hard for users and developers to transition to a new system [7][9]. - The article illustrates the complexities faced by applications like "Yuezhengyi," which has 2.6 million users and processes over 10 million messages daily, emphasizing the risks involved in adapting to the Hongmeng system [7][9]. Group 3: Growth and Collaboration - The growth of the Hongmeng ecosystem is marked by significant milestones, with the number of terminals reaching over 23 million and the open-source code exceeding 130 million lines, showcasing the community's contributions [14][22]. - The collaboration among developers has been crucial, with the number of Hongmeng terminals growing from 0 to 10 million in ten months, and then to 20 million in just two months, indicating a rapid adoption rate [13][14]. Group 4: Future Prospects - The article suggests that the most challenging phase of building the Hongmeng ecosystem has passed, and the future looks promising with increasing user engagement and application development [21][22]. - The ecosystem is positioned as a unique opportunity for developers to contribute to a homegrown system, with the potential to reshape industry standards and practices [22].

Core Viewpoint - The article emphasizes the collective effort of millions of developers in building the HarmonyOS ecosystem, showcasing China's rapid technological advancement and collaborative spirit in innovation [3][5][23]. Group 1: HarmonyOS Ecosystem Development - The maturity and evolution of an operating system are achieved through continuous debugging, iteration, and optimization by developers, rather than through high-profile launch events [3][5]. - The HarmonyOS ecosystem has rapidly transitioned from technological independence to ecological prosperity, demonstrating remarkable "Chinese speed" [3][5]. - The upcoming "Harmony Starry Night Festival" symbolizes the collaborative spirit of the ecosystem, reflecting the strategic alignment between national direction and local government initiatives [5][6]. Group 2: Collective Efforts and Challenges - The development of HarmonyOS is characterized by a "one body, multiple faces" growth model, where speed, romance, and trust coexist and enhance each other [7][8]. - Developers have faced extreme challenges, such as high-pressure testing environments, which have contributed to the ecosystem's growth and resilience [8][10]. - The emotional connections formed during collaborative efforts, such as shared meals and team commitments, add a human touch to the technical achievements [10][11]. Group 3: Innovation and Experience Quality - The essence of HarmonyOS's acceleration lies in trust and collaboration among teams, which fosters a sustainable ecosystem [11][14]. - The ecosystem's maturity is not solely based on the quantity of applications but on the overall quality of user experience, transitioning from "usable" to "better usable" [14][21]. - HarmonyOS enhances operational efficiency and user experience through innovative features, such as WPS's "instant document opening" and seamless multi-device interactions [15][16]. Group 4: Cross-Device and Cross-Scenario Integration - HarmonyOS has evolved into a collaborative foundation that provides consistent experiences across various devices and scenarios, including travel, daily life, governance, finance, and entertainment [20][21]. - The system's distributed capabilities allow applications to deliver a unified experience across different devices, transforming isolated services into continuous life experiences [16][19]. Group 5: Long-term Commitment and Support - The HarmonyOS ecosystem represents a significant milestone in China's technological independence, supported by substantial investments in developer incentives and AI innovation [23]. - The ecosystem encourages participation from developers of all sizes and backgrounds, fostering an inclusive environment for innovation [23].

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 将投中网设为"星标⭐"，第一时间收获最新推送 在被颠覆的恐惧中开启自救。 作者丨 陈梓洁 编辑丨 曹宾玲 来源丨表外表里 在武汉，几栋不起眼的红色矮楼静卧于汉江湾，国内知名 音乐公司海葵音乐 便是在那里 ，创造出 6亿的年产值。 短短 5年 时 间， 海葵音乐就 从 29名员工 壮大为 500人 的 音乐集团， 投资的音乐工作室超 170家 。 一千公里外的成都，另一位头部玩家阔景音乐，被视为 "凤头"引入音乐 文创园 。 今年前 8个月， 园内 规上企业营收 同比 增长 47.7% ， 是全国 音乐产业增长最快的区域之一。 这两家成功的音乐公司，股权架构里都有一个相同的名字 ——腾讯音乐（TME）。 通过层层投资， TME与大量音乐公司形成联盟，也是"财富共同体"。2025Q3，其营收 增长 20.6% 至 84.6亿元，调整后净利润飙升 27 % ， 实现连续 8个季度的双位数高增长。 而 TME，仅仅是音乐产业蝶变的缩影。 随着短视频崛起、音乐进入市场化时代，行业加速洗牌，在线音乐平台吞下了更多份额，传统唱片公 司也在被颠覆的恐 ...

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 来源丨 表外表里（ID：excel-ers） 作者丨 陈梓洁 编辑丨 曹宾玲 狂挣 4000万 的 《跳楼机》，应运而生； 歌如其名的 《 八方来财 》， 火到了国外 ……一首首短 视频口水歌，成了音乐公司与在线平台的"印钞机"。 图源丨Midjourney 在武汉，几栋不起眼的红色矮楼静卧于汉江湾，国内知名 音乐公司海葵音乐 便是在那里 ，创造出 6 亿的年产值。 短短 5年 时 间， 海葵音乐就 从 29名员工 壮大为 500人 的 音乐集团， 投资的音乐工作室超 170 家 。 一千公里外的成都，另一位头部玩家阔景音乐，被视为 "凤头"引入音乐 文创园 。 今年前 8个月， 园内 规上企业营收 同比 增长 47.7% ， 是全国 音乐产业增长最快的区域之一。 这两家成功的音乐公司，股权架构里都有一个相同的名字 ——腾讯音乐（TME）。 通过层层投资， TME与大量音乐公司形成联盟，也是"财富共同体"。2025Q3，其营收 增长 20.6% 至 84.6亿元，调整后净利润飙升 27 % ， 实现连续 8个季度的双位数高增长。 而 ...

Core Insights - The company reported a total revenue of 8.46 billion RMB for Q3 2025, representing a year-on-year growth of 20.6%, and an adjusted net profit of 2.41 billion RMB, up 32.6% year-on-year [1] - The gross margin improved from 42.6% in Q3 2024 to 43.5% in Q3 2025, driven by growth in music subscription and advertising service revenues, despite a decline in the revenue share from social entertainment [1] - The company effectively managed costs, with total expenses reaching 1.31 billion RMB, a 7.6% increase year-on-year, while the expense ratio decreased from 17.4% in Q3 2024 to 15.5% in Q3 2025 [1] Online Music Growth - Online music service revenue grew by 27.2% year-on-year to 6.97 billion RMB, primarily due to increased subscription revenue and contributions from live performances and advertising [2] - Subscription revenue reached 4.5 billion RMB, a 17.2% increase year-on-year, driven by an increase in ARPPU from 10.8 RMB in Q3 2024 to 11.9 RMB in Q3 2025 [2] - Monthly active users decreased by 4.3% to 551 million, while the number of paying users increased by 5.6% to 12.57 million [2] Expansion of Fan Economy and Concert Business - The company is expanding its music library through collaborations and self-produced content, including partnerships with Korean and Japanese music labels [3] - In Q3, the company hosted 14 concerts for G-Dragon across six cities, attracting over 150,000 attendees, with strong ticket sales [3] - The introduction of interactive communities for fans and enhanced artist-related benefits is expected to drive further growth in the online music business [3] Investment Outlook - The company maintains a "strong buy" investment rating, supported by its content copyright advantages and the strengthening willingness of domestic users to pay [4] - Revenue projections for 2025-2027 are expected to reach 32.66 billion RMB, 36.98 billion RMB, and 41.30 billion RMB, with adjusted net profits of 9.60 billion RMB, 10.85 billion RMB, and 12.18 billion RMB respectively [4] - The company anticipates further increases in payment rates, SVIP membership numbers, and ARPPU values [4]

Core Insights - The music industry is undergoing a transformation driven by the rise of short videos and the commercialization of music, leading to a reshaping of market dynamics and the emergence of new players [2][3][5] - Tencent Music Entertainment (TME) plays a pivotal role in this transformation, forming alliances with numerous music companies and achieving significant revenue growth [2][8] - The proliferation of online music platforms has resulted in a shift from traditional record companies, which are now facing challenges in adapting to the new market landscape [3][10] Group 1 - Haiku Music, based in Wuhan, has achieved an annual output value of 600 million yuan and expanded from 29 to 500 employees in just five years [1][2] - The Chengdu-based Kuaijing Music has seen a 47.7% year-on-year revenue growth in its music cultural park, making it one of the fastest-growing regions in the music industry [2] - TME reported a 20.6% revenue increase to 8.46 billion yuan in Q3 2025, with a 27% rise in adjusted net profit, marking eight consecutive quarters of double-digit growth [2][8] Group 2 - The rise of short videos has created a new revenue stream for music companies, with viral songs generating significant profits [5][10] - Independent musicians are increasingly targeting short video platforms for song promotion, leading to a rapid assessment of a song's potential success [5][6] - The music industry is experiencing a surge in the number of songs produced, with over 10,000 new songs added daily to platforms, resulting in a threefold increase in the music library over five years [16][18] Group 3 - Despite the increase in content supply, listener engagement is declining, with older songs still dominating play counts [18][20] - The average revenue per thousand plays on domestic platforms is around 1 yuan, significantly lower than the 20-50 yuan range on international platforms [21] - The industry is facing a cycle of homogenization and low quality, as music companies reduce costs and independent musicians struggle to earn a living [15][23] Group 4 - The industry consensus is shifting towards creating "catchy" songs to gain visibility, even at the cost of artistic integrity [24][27] - Many musicians are adopting a dual approach of seeking financial stability while pursuing their artistic passions [27][28] - The music industry is gradually recognizing the need for better support systems for independent musicians, including training for music agents and improved industry practices [30][32]

Investment Rating - The report maintains a "Strong Buy" investment rating for Tencent Music [2][5] Core Insights - The company achieved total revenue of 8.46 billion RMB in Q3 2025, representing a year-on-year growth of 20.6%, with adjusted net profit increasing by 32.6% to 2.41 billion RMB [1][5] - Online music revenue continues to grow steadily, with a 27.2% year-on-year increase to 6.97 billion RMB, driven by subscription and advertising services [5][6] - The company is actively expanding into the fan economy and concert business, enhancing its competitive advantages through collaborations and content diversification [5][6] Financial Performance - Revenue and profit growth are supported by effective cost control, with gross margin improving from 42.6% in Q3 2024 to 43.5% in Q3 2025 [5][6] - The online music subscription revenue reached 4.5 billion RMB, up 17.2% year-on-year, driven by an increase in ARPPU from 10.8 RMB to 11.9 RMB [5][6] - The company expects revenues to reach 32.66 billion RMB, 36.98 billion RMB, and 41.30 billion RMB for the years 2025, 2026, and 2027 respectively, with adjusted net profits projected at 9.60 billion RMB, 10.85 billion RMB, and 12.18 billion RMB [6][8] Market Position and Strategy - Tencent Music holds a strong position in content copyright, with a focus on enhancing user willingness to pay and optimizing membership benefits [5][6] - The company is expanding its concert business, having successfully hosted multiple performances in various cities, attracting over 150,000 attendees [5][6] - The introduction of interactive fan communities and exclusive artist-related benefits is expected to drive further growth in subscription rates and user engagement [5][6]

Core Viewpoint - The company reported strong Q3 2025 results, exceeding Bloomberg expectations with significant revenue and profit growth driven by online music subscription services and non-subscription revenue streams [1][2]. Financial Performance - Q3 2025 revenue reached 8.46 billion yuan, a year-over-year increase of 20.6% and a quarter-over-quarter increase of 0.2% [1] - Net profit attributable to shareholders was 2.15 billion yuan, up 36% year-over-year but down 11% quarter-over-quarter [1] - Non-GAAP net profit stood at 2.48 billion yuan, reflecting a year-over-year increase of 28% and a quarter-over-quarter decrease of 6% [1] - Operating costs increased by 18.8% year-over-year, primarily due to rising costs in offline performances, IP-related expenses, and advertising agency fees [1] - Gross margin was 43.5%, showing a year-over-year increase of 0.9 percentage points but a quarter-over-quarter decrease of 0.9 percentage points [1] Business Segmentation - Online music service revenue was 6.97 billion yuan, a year-over-year increase of 27.2% and a quarter-over-quarter increase of 1.7% [2] - Subscription revenue within online music was 4.50 billion yuan, up 17.2% year-over-year and 2.7% quarter-over-quarter, driven by an increase in ARPPU [2] - Non-subscription revenue surged to 2.47 billion yuan, a year-over-year increase of 50.6% [2] User Metrics - The online music monthly active users (MAU) reached 551 million, a year-over-year decrease of 4% [2] - The number of paying users increased to 126 million, a year-over-year increase of 6% and a quarter-over-quarter increase of 1% [2] - The paying rate was 22.8%, up 2.2 percentage points year-over-year [2] Strategic Initiatives - The company is expanding its artist matrix by closely collaborating with K-POP and introducing 15 Chinese label artists [3] - A strategic partnership with Weverse, a well-known overseas fan service platform, will enhance user engagement on QQ Music [3] Profit Forecast - Revenue projections for 2025-2027 are 32.979 billion yuan, 36.856 billion yuan, and 40.732 billion yuan respectively, with net profits expected to be 11.127 billion yuan, 9.837 billion yuan, and 11.156 billion yuan [3] - The company maintains a "buy" rating based on the anticipated growth in online music paid users and ARPPU, alongside strong performance in non-subscription revenue [3]