公司簡介
騰訊音樂是中國在線音樂娛樂服務開拓者,提供在線音樂和以音樂為核心的社交娛樂
兩大服務。公司用戶基礎廣泛,擁有目前國內市場知名的四大移動音樂產品:QQ 音
樂、酷狗音樂、酷我音樂和全民 K 歌。公司為用戶提供多元化的音樂社交娛樂產品,
打造“發現、聽、唱、看、演出、社交”在內的全場景音樂體驗,讓用戶能參與到音
樂的創作、欣賞、分享和互動中。
財務摘要
2025 年第一季度,公司實現總收入 74 億元(人民幣,下同),同比增長 8.7%。分
部收入方面,在線音樂服務收入為 58 億元,同比增長 15.9%,主要由於訂閱服務收
入及廣告服務收入增長;社交娛樂服務和其他服務收入為 16 億元,同比下降
11.9%,主要由於合規程序和直播功能調整的影響。盈利能力方面,2025 年第一季度
公司毛利率提升至 44.1%,主要由於會員結構改善及自製內容增加。公司經營利潤為
48 億元,同比增長 146.9%,主要由於通過聯營公司獲得股權帶來的一次性收益。經
調整淨利潤為 22 億元,同比增長 22.8%。同時,公司宣佈 2024 年全年每普通股派發
0.09 美元。
在線音樂服務:ARPPU 為核心增長引擎
2025 年第一季度,在線音樂訂閱收入為 42 億元,同比增長 16.6%,主要由於超級會
員(SDIP)增長和促銷活動減少。廣告服務收入為 16 億元,同比增長 13.7%,主要
由於產品組合多元化。經營方面,在線音樂付費用戶數同比增長 8.3%至 123 百萬,
付費率進一步提升至 22.1%。促銷折扣力度收窄帶動單個付費用戶月均收入
(ARPPU)由 10.6 元同比增長 7.5%至 11.4 元,MAU 同比下降 4.0%至 555 百萬。
公司通過提供日益豐富的內容服務和更多元的權益與精細化運營,激發用戶更深入、
更廣泛的音樂消費需求,驅動大盤會員和超級會員高質量增長。對於非付費用戶,公
司一方面透過激勵式廣告與互動任務維持活躍並產生廣告收益;另一方面,通過數位
專輯、周邊商品、單曲打賞等粉絲經濟模式,為非付費用戶提供更多付費點,以提升
整體用戶變現效率。我們預計公司將以 ARPPU 提升為主要驅動力。
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She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.