高盛:腾讯音乐-SW(01698.HK)Q2业绩强劲超预期 非订阅音乐收入加速增长

智通财经
Aug 14
【高盛:腾讯音乐-SW(01698.HK)Q2业绩强劲超预期 非订阅音乐收入加速增长】智通财经APP获悉,高盛发布研报称,腾讯音乐-SW(01698,TME.US)公司公布2025年第二季度业绩,营收达44亿元人民币,同比增长18%,超出市场一致预期(GSe)6%,也高于Alpha共识预期(+8%)。这主要得益于超出预期的在线音乐服务收入(同比增长26%,较GSe/共识预期高7%)以及社交娱乐业务(同比下降9%)。非GAAP营业利润超出预期,达28亿元人民币(同比增长34%),营业利润率(OPM)为33.5%,高于预期,这得益于毛利率(GPM)基本符合预期(44.4%),且运营费用(OPEX)控制得当。经调整净利润超预期,达26亿元人民币(同比增长37%,较GSe高17%,较Alpha共识预期高14%)。

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