金吾财讯 | 东北证券研报指，腾讯音乐(01698)于2025年8月12日发布2025Q2业绩公告，2025H1公司实现营收157.98亿元，同比13.43%；实现归母净利润为67.00亿元，同比+115.85%。2025Q2公司实现营收84.42亿元，同比+17.91%；实现归母净利润24.09亿元，同比+43.22%。Q2业绩超出预期，毛利率提升明显。展望未来，公司将从构建日益丰富的内容生态、为国内外艺人提供定制化支持、协同深耕产品创新等三方面措施持续发力，为长期稳健增长蓄力。短期来看，公司将推动Bubble社区国际化、完善粉丝经济生态、落地长音频合作，推动粉丝经济和线下演出形成多元增长矩阵。中期来看，公司将深化SVIP权益，同时加大AI技术投入和拓展海外市场，为中期增长打下坚实基础。长期来看，公司致力于构建“内容—平台—社交—演出”全链路音乐娱乐生态，提升全球市场份额。该机构指，公司行业地位稳固，业绩稳健快速增长，预计公司20252027年EPS为3.48/3.29/3.72元，目前股价对应PE为27X/28X/25X，首次覆盖，给予公司“买入”评级。
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