《大行》高盛:腾讯音乐(01698.HK)竞争格局逐步稳定 净现金支持股东回报

阿斯达克财经
2 hours ago

高盛发表研究报告指,市场关注腾讯音乐(01698.HK) 在竞争及人工智能音乐的影响、喜马拉雅合并后的协同效应,以及下半年有机订阅增长显著放缓后的任何增长拐点迹象。该行预期,由于竞争及公司推广会员计划影响平均用户收入,短期内订阅增长及利润率将会受压,惟竞争格局或逐渐稳定。该行仍然预计腾讯音乐的非订阅业务增长稳健,线下活动可抵销广告放缓的影响。该行指,长远来看,喜马拉雅的成本协同效应将逐步出现,...

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