External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>TME announced 3Q25 results: total revenue increased by 21% YoY to RMB8.46bn, and non-IFRS net income was up by 33% YoY to RMB2.41bn, 3% and 4% ahead of Bloomberg consensus respectively, mainly thanks to the better-than-expected revenue growth of non-subscription music businesses (+51% YoY) like ads and offline performances.</li><li>We expect total revenue growth will decelerate to +12% YoY in 4Q25E, largely in line with consensus, mainly due to the normalisation of revenue from offline performances.</li><li>For FY26E, the company will further step up investment in content and new monetization opportunities such as offline performance and artist-related merchandise, which may drive sustainable revenue growth but impact short-term margins, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME announced 3Q25 results: total revenue increased by 21% YoY to RMB8.46bn, and non-IFRS net income was up by 33% YoY to RMB2.41bn, 3% and 4% ahead of Bloomberg consensus respectively, mainly thanks to the better-than-expected revenue growth of non-subscription music businesses (+51% YoY) like ads and offline performances.We expect total revenue growth will decelerate to +12% YoY in 4Q25E, largely in line with consensus, mainly due to the normalisation of revenue from offline performances.For FY26E, the company will further step up investment in content and new monetization opportunities such as offline performance and artist-related merchandise, which may drive sustainable revenue growth but impact short-term margins, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) - 3Q25 Review: Investing to Expand Music Product Offerings

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.</li>
<li>Both ARPPU and the user base increased YoY in 3Q25.</li>
<li>The margin had improved year over year for 13 quarters.</li>
</ul>


Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.
Both ARPPU and the user base increased YoY in 3Q25.
The margin had improved year over year for 13 quarters.


Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tencent Music Entertainment Group's second quarter of 2025 demonstrates a blend of growth across its diversified service portfolio, delivering a robust financial performance and showcasing strategic advancements in both content and platform services.</li><li>Positively, the group's revenue reached a record high of RMB 8.4 billion, representing an 18% year-over-year increase.</li><li>This growth was primarily fueled by its online music services, which saw a notable 26% year-on-year revenue increase, reaching RMB 6.9 billion.</li></ul>

Tencent Music Entertainment Group's second quarter of 2025 demonstrates a blend of growth across its diversified service portfolio, delivering a robust financial performance and showcasing strategic advancements in both content and platform services.Positively, the group's revenue reached a record high of RMB 8.4 billion, representing an 18% year-over-year increase.This growth was primarily fueled by its online music services, which saw a notable 26% year-on-year revenue increase, reaching RMB 6.9 billion.

Tencent Music: Is Its Partnership With Geely & Xiaomi the Future of In-Car Entertainment?

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/tencent-music-entertainment">Tencent Music</a> is solidifying its dominance in China's online audio market through a strategic pivot to profitability, evidenced by record-high operating margins and strong growth in its high-value music subscription segment.</li>
 <li>The proposed acquisition of Ximalaya marks a significant strategic expansion into the long-form audio market, including podcasts and in-car entertainment, aiming to broaden its user base and create new revenue streams.</li>
 <li>While the company demonstrates impressive financial health with a 25% 3-year net income CAGR and growing dividends, it faces risks from the uncertain sustainability of its booming concert revenues and the ever-present potential for regulatory shifts in the Chinese market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Tencent Music is solidifying its dominance in China's online audio market through a strategic pivot to profitability, evidenced by record-high operating margins and strong growth in its high-value music subscription segment.
  The proposed acquisition of Ximalaya marks a significant strategic expansion into the long-form audio market, including podcasts and in-car entertainment, aiming to broaden its user base and create new revenue streams.
  While the company demonstrates impressive financial health with a 25% 3-year net income CAGR and growing dividends, it faces risks from the uncertain sustainability of its booming concert revenues and the ever-present potential for regulatory shifts in the Chinese market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tencent Music (TME US) - Sep 2025

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

TME (TME US) - 3Q25 Review: Investing to Expand Music Product Offerings

TME announced 3Q25 results: total revenue increased by 21% YoY to RMB8.46bn, and non-IFRS net income was up by 33% YoY to RMB2.41bn, 3% and 4%...

CMB International

Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters

Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25. Both ARPPU and the user base increased YoY in 3Q25. The margin had...

Ming Lu

Tencent Music: Is Its Partnership With Geely & Xiaomi the Future of In-Car Entertainment?

Tencent Music Entertainment Group's second quarter of 2025 demonstrates a blend of growth across its diversified service portfolio, delivering a...

Baptista Research

Primer: Tencent Music (TME US) - Sep 2025

Tencent Music is solidifying its dominance in China's online audio market through a strategic pivot to profitability, evidenced by record-high...

αSK

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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