ByteDance

Conference Minutes

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The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to &#34;With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?&#34; 1. Review of Core Financial Information: 1. Tencent Music Entertainment Group (TME) reported a 21% year-on-year increase in total revenue for the third quarter of 2025, reaching RMB 8.5 billion, marking the highest growth rate since the first quarter of 2021. This was driven by the continued growth of the music subscription business, strong performance in offline concerts, advertising services, and sales of artist-related merchandise. 2. Online music revenue increased by 27% year-on-year to RMB 7 billion...

TME-SW

TENCENT

Tencent Music

Tencent Holdings Limited

Tencent

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Tencent HK SDR 10to1

Tencent Music (Minutes): Subscription growth slightly slowed, short-term investments impact profitability

Financial Analysis

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On November 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) (TME.N;$TME-SW(1698.HK)) released its third-quarter financial report for 2025. Overall, the results exceeded expectations, particularly with the partial realization of the second growth curve narrative. However, there were flaws, as the net increase in subscriptions continued to slow, indirectly confirming market concerns about intensified competition before the earnings report. Currently, there remains a significant difference between the core users of Tencent Music and ByteDance (Tencent Music vs ByteDance = high-tier music essential users vs lower-tier Douyin catchy tune users)...

NETEASE MUSIC

ByteDance makes a push, can Tencent Music still be 'small and beautiful'?

Goertek

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GoerTek Inc. released its Q3 2025 financial report (up to September 2025) after the A-share market closed on the evening of October 24, 2025, Beijing time. The key points are as follows: 1. Overall performance: revenue &amp; gross margin, both have rebounded. ① GoerTek Inc.'s total revenue for the third quarter of 2025 was 30.6 billion yuan, a year-on-year increase of 4.4%, better than the market expectation (28 billion yuan). The growth in the company's revenue was mainly driven by downstream customers' stocking, partly in preparation for the release of new products such as iPhone, AirPods, and MR in September; ② The company's gross margin for this quarter was 12.8%...

Apple

Meta Platforms

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

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Xiaomi Corporation

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BIG LOTS INC

Perfect

Movano

Ameriprise Financial

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Xiaomi HK SDR 2to1

Perfect - CW27

GoerTek: Steady Stocking, Meta's Flat Performance, When Will VR/AR 'Make a Big Move'?

Today’s Key News Recap

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1015 | Dolphin Research Focus: 🐬 Macro/Industry 1. Federal Reserve Chairman Jerome Powell stated on Tuesday that the central bank may end its balance sheet reduction (QT) in the coming months to prevent liquidity tightness in the short-term funding markets. The dollar index fell in response, providing strong upward momentum for gold priced in dollars, pushing gold prices to new highs. 2. This year's Double 11 promotion started on October 9, with JD.com and Douyin taking the lead, followed by platforms like Taobao, starting 5 days earlier than last year, further extending the event period...

MIXUE GROUP

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Taiwan Semiconductor

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SPDR Gold Shares

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Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

JD HK SDR 10to1

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

ASML Rises Post-Earnings; Mixue Blends into Beer Market | Today's Important News Recap

Strategy Report

Hot topic

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Originally, in the mid-September Madrid negotiations, the U.S.-China talks resolved the long-standing major conflict over TikTok. However, Trump's emotional essay on a 100% tariff seemed to have set back the bilateral relations overnight. But following Trump's press inquiries, Vance's statements, and press conferences from China's Ministry of Commerce, the TACO transaction became almost a consensus expectation. In this article, Dolphin Research will elaborate more on how this TACO transaction differs from previous ones and what other insights can be drawn besides TACO. 1. This TACO...

Phunware

Trump Media & Tech

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Trump Media & Tech - CW28

Berto Acquisition

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Midea Group

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Berto Acquisition - Unit

BERTO ACQUISITION CORP C/WTS 01/05/2030(TO PUR COM)

RUMBLE INC C/WTS 16/09/2027 (TO PUR COM)

MIDEA GROUP

ALLSTATE CORP 5.1% PREF 15/01/2053

ALLSTATE CORP DEP SHS REP 1/1000 NON CUM PER PRF SER H

ALLSTATE CORP 4.750% DEP SHS REP 1/1000TH PRP PFD SR I

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China Mobile

NetEase

Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?

Duolingo

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At the beginning of the year, not only Xiaohongshu but also Duolingo gained popularity due to the &#34;TikTok refugee trend.&#34; On January 14th, $Duolingo(DUOL.US) disclosed on its official blog that the number of Mandarin learning users surged by 216% year-on-year. As a language learning platform, the competitive barrier for content is not particularly high, especially since Duolingo's courses are applicable to generalized scenario needs. Therefore, the core user base mainly consists of workers and tourists with foreign language communication needs, as well as students driven purely by interest. However, even relying solely on this group of non-essential users...

Duolingo: Learning Skin, Gaming Heart? The "Code Printing Machine" is the Soul

$Tencent Music(TME.US) Q4 2024 Quick Interpretation: Overall, Q4 performance is slightly better, with profits exceeding expectations and new shareholder returns approved, but the weaker part remains user data.1. Profits exceed expectations: Excluding the impact of interest and investment income, Dolphin Research mainly focuses on the operating profit of the core business (the significant beat under Non-IFRS is mainly due to non-operating items). Q4 exceeded consensus expectations by nearly 200 million, and besides the gross margin continuing to optimize below our expectations, Dolphin Research was surprised that operating expenses could be further compressed (the three expenses in Q4 all accelerated their year-on-year decline), reflecting internal efficiency advantages. As long as competition remains relatively stable, this ability to generate profits is worry-free.2. New shareholder returns: This quarter, a new repurchase was approved (USD 1 billion over 2 years) and a dividend for 2024 (USD 273 million, with a dividend rate of 26%), resulting in a current shareholder return yield of 3.5%, which is neither high nor low.3. Weak user data: The number of music subscription users is the same as in the third quarter, with growth under some pressure, but the company has already guided in advance, so it is not surprising. There are currently no signs of a stop in the decline of paid live singing users, but it has further filtered out loyal fans, with per capita payment rebounding.The overall ecosystem's monthly active users continue to decline, a trend that can also be seen from third-party data platforms. In the second half of last year, the competition from Soda Music intensified. Although there is still a significant gap in user perception compared to Tencent Music, increased competitive pressure may affect Tencent Music's growth expectations, thereby limiting further valuation expansion.This is also why Dolphin Research emphasizes that Tencent Music's value is being overlooked (short-term fundamentals and valuations are mismatched, and the potential for gross margin improvement is expected to open up industry chain premiums), while also repeatedly reminding in recent weekly reports to start paying attention to Byte's actions in Soda Music.

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0116 Dolphin focuses on: 🐬 Macro/Industry 1. The US CPI released last night rose by 0.4% month-on-month, with a 12-month inflation rate reaching 2.9%. More notably, the core CPI has fallen for the first time in months, sparking optimism in the market and enhancing expectations for the Federal Reserve to implement interest rate cuts in 2025. Against this backdrop, global markets are experiencing an upward trend. 2. There are reports that support for the implementation details of new purchase subsidies in the automotive sector is planned to be released this Friday...

Wolfspeed

NVIDIA

Night session surged, what are the highlights of TSMC's financial report? Can TikTok welcome a turnaround? | Review of today's important news

OpenAI

1218 Dolphin's focus: 🐬 Macro/Industry 1. At today's Volcano Engine FORCE conference, ByteDance released the Doubao visual reasoning large model and announced its entry into the &#34;Li Era,&#34; with prices dropping to 0.003 yuan per thousand tokens, 85% lower than the industry price, allowing one yuan to process 284 images. Doubao also launched a new image generation model, achieving accurate Chinese text generation for the first time. A-share Douyin Doubao concept stocks were driven up. 2. OpenAI has opened its strongest reasoning model o1 to developers...

AI Surge: The "Doubao" Concept is Booming, Open AI Unleashes a New Bombshell | Today's Important News Review

TikTok Launches Bulletin Board Feature

E-commerce Sales During 2025 Double 11 Festival Grew by 14.2% to 1.7 Trillion Yuan

ByteDance's Volcano Engine Launches AI Coding Assistant Doubao-Seed-Code Priced at $1.30

Seekee Outperforms Cici in Latin American Markets

Phase Progress in Douyin E-commerce's Fake Shipment Special Governance

ByteDance Launches High-Standards Recruitment, Entering Humanoid Robot Field

French judicial authorities open investigation into TikTok in response to parliament report

Omnia Supported by Patria Launches Exclusive Data Center Project for TikTok in Brazil

Shenzhen Star Luo Shiguang Technology's Registered Capital Significantly Increased

ByteDance's DouBao Surpasses DeepSeek to Become the New Champion in AI App Market

ByteDance Plans to Launch Game Distribution Platform GameTop

ByteDance to Launch GameTop, a Game Platform Similar to Steam Overseas

ByteDance to Launch Game Platform GameTop in Overseas Market

Interoperability Self-Discipline Convention for Internet Platforms Released and Signed

Chinese Domestic Game Approval Numbers Increased in the First 8 Months of 2025, Driving User Growth

TikTok Launches Trend Chart for Double Eleven to Capture User Attention

ByteDance to Invest 5 Billion Brazilian Reais in Data Center in Brazil

Increased Orders and Tourist Experience Group Buying Sales Growth in Jingdezhen on Douyin during National Day

Vice President Vance Claims Successful Separation of TikTok US Business Ensuring Data Security

Douyin Life Services Releases Consumption Forecast for National Day Holiday