The company reported revenue\u00a0of 8.44 billion\u00a0Chinese yuan ($1.18\u00a0billion), up by\u00a0about 18% from the same period last year. The lion’s share of the revenue came from the company’s online music services, which grew by over 26%.<\/p>\n
Net profit\u00a0attributable to shareholders reached 2.57 billion yuan, representing a\u00a037.4% year-over-year jump.<\/p>\n
A Reuters poll had estimated revenue at 7.98 billion yuan and profit at 2.29 billion yuan.<\/p>\n
“While our music subscription business remained a core growth driver, our expanding suite of music-related services\u2014including advertising, concerts, and artist merchandise\u2014showed impressive momentum,” said Cussion Pang, executive chairman at the company. <\/p>\n
\u2014 Dylan Butts<\/p>\n
Chinese and Hong Kong stocks open higher<\/p>\n
Chinese and Hong Kong stocks rose Wednesday. As of 9:45 a.m. local time (9:45 p.m. ET Tuesday), the Hang Seng Index<\/a> rose 1%, while mainland’s CSI 300<\/a> added 0.33%.<\/p>\n The Shanghai Composite Index rose to the highest intraday level since December 2021, data from LSEG showed.<\/p>\n \u2014 Lee Ying Shan<\/p>\n Japan’s Nikkei 225 hits fresh record high<\/p>\n Japan’s blue-chip\u00a0Nikkei\u00a0225<\/a> extended its gains and hit a fresh record high Wednesday.<\/p>\n Among the index’s top movers are Yokohama Rubber, which gained 10% and Renesas Electronics, which rose over 7%. Tokyo Electric Power Company Holdings jumped 5.26%.<\/p>\n “Recent Japanese asset appreciation reflects positive steps the government is taking to improve capital markets and corporate governance, especially corporate sensitivity to equity values,” said Fitch Solutions’ analysts.<\/p>\n If the Liberal Democratic Party remains on its positive policy trajectory in terms of opening its domestic market to greater foreign investment and more foreign workers, “the effort to escape deflation” will continue to make headway, the research firm said.<\/p>\n \u2014Lee Ying Shan<\/p>\n Asia-Pacific markets open in the green<\/p>\n Asia-Pacific markets opened higher Wednesday. Japan’s Nikkei 225<\/a>\u00a0benchmark rose 1% after hitting a record high Tuesday, while the broader Topix index added 0.72%, as of 8:02 a.m. Singapore time (8:02 p.m. ET Tuesday).<\/p>\n In South Korea, the Kospi<\/a> index advanced 1.07%, while the small-cap Kosdaq increased by 0.88%.<\/p>\n Over in Australia, the S&P\/ASX 200 was up 0.29%.<\/p>\n \u2014 Lee Ying Shan<\/p>\n Here are the opening calls for the day<\/p>\n Happy mid-week from Singapore. Asia markets are set for a mostly higher open.<\/p>\n Japan’s Nikkei 225<\/a> was set to open higher, with the futures contract in Chicago at 43,325, while its counterpart in Osaka last traded at 43,280, against the index’s last close of 42,718.17.<\/p>\n Futures for Hong Kong’s Hang Seng index<\/a> \u00a0stood at 25,144, pointing to a higher open compared with the HSI’s last close of 24,969.68.<\/p>\n However, Australia’s S&P\/ASX 200<\/a> was set to start the day lower with futures tied to the benchmark at 8,852, compared with the index’s last close of 8,880.8.<\/p>\n \u2014 Lee Ying Shan<\/p>\n S&P 500 hits new intraday high<\/p>\n Traders work on the floor of the New York Stock Exchange on August 11, 2025. <\/p>\n NYSE<\/p>\n
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