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    Maggie Ma

    Vice President and analyst at CLSA

    Maggie Ma is a Vice President and analyst at CLSA, specializing in equity research within the Asia financials and fintech sectors. She covers a portfolio of major regional companies, including Ping An Insurance, AIA Group, and China Pacific Insurance, and has been recognized for her accurate earnings forecasts and actionable investment recommendations, with a reported success rate exceeding 60% and consistent outperformance of sector benchmarks. Maggie began her career in equity research in the early 2010s, previously serving at BNP Paribas and UBS before joining CLSA in 2019. She holds a CFA charter and maintains current regulatory securities licenses in Hong Kong.

    Maggie Ma's questions to Tencent Music Entertainment (TME) leadership

    Maggie Ma's questions to Tencent Music Entertainment (TME) leadership • Q2 2025

    Question

    An analyst from CLSA, likely Maggie Ma, asked for details on the online music subscription business, specifically SVIP penetration, ARPU trends, retention rates, and the sustainability of its growth drivers.

    Answer

    Management's moderator clarified that SVIP growth is fundamentally driven by core benefits like premier sound quality and exclusive content, not just temporary events. They confirmed that SVIP penetration, ARPPU, and retention are all on a healthy upward trajectory. Regarding the fan economy, they ensure sustainability by planning major events and merchandise releases six to twelve months in advance, creating a robust business pipeline.

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