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1. Company Snapshot

1.a. Company Description

Kuke Music Holding Limited, through its subsidiaries, provides classical music licensing, subscription, and education services in China.It operates through two segments, Subscription, Licensing and Smart Music Learning Business; and Music Events and Performances Business.The Subscription, Licensing and Smart Education Business segment distributes commercial copyrights and offers music education solutions.


The Music Events Business segment is involved in the provision of music festival events and music performance services; and sale of musical instruments.The company licenses its music content primarily to online music entertainment platforms and digital music service providers, as well as film and TV production companies, airlines, and smart hardware companies.As of December 31, 2021, it had 802 institutional subscribers, including 477 universities and music conservatories, as well as 325 public libraries.


Kuke Music Holding Limited was founded in 2002 and is headquartered in Beijing, China.

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1.b. Last Insights on KUKE

Kuke Music Holding Limited's recent performance was negatively impacted by the ADS ratio change announcement on March 3, 2025, which may have led to investor uncertainty and volatility. Additionally, the company's recent earnings release was not available, but the strategic partnership with China Media Group IoV Digital Media on March 21, 2025, may have been overshadowed by the ADS ratio change announcement. The partnership aims to establish a new benchmark for in-vehicle audio ecosystems, but its short-term impact on the company's performance is unclear.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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NYSE to Commence Delisting Proceedings Against Kuke Music Holding Limited (KUKE)

Oct -21

Source: businesswire.com

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Kuke Music Holding Limited Announces Strategic Acquisition of Controlling Interest in Naxos Music Group

Sep -25

Source: globenewswire.com

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Kuke Music Holding Limited to Hold Extraordinary General Meeting and Class Meeting on September 12, 2025

Aug -25

Source: globenewswire.com

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KUKE Music and People's Music Publishing House Forge Strategic Partnership to Drive Global and Digital Advancement of Music Industry

Aug -11

Source: globenewswire.com

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NOTICE TO DISREGARD -- Kuke Music Holding Limited

Aug -08

Source: globenewswire.com

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Great Wall Motor and KUKE Music Forge Strategic Partnership; Globally Launch In-Car "KUKE Music" Smart Application

Aug -07

Source: globenewswire.com

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KUKE Music Partners with Global Classical Music Giant Naxos to Launch "Music LEGO Engine," Reshaping Classical Music Future with AI, Blockchain and RWA

Aug -06

Source: globenewswire.com

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Kuke Music Holding Limited Announces NYSE Compliance Restoration

Aug -05

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Subscription, Licensing and Smart Education

Expected Growth: 15.4%

Growing demand for online music education, increasing adoption of subscription-based models, and rising licensing opportunities for businesses are expected to drive Kuke Music Holding Limited's growth.

Music Events and Performances

Expected Growth: 12.5%

Growing demand for immersive cultural experiences, increasing popularity of live music events, and rising disposable income among music enthusiasts drive growth in the live music industry.

7. Detailed Products

Music Licensing

Kuke Music Holding Limited offers music licensing services, providing access to a vast library of copyrighted music for use in various applications, such as films, TV shows, commercials, and video games.

Music Distribution

The company provides music distribution services, enabling artists and labels to release their music globally through various digital platforms, such as streaming services and online stores.

Music Publishing

Kuke Music Holding Limited offers music publishing services, managing the rights of songwriters and composers, and administering their musical works.

Artist Services

The company provides a range of services to support artists, including marketing, promotion, and brand development.

Music Education

Kuke Music Holding Limited offers music education services, providing online courses, workshops, and training programs for music professionals and enthusiasts.

8. Kuke Music Holding Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Kuke Music Holding Limited operates in a niche market, and the threat of substitutes is moderate. While there are alternative music streaming services, Kuke's unique features and content offerings reduce the likelihood of customers switching to substitutes.

Bargaining Power Of Customers

Kuke Music Holding Limited has a large customer base, but individual customers have limited bargaining power. The company's subscription-based model and diverse content offerings reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Kuke Music Holding Limited relies on music labels and artists as suppliers. While the company has some bargaining power due to its large user base, suppliers still have some negotiating power due to the importance of their content.

Threat Of New Entrants

The threat of new entrants is high in the music streaming industry. Low barriers to entry and the ease of launching a new music streaming service make it an attractive market for new entrants.

Intensity Of Rivalry

The music streaming industry is highly competitive, with several established players competing for market share. Kuke Music Holding Limited faces intense competition from rivals such as Spotify, Apple Music, and Tencent Music.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 79.88%
Debt Cost 6.63%
Equity Weight 20.12%
Equity Cost 6.63%
WACC 6.63%
Leverage 396.98%

11. Quality Control: Kuke Music Holding Limited passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Kinepolis

A-Score: 4.4/10

Value: 5.3

Growth: 6.0

Quality: 4.5

Yield: 1.2

Momentum: 2.0

Volatility: 7.3

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Sphere Entertainment

A-Score: 4.3/10

Value: 7.7

Growth: 2.1

Quality: 4.2

Yield: 0.0

Momentum: 8.5

Volatility: 3.3

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Deezer

A-Score: 4.2/10

Value: 8.5

Growth: 5.8

Quality: 2.9

Yield: 0.0

Momentum: 5.5

Volatility: 2.3

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Madison Square Garden Entertainment

A-Score: 4.2/10

Value: 3.5

Growth: 4.3

Quality: 4.3

Yield: 0.0

Momentum: 7.5

Volatility: 5.3

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Starbox

A-Score: 3.3/10

Value: 9.6

Growth: 3.3

Quality: 4.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

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Kuke Music

A-Score: 2.8/10

Value: 8.4

Growth: 2.6

Quality: 3.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.39$

Current Price

1.39$

Potential

-0.00%

Expected Cash-Flows