您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。 [美股财报]:华纳音乐 2025年度报告 - 发现报告

华纳音乐 2025年度报告

2026-01-20 美股财报 Elise
报告封面

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bE:K@>:<<>E>K:M>=?BE>K cb:<<>E>K:M>=?BE>K cbLF:EE>KK>IHKMBG@F>K@BG@@KHPMA; H?MA>Q:<<>E>K:M>=?BE>K)HG :<<>E>K:M>=?BE>KF>K@BG@@KHPMAE>K:M>=?BE>K.F:EE>KK>IHKMBG@F>K@BG@@KHPMA;RK>@BLMK:GMA:L>E>=GHMMHNL>MA>>QM>G=>=MK:GLBMBHGI>KBH=?HKPHKK>OBL>=?BG:G=INKLN:GMMH.>Q;RMA>KMA>K>@BLMK:GMA:L?BE>=:K>IHKMHG:G=:MM>LM:MBHGMHBMLF:G:@>F>GMdL:LL>LLF>GMH?MA>>??>G>LLH?BMLBGM>KG:EK?BG:GIHKMBG@NG=>K.>.:K;:G>L *QE>RK>@BLM>K>=IN;EB<:<I:K>=HKBLLN>=BML:N=BMK>IHKM $?L>L:K>K>@BLM>K>=INKLN:GMMH.>;RMA>KMA>?BG:GF>GMLH?MA>K>@BLMK:GMBG=BGMA>?BEBG@K>?E>KKHKMHIK>OBHNLERBLLN>=?BG:GF>GML $G=B<:M>;RMA>K:GRH?MAHL>>KKHKK>LM:M>F>GMLMA:MK>JNBK>=:K>KR:G:ERLBLH?BG<>GMBO> ;:L>=GL:MBHGK><>BO>= ;R :GR H? MA> K>@BLMK:GML >Q> H??B<>KL =NKBG@ MA> K>E>O:GM K>KR I>KBH= INKLN:GM MH \  ;  $G=B<:M>;RMA>KMA>K>@BLMK:GMBL:LA>EE?BG>=BG-NE>; H?MA>QL)H /A>:@@K>@:M>F:KD>MO:EN>H?E=;RGHG :??BEB:M>LH?MA>K>@BLMK:GM:LH?(:KE:LM;NLBG>LL=:RH?MA>K>@BLMK:GMdLFHLMK><>GMERM>=L>K P:L:IIKHQBF:M>ER;BEEBHG;:L>=NIHGMA>K>IHKM>=?HKLNHGMA>):L=:J"EH;:E.>E>M.A:K>LH?MA>K>@BLMK:GMdLE=;R>:Q>H??B<>K:G==BK>:KLHGPAHF:R;>=>>F>=MH;>:G:??BEB:M>H?MA>K>@BLMK:GMA:O>;>>G>Q=?KHFMABLLGHMK>?E>M>KFBG:MBHGMA:M<>KM:BGI>KLHGL:K>:??BEB:M>LH?MA>K>@BLMK:GM?HK:GRHMA>KINKIHL> LH?)HO>F;>K  MA>K>P>K>  LA:K>LH?E:LLHFFHG.MHLH?E:LLHFFHG.MHK>@BLMK:GMHNMLM:G=BG@/A>K>@BLMK:GMA:L?BE>=:EEQIHKML?HKMA>IK><>=BG@FHGMAL #)!"('"#&$#&(-&&" +HKMBHGLH?MA>K>@BLMK:GML+KHQR.M:M>F>GM?HKMA>GGN:E(>>MBG@H?.MHKL:K>BG=A>K>BG;RK>?>K>G<>BG+:KM$$$H?MABLGGN:E->IHKMHG!HKF &MHMA>>QM>GMLM:M>=A>K>BG.NF>GMPBEE;>?BE>=PBMAMA>.>L:G=QHFFBLLBHGPBMABG=:RLH?MA>K>@BLMK:GML?BL<:ER>:K>G=>=.>IM>F;>K  TABLE OF CONTENTS PART I Item 1.Business .....................................................................................................................................................................4Item 1A.Risk Factors ...............................................................................................................................................................21Item 1B.Unresolved Staff Comments ...............................................