专题：聚焦2025年第三季度美股财报 责任编辑：刘明亮 11月12日下午消息，腾讯音乐（NYSE：TME；HKEX： 1698）今日公布了截至9月30日的2025年第三 季度财报：营收为84.6亿元，同比增长20.6%。净利润为22.1亿元，而2024年同期净利润为17.1亿元。归 属于腾讯音乐股东的净利润为21.5亿元，而2024年同期归属腾讯音乐股东的净利润为15.8亿元。 非国际财务报告准则下，净利润为24.8亿元，而2024年同期净利润为19.4亿元。归属于腾讯音乐股东的 净利润为24.1亿元，而2024年同期归属于腾讯音乐股东的净利润为18.1亿元。 ...

Financial Performance - Total revenue for Q3 2025 was RMB 8.46 billion (USD 1.19 billion), representing a year-over-year increase of 20.6%, primarily driven by strong growth in online music service revenue[6]. - Online music service revenue grew by 27.2% year-over-year to RMB 6.97 billion (USD 0.979 billion), with subscription revenue increasing by 17.2% to RMB 4.50 billion (USD 0.632 billion)[6]. - Net profit attributable to equity holders was RMB 2.15 billion (USD 0.302 billion), a year-over-year increase of 36.0%[6]. - Total revenue for Q3 2025 reached RMB 8.46 billion (USD 1.19 billion), an increase of RMB 1.45 billion or 20.6% compared to RMB 7.02 billion in Q3 2024[15]. - Net profit for Q3 2025 was RMB 2.21 billion (USD 311 million), with a year-on-year increase of 26.4%[19]. - Non-IFRS net profit for the three months ended September 30, 2024, was RMB 1,709 million, representing a year-over-year increase of 29.3%[30]. - The adjusted net profit for the nine months ended September 30, 2024, was RMB 5,737 million, reflecting a 27.7% increase year-over-year[33]. - Basic earnings per share for the three months ended September 30, 2024, was RMB 0.51, compared to RMB 0.40 in the same period last year[31]. - The company reported a basic earnings per share of RMB 0.59 for the three months ended September 30, 2024, compared to RMB 0.78 in 2025[33]. - The diluted earnings per American Depositary Share (ADS) for the nine months ended September 30, 2025, was USD 0.64, compared to USD 0.65 in the same period of 2024[33]. User Engagement - The number of monthly active users for online music services decreased by 4.3% year-over-year to 551 million, while the number of paying users increased by 5.6% to 125.7 million[7]. - Average revenue per paying user per month increased by 10.2% year-over-year to RMB 11.9[7]. - A differentiated membership system has been implemented to enhance user experience and loyalty[12]. - The average monthly revenue per paying user increased from RMB 10.8 in Q3 2024 to RMB 11.9 in Q3 2025, reflecting the expansion of super member benefits[17]. Operational Costs - Operating costs increased by 18.8% year-on-year to RMB 4.78 billion (USD 672 million), primarily due to higher costs associated with offline performances and IP-related expenses[16]. - Operating expenses rose by 7.6% year-on-year to RMB 1.31 billion (USD 184 million), with operating expenses as a percentage of total revenue decreasing from 17.4% to 15.5%[18]. - Sales and marketing expenses increased by 18.2% year-on-year to RMB 260 million (USD 37 million), driven by higher content and channel promotion costs[21]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled RMB 36.08 billion (USD 5.07 billion) as of September 30, 2025[6]. - Cash and cash equivalents totaled RMB 36.08 billion (USD 5.07 billion) as of September 30, 2025, up from RMB 34.92 billion as of June 30, 2025[20]. - Tencent Music's cash and cash equivalents decreased by RMB 2,054 million in the three months ended September 30, 2025, but increased to RMB 11,255 million by the end of the period[38]. - The company incurred a net cash outflow from investing activities of RMB 1,244 million for the three months ended September 30, 2025, down from RMB 3,337 million in the same period of 2024[38]. Strategic Initiatives - The company plans to continue expanding its music service offerings and enhance user engagement through innovative and personalized experiences[7]. - Strategic partnerships with well-known labels and artists have been deepened to enrich the music library, including collaborations with DREAMUS and KING RECORDS[10]. - The company is expanding its concert operations and services into international markets, leveraging its established capabilities[11]. - The "Music Space" public welfare project attracted 380,000 participants, enhancing its influence and promoting music accessibility[22]. Future Outlook - The company anticipates continued growth in online music services and social entertainment revenue in the upcoming quarters[28]. - The company emphasizes the importance of non-IFRS measures for understanding operational performance and trends[25]. - The company encourages investors to review complete financial information rather than relying solely on individual financial metrics[26]. Assets and Equity - The total assets of Tencent Music as of December 31, 2024, were RMB 90,444 million, which increased to RMB 104,866 million by September 30, 2025[36]. - The total equity attributable to the company's equity holders increased from RMB 67,863 million as of December 31, 2024, to RMB 82,751 million by September 30, 2025[37]. - Tencent Music's goodwill increased from RMB 19,647 million as of December 31, 2024, to RMB 20,517 million by September 30, 2025[36]. Cash Flow - Operating cash inflow for the three months ended September 30, 2025, was RMB 3,683 million, representing a significant increase from RMB 2,165 million in the same period of 2024[38].

Core Insights - Tencent Music Entertainment Group (TME) reported strong financial results for Q3 2025, driven by growth in online music services and innovative content offerings [3][7][12]. Financial Highlights - Total revenues reached RMB 8.46 billion (US$1.19 billion), a 20.6% year-over-year increase [7][12]. - Revenues from online music services were RMB 6.97 billion (US$979 million), reflecting a 27.2% year-over-year growth [7][12]. - Music subscription revenues grew to RMB 4.50 billion (US$632 million), marking a 17.2% year-over-year increase [7][12]. - Net profit attributable to equity holders was RMB 2.15 billion (US$302 million), a 36.0% year-over-year growth [7][19]. - Monthly ARPPU increased to RMB 11.9 from RMB 10.8 in the same period of 2024, representing a 10.2% growth [4][7]. Operational Highlights - Monthly Active Users (MAUs) for online music decreased to 551 million, down 4.3% year-over-year [4]. - Paying users for online music increased to 125.7 million, a 5.6% year-over-year growth [4]. - The company expanded its music offerings across various genres and languages, enhancing its content ecosystem [5][8]. Strategic Initiatives - TME enhanced partnerships with renowned labels and artists, including contracts with Korean label DREAMUS and collaborations with Blizzard Entertainment [8]. - The company successfully organized large-scale concert tours, including G-DRAGON's concerts, which attracted over 150,000 attendees [8][9]. - TME launched the TMElive International Music Awards (TIMA), showcasing 22 artists and enhancing its industry influence [8][9]. User Engagement and Innovation - The company introduced differentiated membership offerings, improving user service and loyalty [10][11]. - Enhanced streaming experiences and artist-related benefits contributed to increased SVIP penetration and ARPPU [11][16]. - TME's innovative features, such as AI-generated lyrics and immersive sound technologies, have improved user engagement [16].

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

Market Overview - US stock indices showed mixed performance on Friday, with the Hang Seng Index ADR rising to 26,288.46 points, an increase of 46.63 or 0.18% compared to the Hong Kong close [1]. Major Blue-Chip Stocks - HSBC Holdings closed at 110.854 HKD, up 0.78% from the Hong Kong close; Tencent Holdings closed at 633.674 HKD, down 0.05% [2]. Stock Performance Summary - Tencent Holdings (00700) latest price: 634.000 HKD, down 10.000 HKD (-1.55%); ADR price: 81.480 USD [3] - Alibaba Group (09988) latest price: 160.100 HKD, down 4.900 HKD (-2.97%); ADR price: 166.340 USD [3] - HSBC Holdings (00005) latest price: 110.000 HKD, down 0.700 HKD (-0.63%); ADR price: 71.270 USD [3] - Xiaomi Group (01810) latest price: 42.240 HKD, down 1.200 HKD (-2.76%); ADR price: 27.000 USD [3] - AIA Group (01299) latest price: 81.500 HKD, up 0.300 HKD (0.37%); ADR price: 42.190 USD [3] - Meituan (03690) latest price: 102.000 HKD, down 1.300 HKD (-1.26%); ADR price: 26.270 USD [3] - JD.com (09618) latest price: 124.000 HKD, down 2.900 HKD (-2.29%); ADR price: 31.790 USD [3] - Kuaishou Technology (01024) latest price: 68.250 HKD, down 4.300 HKD (-5.93%); ADR price: 1.850 USD [3]

Core Insights - Tencent Music has faced significant management upheaval due to the dismissal of two senior executives involved in corruption, which occurred seven years ago while they were in different roles [1] - The long-standing copyright disputes with the China Music Copyright Association have finally reached a resolution, with both parties signing a strategic cooperation memorandum to improve music licensing mechanisms [2][4] - Despite a strong financial performance in Q2 2023, Tencent Music's active user base continues to decline, marking the 15th consecutive quarter of year-on-year decreases in monthly active users [10][11] Management and Governance - Two senior executives from Tencent Music were dismissed and handed over to law enforcement for corruption related to past roles, indicating potential governance issues within the company [1] - The company has emphasized its commitment to compliance and governance in its ESG report, highlighting measures taken to avoid copyright infringement [2] Copyright and Legal Issues - Tencent Music has been involved in a protracted legal battle with the China Music Copyright Association over copyright licensing and compensation standards, which has now been resolved with a new strategic partnership [2][4] - Recent court rulings have resulted in Tencent Music's platforms being ordered to pay damages for copyright infringement, highlighting ongoing legal challenges in the industry [4] User Experience and Compliance - Tencent Music has established a comprehensive user service mechanism, achieving a 100% complaint resolution rate, yet user complaints regarding automatic renewals and service discrepancies remain high [7] - The company has faced scrutiny over data privacy and compliance issues, with past incidents leading to regulatory attention and negative publicity [9] Financial Performance - In Q2 2023, Tencent Music reported a revenue of 8.44 billion yuan, a year-on-year increase of 17.9%, and a net profit of 2.64 billion yuan, up 33% from the previous year [10] - Despite financial growth, the company is experiencing a decline in its user base, with a 3.2% drop in monthly active users to 553 million [11] Competitive Landscape - The competitive dynamics in the music streaming industry are shifting, with rivals like NetEase Cloud Music showing slight growth while Tencent Music's user base declines [11] - ByteDance's new music platform, Soda Music, has seen explosive growth, benefiting from integration with Douyin, which poses a challenge to Tencent Music's market position [11]

Core Insights - Tencent Music is facing management turmoil due to the dismissal of two senior executives involved in corruption, which occurred seven years ago while they were in a different department [2] - The long-standing copyright dispute with the China Music Copyright Association has reached a resolution, with both parties signing a strategic cooperation memorandum to improve music licensing mechanisms [3][5] - Despite a strong financial performance in Q2 2023, Tencent Music's active user base continues to decline, marking the 15th consecutive quarter of year-on-year decreases in monthly active users [11][12] Management and Governance - Two senior executives from Tencent Music were dismissed and handed over to law enforcement for corruption related to past activities in a different department [2] - The company has emphasized its commitment to compliance and governance in its ESG report, highlighting measures taken to avoid copyright infringement [3] Copyright and Legal Issues - Tencent Music's relationship with the China Music Copyright Association was strained due to disputes over licensing and compensation, but a recent agreement aims to foster collaboration [5] - Legal battles have resulted in Tencent Music being ordered to pay damages for copyright infringement, with specific cases resulting in compensation amounts of approximately 220,000 yuan and 120,000 yuan [5] User Engagement and Service - Tencent Music has established a comprehensive user service mechanism, achieving a 100% complaint resolution rate across its platforms [8] - However, user complaints have highlighted issues with automatic renewal practices and discrepancies between service offerings and user expectations [8] Financial Performance - In Q2 2023, Tencent Music reported revenues of 8.44 billion yuan, a year-on-year increase of 17.9%, and an adjusted net profit of 2.64 billion yuan, up 33% [11] - The company is exploring new revenue streams through various initiatives, including partnerships with artists and innovative advertising strategies [11] Market Competition - Tencent Music's monthly active users have decreased by 3.2% year-on-year, with its core apps experiencing declines between 2.8% and 8.1% [12] - Competitors like NetEase Cloud Music have shown slight growth, while ByteDance's Soda Music has experienced explosive growth, highlighting a shifting competitive landscape [12]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.84% at 46,912.3 points, the S&P 500 down 1.12% at 6,720.32 points, and the Nasdaq down 1.9% at 23,053.99 points [1] - Major tech stocks fell, with Nvidia and Tesla dropping over 3%, Intel, Amazon, and Meta down over 2%, and Microsoft down over 1% [1] - Popular Chinese concept stocks showed mixed results, with Xiaoma Zhixing down over 8%, Zai Ding Pharmaceutical down over 6%, and NIO down over 1%, while XPeng Motors rose over 9% and Baidu up over 3% [1] European Market - European stock indices also closed lower, with Germany's DAX down 1.29% at 23,740.38 points, France's CAC40 down 1.36% at 7,964.77 points, and the UK's FTSE 100 down 0.42% at 9,735.78 points [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 0.20% at $3,984.80 per ounce and COMEX silver futures down 0.37% at $47.85 per ounce [1] - U.S. oil futures fell slightly, with the main contract down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [1] Currency and Bond Markets - The U.S. dollar index decreased by 0.45% to 99.70, while the offshore RMB appreciated against the dollar by 104 basis points to 7.1209 [1] - U.S. Treasury yields collectively fell, with the 2-year yield down 7.20 basis points to 3.553% and the 10-year yield down 7.60 basis points to 4.083% [1] - European bond yields also declined, with the UK 10-year yield down 2.9 basis points to 4.432% and Germany's 10-year yield down 2.3 basis points to 2.648% [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,110.96, up by 175.55 points or 0.68% as of November 5, 16:00 Eastern Time [1] - The index reached a high of 26,191.15 and a low of 25,911.87 during the trading session, with a trading volume of 34.24 million [1] Major Blue-Chip Stocks Performance - Most large-cap stocks saw an increase, with HSBC Holdings closing at HKD 110.275, up 1.92% from the previous close [2] - Tencent Holdings closed at HKD 632.153, reflecting a 0.5% increase compared to the Hong Kong market close [2] Stock Price Movements - Tencent Holdings (00700) remained unchanged at HKD 629.000, with an ADR price of HKD 632.153, indicating a rise of HKD 3.153 [3] - Alibaba Group (09988) decreased by HKD 0.500 to HKD 158.500, with an ADR price of HKD 160.176, showing an increase of HKD 1.676 [3] - HSBC Holdings (00005) saw a slight increase of HKD 0.200, closing at HKD 108.200, with an ADR price of HKD 110.275, up HKD 2.075 [3] - Other notable movements include a decrease in stock prices for companies like Xiaomi Group (01810) and AIA Group (01299) [3]

Core Viewpoint - The Hang Seng Technology Index fell over 2.8%, while the Hang Seng Index dropped more than 1.7%, indicating a significant downturn in the technology sector and broader market [1] Company Performance - Bilibili experienced a decline of over 5% in its stock price [1] - Tencent Music, Xiaopeng Motors, and Kingsoft also saw declines exceeding 4% [1]