腾讯音乐-SW涨幅扩大至10%，公司一季度总收入73.6亿元，同比增长8.7%；净利润42.9亿元，同比增 长201.8%；调整后净利润22.3亿元，同比增长22.8%。 ...

港股科技股拉升，腾讯音乐(01698.HK)涨超10%，京东健康(06618.HK)涨6.45%，阿里健康(00241.HK)、 京东(09618.HK)涨超4%，美团(03690.HK)涨超3%。 ...

Group 1 - The Hong Kong stock market opened with the Hang Seng Index rising by 0.9% and the Tech Index increasing by 1.58% [1] - Tencent Music (01698.HK) saw a post-earnings increase of 4.4% [1] - JD.com (09618.HK) experienced a post-earnings rise of 4.2% [1]

北京时间5月13日港股盘后、美股盘前，腾讯音乐发布了2025年一季度财报。 财务层面，腾讯音乐在一季度持续实现高质量的增长：实现营收73.6亿元、调整后净利润22.3亿元，分别同比增长8.70%和22.8%。其中，成为核心引擎的 在线音乐业务继续"高飞"，在线音乐服务、在线音乐订阅两项业务收入分别为58.0亿元、42.2亿元，同比分别增长15.9%和16.6%。 业务层面，核心数据——付费用户和付费率也沿着过去几个季度的上升曲线平稳发展。季度内，在线音乐付费用户数同比增长8.3%至1.229亿，单个付费 用户月均收入（ARPPU）从2024年同期的10.6元增长至11.4元。 一切看起来是那么的欣欣向荣，可当我们穿透表面的繁华，深入探究后会发现，在看似蓬勃的发展图景下，腾讯音乐仍有焦虑如藤蔓般肆意生长，紧紧缠 绕着它前行的每一步。 成长确幸背后的掣肘 实际上，我们对腾讯音乐一季度报最客观的解读，应该是有喜有忧。 喜，开篇已经说明，在线音乐成为腾讯音乐最具优势的一张底牌，一季度占总收入近八成，而忧之所在也很明晰——这张底牌并非坚不可摧。 自2021年四季度首次出现同比下滑至今年一季度，腾讯音乐的在线音乐月活跃用 ...

Core Viewpoint - Tencent Music's Q1 2025 earnings report reflects a mixed performance amid a challenging competitive landscape, with a focus on long-term growth strategies and user engagement [1][11]. Membership Subscription: More Focused and Specialized - As of Q1, Tencent Music's paid penetration rate reached 22%, continuing to improve from the previous quarter, nearing 90% of its long-term video subscription target set three years ago [1]. - The increase in average revenue per user (ARPU) is attributed to a strategy targeting core heavy users and enhancing SVIP conversion rates, despite a general slowdown in subscription growth [2][4]. - The company is adjusting its volume and pricing strategies dynamically to maintain its leading market position [1]. Advertising and Digital Album Sales - Advertising revenue showed steady growth in Q1, supported by improved inventory management, while digital album sales remain volatile, heavily influenced by the release schedules of popular artists [7]. - The overall revenue from online music, including advertising and digital album sales, is expected to fluctuate based on market conditions and artist releases [7]. Financial Performance Overview - Total revenues for Q1 2025 were CNY 67.68 million, reflecting a year-over-year decline of 3.4%, but slightly beating consensus estimates by 1.15% [9]. - Gross profit for the same period was CNY 27.71 million, with a gross profit margin (GPM) of 40.9%, indicating a slight improvement from previous quarters [9]. - Non-IFRS net income was reported at CNY 18.12 million, exceeding expectations by 7.86% [9]. User Metrics and Trends - The number of paying users for online music reached approximately 11.35 million, with a net addition of 680,000 users in Q1 [9]. - Monthly ARPPU for online music was CNY 10.6, slightly above consensus estimates, indicating a positive trend in user monetization [9].

Financial Data and Key Metrics Changes - In Q1 2025, Tencent Music Entertainment Group (TME) reported revenues of RMB 7.4 billion, reflecting a 9% year-over-year growth [22] - Online music revenues increased by 16% year-over-year to RMB 5.8 billion, driven by strong growth in music subscription and advertising revenues [22] - Music subscription revenues reached RMB 4.2 billion, representing a 70% year-over-year increase and a 5% sequential rise [23] - The gross margin improved to 44.1%, up 3.2 percentage points year-over-year, attributed to strong subscription and advertising revenue growth [27] Business Line Data and Key Metrics Changes - The music subscription business remains the cornerstone of TME's revenue, with significant growth in SVIP membership and reduced promotional activity contributing to revenue increases [23][31] - Advertising revenues showed strong year-over-year growth, primarily due to the success of the ad-supported model [24] - Artist-related merchandise sales and offline performances also contributed to revenue growth, with notable sales from physical albums and concerts [25] Market Data and Key Metrics Changes - The company has strengthened partnerships with record labels, enhancing its music library and user engagement through exclusive content and immersive audio experiences [6][7] - There is a growing popularity of diverse music genres, including Korean, English, and Japanese tracks, indicating a shift in user preferences [9] - The company is expanding its presence in the international market, particularly in Southeast Asia, to capture growth opportunities [76] Company Strategy and Development Direction - TME is focused on high-quality growth in its music business, expanding SVIP memberships, and diversifying offerings across the music value chain [31] - The company aims to enhance user engagement through innovative technologies and original content production [31] - TME is committed to building a comprehensive content ecosystem and improving operational efficiency to sustain growth [12][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, expecting year-over-year growth rates to accelerate and margins to expand [36] - The company is optimistic about the long-term potential of the music industry and plans to continue investing in high-quality content and user engagement [31] - Management highlighted the importance of adapting to user preferences and market dynamics to drive future growth [41][53] Other Important Information - TME released its 2024 ESG report, detailing practices in intellectual property protection, user privacy, and fostering diverse music communities [12] - The company declared a cash dividend of US$0.09 per ordinary share for the year ended December 31, 2024, with payments made in April 2025 [31] Q&A Session Summary Question: Outlook for top line profit growth for the next quarter and full year 2025 - Management expressed confidence in achieving strong results in Q1 and expects full-year growth to accelerate, driven by rich service offerings and user engagement [36] Question: Growth opportunity of podcasts in China and long-form audio user metrics - Management noted that while podcast growth in China is limited, long-form audio content is expected to complement existing services and enhance user experience [42] Question: SVIP progress and retention metrics - Management reported strong growth in SVIP membership and ARPPU, with plans to enhance the membership system and improve user satisfaction [48] Question: Contribution of Super VIP to ARPPU growth - Management indicated that the reduction in promotional activities has positively impacted ARPPU, with expectations for continued growth from the SVIP business [52] Question: Monetization strategy for non-paying subscribers - Management emphasized converting non-paying users into subscribers while leveraging advertising and merchandise sales to generate revenue from this segment [58] Question: Future drivers for gross margin improvement - Management highlighted subscriber growth, effective cost management, and strong partnerships with content creators as key drivers for future gross margin expansion [70] Question: International opportunities, especially in Southeast Asia - Management confirmed that international markets are a key part of their strategy, with ongoing investments in content and platform development in Southeast Asia [76] Question: Outlook for advertising and offline events business - Management remains optimistic about advertising revenue growth and plans to enhance the quality of offline performances to provide comprehensive musical experiences [82]

Revenue Growth - Total revenues for Q1 2025 were RMB7.36 billion (US$1.01 billion), an 8.7% year-over-year increase, driven by growth in online music services[3] - Revenues from music subscriptions reached RMB4.22 billion (US$581 million), representing a 16.6% year-over-year growth, with paying users increasing by 8.3% to 122.9 million[3] - Revenues from online music services increased by 15.9% year-over-year to RMB5.80 billion (US$800 million), driven by subscription and advertising revenue growth[15] - Total revenues for the three months ended March 31, 2025, increased to RMB 7,356 million, up 8.7% from RMB 6,768 million in the same period of 2024[31] - Online music services revenue rose to RMB 5,804 million, representing a 15.9% increase compared to RMB 5,007 million in the prior year[31] Profitability - Net profit attributable to equity holders was RMB4.29 billion (US$591 million), a 201.8% year-over-year increase, while non-IFRS net profit was RMB2.12 billion (US$293 million), up 24.6% year-over-year[3] - Gross margin improved to 44.1% from 40.9% in the same period of 2024, primarily due to strong growth in music subscription revenues[13] - Gross profit for the period was RMB 3,242 million, reflecting a gross margin of 44.1%, compared to RMB 2,771 million and a margin of 41.0% in the previous year[31] - Operating profit surged to RMB 4,836 million, a significant increase of 146.5% from RMB 1,959 million in the same quarter of 2024[31] - Non-IFRS net profit for the period was RMB 2,226 million, up 22.9% from RMB 1,812 million year-over-year[32] - Basic earnings per share increased to RMB 1.40, compared to RMB 0.46 in the same period last year, marking a growth of 204.3%[31] Cash and Investments - Total cash and short-term investments as of March 31, 2025, amounted to RMB37.67 billion (US$5.19 billion), slightly up from RMB37.58 billion at the end of 2024[20] - Cash and cash equivalents at the end of the period were RMB 12,022 million, an increase from RMB 10,218 million at the end of the previous quarter[38] - The company reported a net cash used in investing activities of RMB 3,221 million for the quarter, down from RMB 5,498 million in the same period last year[38] Shareholder Returns - The company declared a cash dividend of US$0.09 per ordinary share, totaling US$275 million, paid in April 2025[22] - The company repurchased 5.9 million ADSs for approximately US$64.5 million at an average price of US$10.8 per ADS during Q1 2025[21] Assets and Equity - Total assets as of March 31, 2025, reached RMB 98,084 million, up from RMB 90,444 million at the end of December 2024[36] - The company’s equity attributable to equity holders increased to RMB 73,237 million, compared to RMB 67,863 million at the end of the previous year[36] Social Entertainment Services - Revenues from social entertainment services decreased by 11.9% to RMB1.55 billion (US$214 million), attributed to adjustments in live-streaming functions[15] User Engagement - Monthly ARPPU for online music grew to RMB11.4 from RMB10.6 in Q1 2024, reflecting a 7.5% increase[5]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached RMB 7.4 billion, representing a 9% year-over-year growth [19] - Online music revenues increased by 16% year-over-year to RMB 5.8 billion, driven by strong growth in music subscription and advertising revenues [20] - Music subscription revenues reached RMB 4.2 billion, a 70% increase year-over-year [20] - Gross margin improved to 44.1%, up 3.2 percentage points year-over-year [23] - Net profit was RMB 4.4 billion, with a net profit attributable to equity holders of RMB 4.3 billion [25] Business Line Data and Key Metrics Changes - The music subscription business remains the cornerstone, with significant growth in SVIP membership and reduced promotional activity contributing to revenue increases [20][27] - Advertising revenues showed strong year-over-year growth, supported by the ad-supported model and increased engagement [20][21] - Artist-related merchandise sales and offline performances also contributed to revenue growth, with successful concert hosting leading to increased revenues [21][22] Market Data and Key Metrics Changes - The company has strengthened partnerships with record labels, enhancing its music library and user engagement [5][6] - There is a growing popularity of Korean, English, and Japanese tracks among users, indicating a diversification in music consumption preferences [7] - The company has expanded its merchandise collaborations, which have shown strong sales performance [8][9] Company Strategy and Development Direction - The company aims to enhance user engagement through a diverse range of music services and content offerings, focusing on high-quality growth [4][12] - Continued investment in original content production and innovative technologies is planned to improve user experience and strengthen the ecosystem [27] - The company is committed to expanding its SVIP membership and advertising business while diversifying offerings across the music value chain [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, expecting year-over-year growth rates to accelerate and margins to expand [31] - The company is focused on encouraging more music consumption and enhancing user engagement through unique offerings [31][32] - Management highlighted the importance of long-form audio content and its complementary role in driving user engagement and subscription growth [38] Other Important Information - The company released its 2024 ESG report, detailing practices in intellectual property protection, user privacy, and fostering diverse music communities [11] - The effective tax rate for Q1 2025 was 9.2%, a decrease from 19.9% in the same period of 2024 [25] Q&A Session Summary Question: Outlook for top line profit growth for the next quarter and full year 2025 - Management expressed confidence in achieving strong results in Q1 and expects growth rates to accelerate in 2025, driven by rich service offerings and user engagement [31] Question: Growth opportunity of podcasts in China and long-form audio user metrics - Management noted that while podcast growth in China is limited, long-form audio content is expected to grow and complement the existing subscriber base [36][38] Question: SVIP progress and key KPIs - Management reported strong growth in SVIP membership and ARPPU, with plans to enhance the membership system and improve user satisfaction [40][43] Question: Contribution of Super VIP to ARPPU growth - Management indicated that the reduction in promotional activities has positively impacted ARPPU growth, with expectations for continued growth from the SVIP business [46][48] Question: Monetization strategy for nonpaying subscribers - Management emphasized converting nonpaying users into subscribers and leveraging advertising and merchandise sales to generate revenue from this segment [51][55] Question: Future drivers for gross margin improvement - Management highlighted subscriber growth and cost management as key drivers for future gross margin improvement, with expectations for continued growth [60][62] Question: International opportunities, especially in Southeast Asia - Management acknowledged the importance of international markets and plans to invest in content creation and platform development in Southeast Asia [68][71] Question: Outlook for advertising and offline events business - Management expressed a positive outlook for advertising revenue growth and plans to enhance the quality of offline performances [79][80]

腾讯音乐娱乐集团首席执行官梁柱表示："得益于对丰富优质内容和多元化创新产品的坚定投入，我们 欣慰地看到用户的全周期价值在持续提升。同时，付费用户规模和单个付费用户月均收入进一步增长， 其中超级会员订阅表现尤为强劲。展望未来，我们将持续强化核心竞争力，并通过不断探索和创新，进 一步拓展用户音乐消费的深度和广度。" 毛利率从2024年同期的40.9%提升至44.1%，主要得益于音乐订阅收入和广告服务收入的强劲增长，以 及自制内容的逐渐增加。此外，收入分成成本的降幅超过了社交娱乐服务和其他服务收入降幅，也给毛 利率带来了积极影响。 腾讯音乐娱乐集团执行董事长彭迦信表示："我们坚定践行高质量增长，本季度继续取得亮眼的业绩表 现，其中收入增长强劲，盈利保持稳健。依托于我们坚实的业务基础、日益丰富多元的音乐生态以及健 康的财务状况，我们有信心从容应对国际局势的不确定性。一季度的良好开局，使我们更加坚定能够在 2025年及未来继续实现业务的可持续增长。" 智通财经APP讯，腾讯音乐-SW(01698)公布2025年第一季度业绩，总收入为人民币73.6亿元(10.1亿美 元)，同比增长8.7%。公司权益持有人应占净利润为人民 ...

Financial Performance - Total revenue for Q1 2025 was RMB 7.36 billion (USD 1.01 billion), representing an 8.7% year-over-year increase, driven by strong growth in online music services[6]. - Online music subscription revenue grew by 16.6% year-over-year to RMB 4.22 billion (USD 581 million), with paid user count increasing by 8.3% to 122.9 million[6]. - Net profit attributable to equity holders was RMB 4.29 billion (USD 591 million), a significant increase of 201.8% year-over-year[6]. - Operating costs increased by 2.9% year-over-year to RMB 4.11 billion (USD 567 million), while gross margin improved from 40.9% in Q1 2024 to 44.1% in Q1 2025[13]. - Net profit for Q1 2025 was RMB 4.39 billion (USD 605 million), with a year-over-year increase of 146.9% in operating profit to RMB 4.84 billion (USD 666 million)[16]. - The net profit attributable to equity holders for Q1 2024 was RMB 1,422 million, projected to increase to RMB 4,291 million in Q1 2025, representing a growth of 202%[28]. - Basic earnings per share for A and B ordinary shares were RMB 0.46 for Q1 2024, expected to rise to RMB 1.40 in Q1 2025, marking an increase of 204%[28]. Cash and Investments - Cash and cash equivalents, along with short-term investments, totaled RMB 37.67 billion (USD 5.19 billion) as of March 31, 2025[6]. - Cash and cash equivalents totaled RMB 37.67 billion (USD 5.19 billion) as of March 31, 2025, slightly up from RMB 37.58 billion at the end of 2024[17]. - The company repurchased a total of 5.9 million ADS for approximately USD 64.5 million at an average price of USD 10.8 per ADS during the three months ended March 31, 2025[18]. - A cash dividend of USD 0.18 per ADS was declared for the year ended December 31, 2024, totaling USD 275 million, paid on April 3, 2025[19]. - The company acquired a 2% stake in Universal Music Group (UMG) through an affiliate, resulting in a gain of RMB 2.37 billion (USD 327 million) recognized in other comprehensive income[15]. - Tencent Music's cash and cash equivalents decreased from RMB 13,164 million at the end of 2024 to RMB 12,022 million by March 31, 2025[31]. - The cash and cash equivalents decreased by RMB 1,158 million during the three months ended March 31, 2025, compared to a decrease of RMB 3,334 million in the same period of 2024, indicating improved cash flow management[33]. User Engagement and Content - Monthly active users for online music services decreased by 4.0% year-over-year to 555 million, while paid users increased by 8.3%[7]. - The average revenue per paid user per month rose to RMB 11.4, up 7.5% from RMB 10.6 in the same period last year[7]. - The company continues to enhance its content offerings through partnerships with major record labels and the introduction of high-quality audio experiences[8]. - New product initiatives include exclusive merchandise and immersive online-offline music experiences, which have shown strong sales performance[11]. - The company is focused on expanding its international music content and enhancing cultural diversity on its platform[8]. - Long audio content has effectively improved the renewal rates of super members, with a new audio drama achieving over 10 million plays rapidly[11]. Operational Metrics - Tencent Music Entertainment Group reported online music service revenue of RMB 5,007 million for the three months ended March 31, 2024, an increase of 8% compared to RMB 5,804 million for the same period in 2025[27]. - The total revenue for Tencent Music was RMB 6,768 million for Q1 2024, projected to grow to RMB 7,356 million in Q1 2025, reflecting a year-over-year increase of approximately 8.7%[27]. - Operating profit for the first quarter of 2024 was RMB 1,959 million, which is expected to rise significantly to RMB 4,836 million in Q1 2025, indicating a growth of 146%[27]. - Tencent Music's total operating expenses for Q1 2024 were RMB 1,136 million, expected to increase slightly to RMB 1,143 million in Q1 2025[27]. Balance Sheet and Equity - The total assets of Tencent Music increased from RMB 90,444 million as of December 31, 2024, to RMB 98,084 million as of March 31, 2025, reflecting a growth of 8.1%[31]. - As of March 31, 2025, total equity increased to RMB 75,199 million from RMB 69,726 million, representing an increase of approximately 7%[32]. - The company's retained earnings rose to RMB 22,642 million as of March 31, 2025, compared to RMB 20,051 million, an increase of approximately 12.9%[32]. - The total equity attributable to shareholders increased by RMB 5,436 million, from RMB 67,863 million to RMB 73,237 million, representing an increase of about 8%[32]. - Total liabilities rose to RMB 22,885 million as of March 31, 2025, compared to RMB 20,718 million, reflecting an increase of about 10.5%[32]. - The company's total current liabilities increased to RMB 18,630 million as of March 31, 2025, from RMB 16,550 million, reflecting an increase of approximately 12.5%[32]. ESG Commitment - The company emphasizes its commitment to ESG practices, focusing on intellectual property protection, user privacy, and sustainable development[20].