Performance Summary - Fuyao Glass (03606.HK) reported a revenue of approximately 45.787 billion yuan for 2025, representing a year-on-year increase of 16.65%, with a net profit of about 9.312 billion yuan, up 24.2% [1] - Hengan International (01044.HK) achieved a revenue of 23.069 billion yuan in 2025, a 1.8% increase year-on-year, and a net profit of 2.535 billion yuan, up 10.3%. E-commerce and new retail sales revenue grew by 10.1%, with an annual gross margin improvement to approximately 33.8% [1] - Sunac China (01918.HK) expects a loss between 12 billion to 13 billion yuan for 2025, a reduction compared to the previous year, primarily due to gains from overseas debt restructuring [1] - Tencent Music (01698.HK) reported total revenue of 32.9 billion yuan for 2025, a 15.8% year-on-year increase, with a net profit of 11.06 billion yuan, up 66.4% [2] - China Eastern Education (00667.HK) achieved a revenue of 4.616 billion yuan in 2025, a 12.1% increase, with adjusted net profit of 792 million yuan, up 50.9% [4] - Hong Kong Electric (02638.HK) reported a revenue of 12.125 billion yuan for 2025, a 0.6% increase, and a net profit of 3.149 billion yuan, up 1.2% [5] - Longjiang Life Science (00775.HK) reported a revenue of 5.41 billion HKD, a 2% decrease, with a net loss of 187 million HKD, an increase of 47.61% year-on-year [3] Company News - Weisheng Holdings (03393.HK) won a supply contract for reclosers from CEMIG, Brazil's largest power company, valued at 138 million Brazilian Reais (approximately 182 million yuan or 206 million HKD), to be delivered in batches over the next two years [9] - Hong Kong International Holdings (00480.HK) partnered with Jiaxing Xiutuo Construction Investment Group to acquire a commercial land plot in Jiaxing for approximately 216.4 million yuan, planning to develop a shopping center [9] Financing and Buyback Activities - Xindong Company (02400.HK) repurchased 108,000 shares at a cost of approximately 7.911 million HKD, with prices ranging from 72.00 to 75.05 HKD [16] - Yum China (09987.HK) repurchased 18,500 shares for about 7.714 million HKD, with prices between 414.8 and 420.6 HKD [16] - CNOOC Oilfield Services (02883.HK) completed the issuance of 5 billion yuan in bonds through its wholly-owned overseas subsidiary [17]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues grew 16% year-on-year to CNY 8.6 billion, driven by strong growth in online music services [21] - Music subscription revenues increased by 13% year-on-year, reaching CNY 4.6 billion in Q4 2025 [21] - Revenues from non-subscription music services were CNY 2.5 billion, up by 41% year-on-year [21] - For the full year 2025, total revenues were CNY 32.9 billion, up by 16% year-over-year [28] - Non-GAAP net profit increased by 60% to CNY 11.4 billion for 2025 [29] Business Line Data and Key Metrics Changes - The music subscription segment saw revenues of CNY 17.7 billion for the full year 2025, up by 16% year-over-year [28] - Revenues from social entertainment services increased by 7% year-over-year [28] - Non-subscription revenue growth was significantly driven by offline performances and artist-related merchandise sales [23] Market Data and Key Metrics Changes - The advertising revenue continued its strong growth trajectory, driven by an increase in advertisers and higher ECPM [22] - Offline performances and music festivals broadened user scenarios, effectively attracting more brands and driving growth in sponsorship advertising revenues [23] Company Strategy and Development Direction - The company is focused on a dual-engine content and platform strategy, emphasizing long-term value creation through disciplined investment and innovation [4] - A comprehensive suite of music services is being developed to create holistic value for music creators and enhance the music industry's long-term growth [5] - The company aims to deepen collaborations with artists and labels while expanding into offline experiences such as live concerts and merchandise [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in leading industry advancement despite competitive pressures, emphasizing the importance of a robust IP portfolio [4] - The company anticipates some short-term pressure on subscription revenue due to intense competition but believes its three-tier membership system will support sustainable growth [37] - AI technology is seen as a tool to improve efficiencies in content creation and enhance user experience [38] Other Important Information - The company plans to discontinue disclosing certain operating metrics quarterly, focusing instead on annual reporting of total paying users [12] - A cash dividend of approximately $368 million is expected to be paid in the second quarter of 2026 [30] Q&A Session Summary Question: Strategic growth outlook for 2026 amid AI and competition - Management highlighted solid results in 2025 and the successful implementation of a three-tier membership system, which has led to increased user retention and growth [35] - The company plans to continue expanding non-subscription offerings and deepen collaborations with artists [36] Question: AI impact on the music value chain - Management acknowledged that AI is changing the music industry, with a focus on providing effective creation tools for users while maintaining the importance of original content [40][46] - The company is committed to integrating AI into its platform to enhance user experience and content distribution [55] Question: Financial trends for GP margin and OPEX in 2026 - Management indicated that GP margin will likely remain flat or slightly lower than in 2025, with continued growth in subscription and advertising businesses expected to positively impact GP margin [60][62] - Operating expenses are anticipated to increase due to investments in content and strategic upgrades [74] Question: Update on Ximalaya acquisition and share repurchase program - Management is still in communication with regulators regarding the Ximalaya deal and plans to adhere to the existing share buyback program while responding to market needs [93][95]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues grew 16% year-on-year to CNY 8.6 billion, driven by strong growth in online music services [21] - Music subscription revenues increased by 13% year-on-year, reaching CNY 4.6 billion in Q4 2025 [21] - Revenues from non-subscription music services were CNY 2.5 billion, up by 41% year-on-year [21] - For the full year 2025, total revenues were CNY 32.9 billion, up by 16% year-over-year [28] - Non-GAAP net profit increased by 60% to CNY 11.4 billion for 2025 [29] Business Line Data and Key Metrics Changes - The company achieved robust growth in music subscription, advertising, offline performance, and artist-related merchandise sales [21] - Revenues from social entertainment services decreased by 5% year-on-year to CNY 1.5 billion in Q4 2025 [25] - The gross margin in Q4 2025 was 44.7%, up by 1.1 percentage points year-on-year [25] Market Data and Key Metrics Changes - The company reported strong growth in advertising revenue, driven by an increase in advertisers and higher ECPM [22] - Offline performances and music festivals contributed significantly to sponsorship advertising revenues [23] Company Strategy and Development Direction - The company is focused on a dual-engine content and platform strategy to drive revenue growth and margin expansion [4] - Plans to deepen collaborations with artists and labels, and expand into offline experiences such as live concerts and merchandise [36] - The company aims to leverage AI to enhance user experience and improve efficiencies in content creation and promotion [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate competition and emphasized the importance of IP-driven content [37] - The company anticipates some short-term pressure on subscription revenue due to intense competition but believes in sustainable growth through its membership system [37] - AI is seen as a tool to improve efficiencies and enhance user experience, with ongoing investments in AI technology [38] Other Important Information - The company declared a cash dividend of $0.2 per ordinary share for the year ended December 31, 2025, expected to be paid in Q2 2026 [30] - The company will discontinue disclosing certain operating metrics quarterly, focusing instead on annual reporting of total paying users [12] Q&A Session All Questions and Answers Question: What is the company's strategic growth outlook for 2026 in light of AI and industry competition? - Management highlighted solid results in 2025 and emphasized the importance of a three-tier membership system to drive engagement and growth [35] Question: How will TME embrace AI in the music value chain? - Management acknowledged AI's profound impact on the music industry and emphasized the need to provide effective creation tools for users [40][42] Question: What are the trends regarding GP margin, OPEX, and earnings growth for 2026? - Management indicated that GP margin will remain flat or slightly lower than in 2025, with a focus on optimizing content costs and enhancing revenue from live concerts and merchandise [71][76]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues grew 16% year-on-year to CNY 8.6 billion, driven by strong growth in online music services [22] - Music subscription revenues increased by 13% year-on-year, reaching CNY 4.6 billion in Q4 2025 [22] - Revenues from non-subscription music services were CNY 2.5 billion, up by 41% year-on-year [22] - For the full year 2025, total revenues were CNY 32.9 billion, up by 16% year-over-year [29] - Non-GAAP net profit increased by 60% to CNY 11.4 billion for 2025 [30] Business Line Data and Key Metrics Changes - The company achieved robust growth in music subscription, advertising, offline performance, and artist-related merchandise sales [22] - Revenues from social entertainment services decreased by 5% year-on-year to CNY 1.5 billion in Q4 2025 [25] - The gross margin in Q4 2025 was 44.7%, up by 1.1 percentage points year-on-year [25] Market Data and Key Metrics Changes - The company reported strong growth in advertising revenue, driven by an increase in advertisers and higher ECPM [23] - Offline performances and music festivals contributed significantly to sponsorship advertising revenues [24] Company Strategy and Development Direction - The company is focused on a dual-engine content and platform strategy to drive revenue growth and margin expansion [3] - There is an emphasis on expanding the music service offerings and enhancing the value of music IPs [4] - The company aims to grow its total addressable market sustainably while protecting and unlocking the full value of music IPs [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in leading industry advancement through disciplined investment and innovation [3] - The competitive landscape is evolving, but the company believes its integrated services provide a distinct competitive advantage [3] - Management anticipates some short-term pressure on subscription revenue due to intense competition but expects healthy and sustainable growth through refined services [38] Other Important Information - The company has built a multi-pronged membership system that includes ad-supported, standard, and SVIP memberships to cater to different user needs [23] - The company plans to continue investing in content and technology while focusing on IP development and self-produced content [31] Q&A Session Summary Question: What is the company's strategic growth outlook for 2026 in light of AI and industry competition? - Management highlighted solid results in 2025 and emphasized the importance of their three-tier membership system to drive engagement and growth [36] - They acknowledged competition but expressed confidence in their unique content and platform strategy to deliver high-quality growth [38] Question: How will TME embrace AI in the music value chain? - Management noted that AI is changing the music industry and that they are committed to providing effective creation tools for artists [46] - They emphasized the importance of original content while also recognizing the potential of AI-generated content [50] Question: What are the trends regarding GP margin, OPEX, and earnings growth for 2026? - Management indicated that GP margin will remain flat compared to 2025, with potential fluctuations due to changes in revenue mix [62] - They expect total net profit to improve in 2026, with a focus on optimizing content costs and enhancing user experience [76] Question: Any updates on the proposed Ximalaya acquisition deal and share repurchase program? - Management stated they are still in communication with regulators regarding the Ximalaya deal and emphasized their commitment to shareholder returns through dividends and share buybacks [95][96]

Tencent Music Entertainment Group Investor Presentation (NYSE: TME & HKEX: 1698) March 2026 Disclaimer 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 TME online music paying users (mm) TME online music paying ratio High-quality content and services continuously driving paying user loyalty 24.1% 127.4 1 Note: 1. Paying ratio is calculated by dividing the number of online music paying users by online music MAUs. 2. We adopted the nu ...

Financial Performance - Total revenues for Q4 2025 were RMB8.64 billion (US$1.24 billion), a 15.9% year-over-year increase, driven by strong growth in online music services[5] - Revenues from online music services reached RMB7.10 billion (US$1.02 billion), representing a 21.7% year-over-year growth, with music subscription revenues at RMB4.56 billion (US$653 million), up 13.2% year-over-year[5] - Net profit attributable to equity holders for Q4 2025 was RMB2.20 billion (US$315 million), reflecting a 12.6% year-over-year growth, while non-IFRS net profit was RMB2.49 billion (US$355 million), a 9.0% increase[5] - Total revenues for the full year 2025 were RMB32.90 billion (US$4.71 billion), a 15.8% year-over-year increase, with online music services contributing RMB26.73 billion (US$3.82 billion), a 22.9% growth[24] - Total operating profit for 2025 was RMB13.36 billion (US$1.91 billion), marking a 53.4% year-over-year increase[30] - Net profit for 2025 was RMB11.35 billion (US$1.62 billion), with net profit attributable to equity holders at RMB11.06 billion (US$1.58 billion)[31] User Growth and Engagement - The SVIP user base surpassed 20 million by year-end 2025, with monthly ARPPU for online music increasing to RMB11.9, up 7.2% year-over-year[7][13] - Revenues from online music services increased by 22.9% year-over-year to RMB26.73 billion (US$3.82 billion) in 2025, driven by growth in music subscriptions and other services[26] - Music subscription revenues reached RMB17.66 billion (US$2.53 billion), reflecting a 16.0% year-over-year growth[26] Cost and Margin Analysis - Gross margin for Q4 2025 increased to 44.7% from 43.6% in the same period of 2024, attributed to higher revenues from music subscriptions and advertising services[17] - Cost of revenues rose by 12.2% year-over-year to RMB18.37 billion (US$2.63 billion), primarily due to increased costs related to offline performances and advertising[27] - Gross margin improved to 44.2% from 42.3% in 2024, supported by higher revenues from music subscriptions and a lower revenue sharing ratio[28] Cash and Investments - Total cash, cash equivalents, term deposits, and short-term investments as of December 31, 2025, amounted to RMB38.04 billion (US$5.44 billion), up from RMB36.08 billion as of September 30, 2025[23] - Cash and cash equivalents decreased from RMB 13,164 million at the beginning of 2025 to RMB 8,470 million at the end of 2025, a decline of 35.7%[48] - Net cash provided by operating activities for the year ended December 31, 2025, was RMB 10,231 million, slightly down from RMB 10,275 million in 2024[48] - The company reported a loss from investments of RMB 2,285 million for the year ended December 31, 2025, compared to a gain of RMB 110 million in 2024[45] - The company reported a net cash used in investing activities of RMB 10,227 million for the year ended December 31, 2025, compared to a net cash used of RMB 6,818 million in 2024, indicating increased investment activity[48] Shareholder Returns - Basic earnings per ADS for 2025 were RMB7.21 (US$1.03), while diluted earnings per ADS were RMB7.11 (US$1.02)[32] - The board declared a cash dividend of US$0.12 per ordinary share, totaling approximately US$368 million to be paid in April 2026[34] Equity and Assets - Total assets increased from RMB 90,444 million as of December 31, 2024, to RMB 102,522 million as of December 31, 2025, reflecting a growth of 13.3%[47] - Total equity attributable to equity holders of the Company rose from RMB 67,863 million as of December 31, 2024, to RMB 80,287 million as of December 31, 2025, an increase of 18.2%[47] - The company’s investments accounted for using the equity method decreased significantly from RMB 4,669 million in 2024 to RMB 1,659 million in 2025[47] Operational Changes - The company hosted multiple flagship live events in 2025, including G-DRAGON's tour, which attracted over 260,000 attendees across 20 concerts[13] - Selling and marketing expenses increased by 8.8% year-over-year to RMB941 million (US$135 million) due to higher content promotion expenses[33] - The company will discontinue the disclosure of certain quarterly operating metrics, focusing instead on total paying users across music services annually[35] - Profit for the period in Q4 2024 was RMB 2,076 million, increasing to RMB 2,286 million in Q4 2025, representing a growth of 10.1%[45] - Non-IFRS Net Profit for the year ended December 31, 2025, reached RMB 9,924 million, up from RMB 8,136 million in 2024, indicating a year-over-year increase of 22.0%[45] - Earnings per share (diluted) for Class A and Class B ordinary shares increased from RMB 2.45 in 2024 to RMB 3.08 in 2025, a rise of 25.7%[45]

發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告刊發日期，本公司董事會由董事彭迦信先生、梁柱先生、胡敏女士、James Gordon Mitchell先生、Brent Richard Irvin先 生及曾偉業先生，以及獨立董事顏文玲女士、麥佑基先生及陳劍音女士組成。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 騰訊音樂娛樂集團 | | 股份代號 | 01698 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度的股息 | | 公告日期 | 2026年3月17日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 Tencent Music Entertainment Group 騰訊音樂娛樂集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （港交所股份代號：1698） （紐交所股份代號：TME） 2025 年第四季度 及 全年未經審計財務業績公告 我們謹此公佈我們截至2025年12月31日止三個月及全年的未經審計業績（「2025年第四季 度及全年業績公告」）。2025年第四季度及全年業績公告可於香港聯合交易所有限公司網 站www.hkexnews.hk及本公司網站https://ir.tencentmusic.com查閱。 承董事會命 騰訊音樂娛樂集團 執行董事長 彭迦信 香港，2026年3月17日 於本公告刊發日期，本公司董事會由董事彭迦信先生、梁柱先生、胡敏女士、James Gordon Mitchell先生、 Brent Richard Irvin先生及曾偉業先生，以及獨立董事顏文玲女士、麥佑基先 ...

Investment Rating - The report maintains a positive outlook on the coffee industry, indicating sustained high demand and a favorable environment for growth [4]. Core Insights - The coffee sector is experiencing a beta dividend, with brands actively opening new stores and a slowdown in price competition, particularly with the decline in Arabica coffee futures prices, which is expected to improve costs [4]. - The tea beverage segment is facing some pressure due to increased competition and reduced platform subsidies affecting sales data [4]. - The e-commerce sector continues to be under pressure, reflecting a lackluster performance in the domestic consumption environment [4]. - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with Tencent Music launching a new ticketing platform, "Goose Ticket" [4]. - The virtual asset and trading platform sector is experiencing macroeconomic volatility, with limited catalysts in the cryptocurrency market, as indicated by the recent performance of major cryptocurrencies [4][19]. - The automotive service sector is seeing a focus on post-market services, with several major automotive service chains expanding their store openings and promotional policies [4]. - The report suggests monitoring the Robotaxi sector, particularly with Didi's new autonomous driving Robotaxi receiving licenses in major cities [4]. - The AI and cloud sectors are viewed positively, with Tencent's deployment of AI technologies indicating a shift towards execution-based applications [4]. Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index showed a slight increase of +0.09%, while the Hang Seng index increased by +1.22 percentage points [9]. - Notable stock performances include Shanghai Aunt (+3.23%), Bawang Tea (+3.14%), and Luckin Coffee (-0.86%) [9][10]. 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index decreased by -0.31%, outperforming the Hang Seng index by +0.82 percentage points [15]. - Key stock performances include Tencent Music (+4.19%) and Spotify Technology (-8.69%) [15][16]. 1.2.2 Virtual Assets & Trading Platforms - As of March 13, the global cryptocurrency market cap was $248.01 billion, down 0.08% [19]. - Bitcoin and Ethereum prices reached $70,965 and $2,093.01, reflecting increases of 4.1% and 5.7% respectively [19]. 1.2.3 Automotive Services - The Hang Seng composite index decreased by -1.02%, with notable stock performances including Advance Auto Parts (+2.78%) and O'Reilly Automotive (-3.23%) [28]. 1.2.4 O2O - The Hang Seng internet technology index decreased by -0.32%, with key stock performances including JD Health (+1.24%) and Didi Global (-6.41%) [35]. 1.2.5 AI & Cloud - The Nasdaq internet index decreased by -3.89%, with notable stock performances including Tencent (+6.49%) and Meta (-4.83%) [40].

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]