Core Insights - Tencent Music reported impressive financial results for Q1 2025, with revenue of 7.36 billion yuan and net profit of 2.23 billion yuan, driven primarily by online music services which accounted for nearly 80% of total revenue [1][2] - Despite financial growth, Tencent Music faces significant challenges with a continuous decline in active users for 14 consecutive quarters, with a current monthly active user count of 555 million [2][3] - The competitive landscape is shifting from copyright battles to ecosystem integration, with rivals like ByteDance's "Soda Music" and NetEase Cloud Music posing increasing threats [1][3] Financial Performance - Tencent Music's Q1 2025 revenue grew by 8.7% year-on-year, while adjusted net profit increased by 22.8% [2] - Online music service revenue reached 5.8 billion yuan, with subscription revenue at 4.22 billion yuan, reflecting year-on-year growth of 15.9% and 16.6% respectively [2] - The number of paying users rose by 8.3% year-on-year to 122.9 million, with average revenue per paying user (ARPPU) increasing from 10.6 yuan to 11.4 yuan [2] User Base Challenges - Tencent Music's monthly active user count has been declining since Q4 2021, with a loss of 1 million users in Q1 2025 [2][3] - The market is witnessing a shift in user payment behavior, with 48.6% of users only occasionally paying for music, indicating that the payment model is not fully matured [3] Competitive Landscape - The social entertainment segment of Tencent Music is under pressure, with revenue declining by 11.9% year-on-year to 1.55 billion yuan [6] - Competitors like Soda Music are rapidly gaining traction, with nearly 100 million monthly active users and a strong presence among the younger demographic [3][6] - Tencent Music's content strategy includes partnerships with major music labels and independent artists, but it faces stiff competition from NetEase Cloud Music, which has also expanded its content library significantly [5][6] Future Growth Opportunities - Tencent Music is reportedly considering acquiring Ximalaya, which could enhance its position in the in-car audio market and diversify its content offerings [7][8] - The company is focusing on the in-car music consumption market, which is becoming increasingly competitive, with rivals like NetEase Cloud Music and Ximalaya also targeting this segment [7][8] - The success of Tencent Music's audio drama "Tomb Raider Notes" indicates potential in the audio content space, showcasing the platform's ability to attract users with diverse content [9]

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 ...

北京时间 5 月 13 日港股盘后、美股盘前，腾讯音乐发布了 2025 年第一季度财报。关税贸易战开打之际，在欧美流媒体纷纷交出超预期成绩的时候，腾讯音乐是 否也能交出一份惊喜答卷？ 而跳出短期业绩的长远视角，腾讯音乐的业绩和估值拉升空间，又将靠什么驱动和支撑？ 具体来看： 一、会员订阅：更专注、更垂类 截至 Q1 末，腾讯音乐的付费渗透率已经达到 22%，环比上季度继续提升。和三年前锚定的长视频付费率目标相比，完成度也接近 90% 了。与此同时，单价的上 涨也靠着付费群策略，与付费率同步攀升——这是腾讯音乐的 3 年增长黄金期。因此当去年下半年，量、价驱动力同时减弱时，市场对增长的担忧也在不断升 温。 Q1 会员订阅增速一如指引（整体收入增速的指引）继续放缓，但分项来看，付费人头的增加还是很一般，但人均付费似乎有新一轮的拉动周期迹象。或者换句话 说，在竞争格局没有进一步出现明显恶化的拐点之前，掌握龙头优势的腾讯音乐，可以自己动态去调节量、价的驱动贡献。 显然，面对持续的用户流失，腾讯音乐选择了更垂类、更专注的一种做法——即，紧抓核心重度用户需求，推动 SVIP 的渗透转化，从单个人头的 UE 模型角度， 优 ...

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]

Core Viewpoint - The overall market sentiment improved, leading to a collective rise in major U.S. stock indices, with notable gains in popular Chinese concept stocks, particularly Tencent Music, which saw a significant increase in its stock price following positive earnings expectations and results [1][3]. Company Performance - Tencent Music's total revenue for Q1 2025 reached 7.36 billion yuan, marking an 8.7% year-over-year increase [3]. - The adjusted net profit for the same quarter was 2.23 billion yuan, reflecting a 22.8% year-over-year growth [3]. - Online music service revenue grew by 15.9% year-over-year to 5.8 billion yuan, while online music subscription revenue increased by 16.6% to 4.22 billion yuan [3]. - The number of paid online music users rose by 8.3% to 12.29 million, with ARPPU (average revenue per paying user) increasing to 11.4 yuan [3]. Market Outlook - Several financial institutions, including Morgan Stanley, Goldman Sachs, and UBS, have a positive outlook on Tencent Music's future growth, with ratings of "buy" or "overweight" [4]. - Morgan Stanley highlighted Tencent Music's strategic positioning and operational flexibility as key factors for maintaining resilience in uncertain macroeconomic conditions [4]. - CICC noted Tencent Music's focus on shareholder returns and the potential for continued healthy growth in its online music business driven by super member conversions and ARPPU improvements [4].

Core Perspective - The intersection of technology and humanity is creating a bridge across generations, particularly in addressing the needs of the elderly and Alzheimer's patients through innovative digital initiatives [1]. Group 1: Digital Initiatives for the Elderly - The "Digital Love Without Borders" initiative, organized by the China Internet Development Foundation and other organizations, aims to collect and showcase 50 representative digital public welfare stories starting from November 2024 [1]. - Tencent Music's project "Listening to the Echoes of Memory" utilizes 40 Hz gamma frequency sound wave stimulation to improve brain activity in Alzheimer's patients, addressing a significant health issue in China where over 9.83 million elderly individuals are affected by the disease [3][4]. Group 2: Community Engagement and Education - The "Sangyu Weiyang" volunteer service team, initiated by students from Shaanxi University of Traditional Chinese Medicine, has been actively helping thousands of elderly individuals adapt to the digital age over the past five years [4][5]. - The team conducts engaging "smart classrooms" where they teach elderly participants essential digital skills such as mobile payments and video calls, employing innovative teaching methods including immersive and interactive formats [5].

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 头图｜电影《敦刻尔克》 喜马拉雅卖身传闻，或将靴子落地。 4 月 27 日，媒体援引知情人士消息，腾讯音乐集团（TME）计划作价 24 亿美元买下喜马拉雅，协议最快可能在未来几星期内达成；另据《科创板日 报》报道，该项交易于两个月前启动，喜马拉雅管理层已经签字。 随后，虎嗅多次向 TME 与喜马拉雅方面求证，腾讯音乐方面没有回应，喜马拉雅不予置评。 不过，有投资人士对上述信息可靠性表示存疑，"现在喜马拉雅叫价大几十亿港元都没人 Call，形势完全不同了—— 一是，TME 收购喜马拉雅会涉及 反垄断审查，有消息说此类并购政府部门还待审核；二是，市场对喜马拉雅估值逻辑已经从规模优先转而更关注盈利的可持续性"。 一个有趣的切面是，前几年喜马拉雅数次卷入收购传闻均因价格未谈拢而告吹，本次 TME 出价较喜马拉雅上轮估值大幅缩水（其 2020 年估值已高达 43.45 亿美元）；但收购传闻在坊间发酵了一周，双方仍对媒体三缄其口。 值得玩味的是，喜马拉雅共融资 12 轮，募集资金近百亿， ...

出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 头图｜电影《敦刻尔克》 喜马拉雅卖身传闻，或将靴子落地。 4 月 27 日，媒体援引知情人士消息，腾讯音乐集团（TME）计划作价 24 亿美元买下喜马拉雅，协议最快可能在未来几星期内达成；另据《科创板日报》报 道，该项交易于两个月前启动，喜马拉雅管理层已经签字。 随后，虎嗅多次向 TME 与喜马拉雅方面求证，腾讯音乐方面没有回应，喜马拉雅不予置评。 不过，有投资人士对上述信息可靠性表示存疑，"现在喜马拉雅叫价大几十亿港元都没人 Call，形势完全不同了——一是，TME 收购喜马拉雅会涉及反垄断 审查，有消息说此类并购政府部门还待审核；二是，市场对喜马拉雅估值逻辑已经从规模优先转而更关注盈利的可持续性"。 一个有趣的切面是，前几年喜马拉雅数次卷入收购传闻均因价格未谈拢而告吹，本次 TME 出价较喜马拉雅上轮估值大幅缩水（其 2020 年估值已高达 43.45 亿美元）；但收购传闻在坊间发酵了一周，双方仍对媒体三缄其口。 值得玩味的是，喜马拉雅共融资 12 轮，募集资金近百亿，最早于 2021 年 4 月在美国 SEC 递交上市申请，数月后撤回申请；后分别于 20 ...