腾讯音乐在本季度取得的稳健增长得益于内容与平台"一体两翼"战略的持续深化。本季度，腾讯音乐持 续深化与全球知名唱片公司与艺人的合作，为艺人举办国内外大型巡演并扩充自有演出IP矩阵，同时不 断创新产品功能与服务，以满足不同需求的用户群体，为用户创造个性化、差异化的音乐体验。 责任编辑：何俊熹 新浪科技讯 11月12日下午消息，腾讯音乐娱乐集团（以下简称 "腾讯音乐"）今日宣布其截至2025年9月 30日止第三季度未经审计财务业绩。 2025年第三季度，腾讯音乐总收入为84.6亿元，同比增长20.6%，调整后净利润为24.8亿元，同比增长 27.7%。其中，在线音乐业务持续驱动腾讯音乐增长，第三季度，在线音乐服务收入同比增长27.2%至 69.7亿元，单个付费用户月均收入从2024年同期的10.8元增长至11.9元。 ...

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。 ...

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） 香港，2025年11月12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、麥佑基先生及陳劍音女士組成。 1 騰訊音樂娛樂集團公佈2025年第三季度未經審計財務業績 中國深圳，2025年11月12日 — 中國領先的在線音樂與音頻娛樂平台騰訊音樂娛樂集團 （以下簡稱「TME」或「公司」）（紐交所股份代號：TME及港交所股份代號：1698）今日宣佈 其截至2025年9月30日止第三季度未經審計財務業績。 （紐交所股份代號：TME） 2025 年第三季度未經審計財務業績公告 我們謹此公佈我們截至 ...

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].

Market Performance - On November 11, U.S. stock indices closed mixed, with the Dow Jones up 1.18% at 47,927.96 points, the S&P 500 up 0.21% at 6,846.61 points, and the Nasdaq down 0.25% at 23,468.3 points [2][4] - The U.S. Technology Seven Index fell by 0.19%, with Nvidia down nearly 3% and Tesla down over 1% [4] Chinese Stocks - Chinese stocks showed mixed performance, with the Nasdaq Golden Dragon China Index down 0.06%. Notable movements included Xiaopeng Motors up nearly 8% and Hesai Technology down nearly 10% [4] Commodity Markets - International precious metal futures generally rose, with COMEX gold futures up 0.27% at $4,133.2 per ounce and COMEX silver futures up 1.52% at $51.075 per ounce [4] - Crude oil prices also increased, with light crude oil futures for December delivery up $0.91 to $61.04 per barrel (1.51% increase) and Brent crude for January delivery up $1.10 to $65.16 per barrel (1.72% increase) [4] Employment Data - According to ADP, the U.S. private sector saw an average weekly job loss of 11,250 positions for the four weeks ending October 25, indicating challenges in sustaining job growth in the latter half of the month [5] Legal Developments in AI - A Munich court ruled that OpenAI infringed on copyright by using lyrics from a German musician without authorization, which may set a significant precedent for copyright regulation of generative AI technologies in Europe [6]

Group 1 - The Nasdaq Golden Dragon China Index experienced a slight decline of 0.06% [1] - Alibaba's stock fell by over 3% [1] - Netease's stock increased by over 1% [1] Group 2 - Tencent Music's stock dropped by over 3% [1] - XPeng Motors saw a rise of over 7% [1] - Li Auto's stock increased by over 1% [1] Group 3 - NIO's stock decreased by over 1% [1] - Bilibili's stock also fell by over 1% [1]

Group 1 - Krane Funds Advisors LLC significantly increased its holdings in companies such as iQIYI, TAL Education, Pinduoduo, and Tencent Music in the third quarter [1] - The firm also raised its investment in the largest US-listed China concept stock fund, KraneShares CSI China Internet ETF (KWEB) [1] - The companies that were reduced in holdings include JinkoSolar and Zeekr [1]

Market Overview - On November 11, US stock indices opened mixed, with the Dow Jones Industrial Average up by 0.16%, the Nasdaq down by 0.49%, and the S&P 500 down by 0.19% [1][2] Technology Sector - Most technology stocks declined, with ARM falling over 2%, Tesla down by 1%, and both Microsoft and Google experiencing declines; Nvidia also dropped over 2% [1] - SoftBank Group announced the sale of all its shares in Nvidia, cashing out $5.8 billion [1] Chinese Stocks - Chinese stocks showed mixed performance, with Xpeng Motors and NIO rising over 4%, while Daqo New Energy fell over 3%, and Tencent Music dropped nearly 2% [1]

Core Viewpoint - The U.S. stock market showed mixed performance on November 11, with the Dow Jones increasing by 0.16%, while the Nasdaq and S&P 500 indices decreased by 0.49% and 0.19% respectively [1] Group 1: Stock Performance - The technology sector experienced a decline, with ARM falling over 2%, Tesla down by 1%, and both Microsoft and Google also seeing decreases [1] - Nvidia's stock dropped more than 2% following SoftBank Group's announcement to sell all its shares in Nvidia, cashing out $5.8 billion [1] Group 2: Chinese Concept Stocks - Chinese concept stocks exhibited mixed results, with Xpeng Motors and NIO both rising over 4%, while Daqo New Energy fell more than 3%, and Tencent Music dropped nearly 2% [1]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][34]. Core Insights - The report highlights the significant role of AI in enhancing advertising, cloud computing, and operational efficiency for major internet companies, with a focus on the return on investment (ROI) from substantial capital expenditures [2][30]. - It emphasizes the lower capital expenditure pressure on domestic companies compared to their overseas counterparts, while also noting the positive impact of AI on their business operations [2][30]. - The report recommends focusing on AI-related investments, specifically suggesting Tencent Holdings, Alibaba, Kuaishou, Baidu Group, Meitu, and Tencent Music, as well as NetEase Cloud Music, which are less correlated with macroeconomic fluctuations [2][30]. Summary by Sections Product Applications - Google Gemini AI has introduced a deep research feature that enhances the research experience by extracting information from Gmail, Google Drive, and Google Chat [24]. - Google is set to release the upgraded image generation technology Nano Banana2, which aims to improve user experience in generative AI [24]. - OpenAI's Sora has launched on Android, introducing a "paid character" feature to address deepfake and copyright issues [25]. - Microsoft has released its first self-developed AI image generator, MAI-Image-1, which balances speed and quality [25]. - The latest thinking model Kimi K2 Thinking from Moonlight has shown significant improvements in intelligent agent capabilities [26]. - iFlytek has launched the domestic computing power model X1.5, enhancing AI technology [26]. - NetEase Cloud Music has introduced the "AI Tuner Master" feature, which dynamically analyzes song characteristics for improved sound effects [27]. Underlying Technologies - Meituan has released LongCat-Flash-Omni, a model that integrates multimodal interaction and efficient reasoning [28]. - iFlytek has unveiled an AI hardware-software integrated solution that enhances recognition performance in complex environments [28]. Industry Policies - The Ministry of Industry and Information Technology has issued a notice to promote AI industry development and its integration with new industrialization [29]. Key Events Preview - The report outlines upcoming significant events, including the World Internet Conference and the World Computing Conference [32].