在线音乐服务收入达到68.5亿元，同比增长26.4%，占总收入的比重进一步提升至81.2%。其中，音乐订 阅收入43.8亿元，同比增长17.1%，继续扮演着收入增长的主要驱动力角色。 在一个流媒体竞争日趋激烈的市场环境下，腾讯音乐交出了一份超预期的成绩单：Q2实现了收入和利 润的双重加速增长，在线音乐服务业务强劲增长。 周二下午，腾讯音乐公布二季度财报。核心要点如下： 财务表现 核心业务进展 核心增长引擎：订阅业务的强劲表现 腾讯音乐Q2最大的亮点无疑是在线音乐业务的强劲表现。 毛利率从去年同期的42.0%提升至44.4%，主要受益于高毛利的音乐订阅和广告服务收入占比提升，同 时社交娱乐服务分成比例下降。 更值得关注的是用户价值的持续提升。月均ARPPU从去年同期的10.7元增长至11.7元，同比增长9.3%， 这一增长主要得益于SVIP会员计划的成功推广。管理层透露，SVIP订阅用户已突破1500万，创下历史 新高，反映出用户对高端音乐体验的强烈需求和支付意愿。 然而，用户增长的天花板问题依然存在。在线音乐MAU为5.53亿，同比下滑3.2%，这已是连续多个季 度的下滑趋势。尽管付费用户数量仍在增长（1.2 ...

腾讯音乐表示，第二季度，公司继续深化与全球唱片公司的合作、创新内容共创形式、为国内外艺人打 造一系列演唱会，以日益丰富的内容生态满足用户的多元喜好；同时深耕产品创新，不断提升产品吸引 力与用户活跃度，为用户提供丰富且独特的音乐体验。腾讯音乐始终秉持长期主义理念，锚定长期高质 量增长，携手产业上下游伙伴，助力中国音乐行业创造更多发展机遇。 中证报中证网讯(记者张兴旺)8月12日，腾讯音乐娱乐集团(以下简称"腾讯音乐")发布其截至2025年6月 30日止第二季度未经审计财务业绩。2025年第二季度，腾讯音乐业绩实现坚实增长，季度总收入为84.4 亿元，同比增长17.9%，调整后净利润为26.4亿元，同比增长33.0%。其中，在线音乐业务保持良好发展 势头，持续驱动腾讯音乐高质量增长。第二季度在线音乐服务收入同比增长26.4%至68.5亿元。 ...

2. 截至发稿，德国DAX指数跌0.49%，英国富时100指数涨0.07%，法国CAC40指数涨0.10%，欧洲斯托克50指数跌0.31%。 | 德國DAX30 | 23,955.08 | 24,163.68 | 23,942.54 | -117.26 | -0.49% | | --- | --- | --- | --- | --- | --- | | 淵 英國富時100 | 9,135.72 | 9,165.24 | 9,130.65 | +6.01 | +0.07% | | 法國CAC40 | 7,706.27 | 7,742.36 | 7,702.51 | +7.75 | +0.10% | | 『 歐洲斯托克50 | 5,315.15 | 5,350.40 | 5,312.25 | -16.70 | -0.31% | 1. 8月12日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.05%，标普500指数期货跌0.07%，纳指期货跌0.06%。 | ■ US 30 | 43,954.00 | 44,090.50 | 43,934.00 | -21.90 | -0.05% | | --- | ...

Financial Data and Key Metrics Changes - Total revenues reached a record high of RMB8.4 billion, up by 18% year over year, driven by strong growth in music subscription and advertising services [24][25] - Online music revenues grew 26% year on year to RMB6.9 billion [25] - Net profit increased by 38% to RMB2.5 billion, with net profit attributable to equity holders rising by 43% to RMB2.4 billion [31] - Monthly ARPPU reached RMB11.7, compared to RMB10.7 in the same period last year [26] Business Line Data and Key Metrics Changes - Music subscription revenues grew 17% year on year to RMB4.4 billion, supported by an expanding subscriber base and higher ARPPU [26] - Advertising revenue continued to grow significantly, benefiting from innovative ad formats and increased offline events [27] - Artist-related merchandise sales and offline performances contributed robust results, enhancing overall revenue growth [27][28] Market Data and Key Metrics Changes - Social entertainment services and other revenues were RMB1.6 billion, down by 9% year on year due to adjustments in live streaming and compliance procedures [28] - Gross margin rose by 2.4 percentage points year on year to 44.4%, driven by strong growth in music subscription and advertising revenues [29] Company Strategy and Development Direction - The company is focused on building a comprehensive music entertainment platform, integrating content and services to enhance user engagement [39][66] - Strategic partnerships with artists and labels are being leveraged to expand offerings and enhance user experiences [12][20] - The company aims to continue innovating in the music space, including the introduction of AI technology and new interactive features for users [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2025, expecting revenue to exceed previous expectations due to solid performance year to date [39] - The company is committed to investing in new initiatives that create lasting value in the music entertainment space [22] - Management highlighted the importance of operational efficiency and the potential for bottom line improvement moving forward [39][80] Other Important Information - The company successfully hosted major concerts, including G Dragon's tour, which significantly enhanced its industry reputation [9][28] - The introduction of the Bubble community aims to enhance user engagement and provide a platform for artists to connect with fans [41][46] Q&A Session Summary Question: Outlook for revenue and profit in the second half - Management is encouraged by solid performance and expects continued high-quality growth in both subscription and non-subscription services [39] Question: User feedback on the Bubble product - Management reported positive user feedback and sees potential for Bubble to contribute meaningfully to revenue in the future [42][46] Question: Synergies with Simalaya deal - Management is awaiting regulatory approval and believes long-form audio will complement existing music business [50][52] Question: Long-term revenue contribution from other music revenue - Management indicated that while offline performance and merchandise contribute to revenue, their impact on gross margin is relatively small [56][58] Question: Biggest opportunities and challenges in the fancy economy - Management sees opportunities in integrating merchandise and offline events with online services, while challenges include scheduling and logistical coordination [64][66] Question: Long-term positioning and revenue mix - Management plans to leverage both online music and advertising as key growth drivers, with a focus on expanding into long-form audio and international markets [71][72] Question: Advertising revenue growth from new membership - Management clarified that advertising growth is primarily driven by online advertising rather than the new ad-based membership [74][76] Question: Operating expenses and leverage - Management expects to control expense growth to remain slower than revenue growth, ensuring operational leverage [80] Question: Sustainability of Super VIP growth - Management emphasized that growth in Super VIP is driven by ongoing content releases and user engagement strategies [84][86]

Tencent Music Entertainment Group (TME) Q2 2025 Earnings Call August 12, 2025 07:00 AM ET Speaker0Good evening, good morning, and welcome to Tencent Music Entertainment Group's Second Quarter twenty twenty five Earnings Conference Call. I'm Milson Tew, Head of IR. We announced our quarterly financial results earlier today before The U. S. Market opened.The earnings release is now available on our IR website and via Newswire services. During today's call, you will hear from Mr. Kushan Peng, our Executive Cha ...

Core Insights - Tencent Music Entertainment Group reported solid growth in its Q2 financial performance for the period ending June 30, 2025, with total revenue reaching 8.44 billion yuan, a year-on-year increase of 17.9%, and adjusted net profit of 2.64 billion yuan, up 33.0% [1] Revenue Breakdown - Online music service revenue grew by 26.4% year-on-year to 6.85 billion yuan, driven by a 6.3% increase in the number of paying users, which reached 124.4 million [1] - Average revenue per paying user increased from 10.7 yuan in the same period of 2024 to 11.7 yuan [1] Strategic Initiatives - The company continues to deepen collaborations with global record labels and innovate content co-creation formats, enhancing its content ecosystem to meet diverse user preferences [1] - Tencent Music is focused on product innovation to improve user engagement and provide a rich and unique music experience [1] - The company adheres to a long-term growth strategy, aiming to create more development opportunities for the Chinese music industry in collaboration with industry partners [1]

Exhibit 99.1 Tencent Music Entertainment Group Announces Second Quarter 2025 Unaudited Financial Results SHENZHEN, China, August 12, 2025 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2025. TME's enhanced brand and platform value, together with tailored approaches to support artists home and abroad, ...

财报显示，2025年上半年，通过两大自有演出IP，腾讯音乐为近百组腾讯音乐人创造了超300场线下演出机会。艺人相关权益，比如门票优先购权益、明星 系列星光卡等，对驱动超级会员开通转化效果显著。目前，该平台超级会员规模突破了1500万。 | | | Three Months Ended Jun | | --- | --- | --- | | | 2024 | 2025 | | | RMB | RMB | | | Unaudited | Unaudited | | | | (in millions, except per shar | | Revenues | | | | Online music services | 5,424 | 6,854 | | Social entertainment services and others | 1,736 | 1,588 | | | 7,160 | 8,442 | | Cost of revenues | (4,150) | (4,693) | | Gross profit | 3,010 | 3,749 | | Selling and marketing expen ...

转自：新华财经 在内容与平台"一体两翼"战略牵引下，第二季度腾讯音乐继续深化与全球唱片公司的合作、创新内容共 创形式、为国内外艺人打造一系列演唱会，以日益丰富的内容生态满足用户的多元喜好；同时深耕产品 创新，不断提升产品吸引力与用户活跃度，为用户提供丰富且独特的音乐体验。 腾讯音乐有关负责人表示，腾讯音乐始终秉持长期主义理念，锚定长期高质量增长，携手产业上下游伙 伴，助力中国音乐行业创造更多发展机遇。 编辑：胡晨曦 新华财经北京8月12日电（记者闫鹏）12日，中国在线音乐与音频娱乐平台腾讯音乐娱乐集团（以下简 称"腾讯音乐"）发布2025年第二季度未经审计财务业绩，季度总收入为84.4亿元，同比增长17.9%，调 整后净利润为26.4亿元，同比增长33.0%。 2025年第二季度，腾讯音乐在线音乐业务保持良好发展势头，持续驱动腾讯音乐高质量增长。第二季度 在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐付费用户数同比增长6.3%至1.244亿，单个付费 用户月均收入从2024年同期的10.7元增长至11.7元。 ...

Core Insights - Tencent Music Entertainment Group reported solid growth in Q2 2025, with total revenue increasing by 17.9% year-on-year to 8.44 billion yuan and adjusted net profit rising by 33.0% to 2.64 billion yuan [1][3][12] - The online music business showed high-quality growth, with online music service revenue up 26.4% to 6.85 billion yuan and online music subscription revenue increasing by 17.1% to 4.38 billion yuan [1][3][12] - The number of paid online music users grew by 6.3% to 124.4 million, and ARPPU (Average Revenue Per Paying User) increased to 11.7 yuan [1][3][12] Group 1: Online Music Business Performance - The online music sector continues to drive Tencent Music's overall performance, supported by a robust content ecosystem and comprehensive music services [3][4] - The company’s "one body, two wings" strategy focuses on expanding content and platform capabilities, enhancing user experience and service innovation [1][3][12] - Tencent Music's super membership user base surpassed 15 million, marking a significant milestone [3][12] Group 2: Market Outlook and Growth Potential - The Chinese digital music industry is experiencing steady growth, with an expanding user base and increasing paid subscriptions, providing a favorable environment for Tencent Music [3][4] - Analysts predict that Tencent Music's online music subscription business will achieve high-quality growth, driven by the increase in paid users and ARPPU [4] - The company is expected to see double-digit growth in online music service revenue in 2025, supported by diverse content offerings [4] Group 3: Content Ecosystem and User Engagement - Tencent Music is enhancing its content ecosystem by expanding high-quality music offerings and creating engaging live events to meet diverse user needs [5][6][8] - Collaborations with well-known artists and strategic partnerships are being leveraged to boost content creation and user engagement [6][8][10] - The introduction of innovative features and exclusive rights for super members is enhancing user retention and driving higher-value user conversions [10][12] Group 4: Future Strategies - Tencent Music aims to deepen partnerships within the music industry and explore innovative growth points to drive sustainable development [12] - The company is committed to creating a vibrant one-stop music service platform that attracts users through high-quality and diverse music content [12]