24Q2 净利润持续超预期，关注后续 SVIP 带来提价 2024 年 08 月 14 日 ➢ 事件： 2024 年 8 月 13 日，公司发布 24Q2 业绩，总收入 71.6 亿元，yoy1.7%；营业利润 22 亿元，yoy+42.8%，营业利润率 30.7%；净利润 17.9 亿元， yoy+33.1%，净利率 25%；经调整净利润 19.9 亿元，yoy+25.7%，经调整净利 率 27.8%。 ➢ 24Q2 收入略超预期，会员数和 ARPPU 同环比均持续提升。24Q2，分业 务收入来看：1）在线音乐服务收入 54.2 亿元，yoy+27.7%，qoq+8.3%，得益 于在线音乐订阅收入的强劲增长以及广告服务收入的增长。其中，在线音乐订阅 收入 37.4 亿元，yoy+29.4%，qoq+3.3%，得益于在线音乐订阅用户规模提升 和 ARPPU 提升。在线音乐付费用户数达到 1.17 亿，yoy+17.7%，qoq+3.1%； ARPPU 为人民币 10.7 元，yoy+10%，qoq+0.9%。此外，广告收入同比强劲 增加，主要得益于公司提供了更加多元化的产品组合和创新的广告形式，包括激 励广告 ...

14 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 TME (TME US) 内联第二季度业绩 ； 关注平衡增长 2H24E 中的音乐潜艇和 ARPPU US$16.00 TME 于 8 月 13 日宣布第二季度业绩 ： 总收入同比下降 2% 至 21.9% 71.6 亿元人民币 ， 符合我们 / 彭博社普遍估计的 71.6 / 71.3 亿元人民币 ； 非国际财务报告准则净收入同比增长 22% ， 达到 18.7 亿元人民币 ， 领先 2 / 2% 我们的 / 共识估计。对于 2H24E ， 管理层将更多地关注平衡 音乐潜艇和 ARPPU 的增长 ， 预计音乐用户网络会增加 但季度环比 ARPPU 持续增长 ， 这引发了一些投资者的担忧。 也就是说 ， 管理层重申了其长期目标 （ 1.5 亿音乐用户 & 每月 ARPPU 15 元人民币 ） 。我们对 TME 收益复合年增长率保持乐观 FY24 - 26E （ + 21% ） 受核心音乐收入增长和 GPM 扩张的推动。 我们维持 FY24 - 26 非国际财务报告准则净收入预测基本不变 ， 并且 将我们的 DCF 衍生 TP 维持在 1 ...

14 August 2024 | 6:40AM HKT Tencent Music Entertainment Group (tme) Buy Earnings Review: 2024 in-line: Shifting gear to ARPPU over subs, expectation reset but still long runway of growth; Buy TMEUpside: 27.7%12m Price Target: $14.20Price: $11.12 1698.HK12m Price Target: HK$55.10Price: HK$53.50Upside: 3.0% TME delivered in-line 2Q24 results (see our note) yet produced a mixed outlook over 2H24-2025 including: 1) A shift in gear of growth drivers may raise concerns for some investors on multiple contraction, ...

13 August 2024 | 6:25PM HKT Tencent Music Entertainment Group (TME): First take: 2024 in-line, healthy music growth and record high GPM of 42%; Buy Tencent Music (TME) reported 2024 revenue largely inline (-2% yoy, -1% vs. GSe/-0% vs. Visible Alpha Consensus), non-GAAP operating profit beat (+39% yoy, +7% vs. GSe) and adj. net profit slight beat (+22% yoy, +2% vs. GSe/+3% vs. Consensus). Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ron ...

14 Aug 2024 CMB International Global Markets | Equity Research | Company Update TME (TME US) Inline 2Q24 results; focus on balanced growth of music subs and ARPPU in 2H24E TME announced 2Q24 results on 13 Aug: total revenue declined by 2% YoY to RMB7.16bn, in line with our/Bloomberg consensus estimate of RMB7.16/7.13bn; non-IFRS net income was up by 22% YoY to RMB1.87bn, 2/2% ahead of our/consensus estimate. For 2H24E, management will focus more on balanced growth of music subs and ARPPU, expecting slower m ...

14 Aug 2024 CMB International Global Markets | Equity Research | Company Update TME (TME US) Inline 2Q24 results; focus on balanced growth of music subs and ARPPU in 2H24E TME announced 2Q24 results on 13 Aug: total revenue declined by 2% YoY to RMB7.16bn, in line with our/Bloomberg consensus estimate of RMB7.16/7.13bn; non-IFRS net income was up by 22% YoY to RMB1.87bn, 2/2% ahead of our/consensus estimate. For 2H24E, management will focus more on balanced growth of music subs and ARPPU, expecting slower m ...

Exhibit 99.1 Tencent Music Entertainment Group Announces Second Quarter 2024 Unaudited Financial Results SHENZHEN, China, Aug. 13, 2024 /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, 2024. Second Quarter 2024 Financial Highlights · Total revenues were RMB7.16 billion (US$985 million), representing a ...

SHENZHEN, China, July 26, 2024 /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 that Ms. Linlin Chen has tendered her resignation from her position as the Company's Group Vice President and other relevant roles for personal reasons, effective September 30, 2024. "On behalf of the Company, we would like to extend our gratitude to Ms. Chen for her dedicated service at TME. ...

SHENZHEN, China, July 12, 2024 /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 that it will report its unaudited financial results for the second quarter of 2024 before the U.S. market opens on Tuesday, August 13, 2024. TME's management will host a Tencent Meeting Webinar on Tuesday, August 13, 2024, at 7:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time on Tuesd ...

SHENZHEN, China, June 28, 2024 /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 that its annual general meeting (the "AGM") was held in Hong Kong on June 28, 2024 and all the proposed resolutions set out in the notice of the AGM dated May 21, 2024 were duly passed at the AGM. About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) i ...