【环球网财经综合报道】8月12日消息，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6月30日止第二季度未经审计财务业绩。 财报显示，2025年第二季度，腾讯音乐季度总收入为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，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。 财报还指出，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。（青 云） ...

8月12日，腾讯音乐娱乐集团(以下简称"腾讯音乐")(纽交所股票代码：TME及港交所股票代码：1698)今 日公布其截至2025年6月30日止第二季度未经审计财务业绩。 第二季度，腾讯音乐季度总收入为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 a strong financial performance for Q2 2025, with total revenue reaching RMB 84.4 billion (USD 11.8 billion), representing a year-on-year growth of 17.9% [1] - The net profit attributable to equity holders was RMB 24.1 billion (USD 3.36 billion), marking a significant increase of 43.2% year-on-year [1] - The company’s cash and cash equivalents, along with short-term investments, totaled RMB 349.2 billion (USD 48.7 billion) as of June 30, 2025 [1] Revenue Breakdown - Online music service revenue grew by 26.4% year-on-year, reaching RMB 68.5 billion (USD 9.57 billion), driven by strong growth in online music subscription revenue and advertising services [2] - Online music subscription revenue was RMB 43.8 billion (USD 6.11 billion), up 17.1% from RMB 37.4 billion in the same period last year, primarily due to an increase in average revenue per paying user [2] - The average revenue per paying user rose from RMB 10.7 to RMB 11.7, attributed to enhanced super member benefits [2] Management Commentary - The Executive Chairman highlighted the achievement of high-quality growth, with both revenue and profit showing robust year-on-year increases, emphasizing the core role of the music subscription business [3] - The CEO noted that product innovation and immersive experiences have led to steady growth in the online music business, with a recent milestone of over 15 million super members, reflecting high user trust and engagement [3] - For the first half of 2025, the company achieved revenue of RMB 157.98 billion, a year-on-year increase of 13.43%, and net profit attributable to equity holders of RMB 67 billion, up 115.85% [3]

Group 1 - The core viewpoint of the article highlights Tencent Music's strong financial performance in Q2 2025, with revenue reaching RMB 8.44 billion, a year-on-year increase of 17.9%, and net profit attributable to equity holders rising by 43.2% to RMB 2.41 billion [1] - Online music service revenue grew significantly by 26.4% to RMB 6.85 billion, driven by strong growth in subscription revenue, which increased by 17.1% to RMB 4.38 billion [1] - The number of monthly active users reached 553 million, with paid online music users increasing by 6.3% to 124.4 million, and the average revenue per paid user per month rising from RMB 10.7 to RMB 11.7 [1] Group 2 - Tencent Music's Executive Chairman emphasized the company's focus on high-quality growth, with music subscription services being a core growth engine, while also expanding into advertising, concerts, and artist-related services [2] - The CEO noted that continuous product innovation and immersive experiences have led to steady growth in the online music business, with a recent milestone of over 15 million super members, indicating high user trust and engagement [2] - The company aims to create long-term value and positive impact for music creators and consumers by leveraging the significant potential of the music entertainment industry [2]

| TME 腾讯音乐 | | 503 | | --- | --- | --- | | 22.700 ↑ +0.570 +2.58% | | 收盘价 08/11 16:00 美东 | | 23.200 ↑ 0.500 +2.20% | | 盘前价 08/12 05:24 美东 | | 二 24 华 ( 8 8 | | ● 快捷交易 | | 最高价 22.980 | 开盘价 22.280 | 成交量 933.25万 | | 最低价 22.035 | 昨收价 22.130 | 成交额 2.11亿 | | 平均价 22.616 | 市盈率ITM 26.74 | 总市值 351.6亿 (…) | | 振 幅 4.27% | 市盈率(静) 38.47 | 总股本 15.49亿 | | 换手率 1.73% | 市净率 3.450 | 流通值 122.72亿 | | 52周最高 22.980 | 委 比 9.09% | 流通股 5.41亿 | | 52周最低 9.293 | 量 比 2.14 | 色 主 1龄 | | 历史最高 31.559 | 股息TTM 0.314 换股比率 2.00 | | | 历史最低 2.887 | ...

Core Insights - Tencent Music Entertainment Group reported its unaudited financial performance for the second quarter ending June 30, 2025, showing a total revenue of 8.44 billion yuan, a year-on-year increase of 17.9% [1] - The adjusted net profit for the same period was 2.64 billion yuan, reflecting a year-on-year growth of 33.0% [1] Revenue Breakdown - The online music service segment continued to drive high-quality growth, with revenue increasing by 26.4% year-on-year to 6.85 billion yuan [1] - The number of online music paying users rose by 6.3% year-on-year to 124.4 million [1] - Average revenue per paying user per month increased from 10.7 yuan in the same period of 2024 to 11.7 yuan [1]

Core Insights - Tencent Music Entertainment Group reported a total revenue of RMB 84.4 billion (USD 11.8 billion) for Q2 2025, representing a year-on-year growth of 17.9% [1] - The net profit attributable to equity holders was RMB 24.1 billion (USD 3.36 billion), showing a year-on-year increase of 43.2% [1] - The company achieved a diluted earnings per American Depositary Share of RMB 1.55 (USD 0.22) [1] Revenue Breakdown - Online music service revenue increased by 26.4% year-on-year, reaching RMB 68.5 billion (USD 9.57 billion) [2] - Online music subscription revenue was RMB 43.8 billion (USD 6.11 billion), up 17.1% from RMB 37.4 billion in the same period last year [2] - The average revenue per paying user increased from RMB 10.7 to RMB 11.7, driven by enhanced super member benefits [2] Strategic Developments - The company emphasized high-quality growth with robust increases in both revenue and profit, highlighting the core role of music subscription services [3] - The CEO noted a significant milestone with the super member count surpassing 15 million, indicating strong user trust and engagement [3] - The company aims to create a vibrant one-stop music service platform, enhancing value for content creators and strengthening connections with fans [3] Half-Year Performance - For the first half of 2025, the company reported revenue of RMB 157.98 billion, a year-on-year growth of 13.43% [3] - The net profit attributable to equity holders for the same period was RMB 67 billion, reflecting a substantial year-on-year increase of 115.85% [3] - Basic earnings per American Depositary Share for the first half were RMB 4.38 [3]

Core Insights - Tencent Music Entertainment Group reported its unaudited financial results for the second quarter ending June 30, 2025, with total revenue of 8.44 billion yuan, representing a year-over-year increase of 17.9% [1] - The adjusted net profit for the quarter was 2.64 billion yuan, showing a year-over-year growth of 33.0% [1] Revenue Breakdown - Online music service revenue increased by 26.4% year-over-year to 6.85 billion yuan [1] - The number of online music paying users grew by 6.3% year-over-year to 124.4 million [1] - Average revenue per paying user per month rose from 10.7 yuan in the same period of 2024 to 11.7 yuan [1]

Cover and Company Information [Disclaimer](index=1&type=section&id=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) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for the accuracy or completeness of this announcement and any resulting losses - HKEX and SEHK are not responsible for the content of this announcement and bear no liability for any losses[1](index=1&type=chunk) [Company Basic Information](index=1&type=section&id=Tencent%20Music%20Entertainment%20Group%20騰訊音樂娛樂集團) Tencent Music Entertainment Group (TME) announced its unaudited financial results for the second quarter ended June 30, 2025, and provided a list of board members - TME announced its unaudited Q2 2025 financial report, available on HKEX and the company website[2](index=2&type=chunk) - Board members include Executive Directors Cussion Pang, Zhu Liang, Min Hu, James Gordon Mitchell, Brent Richard Irvin, and Wei-Yeh Tseng, along with Independent Directors Wenling Yan, Yu Kei Mak, and Jianyin Chen[2](index=2&type=chunk) Q2 2025 Financial Highlights [Key Financial Data](index=2&type=section&id=2025年第二季度財務亮點) TME achieved total revenue of **RMB 8.44 billion** in Q2 2025, a **17.9% year-over-year increase**, primarily driven by strong growth in online music services revenue, with net profit and non-IFRS net profit both seeing significant increases | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Total Revenue | 8.44 billion yuan | 7.16 billion yuan | 17.9% | | Online Music Services Revenue | 6.85 billion yuan | 5.42 billion yuan | 26.4% | | Online Music Subscription Revenue | 4.38 billion yuan | 3.74 billion yuan | 17.1% | | ARPPU | 11.7 yuan | 10.7 yuan | 9.3% | | Net Profit Attributable to Equity Holders | 2.41 billion yuan | 1.682 billion yuan | 43.2% | | Non-IFRS Net Profit Attributable to Equity Holders | 2.57 billion yuan | 1.873 billion yuan | 37.4% | | Diluted Earnings per ADS | 1.55 yuan | 1.07 yuan | 44.9% | | Non-IFRS Diluted Earnings per ADS | 1.66 yuan | 1.19 yuan | 39.5% | | Cash, Cash Equivalents, Term Deposits, and Short-term Investments Total Balance (End of Period) | 34.92 billion yuan | N/A | N/A | - Total revenue growth was primarily driven by strong growth in online music services revenue, partially offset by a decrease in social entertainment services and other services revenue[6](index=6&type=chunk) Management Comments [Cussion Pang, Executive Chairman](index=3&type=section&id=騰訊音樂娛樂集團執行董事長彭迦信表示) Cussion Pang emphasized the company's high-quality growth, with music subscription business as the core growth engine, while music-related services also showed strong momentum, aiming to build a one-stop music service platform - Achieved high-quality growth, with revenue and profit both showing steady year-over-year increases[7](index=7&type=chunk) - Music subscription business continued to be the core growth engine, with strong momentum in music-related services such as advertising, concerts, and artist merchandise[7](index=7&type=chunk) - Actively building a vibrant one-stop music service platform to empower content creators and reshape connections with music fans in more valuable ways[7](index=7&type=chunk) [Zhu Liang, CEO](index=3&type=section&id=騰訊音樂娛樂集團首席執行官梁柱表示) Zhu Liang noted that the online music business achieved steady growth through product innovation and immersive experiences, with continuous increases in paying user scale, ARPPU, and user engagement, and super member scale exceeding **15 million** - Online music business achieved steady growth through continuous product innovation and immersive experience creation[7](index=7&type=chunk) - Paying user scale and average revenue per paying user (ARPPU) continued to increase, with user engagement constantly improving[7](index=7&type=chunk) - Super member scale recently exceeded **15 million**, demonstrating users' high trust and strong stickiness to the company[7](index=7&type=chunk) Q2 2025 Business Overview [Key Operating Metrics](index=3&type=section&id=主要經營指標) In Q2 2025, online music services' monthly active users slightly decreased, but paying users and average revenue per paying user both increased, indicating enhanced user payment willingness and value | Indicator | 2025 Q2 | 2024 Q2 | YoY Change Rate | | :--- | :--- | :--- | :--- | | Online Music Services MAU (Millions) | 553 | 571 | (3.2%) | | Online Music Services Paying Users (Millions) | 124.4 | 117.0 | 6.3% | | Online Music Services ARPPU (RMB) | 11.7 | 10.7 | 9.3% | [Content Ecosystem Development](index=4&type=section&id=構建日益豐富的內容生態，為長期增長蓄力。) TME continuously enriches its content ecosystem and enhances content appeal by expanding collaborations with domestic and international record labels and artists, and innovating content co-creation and promotion models, laying a foundation for long-term growth - Expanded collaborations with domestic and international record labels and artists, signing The Black Label and H MUSIC for the first time, and renewing contract with Wang Feng[8](index=8&type=chunk) - Innovated content co-creation and promotion models, such as collaborating with SM Entertainment to create a Chinese special for NCT member Chenle, producing the ending song for the hit movie "Chang'an's Lychee," and forming a strategic partnership with Zhejiang TV[8](index=8&type=chunk) - TME's brand and platform value continue to deepen, providing customized support for domestic and international artists, earning widespread recognition[9](index=9&type=chunk) [Product Innovation and User Stickiness](index=5&type=section&id=通過協同深耕產品創新來提高產品吸引力，有效推動用戶黏性提升，促進超級會員轉化，並拓展新的商業化路徑。) The company effectively enhanced product appeal and user stickiness, promoted super member conversion, and expanded new monetization paths by hosting large-scale concerts, developing proprietary performance IPs, introducing interactive communities, improving audio quality, and enriching member benefits - Successfully managed large-scale international tours (G-DRAGON Macau concert) and domestic artist concerts (Fiona Sit, Tia Ray, GAI Zhou Yan), attracting over **36,000 attendees**[12](index=12&type=chunk) - Created over **300 offline performance opportunities** for nearly a hundred Tencent musicians through two proprietary performance IPs, "Dang Ran Hao Ting" and "Bu Fan Xian Chang"[12](index=12&type=chunk) - Partnered with DearU to introduce the interactive community "bubble" on QQ Music, allowing users to directly interact with hundreds of K-pop artists, with plans to invite popular Chinese artists to join[12](index=12&type=chunk) - Kugou Music pioneered Viper HiFi sound quality and "One-Click Power Sound 2.0" features, and launched the industry's first "AI Chorus" function, enhancing member music experience[12](index=12&type=chunk) - Artist-related benefits (digital albums, priority ticket purchase, Star Card series) significantly drove super member activation and conversion[12](index=12&type=chunk) - Closely collaborated with leading car manufacturers and numerous car models to create a superior in-car music experience, such as with Geely Group and Xiaomi's first SUV[15](index=15&type=chunk) - Newly launched innovative advertising memberships, optimized advertising models, and incentive schemes collectively promoted increased user engagement and advertising effectiveness, driving strong year-over-year growth in advertising revenue[15](index=15&type=chunk) Q2 2025 Financial Performance Review [Revenue Analysis](index=5&type=section&id=總收入為人民幣84.4億元（11.8億美元）) Total revenue increased by **17.9% year-over-year to RMB 8.44 billion**, primarily driven by a strong **26.4% growth** in online music services revenue, with subscription revenue up **17.1%** due to improved ARPPU, and advertising, artist merchandise, and offline performance revenues also increasing, while social entertainment services revenue decreased by **8.5%** | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Total Revenue | 8.44 billion yuan | 7.16 billion yuan | 17.9% | | Online Music Services Revenue | 6.85 billion yuan | 5.42 billion yuan | 26.4% | | Online Music Subscription Revenue | 4.38 billion yuan | 3.74 billion yuan | 17.1% | | Social Entertainment Services and Other Services Revenue | 1.59 billion yuan | 1.74 billion yuan | (8.5%) | - Online music subscription revenue growth was primarily driven by an increase in average revenue per paying user (ARPPU), which grew from **RMB 10.7** in the same period of 2024 to **RMB 11.7** in Q2 2025[15](index=15&type=chunk) - Advertising business revenue increased year-over-year mainly due to a more diversified product portfolio and innovative advertising formats[15](index=15&type=chunk) - Artist merchandise and offline performance revenues also achieved strong growth[15](index=15&type=chunk) [Costs and Gross Margin](index=5&type=section&id=營業成本同比增長13.1%至人民幣46.9億元) Operating costs increased by **13.1% year-over-year to RMB 4.69 billion**, mainly due to increased IP-related costs, while gross margin improved from **42.0% to 44.4%**, driven by music subscription and advertising revenue growth and a decrease in social entertainment services revenue sharing ratio | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Operating Costs | 4.69 billion yuan | 4.15 billion yuan | 13.1% | | Gross Margin | 44.4% | 42.0% | 2.4 percentage points | - The increase in operating costs was primarily due to higher IP-related costs such as artist merchandise costs, offline performance costs, and advertising agency fees[14](index=14&type=chunk) - Gross margin improvement was mainly attributable to strong growth in music subscription revenue and advertising service revenue, and a decrease in the revenue sharing ratio for social entertainment services[14](index=14&type=chunk) [Operating Expenses and Profit](index=6&type=section&id=經營開支總額為人民幣11.6億元（1.61億美元）) Total operating expenses remained stable at **RMB 1.16 billion**, with the percentage of total revenue decreasing from **16.0% to 13.7%**, while operating profit increased by **35.5% to RMB 2.98 billion**, and net profit attributable to equity holders increased by **43.2% to RMB 2.41 billion** | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Expenses | 1.16 billion yuan | 1.148 billion yuan | 0.7% | | Operating Expenses as % of Total Revenue | 13.7% | 16.0% | (2.3) percentage points | | Operating Profit | 2.98 billion yuan | 2.198 billion yuan | 35.5% | | Net Profit Attributable to Equity Holders | 2.41 billion yuan | 1.682 billion yuan | 43.2% | - Operating expenses as a percentage of total revenue decreased from **16.0%** in the same period of 2024 to **13.7%**, indicating improved operational efficiency[16](index=16&type=chunk) [Cash and Investment Status](index=6&type=section&id=截至2025年6月30日，公司現金、現金等價物、定期存款和短期投資的合計餘額為人民幣349.2億元) As of June 30, 2025, the company's total balance of cash, cash equivalents, term deposits, and short-term investments was **RMB 34.92 billion**, a decrease from **RMB 37.67 billion** as of March 31, 2025 | Indicator | June 30, 2025 (RMB) | March 31, 2025 (RMB) | Change | | :--- | :--- | :--- | :--- | | Cash, Cash Equivalents, Term Deposits, and Short-term Investments Total Balance | 34.92 billion yuan | 37.67 billion yuan | (2.75) billion yuan | Other Information [Environmental, Social, and Governance (ESG)](index=6&type=section&id=環境、社會及管治（「ESG」）) TME continues to create social value through music, launching the "Hear Guizhou" project this quarter, utilizing AI technology to help people relax and improve sleep - Launched the "Hear Guizhou" project, utilizing AI technology to help people relax and improve sleep through natural rhythms and immersive soundscapes[19](index=19&type=chunk) [Exchange Rate Information](index=6&type=section&id=匯率) The RMB to USD exchange rate used in this announcement is the noon buying rate on June 30, 2025, at **RMB 7.1636 to USD 1.00**, provided for convenience only - The RMB to USD exchange rate is **RMB 7.1636 to USD 1.00**, which is the noon buying rate on June 30, 2025, as published by the Federal Reserve Board in its H.10 statistical release[20](index=20&type=chunk) [Non-IFRS Financial Measures](index=7&type=section&id=非國際財務報告準則財務計量) The company uses non-IFRS net profit to evaluate operating performance and make decisions, believing it helps identify underlying business trends and provides clearer operating performance information, but it should not be considered a substitute for IFRS measures - The company uses non-IFRS net profit to evaluate operating performance and make financial and operating decisions[21](index=21&type=chunk) - Non-IFRS net profit excludes amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects[22](index=22&type=chunk) [About Tencent Music Entertainment Group](index=7&type=section&id=關於騰訊音樂娛樂集團) Tencent Music Entertainment Group is China's leading online music and audio entertainment platform, operating QQ Music, Kugou Music, Kuwo Music, and WeSing, with a mission to use technology to create infinite possibilities in music and provide diverse music entertainment services - Tencent Music Entertainment Group is China's leading online music and audio entertainment platform, operating QQ Music, Kugou Music, Kuwo Music, and WeSing[23](index=23&type=chunk) - Its mission is to use technology to create infinite possibilities in music, offering services such as online music, online audio, online K-singing, music-centric live streaming, and online performances[23](index=23&type=chunk) [Safe Harbor Statement](index=8&type=section&id=安全港聲明) This announcement contains forward-looking statements that involve inherent risks and uncertainties, and actual results may differ materially from expectations, with the company undertaking no obligation to update such information - This announcement contains forward-looking statements that involve inherent risks and uncertainties, and many factors could cause actual results to differ materially from those contained in any forward-looking statement[24](index=24&type=chunk) - The company undertakes no obligation to update such information, except as required by applicable law[24](index=24&type=chunk) [Investor Relations](index=8&type=section&id=投資者關係) Provides contact information for Tencent Music Entertainment Group Investor Relations - Investor Relations contact: ir@tencentmusic.com, +86 (755) 8601-3388 ext. 885034[25](index=25&type=chunk) Consolidated Financial Statements [Consolidated Statements of Profit or Loss](index=10&type=section&id=騰訊音樂娛樂集團%20合併損益表) In Q2 2025, TME's total revenue increased by **17.9% to RMB 8.44 billion**, operating profit grew by **35.5% to RMB 2.98 billion**, and net profit attributable to equity holders increased by **43.2% to RMB 2.41 billion**, driven by strong online music services revenue growth, while social entertainment services revenue decreased | Indicator (Millions RMB) | 2024 Q2 (RMB) | 2025 Q2 (RMB) | 2024 H1 (RMB) | 2025 H1 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,160 | 8,442 | 13,928 | 15,798 | | Online Music Services Revenue | 5,424 | 6,854 | 10,431 | 12,658 | | Social Entertainment Services and Other Services Revenue | 1,736 | 1,588 | 3,497 | 3,140 | | Operating Costs | (4,150) | (4,693) | (8,147) | (8,807) | | Gross Profit | 3,010 | 3,749 | 5,781 | 6,991 | | Total Operating Expenses | (1,148) | (1,156) | (2,284) | (2,299) | | Operating Profit | 2,198 | 2,978 | 4,157 | 7,814 | | Income Tax Expense | (432) | (515) | (813) | (961) | | Profit for the Period | 1,794 | 2,467 | 3,324 | 6,855 | | Profit Attributable to Equity Holders of the Company | 1,682 | 2,409 | 3,104 | 6,700 | | Diluted Earnings per ADS | 1.07 | 1.55 | 1.99 | 4.32 | [Unaudited Non-IFRS Financial Measures](index=12&type=section&id=騰訊音樂娛樂集團%20未經審計非國際財務報告準則財務計量) In Q2 2025, non-IFRS net profit was **RMB 2.64 billion**, a **32.9% year-over-year increase**, and non-IFRS net profit attributable to equity holders was **RMB 2.57 billion**, a **37.4% year-over-year increase**, with these measures excluding specific non-cash and non-operating items | Indicator (Millions RMB) | 2024 Q2 (RMB) | 2025 Q2 (RMB) | 2024 H1 (RMB) | 2025 H1 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 1,794 | 2,467 | 3,324 | 6,855 | | Non-IFRS Net Profit | 1,985 | 2,640 | 3,797 | 4,866 | | Non-IFRS Profit Attributable to Equity Holders of the Company | 1,873 | 2,574 | 3,577 | 4,698 | | Non-IFRS Diluted Earnings per ADS | 1.19 | 1.66 | 2.29 | 3.03 | - Non-IFRS adjustments include amortization of intangible assets and other assets arising from acquisitions and business combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects[33](index=33&type=chunk) [Consolidated Balance Sheets](index=14&type=section&id=騰訊音樂娛樂集團%20合併資產負債表) As of June 30, 2025, the company's total assets were **RMB 107.873 billion**, an increase from **RMB 90.444 billion** at the end of 2024, with total equity rising to **RMB 86.375 billion** and total liabilities increasing to **RMB 21.498 billion** | Indicator (Millions RMB) | December 31, 2024 (RMB) | June 30, 2025 (RMB) | | :--- | :--- | :--- | | Total Assets | 90,444 | 107,873 | | Non-current Assets | 55,900 | 76,996 | | Current Assets | 34,544 | 30,877 | | Total Equity | 69,726 | 86,375 | | Equity Attributable to Equity Holders of the Company | 67,863 | 83,878 | | Total Liabilities | 20,718 | 21,498 | | Non-current Liabilities | 4,168 | 5,002 | | Current Liabilities | 16,550 | 16,496 | [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=騰訊音樂娛樂集團%20簡明合併現金流量表) In Q2 2025, net cash inflow from operating activities was **RMB 1.638 billion**, net cash outflow from investing activities was **RMB 633 million**, and net cash outflow from financing activities was **RMB 2.056 billion**, resulting in a net decrease of **RMB 1.051 billion** in cash and cash equivalents | Indicator (Millions RMB) | 2024 Q2 (RMB) | 2025 Q2 (RMB) | 2024 H1 (RMB) | 2025 H1 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 2,944 | 1,638 | 5,630 | 4,157 | | Net Cash Inflow/(Outflow) from Investing Activities | 693 | (633) | (4,805) | (3,854) | | Net Cash Outflow from Financing Activities | (1,611) | (2,056) | (2,133) | (2,512) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 2,026 | (1,051) | (1,308) | (2,209) | | Cash and Cash Equivalents at End of Period | 12,251 | 10,999 | 12,251 | 10,999 |

Market Overview - Major U.S. stock indices experienced a collective decline, with the Dow Jones Industrial Average falling by 200.52 points (0.45%) to close at 43,975.09 points, the Nasdaq down by 64.62 points (0.30%) at 21,385.40 points, and the S&P 500 decreasing by 16.00 points (0.25%) to 6,373.45 points [1] - Large-cap tech stocks mostly declined, with Apple down 0.83%, Amazon down 0.62%, Facebook down 0.45%, Nvidia down 0.3%, Google down 0.21%, and Microsoft down 0.02% [3][4] Notable Stock Movements - Tesla saw an increase of nearly 3%, marking its fourth consecutive day of gains [3] - Fannie Mae rose over 15% and Freddie Mac increased by more than 13%, both reaching their highest closing levels since 2008 [3] Sector Performance - Bank stocks showed mixed results, with Morgan Stanley up 0.53%, Bank of America up 0.38%, and JPMorgan up 0.32%. Conversely, Citigroup fell by 0.44%, Goldman Sachs down 0.24%, and Wells Fargo down 0.31% [5] - Gold stocks generally declined, with Harmony Gold, Eldorado Gold, and AngloGold down over 1%, and Coeur Mining down 0.3% [5] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.29%, with individual stocks showing mixed performance. Xpeng Motors rose nearly 6%, Tencent Music up over 2%, while NIO, Bilibili, and Xiaoma Zhixing increased by over 1%. On the downside, WeRide fell over 4%, TAL Education down more than 3%, and Li Auto down nearly 3% [6] Commodity Prices - The FTSE A50 futures index fell by 0.32% to 13,881 points [9] - Crude oil prices saw slight increases, with WTI crude up by 8 cents to $63.96 per barrel (0.13% increase) and Brent crude up by 4 cents to $66.63 per barrel (0.06% increase) [9] - Gold futures dropped by 2.78% to $3,394.1 per ounce, while silver futures fell by 2.29% to $37.66 per ounce [10] Currency Exchange - The offshore RMB (CNH) against the USD was reported at 7.1965, a decrease of 72 points from the previous Friday's close [11] Economic Indicators - Attention is focused on upcoming U.S. inflation data, particularly the Consumer Price Index (CPI) for July, which is expected to provide insights into the impact of tariffs on consumer prices [12][13]