Tencent Music Entertainment Group (NYSE:TME) Q3 2025 Earnings Call November 12, 2025 06:00 AM ET Company ParticipantsRoss Zhu - CEOLincoln Harris - Asset ManagementShirley Hu - CFOYang Liu - Executive DirectorCussion Pang - Executive ChairmanCussion Kar Shun Pang - Executive ChairmanMillicent T. - Head of Investor RelationsConference Call ParticipantsChris Thomas - Investment Banking AnalystMaggie Ye - Research AnalystAlicia Yap - Managing Director and Senior Equity AnalystMillicent T.Good evening and good ...

Financial Data and Key Metrics Changes - In Q3 2025, total revenues grew 21% year-on-year to CNY 8.5 billion, marking the highest revenue growth since Q1 2021 [17] - Online music revenues increased by 27% year-on-year to CNY 7 billion [18] - Music subscription revenues surged 70% year-on-year to CNY 4.5 billion, driven by growth in monthly ARPPU and subscriber base [18] - Monthly ARPPU reached CNY 11.9, up from CNY 10.8 in the same period last year [18] - Net profit increased by 29% to CNY 2.2 billion, with non-IFRS net profit rising by 28% to CNY 2.5 billion [22] Business Line Data and Key Metrics Changes - Offline performances and artist-related merchandise sales experienced triple-digit year-on-year revenue growth [19] - Advertising revenue continued to grow, driven by a diversified product portfolio and innovative ad formats [19] - Social entertainment services and other revenues were CNY 1.5 billion, down by 3% year-on-year [20] Market Data and Key Metrics Changes - The company successfully hosted multiple concerts both domestically and internationally, including a concert tour for G-Dragon that drew over 150,000 attendees [5][6] - The annual flagship TMEA Concerts featured 35 artists and attracted more than 10,000 attendees [6] Company Strategy and Development Direction - The company aims to leverage its dual-engine strategy of platform and content to enhance user experience and drive growth [10][33] - Continued focus on expanding the music service and unlocking new growth opportunities through artist partnerships and innovative offerings [3][8] - The company is committed to enhancing its music ecosystem and exploring new opportunities in offline performances and artist-related merchandise [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong results for Q4 2025 and 2026, with expectations of sustained healthy growth in music subscription and non-subscription businesses [25][27] - The competitive landscape remains challenging, but the company believes its extensive music library and user experience will maintain its leadership position [29][30] Other Important Information - The company has won the Music Garden Space Public Welfare Program for seven consecutive years, supporting music education in rural areas [9] - The company is exploring new product combinations and service formats to enhance the fan-based economy [26] Q&A Session Summary Question: What is the outlook for Q4 2025 and 2026? - Management is optimistic about strong performance in both online music services and overall revenue growth for 2025, with a focus on subscription and non-subscription business growth [25][27] Question: How does management view the competitive landscape in the music streaming business? - Management acknowledges competition from peers but believes in their competitive edge through content differentiation and user experience [28][29] Question: What are the growth drivers for subscription services in 2026? - Growth will be driven by high-quality content, content privileges, and functional enhancements, with a focus on maintaining steady growth in subscriber base and ARPPU [39][41]

拆解来看，在线音乐业务取得全方位表现，持续驱动腾讯音乐高质量增长，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。 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，内容生 态日益丰富、充满活力；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。 公司方面表示，未来腾讯音乐将把握新兴机遇、不断拓宽音乐服务范围，与产业伙伴一道推动行业健康 发展。 11月12日，中国领先的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")(纽交所股票代 码：TME及港交所股票代码：1698)宣布其截至2025年9月30日止第三季度未经审计财务业绩。 财务数据显示，2025年第三季度，公司业绩稳中有进。腾讯音乐季度总收入为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%。 ...

Core Insights - Tencent Music reported a robust growth in its Q3 2025 financial results, with total revenue reaching 8.46 billion yuan [1] - The online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan, indicating its crucial role in the long-term healthy growth of the overall performance [1] - The online music subscription revenue increased by 17.2% year-on-year to 4.5 billion yuan, with ARPPU rising to 11.9 yuan, showcasing strong performance across various segments [1] Financial Performance - Total revenue for Q3 2025 was 8.46 billion yuan [1] - Online music service revenue was 6.97 billion yuan, reflecting a year-on-year growth of 27.2% [1] - Online music subscription revenue reached 4.5 billion yuan, with a year-on-year increase of 17.2% [1] - The ARPPU for online music services improved to 11.9 yuan [1] Business Expansion - Tencent Music's online music business demonstrated exceptional performance across all areas, contributing to the expansion of its music service boundaries [3]

Tencent Music Entertainment Group Investor Presentation (NYSE: TME & HKEX: 1698) November 2025 Disclaimer This presentation has been prepared by Tencent Music Entertainment Group (the "Company") solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctnes ...

【#腾讯音乐三季度净利润21.5亿元##腾讯音乐三季度净利润同比增长36%#】 腾讯音乐三季度营收84.6 亿元，同比增20.6%，预估82.3亿元；营业利润27.1亿元，预估26.8亿元。公司权益持有人应占净利润为 人民币21.5亿元（3.02亿美元），同比增长36.0%。非国际财务报告准则归属于本公司股东的净利润为 人民币24.1亿元（3.38亿美元），同比增长32.6%。每股美国存托股份的摊薄盈利为人民币1.38元（0.19 美元），高于2024年同期的人民币1.01元。(智通财经） ...

Core Insights - Tencent Music Entertainment Group reported its third-quarter unaudited financial performance, with total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, and adjusted net profit of 2.48 billion yuan, up 27.7% [1] Financial Performance - The online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan in the third quarter [1] - The average revenue per paying user increased from 10.8 yuan in the same period of 2024 to 11.9 yuan [1] Strategic Initiatives - Tencent Music's steady growth is attributed to the deepening of its "content and platform" dual strategy [1] - The company has strengthened collaborations with global record companies and artists, hosting large domestic and international tours, and expanding its own performance IP matrix [1] - Continuous innovation in product features and services aims to meet the diverse needs of user groups, creating personalized and differentiated music experiences [1] Future Outlook - Tencent Music plans to seize emerging opportunities and expand its music service offerings, collaborating with industry partners to promote healthy industry development [1]

每经AI快讯，11月12日，腾讯音乐盘前涨超3%，公司三季度营收84.6亿元，高于市场预期。 （文章来源：每日经济新闻） ...

其中，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。 11月12日，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。 财报显示，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%。 ...

Core Viewpoint - Tencent Music's financial performance shows significant growth, with total revenue increasing by 20.6% year-on-year to 8.46 billion yuan, and adjusted net profit rising by 27.7% to 2.48 billion yuan, driven by its "one body, two wings" strategy in online music services [3] Group 1: Financial Performance - Total revenue for Tencent Music reached 8.46 billion yuan, reflecting a year-on-year growth of 20.6% [3] - Adjusted net profit increased by 27.7% to 2.48 billion yuan [3] - Online music service revenue was 6.97 billion yuan, up 27.2% year-on-year [3] - Online music subscription revenue reached 4.5 billion yuan, growing by 17.2% [3] - The number of paid online music users reached 125.7 million, with ARPPU rising to 11.9 yuan [3] Group 2: Strategic Developments - Tencent Music continues to deepen its "one body, two wings" strategy, enhancing its content ecosystem and expanding international business [3] - The company is focused on upgrading platform features and offering personalized membership services to meet diverse user needs [3] - There is a steady increase in super member penetration and ARPPU, contributing to overall performance growth [3] Group 3: Market Outlook - Analysts from multiple firms, including Morgan Stanley and CICC, express positive long-term expectations for Tencent Music, with ratings of "overweight" and "buy" [4] - Morgan Stanley highlights Tencent Music's clearer strategic layout and the growth potential of concert-related businesses as new revenue drivers [4] - CICC anticipates further growth in super member scale and ARPPU, supporting its "outperform" rating [4]