Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO S ...

Tencent Music Entertainment Group (NYSE:TME) Q4 2022 Earnings Conference Call March 21, 2023 7:00 AM ET Company Participants Cussion Pang - Executive Chairman Ross Liang - Chief Executive Officer Tony Yip - Chief Scientific Officer Shirley Hu - Chief Financial Officer Conference Call Participants Alicia Yap - Citigroup Alex Poon - Morgan Stanley Lincoln Kong - Goldman Sachs Lei Zhang - Bank of America Securities Wei Xiong - UBS Xueqing Zhang - CICC Thomas Chong - Jefferies Charlene Liu - HSBC Tony Yip Good ...

Exhibit 99.1 Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2022 Unaudited Financial Results SHENZHEN, China, March 21, 2023 /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 fourth quarter and full year ended December 31, 2022. Financial Highlights In the three months ended December 31, 2022: · Net profit ...

Financial Data and Key Metrics - Total revenues for Q3 2022 were RMB 3.4 billion, up 7% sequentially [34] - Net profit for Q3 2022 was RMB 1.1 billion, with net assets increasing by 33% year-over-year [34] - Online music paying users grew to 85.3 million, up 20% year-over-year, with a monthly ARPU of RMB 8.8, up from RMB 8.5 in Q2 [35] - Subscription revenue grew to RMB 2.2 billion, up 18% year-over-year and 7% sequentially [34] - Gross margin for Q3 was 32.6%, up 3% year-over-year and 2.7% sequentially [37] Business Line Data and Key Metrics - Online music MAUs were 587 million, down year-over-year due to churn of casual users, but QQ Music DAUs increased year-over-year [23] - IoT MAUs achieved double-digit growth year-over-year, with new collaborations such as BMW and DD [24] - TME Live hosted 32 online and offline performances, accumulating close to 15 million unique viewers within the Tencent ecosystem [15] - The Tencent Musician platform served 350,000 musicians by the end of Q3, with 281 musicians utilizing the new TME Artists Album feature [10][12] Market Data and Key Metrics - The company expanded its international footprint, with collaborations such as YG Entertainment and Taylor Swift's album "Midnight" achieving significant sales [13] - TME Live and TMELAND secured extensive sponsorships from domestic and international advertisers across various industries [29] - The company continued to explore international markets, including the acquisition of Pokekara in Japan [59] Company Strategy and Industry Competition - The company plans to refine its dual-engine content and platform strategy, focusing on original content production and innovative business models [6] - TME aims to expand its influence by collaborating with popular IPs and artists, both domestically and internationally [9] - The company is investing in long-form audio and international business to maximize future growth potential [42] - TME is closely monitoring competition from short-form video platforms and potential new entrants into the music market [73] Management Commentary on Operating Environment and Future Outlook - Management highlighted the success of cost control measures and improved operational efficiency, leading to increased profitability [37][68] - The company expects continued growth in advertising revenue and subscription revenue, driven by innovative products and improved user engagement [35][55] - Management remains optimistic about the long-term growth potential of the music industry, despite macroeconomic challenges [35][55] Other Important Information - The company launched the TME Business Intelligence platform, providing high-frequency data updates to assist music label partners [30] - TME continued to fulfill its social responsibilities through music-empowered charity programs, such as the "Hear the Light of Music" album and charity concert [32][33] Q&A Session Summary Question: Music segment gross margin and net margin trends [44] - Gross margin improved due to optimized content costs, subscription revenue growth, and increased advertising revenue [45][46] - Net margin is expected to increase as the company continues to control content costs and improve monetization [46] Question: ARPU and music subscriber trends [48] - ARPU increased to RMB 8.8 in Q3, driven by promotions and content optimization [50] - The company aims to reach 100 million subscribers in the near term and achieve a mid-20% paying ratio in the long term [49] Question: Advertising business growth drivers [52] - Advertising revenue growth was driven by new formats, such as TME Live and TMELAND, and the ad-supported free listening mode [53][55] - The company expects continued growth in advertising revenue, supported by improving macroeconomic conditions [55] Question: Social entertainment business outlook [57] - Social entertainment revenues declined year-over-year due to macroeconomic challenges and competition [58] - The company is exploring new initiatives, such as audio live streaming and international expansion, to offset challenges in traditional live streaming [58][59] Question: Long-form audio business strategy [61] - Long-form audio is seen as a complement to the music business, with a focus on improving monetization through subscriptions [63] - The company aims for the long-form audio business to break even at a gross margin level by the end of next year [63] Question: Cost planning and margin improvement [65] - The company plans to continue controlling sales and marketing expenses while investing in new products and services [66] - Net profit margin is expected to improve as revenue growth resumes and cost optimization measures continue [68] Question: Competitive landscape and online music margin [72] - The company is monitoring competition from short-form video platforms and potential new entrants into the music market [73] - Online music margins are expected to improve due to subscription revenue growth, advertising recovery, and cost control [74] Question: Collaboration between TMELAND and WeSing Video [80] - The company is deepening cooperation with WeSing to enhance music-focused collaboration and promotional capabilities [81] - Future plans include closer cooperation to present more innovative shows and explore monetization avenues [82]

Financial Risk Management - The company's exposure to interest rate risk is minimal, with no significant interest-bearing assets other than term deposits and cash equivalents, and notes payable at fixed rates do not expose the company to cash flow interest-rate risk[785] - The Renminbi has fluctuated significantly against the U.S. dollar, depreciating by 5% in 2018, 1% in 2019, and appreciating by 6% in 2020 and 2% in 2021[786] - The company has not entered into any hedging transactions to mitigate foreign exchange risk, and currency fluctuations could impact the Renminbi or U.S. dollar amounts available for operations or payments[787] - Inflation in China has not materially impacted the company's operations, with year-over-year CPI changes of 4.5% in December 2019, 0.2% in 2020, 1.5% in 2021, and 1.5% as of March 31, 2022[790] Revenue Recognition - Revenue from online music services includes subscriptions, digital music sales, content sublicensing, and online advertising, with subscription fees collected upfront and recognized over the subscription period[794] - The company offers early access to new digital music singles and albums, with revenue recognized over time as the performance obligation is satisfied[795] - Advertising revenues are recognized based on CPD or CPM arrangements, with revenue allocated to each performance obligation on a relative stand-alone selling price basis[798] - Virtual gifts sold on online karaoke and live streaming platforms are categorized as consumable, time-based, or durable, with revenue recognized immediately, ratably over time, or over estimated lifespans, respectively[802] - Premium memberships for online karaoke and live streaming services are time-based, with fees collected upfront and revenue recognized ratably over the subscription period[805] - The company reports revenue on a gross or net basis depending on whether it acts as a principal or agent, based on factors such as being the primary obligor and having latitude in establishing prices[806] Financial Performance and Metrics - Revenue from online music services increased from RMB 7,152 million in 2019 to RMB 11,467 million in 2021, representing a growth of 60.3% over two years[940] - Revenue from social entertainment services and others remained relatively stable, with RMB 18,282 million in 2019 and RMB 19,777 million in 2021[940] - Total revenues grew from RMB 25,434 million in 2019 to RMB 31,244 million in 2021, an increase of 22.8%[940] - Gross profit increased from RMB 8,673 million in 2019 to RMB 9,404 million in 2021, a growth of 8.4%[940] - Profit for the year decreased from RMB 4,176 million in 2020 to RMB 3,215 million in 2021, a decline of 23.0%[940] - Earnings per share (basic) for Class A and Class B ordinary shares decreased from RMB 1.25 in 2020 to RMB 0.91 in 2021[940] - Mobile MAUs for online music services are calculated as the sum of mobile MAUs of music products, including QQ Music, Kugou Music, and Kuwo Music, without eliminating duplicate access[931] - Paying ratio is measured by the number of paying users as a percentage of mobile MAUs for a given period[932] - Monthly ARPPU for social entertainment services is calculated based on revenue from social entertainment and others, including advertising services[930] - Social entertainment mobile MAUs include access to services like WeSing, Kugou's Live Streaming, Kuwo's Live Streaming, Kugou Changchang, and QQ Music's Live Streaming[937] Financial Position and Assets - Total assets increased from RMB 52,678 million in 2019 to RMB 65,997 million as of March 31, 2022[943] - Goodwill grew from RMB 17,140 million in 2019 to RMB 19,126 million as of March 31, 2022[943] - Cash and cash equivalents decreased from RMB 15,426 million in 2019 to RMB 8,353 million as of March 31, 2022[943] - Retained earnings increased from RMB 7,007 million in 2019 to RMB 14,803 million as of March 31, 2022[943] - Non-current liabilities rose from RMB 510 million in 2019 to RMB 5,714 million as of March 31, 2022[943] - Current liabilities increased from RMB 8,490 million in 2019 to RMB 11,062 million as of March 31, 2022[943] - Total equity grew from RMB 43,678 million in 2019 to RMB 49,221 million as of March 31, 2022[943] - Profit for the year in 2019 was RMB 3,982 million[944] - Fair value changes on financial assets at fair value through other comprehensive income in 2019 were RMB 1,031 million[944] - Total comprehensive income for the year 2019 was RMB 5,268 million[944] - Total equity increased from RMB 43.678 billion in 2020 to RMB 52.731 billion in 2021, reflecting a growth of 20.7%[945][946] - Profit for the year in 2021 was RMB 3.029 billion, compared to RMB 4.155 billion in 2020, indicating a decrease of 27.1%[945][946] - Retained earnings grew from RMB 7.007 billion in 2020 to RMB 11.111 billion in 2021, an increase of 58.6%[945][946] - Noncontrolling interests increased from RMB 88 million in 2020 to RMB 486 million in 2021, a significant rise of 452.3%[945][946] - Share-based compensation value of employee services in 2021 was RMB 647 million, up from RMB 569 million in 2020, a 13.7% increase[945][946] - Repurchase of shares in 2021 amounted to RMB 3.561 billion, compared to RMB 134 million in 2020, a substantial increase[945][946] - Total comprehensive income for 2021 was RMB 527 million, down from RMB 8.079 billion in 2020, a decline of 93.5%[945][946] - Additional paid-in capital increased from RMB 34.425 billion in 2020 to RMB 35.044 billion in 2021, a growth of 1.8%[945][946] - Currency translation differences resulted in a loss of RMB 1.286 billion in 2020 and a gain of RMB 4 million in 2021[945][946] - Disposal of subsidiaries in 2021 led to a reduction in noncontrolling interests by RMB 6 million[946] - Total equity at March 31, 2022 was RMB 49,221 million, compared to RMB 51,055 million at January 1, 2022[948] Cash Flow and Investments - Net cash inflow from operating activities for Q1 2022 was RMB 2,494 million, up 32.8% from RMB 1,878 million in Q1 2021[949] - Cash generated from operations in Q1 2022 was RMB 2,450 million, a 33.3% increase from RMB 1,838 million in Q1 2021[949] - Net cash outflow from investing activities in Q1 2022 was RMB 329 million, significantly lower than RMB 2,382 million in Q1 2021[949] - Cash and cash equivalents at end of Q1 2022 were RMB 8,353 million, down 18.7% from RMB 10,274 million at end of Q1 2021[949] - Payments for business combinations, net of cash acquired, were RMB 19 million in Q1 2022 compared to RMB 2,072 million in Q1 2021[949] - Purchase of property, plant and equipment decreased to RMB 18 million in Q1 2022 from RMB 39 million in Q1 2021[949] - Purchase of intangible assets was RMB 119 million in Q1 2022, down from RMB 161 million in Q1 2021[949] - Placement of short-term investments decreased significantly to RMB 70 million in Q1 2022 from RMB 2,416 million in Q1 2021[949] - Net cash outflow from financing activities was RMB 395 million in Q1 2022, compared to RMB 372 million in Q1 2021[949] Corporate Governance and Leadership - Mr. Cussion Kar Shun Pang appointed as Executive Chairman since April 2021, responsible for long-term strategy and content ecosystem business[866] - Mr. Zhu Liang appointed as CEO since April 2021, overseeing QQ Music, Kugou Music, Kuwo Music, WeSing, and long-form audio business[867] - Mr. Zhenyu Xie serves as President and CTO, overseeing Kugou business, with over a decade of experience in digital music innovation[869] - Mr. James Gordon Mitchell chairs the compensation committee and serves as Chief Strategy Officer at Tencent, with extensive board experience[870] - Mr. Brent Richard Irvin serves as corporate VP and general counsel at Tencent, overseeing U.S. operations[871] - Mr. Matthew Yun Ming Cheng appointed as Director since May 2022, with financial management experience at Tencent and other firms[872] - Ms. Edith Manling Ngan serves as an independent non-executive Director, with roles in audit and compensation committees[874] - Mr. Adrian Yau Kee Mak chairs the audit committee, with extensive experience in corporate finance and accounting[875] - Ms. Jeanette Kim Yum Chan appointed as independent non-executive Director, with expertise in cross-border M&A and legal compliance[876] - Board composition includes nine Directors, with three independent Directors meeting Hong Kong Listing Rules requirements[862] - The company paid an aggregate cash compensation of approximately RMB65.0 million, RMB62.1 million, RMB69.8 million, and RMB17.3 million (US$2.7 million) to Directors and executive officers for the years ended December 31, 2021, and the three months ended March 31, 2022, respectively[884] - The company plans to adopt a board diversity policy to ensure a balanced mix of skills, experience, and diversity among board members[922] - The current Board consists of seven male and two female members, aged 46 to 63, with a focus on enhancing decision-making and corporate governance effectiveness[923] - Directors owe fiduciary duties to the company, including loyalty, honesty, and acting in the company's best interests, with potential legal consequences for breaches[924] Shareholder Structure and Equity - Tencent holds 53.2% of the company's total ordinary shares, representing 90.4% of the voting power as of the latest practicable date[856] - Spotify holds 8.3% of the company's total ordinary shares, with no voting power as of the latest practicable date[856] - 40.3% of the company's total issued and outstanding ordinary shares are held by the depositary of the ADS program in the United States as of the latest practicable date[859] Share-Based Compensation and Incentive Plans - The company's share-based compensation expenses are measured at the grant date based on the fair value of equity instruments and recognized as an expense over the vesting period[818] - Under the 2014 Share Incentive Plan, the company is authorized to issue a maximum of 101,785,456 Class A ordinary shares, with 1,733,442 options outstanding as of April 19, 2022[888] - The 2017 Option Plan allows for the issuance of up to 118,884,829 Class A ordinary shares, with 40,288,686 options outstanding and 9,586,586 vested as of April 19, 2022[896] - The 2017 Restricted Share Scheme authorizes the issuance of up to 216,329,580 Class A ordinary shares, with 47,394,718 restricted shares outstanding as of April 19, 2022[903] - The 2014 Share Incentive Plan permits awards of options, share appreciation rights, share grants, and restricted share units (RSUs)[888] - The 2017 Option Plan permits awards of options and is administered by the Board or Compensation Committee[897] - The 2017 Restricted Share Scheme aims to align the interests of selected personnel with shareholders through equity ownership[903] - The company's Board authorized the reservation of an additional 20,933,591 Class A ordinary shares for future issuances under the 2017 Option Plan in April 2022[896] - The company's Board authorized the reservation of an additional 104,627,958 Class A ordinary shares for future issuances under the 2017 Restricted Share Scheme in April 2022[903] - The 2017 Restricted Share Scheme allows awards of restricted shares to employees, executives, directors, consultants, and others contributing to the company's growth, subject to legal and regulatory compliance[904] - As of April 19, 2022, employees other than senior management held options to purchase 21,047,308 Class A ordinary shares, with exercise prices ranging from US$0.000076 to US$9.525 per share[913] Acquisitions and Strategic Partnerships - The company acquired 100% equity interest in Shenzhen Lanren for a total consideration of RMB2.7 billion, primarily payable in cash, plus certain post-acquisition equity-settled awards to Shenzhen Lanren's management team[840] - The company joined a consortium led by Tencent to acquire a 10% equity stake in Universal Music Group (UMG) at an enterprise value of EUR30 billion, with an option to purchase an additional 10% equity stake[837] - The company issued 282,830,698 ordinary shares to Spotify AB in exchange for 8,552,440 ordinary shares of Spotify, resulting in an approximately 2.5% equity interest in Spotify[836] - The company signed a five-year strategic partnership with China Literature, granting a global license to produce derivative content in the form of audiobooks of online literary works[838] VIE Structure and Operations - The company operates its relevant business in China through contractual arrangements with variable interest entities (VIEs) due to PRC laws limiting foreign ownership in certain industries[833] - The WOFEs receive 90% of the net operating income of the VIEs as service fees under the exclusive technical service agreement[956] - The total assets of the Group's VIEs were RMB15,127 million, RMB18,094 million, RMB18,117 million, and RMB18,794 million as of December 31, 2019, 2020, 2021, and March 31, 2022, respectively[970] - The total revenues of the Group's VIEs were RMB25,379 million, RMB29,094 million, RMB30,949 million, and RMB6,519 million for the years ended December 31, 2019, 2020, 2021, and the three months ended March 31, 2022, respectively[971] - The net profit/(loss) of the Group's VIEs was RMB1,323 million, RMB1,625 million, RMB(209) million, and RMB(65) million for the years ended December 31, 2019, 2020, 2021, and the three months ended March 31, 2022, respectively[971] - The total liabilities of the Group's VIEs were RMB6,871 million, RMB7,379 million, RMB7,086 million, and RMB7,602 million as of December 31, 2019, 2020, 2021, and March 31, 2022, respectively[970] - The registered capital, capital reserve, and PRC statutory reserves of the VIEs totaled RMB4,206 million, RMB4,185 million, RMB4,069 million, and RMB4,084 million as of December 31, 2019, 2020, 2021, and March 31, 2022, respectively[967] - The net cash inflow from operating activities was RMB454 million, RMB(671) million, and RMB2,151 million for the years ended December 31, 2020, 2021, and the three months ended March 31, 2022, respectively[971] - The net cash outflow from investing activities was RMB1,099 million, RMB3,554 million, and RMB2,408 million for the years ended December 31, 2020, 2021, and the three months ended March 31, 2022, respectively[971] - The net cash inflow from financing activities was RMB715 million, RMB3,462 million, and RMB219 million for the years ended December 31, 2020, 2021, and the three months ended March 31, 2022, respectively[971] - The cash and cash equivalents at the end of the period were RMB1,397 million, RMB634 million, and RMB596 million as of December 31, 2020, 2021, and March 31, 2022, respectively[971] Accounting Standards and Policies - The company's historical financial information is prepared in accordance with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB)[973] - The company applies all effective standards, amendments, and interpretations mandatorily effective for the financial year beginning January 1, 2022[977] - New standards and amendments not yet effective for the financial year beginning January 1, 2022, are not expected to have a significant effect on the company's historical financial information[978] - The company will need to recognize deferred tax assets and liabilities for temporary differences arising on leases upon the effective date of amendments to IAS 12 on January 1, 2023[980] - Subsidiaries are fully consolidated from the date control is transferred to the company, and intercompany transactions and balances are eliminated[981] - Associates are entities where the company has significant influence, generally with a shareholding of 20% to 50% of voting rights, and are accounted for using the equity method[982] - Joint ventures are classified based on contractual rights and obligations, and the company accounts for them using the equity method after initial recognition at cost[983] Expenses and Liabilities - The company expects to incur listing expenses of approximately RMB74.7 million, including RMB22.2 million for sponsor-related expenses and RMB52.5 million for non-sponsor-related expenses[827] - The company's unaudited pro forma adjusted net tangible assets as of March 31, 2022, were RMB26.539 billion, with a net tangible asset per share of RMB8.

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content [1] Business Line Data and Key Metrics - No specific business line data or key metrics changes mentioned in the provided content [1] Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content [1] Company Strategy and Industry Competition - No specific company strategy or industry competition details mentioned in the provided content [1] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on operating environment or future outlook mentioned in the provided content [1] Other Important Information - The conference call is for Tencent Music Entertainment Group's First Quarter 2022 Earnings [1] - The call is being recorded and hosted by Mr Tony Yip [1] Q&A Session - No Q&A session details provided in the content [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO S ...