Revenue Performance - Total revenue for Q2 2024 was RMB 7.16 billion (USD 985 million), a year-over-year decrease of 1.7% primarily due to declines in social entertainment services and other services revenue, partially offset by strong growth in online music services revenue [3]. - Total revenue for Q2 2024 was RMB 7.16 billion (USD 985 million), a decrease from RMB 7.29 billion in Q2 2023 [7]. - Online music service revenue grew by 27.7% year-over-year to RMB 5.42 billion (USD 746 million), driven by a 29.4% increase in subscription revenue to RMB 3.74 billion (USD 515 million) [8]. - The total revenue for the six months ended June 30, 2023, was RMB 14,290 million, a 5.5% increase from RMB 13,550 million in the same period last year [18]. Profitability - Net profit for Q2 2024 was RMB 1.79 billion (USD 247 million), a year-over-year increase of 33.1%, while net profit attributable to equity holders was RMB 1.68 billion (USD 231 million), up 29.6% year-over-year [3]. - Operating profit for Q2 2024 increased by 42.8% year-over-year to RMB 2.20 billion (USD 302 million) [9]. - Non-IFRS net profit for the three months ended June 30, 2023, was RMB 1,348 million, representing a 10.5% increase compared to RMB 1,221 million in the same period last year [18]. - The company reported a net profit attributable to equity holders of RMB 1,298 million for the three months ended June 30, 2023, compared to RMB 1,100 million in the same period last year, marking a 17.9% increase [19]. User Metrics - Online music subscription revenue increased by 29.4% year-over-year to RMB 3.74 billion (USD 515 million), with the number of paid users growing by 17.7% to 117 million, and a net increase of 3.5 million users quarter-over-quarter [3]. - Monthly active users for online music services decreased by 3.9% year-over-year to 571 million, while mobile monthly active users for social entertainment services dropped by 31.6% to 93 million [5]. - The number of online music paying users increased by 17.7% year-over-year to 117 million, with an average revenue per paying user of RMB 10.7 [8]. Cash and Investments - As of June 30, 2024, the total balance of cash, cash equivalents, time deposits, and short-term investments was RMB 35.03 billion (USD 4.82 billion) [3]. - Cash and cash equivalents totaled RMB 35.03 billion (USD 4.82 billion) as of June 30, 2024, up from RMB 34.18 billion [12]. - The company reported cash and cash equivalents of RMB 12,251 million as of June 30, 2024, down from RMB 13,567 million as of December 31, 2023 [22]. - The net cash outflow from investing activities for the six months ended June 30, 2024, was RMB 4,805 million, compared to an outflow of RMB 528 million for the same period in 2023 [24]. Operating Expenses - Operating expenses decreased by 8.5% year-over-year to RMB 1.15 billion (USD 158 million), with a reduction in general and administrative expenses by 10.2% [9]. - The total operating costs for the three months ended June 30, 2023, were RMB 7,286 million, a slight decrease from RMB 7,300 million in the same period last year [18]. Future Outlook - The company expects continued growth in online music services and anticipates a recovery in social entertainment services in the upcoming quarters [17]. - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth [20]. Shareholder Returns - The company declared a cash dividend of USD 0.0685 per ordinary share, totaling USD 212 million, to be paid on June 2024 [11]. Asset and Liability Overview - The total assets of Tencent Music as of June 30, 2024, were RMB 82,405 million, an increase from RMB 75,536 million as of December 31, 2023 [22]. - Total liabilities increased to RMB 19,526 million as of June 30, 2024, from RMB 18,334 million as of December 31, 2023 [23]. - The company’s equity attributable to shareholders was RMB 62,879 million as of June 30, 2024, up from RMB 57,202 million as of December 31, 2023 [23].
腾讯音乐-SW(01698) - 2024 - 中期财报