Financial Performance - Total revenue for Q1 2025 was RMB 7.36 billion (USD 1.01 billion), representing an 8.7% year-over-year increase, driven by strong growth in online music services[6]. - Online music subscription revenue grew by 16.6% year-over-year to RMB 4.22 billion (USD 581 million), with paid user count increasing by 8.3% to 122.9 million[6]. - Net profit attributable to equity holders was RMB 4.29 billion (USD 591 million), a significant increase of 201.8% year-over-year[6]. - Operating costs increased by 2.9% year-over-year to RMB 4.11 billion (USD 567 million), while gross margin improved from 40.9% in Q1 2024 to 44.1% in Q1 2025[13]. - Net profit for Q1 2025 was RMB 4.39 billion (USD 605 million), with a year-over-year increase of 146.9% in operating profit to RMB 4.84 billion (USD 666 million)[16]. - The net profit attributable to equity holders for Q1 2024 was RMB 1,422 million, projected to increase to RMB 4,291 million in Q1 2025, representing a growth of 202%[28]. - Basic earnings per share for A and B ordinary shares were RMB 0.46 for Q1 2024, expected to rise to RMB 1.40 in Q1 2025, marking an increase of 204%[28]. Cash and Investments - Cash and cash equivalents, along with short-term investments, totaled RMB 37.67 billion (USD 5.19 billion) as of March 31, 2025[6]. - Cash and cash equivalents totaled RMB 37.67 billion (USD 5.19 billion) as of March 31, 2025, slightly up from RMB 37.58 billion at the end of 2024[17]. - The company repurchased a total of 5.9 million ADS for approximately USD 64.5 million at an average price of USD 10.8 per ADS during the three months ended March 31, 2025[18]. - A cash dividend of USD 0.18 per ADS was declared for the year ended December 31, 2024, totaling USD 275 million, paid on April 3, 2025[19]. - The company acquired a 2% stake in Universal Music Group (UMG) through an affiliate, resulting in a gain of RMB 2.37 billion (USD 327 million) recognized in other comprehensive income[15]. - Tencent Music's cash and cash equivalents decreased from RMB 13,164 million at the end of 2024 to RMB 12,022 million by March 31, 2025[31]. - The cash and cash equivalents decreased by RMB 1,158 million during the three months ended March 31, 2025, compared to a decrease of RMB 3,334 million in the same period of 2024, indicating improved cash flow management[33]. User Engagement and Content - Monthly active users for online music services decreased by 4.0% year-over-year to 555 million, while paid users increased by 8.3%[7]. - The average revenue per paid user per month rose to RMB 11.4, up 7.5% from RMB 10.6 in the same period last year[7]. - The company continues to enhance its content offerings through partnerships with major record labels and the introduction of high-quality audio experiences[8]. - New product initiatives include exclusive merchandise and immersive online-offline music experiences, which have shown strong sales performance[11]. - The company is focused on expanding its international music content and enhancing cultural diversity on its platform[8]. - Long audio content has effectively improved the renewal rates of super members, with a new audio drama achieving over 10 million plays rapidly[11]. Operational Metrics - Tencent Music Entertainment Group reported online music service revenue of RMB 5,007 million for the three months ended March 31, 2024, an increase of 8% compared to RMB 5,804 million for the same period in 2025[27]. - The total revenue for Tencent Music was RMB 6,768 million for Q1 2024, projected to grow to RMB 7,356 million in Q1 2025, reflecting a year-over-year increase of approximately 8.7%[27]. - Operating profit for the first quarter of 2024 was RMB 1,959 million, which is expected to rise significantly to RMB 4,836 million in Q1 2025, indicating a growth of 146%[27]. - Tencent Music's total operating expenses for Q1 2024 were RMB 1,136 million, expected to increase slightly to RMB 1,143 million in Q1 2025[27]. Balance Sheet and Equity - The total assets of Tencent Music increased from RMB 90,444 million as of December 31, 2024, to RMB 98,084 million as of March 31, 2025, reflecting a growth of 8.1%[31]. - As of March 31, 2025, total equity increased to RMB 75,199 million from RMB 69,726 million, representing an increase of approximately 7%[32]. - The company's retained earnings rose to RMB 22,642 million as of March 31, 2025, compared to RMB 20,051 million, an increase of approximately 12.9%[32]. - The total equity attributable to shareholders increased by RMB 5,436 million, from RMB 67,863 million to RMB 73,237 million, representing an increase of about 8%[32]. - Total liabilities rose to RMB 22,885 million as of March 31, 2025, compared to RMB 20,718 million, reflecting an increase of about 10.5%[32]. - The company's total current liabilities increased to RMB 18,630 million as of March 31, 2025, from RMB 16,550 million, reflecting an increase of approximately 12.5%[32]. ESG Commitment - The company emphasizes its commitment to ESG practices, focusing on intellectual property protection, user privacy, and sustainable development[20].
腾讯音乐-SW(01698) - 2025 Q1 - 季度业绩