腾讯音乐：抗压期再现 “小确幸”

Core Viewpoint - Tencent Music's Q4 2024 earnings report shows mixed results, with subscription growth under pressure but improved profitability and cost management, indicating potential for future growth despite competitive challenges [1][7]. Subscription Performance - The number of subscription users increased by 2 million in Q4, remaining flat compared to Q3, which aligns with previous guidance [1]. - Subscription revenue grew by 18% year-over-year, driven by an increase in average revenue per paying user (ARPPU) [3][14]. - The company aims to increase its subscription penetration rate to 25%-30%, currently at 21.8% [17]. Profitability and Cost Management - Operating income for the core business reached 2.079 billion CNY, exceeding market expectations, with an operating profit margin of 27.9% [5][21]. - The gross profit margin improved to 43.6%, reflecting effective cost management and operational efficiency [20][21]. - Non-IFRS net income for Q4 was 2.399 billion CNY, a 43% year-over-year increase, primarily due to favorable currency fluctuations [22]. Shareholder Returns - A new share buyback plan of 1 billion USD over two years and a dividend of 273 million USD for 2024 were approved, resulting in a shareholder return yield of 3.5% [2][3]. Competitive Landscape - Monthly active users (MAU) decreased by 20 million to 556 million, raising concerns about competition, particularly from competitors like Kuaishou Music [2][12]. - Kuaishou Music's MAU has surged to nearly 100 million, indicating a significant competitive threat [8][13]. Cash Position - As of the end of Q4, Tencent Music had a net cash position of 25 billion CNY (approximately 3.5 billion USD), which could be utilized for shareholder returns and potential investments [4][23].