【腾讯音乐（TME.N）】SVIP渗透率持续提升，推动演出&粉丝经济发展——25Q3业绩点评（付天姿/杨朋沛）

Core Viewpoint - The company reported a total revenue of 8.46 billion RMB for Q3 2025, representing a year-over-year increase of 20.6%, exceeding Bloomberg's consensus estimate of 8.23 billion RMB, primarily driven by better-than-expected growth in non-subscription business revenue [4] Revenue Structure - Online music revenue reached 6.97 billion RMB, up 27.2% year-over-year, accounting for 82.3% of total revenue, an increase of 4.2 percentage points year-over-year. Revenue from social entertainment services and other sources declined by 2.7% [5] Online Music Revenue Details - Subscription revenue was 4.5 billion RMB, growing 17.2% year-over-year, with a music MAU of 551 million, down 4.3% year-over-year. The number of paid subscribers reached 126 million, a 5.6% increase year-over-year, with a net addition of 1.3 million users from Q2. ARPPU was 11.9 RMB, up 10.2% year-over-year. The growth was driven by high-quality music content and innovative features [6] - Non-subscription revenue was 2.47 billion RMB, showing over 50% year-over-year growth. The advertising business experienced strong growth, and the company plans to continue this trend into Q4 2025. The live performance segment also saw significant growth, with 14 sold-out shows for G-DRAGON across six cities, attracting over 150,000 attendees [6] Expense Overview - Total expenses for Q3 2025 were 1.31 billion RMB, a year-over-year increase of 7.6%. Sales and marketing expenses were 260 million RMB, up 18.2% due to increased content promotion and channel spending. General and administrative expenses were 1.05 billion RMB, a 5.3% increase driven by rising employee-related costs [7]