Core Insights - Tencent Music Entertainment Group reported a strong financial performance for Q2 2025, with total revenue reaching RMB 84.4 billion (USD 11.8 billion), representing a year-on-year growth of 17.9% [1] - The net profit attributable to equity holders was RMB 24.1 billion (USD 3.36 billion), marking a significant increase of 43.2% year-on-year [1] - The company’s cash and cash equivalents, along with short-term investments, totaled RMB 349.2 billion (USD 48.7 billion) as of June 30, 2025 [1] Revenue Breakdown - Online music service revenue grew by 26.4% year-on-year, reaching RMB 68.5 billion (USD 9.57 billion), driven by strong growth in online music subscription revenue and advertising services [2] - Online music subscription revenue was RMB 43.8 billion (USD 6.11 billion), up 17.1% from RMB 37.4 billion in the same period last year, primarily due to an increase in average revenue per paying user [2] - The average revenue per paying user rose from RMB 10.7 to RMB 11.7, attributed to enhanced super member benefits [2] Management Commentary - The Executive Chairman highlighted the achievement of high-quality growth, with both revenue and profit showing robust year-on-year increases, emphasizing the core role of the music subscription business [3] - The CEO noted that product innovation and immersive experiences have led to steady growth in the online music business, with a recent milestone of over 15 million super members, reflecting high user trust and engagement [3] - For the first half of 2025, the company achieved revenue of RMB 157.98 billion, a year-on-year increase of 13.43%, and net profit attributable to equity holders of RMB 67 billion, up 115.85% [3]