Core Insights - Tencent Music reported a total revenue of 8.46 billion yuan for Q3 2025, representing a year-on-year growth of 20.6% [1] - The adjusted net profit for the same period was 2.48 billion yuan, showing a year-on-year increase of 27.7% [1] Revenue Breakdown - Online music service revenue increased by 27.2% year-on-year, reaching 6.97 billion yuan, driven by strong growth in online music subscription revenue, offline performances, advertising services, and artist-related income [1] - Online music subscription revenue was 4.50 billion yuan, up 17.2% from 3.84 billion yuan in the same quarter of 2024, primarily due to an increase in average revenue per paying user [1] User Metrics - Monthly active users slightly decreased by 4.3% to 551 million, while the number of paying users rose by 5.6% to 126 million [1] - The average revenue per paying user increased from 10.8 yuan in Q3 2024 to 11.9 yuan in Q3 2025, attributed to the expansion of super member benefits [1] Membership Strategy - Tencent Music's multi-tier membership system enhances user engagement and conversion, offering differentiated services through free, ad-supported, and standard memberships [2] - The newly introduced ad-supported membership has shown increasing appeal to free users, with a rising average daily usage time on the platform [2]

Core Insights - Tencent Music reported a total revenue of 8.46 billion yuan for Q3 2025, representing a year-on-year growth of 20.6% [1] - The net profit attributable to shareholders reached 2.48 billion yuan, up 27.7% year-on-year [1] - The increase in revenue is primarily attributed to the strong growth in online music service revenue, which now accounts for 82.4% of total revenue [1] Revenue Breakdown - Online music service revenue for Q3 2025 was 6.97 billion yuan, a year-on-year increase of 27.2% [2] - Online music subscription revenue was 4.50 billion yuan, growing 17.2% compared to 3.84 billion yuan in the same period of 2024 [2] - The growth in subscription revenue was driven by an increase in average revenue per paying user (ARPPU), which rose from 10.8 yuan to 11.9 yuan [2] Advertising and Other Revenue - Advertising revenue saw a year-on-year increase due to a more diversified product offering and innovative advertising formats, such as incentive-based advertising [2] - Revenue from artist-related activities and offline performances also experienced strong growth, highlighted by successful concerts in six cities [2] Year-to-Date Performance - For the first three quarters of the year, Tencent Music achieved a total revenue of 24.261 billion yuan, an increase of 15.8% compared to the same period in 2024 [3]

今年上半年，公司在线音乐服务业务实现收入29.7亿元，同比增长15.9%数据显示，上半年度，网易云 音乐每月活跃用户总数保持稳定增长，日活跃用户数/月活跃用户数比率稳居30%以上，会员订阅服务 也收入从2024年上半年度的21.4亿元增长至今年上半年度的24.7亿元，增幅达15.2%。 消息面上，网易云音乐发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币38.27亿元 (单位下同)；公司权益持有人期内利润18.85亿元，同比增加132.83%；每股基本盈利8.96元；经调整净 利润19.46亿元，同比增加120.99%。上半年度毛利率水平达36.4%，创公司历史同期新高。 网易云音乐(09899)涨超5%，截至发稿，涨5.11%，报284港元，成交额1.74亿港元。 ...