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 operates popular music products in the domestic market, including QQ Music, Kugou Music, Kuwo Music, and Quanmin Kge, offering services such as online music, audio, karaoke, live streaming, and online performances [1][2] Financial Performance - In Q3 2025, Tencent Music reported total revenue of RMB 84.6 billion, a year-on-year increase of 20.6%, and an adjusted net profit of RMB 24.8 billion, up 27.7% year-on-year [3] - Online music service revenue grew by 27.2% year-on-year to RMB 69.7 billion, driven by strong growth in online music subscription revenue and increases in offline performances, advertising services, and artist-related income [1] User Metrics - Monthly active users slightly decreased by 4.3% to 551 million, while the number of paying users increased by 5.6% to 126 million [1] - Online music subscription revenue reached RMB 45.0 billion, a 17.2% increase from RMB 38.4 billion in the same period last year, primarily due to an increase in average revenue per paying user [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 to meet diverse user needs [2] - The newly introduced ad-supported membership has shown increasing appeal to free users, with daily usage time on the platform continuing to rise [2]