Financial Data and Key Metrics Changes - In Q3 2025, total revenues grew 21% year-on-year to CNY 8.5 billion, marking the highest revenue growth since Q1 2021 [17] - Online music revenues increased by 27% year-on-year to CNY 7 billion [18] - Music subscription revenues surged 70% year-on-year to CNY 4.5 billion, driven by growth in monthly ARPPU and subscriber base [18] - Monthly ARPPU reached CNY 11.9, up from CNY 10.8 in the same period last year [18] - Net profit increased by 29% to CNY 2.2 billion, with non-IFRS net profit rising by 28% to CNY 2.5 billion [22] Business Line Data and Key Metrics Changes - Offline performances and artist-related merchandise sales experienced triple-digit year-on-year revenue growth [19] - Advertising revenue continued to grow, driven by a diversified product portfolio and innovative ad formats [19] - Social entertainment services and other revenues were CNY 1.5 billion, down by 3% year-on-year [20] Market Data and Key Metrics Changes - The company successfully hosted multiple concerts both domestically and internationally, including a concert tour for G-Dragon that drew over 150,000 attendees [5][6] - The annual flagship TMEA Concerts featured 35 artists and attracted more than 10,000 attendees [6] Company Strategy and Development Direction - The company aims to leverage its dual-engine strategy of platform and content to enhance user experience and drive growth [10][33] - Continued focus on expanding the music service and unlocking new growth opportunities through artist partnerships and innovative offerings [3][8] - The company is committed to enhancing its music ecosystem and exploring new opportunities in offline performances and artist-related merchandise [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong results for Q4 2025 and 2026, with expectations of sustained healthy growth in music subscription and non-subscription businesses [25][27] - The competitive landscape remains challenging, but the company believes its extensive music library and user experience will maintain its leadership position [29][30] Other Important Information - The company has won the Music Garden Space Public Welfare Program for seven consecutive years, supporting music education in rural areas [9] - The company is exploring new product combinations and service formats to enhance the fan-based economy [26] Q&A Session Summary Question: What is the outlook for Q4 2025 and 2026? - Management is optimistic about strong performance in both online music services and overall revenue growth for 2025, with a focus on subscription and non-subscription business growth [25][27] Question: How does management view the competitive landscape in the music streaming business? - Management acknowledges competition from peers but believes in their competitive edge through content differentiation and user experience [28][29] Question: What are the growth drivers for subscription services in 2026? - Growth will be driven by high-quality content, content privileges, and functional enhancements, with a focus on maintaining steady growth in subscriber base and ARPPU [39][41]