随着中国资本市场的持续走强，市场对优质资产的价值重估正不断深化。在此背景之下，那些兼具价值与成长属性的行业领先者，作为市场中的稀缺标的， 正受到投资者的重点关注，这其中便包括了最新财报展现出稳健增长趋势的腾讯音乐(01698)。 11月12日，腾讯音乐发布了2025年第三季度未经审计的财务业绩公告。数据显示，公司报告期内的总收入为84.6亿元(人民币，下同)，同比增长20.6%;期内 非国际财务报告准则下的净利润为24.8亿元，同比增长27.7%。收入、调整后净利润的双增长，表明了腾讯音乐稳健发展的确定性。 而业绩快速增长的背后，主要得益于在线音乐业务的全方位优异表现。其中，在线音乐订阅业务表现尤为突出。报告期内，在线音乐付费用户数同比增长 5.6%达到1.257亿，单个付费用户月均收入(ARPPU)同比增长10.2%达到11.9元人民币，在"量价齐升"的双轮驱动下，在线音乐订阅业务收入同比增长17.2%至 45亿元。此外，演唱会、艺人周边及广告服务等非订阅业务的有力增长，也为在线音乐服务收入的高质量增长提供了重要支撑。 若从更长的时间维度来看，腾讯音乐的增长展现出明显的持续性与韧性。数据显示，2023、20 ...

Core Viewpoint - The continuous strengthening of China's capital market has led to a deepening re-evaluation of the value of quality assets, with industry leaders that combine value and growth attributes, such as Tencent Music, receiving significant investor attention due to their robust growth trends reflected in recent financial reports [1] Financial Performance - Tencent Music reported total revenue of 8.46 billion RMB for Q3 2025, a year-on-year increase of 20.6%, and a net profit of 2.48 billion RMB, up 27.7% year-on-year, indicating strong growth [5] - The online music subscription business showed particularly strong performance, with paid user numbers increasing by 5.6% to 125.7 million and average revenue per paying user (ARPPU) rising by 10.2% to 11.9 RMB, contributing to a 17.2% increase in subscription revenue to 4.5 billion RMB [5][6] Strategic Initiatives - Tencent Music's growth is driven by its "one body, two wings" strategy, focusing on deepening user value rather than just expanding user scale, enhancing platform attractiveness and user willingness to pay [6][11] - The company has been diversifying and globalizing its content, hosting international concerts and events to enhance its global industry influence, such as the TIMA International Music Awards and G-DRAGON's world tour [6][8] Non-Subscription Business Growth - Tencent Music has expanded its non-subscription revenue sources through innovative advertising services and events, such as the "Sprite Cool" national campus music competition, which successfully engaged young consumers [8] - The platform has upgraded its features to provide a more immersive experience and optimized its multi-tier membership system to meet diverse user needs, enhancing user engagement and willingness to pay [8][11] Long-Term Growth Potential - The company is expected to maintain a clear growth trajectory, with increasing user willingness to pay and a significant market potential yet to be tapped, particularly among the post-2000 generation [11][12] - Tencent Music's ARPPU is anticipated to continue rising, supported by its differentiated content and services, particularly from SVIP users [12] Market Recognition - Tencent Music's consistent growth has garnered positive recognition from numerous financial institutions, with firms like CICC and Goldman Sachs raising their profit forecasts and target prices for the company based on its strong performance and growth potential [13][14]

Core Viewpoint - Tencent Music Entertainment Group reported steady growth in its financial performance for the third quarter ending September 30, 2025, with total revenue reaching 8.46 billion yuan, a year-on-year increase of 20.6%, and adjusted net profit of 2.48 billion yuan, up 27.7% [1] Financial Performance - Total revenue for the third quarter was 8.46 billion yuan, reflecting a 20.6% year-on-year growth [1] - Adjusted net profit for the quarter was 2.48 billion yuan, representing a 27.7% increase compared to the previous year [1] - Online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan [1] - Average revenue per paying user increased from 10.8 yuan in the same quarter of 2024 to 11.9 yuan [1] Strategic Initiatives - The company’s growth is attributed to the deepening of its "one body, two wings" strategy, focusing on content and platform integration [1] - Tencent Music has strengthened collaborations with global record companies and artists, hosting large-scale domestic and international tours, and expanding its own performance IP matrix [1] - Continuous innovation in product features and services aims to meet the diverse needs of user groups, creating personalized and differentiated music experiences [1] Future Outlook - Tencent Music plans to seize emerging opportunities and expand its music service offerings, collaborating with industry partners to promote healthy industry development [1]

Financial Performance - As of June 30, 2025, Tencent Music reported total revenue of 15.798 billion RMB, representing a year-on-year growth of 13.43% [1] - The company's net profit attributable to shareholders reached 6.7 billion RMB, showing a significant year-on-year increase of 115.85% [1] Stock Market Activity - On August 18, Tencent Music's stock opened with a rise of 2.74%, reaching a price of $26.25 per share by 21:30, with a total trading volume of $8.4666 million [1] - The company's total market capitalization stood at $40.659 billion [1] Analyst Ratings - On August 13, Tencent Music received a "Buy" rating from CMB International, with the target price raised to $29.5 [1] Company Overview - Tencent Music Entertainment Group operates popular music products in China, including QQ Music, Kugou Music, Kuwo Music, and WeSing [2] - The company provides a comprehensive online music and audio platform, integrating social interaction features such as sharing, liking, commenting, and gifting [2] - Tencent Music aims to empower artists and musicians through copyright protection and collaboration in creation, distribution, and commercialization [2]

Group 1 - Tencent Music's stock price increased by 2.02% to $26.035 per share, with a total market capitalization of $40.326 billion as of August 15 [1] - As of June 30, 2025, Tencent Music's total revenue is projected to be 15.798 billion RMB, representing a year-on-year growth of 13.43%, while net profit attributable to shareholders is expected to reach 6.7 billion RMB, reflecting a significant year-on-year increase of 115.85% [1] - On August 13, Tencent Music received a "Buy" rating from CMB International, with the target price raised to $29.5 [1] Group 2 - Tencent Music Entertainment Group is a leading online music and audio platform in China, operating popular music products such as QQ Music, Kugou Music, Kuwo Music, and Quanmin Kge [2] - The company provides a comprehensive range of services including online music, audio, karaoke, live streaming, and online performances, creating a large community for music enthusiasts to engage with music through various interactive features [2] - Tencent Music's platform integrates social interactions such as sharing, liking, commenting, and gifting, enhancing user engagement and retention [2] - The company boasts a vast music library, including licensed, self-produced, and co-created content, and offers a wide array of professionally produced video content [2] - Tencent Music collaborates closely with music labels and content owners for copyright protection and empowers artists and performers in creation, distribution, and commercialization [2] - The company's mission is to leverage technology to create limitless possibilities in music [2]

Group 1 - Tencent Music's stock opened at $26.14, up 2.95%, with a total market capitalization of $40.488 billion as of August 13 [1] - As of June 30, 2025, Tencent Music reported total revenue of 15.798 billion RMB, a year-on-year increase of 13.43%, and a net profit attributable to shareholders of 6.7 billion RMB, reflecting a significant year-on-year growth of 115.85% [1] - On August 13, Tencent Music received a "Buy" rating from CMB International, with the target price raised to $29.5 [1] Group 2 - Tencent Music Entertainment Group is a leading online music and audio platform in China, operating popular music products such as QQ Music, Kugou Music, Kuwo Music, and WeSing [2] - The company provides a wide range of services including online music, audio, karaoke, live streaming, and online performances, creating a large community for music enthusiasts [2] - Tencent Music integrates social interaction features like sharing, liking, commenting, and gifting into its platform, enhancing user engagement and retention [2] - The company has a vast music library, including licensed, self-produced, and co-created content, and offers professional video content such as music videos and concerts [2] - Tencent Music collaborates closely with music labels and content owners for copyright protection and empowers artists in creation, distribution, and commercialization [2] - The company's mission is to leverage technology to create limitless possibilities in music [2]

Core Insights - Tencent Music Entertainment Group reported solid growth in its Q2 financial performance for the period ending June 30, 2025, with total revenue reaching 8.44 billion yuan, a year-on-year increase of 17.9%, and adjusted net profit of 2.64 billion yuan, up 33.0% [1] Financial Performance - Total revenue for Q2 2025 was 8.44 billion yuan, reflecting a 17.9% year-on-year growth [1] - Adjusted net profit for the same period was 2.64 billion yuan, marking a 33.0% increase compared to the previous year [1] - Online music service revenue grew by 26.4% to 6.85 billion yuan [1] - Online music subscription revenue increased by 17.1% to 4.38 billion yuan [1] - The number of paying users for online music reached 124.4 million, with ARPPU rising to 11.7 yuan [1] - The number of Tencent Music's Super VIP users surpassed 15 million recently [1] Market Sentiment - The market generally holds a positive outlook on Tencent Music's financial performance, with several brokerage firms, including Morgan Stanley, Goldman Sachs, and CMB International, issuing "overweight" or "buy" ratings [2] - Morgan Stanley noted that the contribution of Tencent Music's SVIP business continues to rise, enhancing user spending willingness and driving ARPPU growth [2] - Jefferies highlighted Tencent Music's provision of a one-stop music service and its efforts in content creation and cross-cultural collaborations, which enhance user engagement and create additional growth opportunities [2]

Core Insights - Tencent Music (TME) opened with a 7.51% increase on August 12, reaching $24.405 per share, with a total market capitalization of $37.801 billion [1] - For the fiscal year ending June 30, 2025, Tencent Music reported total revenue of 15.798 billion RMB, reflecting a year-on-year growth of 13.43%, and a net profit attributable to shareholders of 6.7 billion RMB, which is a significant increase of 115.85% [1][2] Company Overview - Tencent Music Entertainment Group, listed on both the New York Stock Exchange (TME) and the Hong Kong Stock Exchange (1698), is a leading online music and audio entertainment platform in China, operating popular music products such as QQ Music, Kugou Music, Kuwo Music, and WeSing [3] - The company provides a wide range of services including online music, audio streaming, karaoke, live performances, and social interactions centered around music, enhancing user engagement and retention [3] - Tencent Music has a vast library of content, including licensed, self-produced, and co-created materials, and collaborates closely with music labels and content owners for copyright protection and artist empowerment [3]

Core Insights - Tencent Music Entertainment Group reported solid growth in its Q2 financial performance for the period ending June 30, 2025, with total revenue reaching 8.44 billion yuan, a year-on-year increase of 17.9%, and adjusted net profit of 2.64 billion yuan, up 33.0% [1] Revenue Breakdown - Online music service revenue grew by 26.4% year-on-year to 6.85 billion yuan, driven by a 6.3% increase in the number of paying users, which reached 124.4 million [1] - Average revenue per paying user increased from 10.7 yuan in the same period of 2024 to 11.7 yuan [1] Strategic Initiatives - The company continues to deepen collaborations with global record labels and innovate content co-creation formats, enhancing its content ecosystem to meet diverse user preferences [1] - Tencent Music is focused on product innovation to improve user engagement and provide a rich and unique music experience [1] - The company adheres to a long-term growth strategy, aiming to create more development opportunities for the Chinese music industry in collaboration with industry partners [1]

Financial Performance - Tencent Music reported total revenue of 7.356 billion RMB for the fiscal year ending March 31, 2025, representing a year-on-year growth of 8.69% [1] - The company's net profit attributable to shareholders reached 4.291 billion RMB, showing a significant year-on-year increase of 201.76% [1] Stock Performance - On August 11, Tencent Music's stock price increased by 2.12%, closing at $22.6 per share, with a trading volume of $60.881 million [1] - The total market capitalization of Tencent Music is approximately $35.005 billion [1] Upcoming Events - Tencent Music is scheduled to disclose its fiscal year 2025 interim report on August 12, prior to the market opening (Eastern Time) [2] Company Overview - Tencent Music Entertainment Group is a leading online music and audio platform in China, operating popular music products such as QQ Music, Kugou Music, Kuwo Music, and WeSing [3] - The company offers a wide range of services including online music, audio streaming, karaoke, live performances, and social interactions centered around music [3] - Tencent Music aims to enhance user engagement and retention through a community-driven platform that integrates social features with music experiences [3] - The company collaborates closely with music labels and content owners for copyright protection and empowers artists in creation, distribution, and commercialization [3]