在一个流媒体竞争日趋激烈的市场环境下，腾讯音乐交出了一份超预期的成绩单：Q2实现了收入和利润的双重加速 增长，在线音乐服务业务强劲增长。 更值得关注的是用户价值的持续提升。月均ARPPU从去年同期的10.7元增长至11.7元，同比增长9.3%，这一增长主 要得益于SVIP会员计划的成功推广。管理层透露，SVIP订阅用户已突破1500万，创下历史新高，反映出用户对高 端音乐体验的强烈需求和支付意愿。 周二下午，腾讯音乐公布二季度财报。核心要点如下： 财务表现 核心业务进展 总收入84.4亿元人民币，同比增长17.9%，主要受在线音乐服务强劲增长驱动。 在线音乐服务收入68.5亿元，同比增长26.4%；音乐订阅收入43.8亿元，增长17.1%。 净利润24.1亿元，同比增长43.2%；非国际财务报告准则净利润25.7亿元，增长37.4%。 毛利率提升至44.4%，去年同期为42.0%。 现金及等价物349.2亿元，财务状况稳健。 SVIP用户突破1500万，月均ARPPU提升至11.7元（同比增长9.3%）。 在线音乐付费用户1.244亿，同比增长6.3%，但月活用户5.53亿，同比下降3.2% 社交娱乐服务收入 ...

周二，腾讯音乐(TME.US)大涨超13%，创四年新高，报25.73美元。消息面上，该公司发布了截至2025 年6月30日止的第二季度未经审计财务业绩报告。财报显示，腾讯音乐第二季度整体业绩坚实增长，总 收入同比增长17.9%达84.4亿元，调整后净利润同比增长33.0%达26.4亿元。其中，在线音乐业务持续高 质量增长，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐订阅收入同比增长17.1%至43.8亿 元，在线音乐付费用户数同比增长6.3%至1.244亿，ARPPU进一步提升至11.7元。 本文源自：智通财经网 ...

周二，腾讯音乐(TME.US)大涨超13%，创四年新高，报25.73美元。消息面上，该公司发布了截至2025 年6月30日止的第二季度未经审计财务业绩报告。财报显示，腾讯音乐第二季度整体业绩坚实增长，总 收入同比增长17.9%达84.4亿元，调整后净利润同比增长33.0%达26.4亿元。其中，在线音乐业务持续高 质量增长，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐订阅收入同比增长17.1%至43.8亿 元，在线音乐付费用户数同比增长6.3%至1.244亿，ARPPU进一步提升至11.7元。 ...

智通财经APP获悉，周二，腾讯音乐(TME.US)大涨超13%，创四年新高，报25.73美元。消息面上，该 公司发布了截至2025年6月30日止的第二季度未经审计财务业绩报告。财报显示，腾讯音乐第二季度整 体业绩坚实增长，总收入同比增长17.9%达84.4亿元，调整后净利润同比增长33.0%达26.4亿元。其中， 在线音乐业务持续高质量增长，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐订阅收入同比 增长17.1%至43.8亿元，在线音乐付费用户数同比增长6.3%至1.244亿，ARPPU进一步提升至11.7元。 ...

Tencent Music Q2 2025 Earnings Call Summary Company Overview - **Company**: Tencent Music Entertainment Group - **Date**: Q2 2025 Earnings Call Key Financial Highlights - Total revenue reached **84 billion RMB**, a **18%** year-over-year increase [2][12] - Online music revenue grew **26%** to **69 billion RMB** [2][12] - Music subscription revenue increased **17%** to **44 billion RMB** [12] - Monthly ARPPU (Average Revenue Per Paying User) rose to **11.7 RMB**, up from **10.7 RMB** [12] - Net profit increased **38%** to **25 billion RMB**; net profit attributable to shareholders grew **43%** to **24 billion RMB** [12] - Non-U.S. business net profit reached a record high of **26 billion RMB**, up **33%** [2][12] Core Business Insights - **Content Partnerships**: Collaborations with The Black Label and H Music to enhance K-pop content supply; expanded partnership with Chinese artist Wang Feng [2][4] - **User Engagement**: Strong performance in advertising driven by innovative ad formats and events like the 6.18 shopping festival [2][15] - **SYP Membership Enhancements**: Introduction of Wiper Hi-Fi audio quality and exclusive artist content to improve user experience [2][7][8] Growth Strategies - **Content Creation**: Focus on co-creation and original content, including collaborations with SM Entertainment for new releases [4][10] - **Live Events**: Hosting over **300 live performances** for nearly **100 Tencent musicians** to boost engagement and visibility [4][10][6] - **AI Utilization**: Projects like "Hearing Guizhou" to enhance user experience and promote social value through technology [11] Advertising and Revenue Streams - **Advertising Growth**: Continued strong growth in advertising revenue, supported by innovative ad formats and sponsorships [15][12] - **Merchandise Sales**: Strong performance in artist-related merchandise, including successful sales of physical albums and concert merchandise [18][19] User Interaction and Community Building - **Bubble Feature**: Launched to enhance interaction between fans and K-pop artists, receiving positive feedback [9][20] - **Fan Engagement**: Initiatives to connect artists with fans through live events and exclusive content [6][9] Future Outlook - **Revenue Projections**: Anticipation of higher-than-expected revenue for the full year 2025, driven by operational efficiency and strategic focus [4][16] - **Market Expansion**: Plans to increase presence in Southeast Asia and enhance international copyright advantages [25][26] - **Sustainable Growth**: Confidence in maintaining a rising trend in profit margins through diversified revenue streams and enhanced user engagement [21][16] Challenges and Opportunities - **Regulatory Environment**: Awaiting regulatory approval for collaborations, such as with Ximalaya, which could enhance long audio content offerings [22] - **Operational Costs**: Expected increase in operational expenses, but with a focus on ensuring that growth in expenses does not outpace revenue growth [28] Conclusion Tencent Music is positioned for continued growth through strategic partnerships, enhanced user experiences, and a focus on content creation and live events. The company remains optimistic about its revenue outlook and operational efficiency while navigating regulatory challenges and market expansion opportunities.

面对腾讯音乐稳中有进的财报表现，市场普遍持积极看好态度。其中，摩根士丹利、高盛银行及招银国 际等多家券商机构对腾讯音乐给出了"增持"或"买入"评级。摩根士丹利在给予"增持"评级的同时表示， 腾讯音乐SVIP业务贡献度持续提升，通过提供高品质音质音效及线下演出等丰富专属权益，进一步提 升用户消费意愿，驱动ARPPU持续增长。杰富瑞则认为，腾讯音乐不仅为用户提供一站式的音乐服 务，还通过加强内容制作与共创能力，与影视综游等更多领域跨文化合作，在增强用户黏性的同时也创 造了更多增长机会。 财报显示，腾讯音乐第二季度整体业绩实现坚实增长，在内容与平台"一体两翼"战略的持续深化下，多 项核心财务指标表现亮眼。本季度，腾讯音乐总收入达84.4亿元，同比增长17.9%，调整后净利润为 26.4亿元，同比增长33.0%。其中，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐订阅收入同 比增长17.1%至43.8亿元，在线音乐付费用户数达1.244亿，ARPPU(单个付费用户月均收入)进一步提升 至11.7元。 2025年以来，尽管全球经济增长放缓，但国内市场预期总体稳定。在国民经济向新向好的大环境下，中 国音乐产业 ...

消息面上，腾讯音乐第二季度总收入为84.4亿元，同比增长17.9%；公司权益持有人应占净利润为24.1 亿元，同比增长43.2%。期内，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐付费用户数同比 增长6.3%至1.244亿，单个付费用户月均收入从2024年同期的10.7元增长至11.7元。(格隆汇) 腾讯音乐(TME.US)大涨超14%，最高触及25.98美元，创2021年3月以来新高。 ...

Core Insights - Tencent Music reported a total revenue of 8.44 billion yuan for Q2 2025, representing a year-on-year growth of 17.9% driven primarily by strong growth in online music service revenue [1] - Online music service revenue accounted for 81.1% of total revenue, marking a significant milestone for the company [1] - The company continues to focus on cost reduction and efficiency improvement, with a gross margin increase to 44.4% in Q2 2025, up from 42% in the same period last year [2] Revenue Breakdown - Online music service revenue reached 6.85 billion yuan in Q2 2025, a year-on-year increase of 26.4% [1] - Subscription revenue within online music services was 4.38 billion yuan, growing 17.1% compared to Q2 2024, attributed to an increase in average revenue per paying user (ARPPU) from 10.7 yuan to 11.7 yuan [1][2] - Total revenue for the first half of the year was 15.798 billion yuan, a 13.5% increase from the same period in 2024 [3] Cost and Margin Analysis - Operating costs for Q2 2025 were 4.69 billion yuan, up 13.1% year-on-year, primarily due to increased costs related to IP and artist-related expenses [2] - The company managed to reduce its expense ratio to 13.7%, down 2.3 percentage points year-on-year, despite maintaining operating expenses at 1.16 billion yuan [2] - The growth in high-margin subscription and advertising revenues contributed to the improvement in gross margin [2] Market Position - Tencent Music's stock price was 88.3 HKD per share as of August 12, 2025, with a total market capitalization of 273.5 billion HKD [4] - The company has recently surpassed 15 million super members, indicating a strong user base and engagement [3]

Core Insights - Tencent Music's Q2 2025 unaudited financial results show total revenue of 8.44 billion yuan, a year-on-year increase of 17.9% [1] - Net profit attributable to equity holders reached 2.41 billion yuan, reflecting a year-on-year growth of 43.2% [1] - As of June 30, the company had a total cash and cash equivalents balance of 34.92 billion yuan [1] Revenue Breakdown - Online music service revenue amounted to 6.85 billion yuan, growing by 26.4%, driven by increases in subscriptions, advertising, artist merchandise, and live performances [1] - Online music subscription revenue was 4.38 billion yuan, up 17.1%, supported by an increase in average revenue per paying user [1] - Advertising revenue grew due to diverse products and innovative formats [1] Half-Year Performance - For the first half of 2025, Tencent Music reported total revenue of 15.798 billion yuan, a year-on-year increase of 13.43% [1] - Profit attributable to equity holders for the same period was 6.7 billion yuan, showing a significant year-on-year growth of 115.85% [1] - Basic earnings per American Depositary Share were 4.38 yuan [1] Management Commentary - Company executives indicated strong business growth and a commitment to ongoing innovation and investment [1]

在线音乐服务收入达到68.5亿元，同比增长26.4%，占总收入的比重进一步提升至81.2%。其中，音乐订 阅收入43.8亿元，同比增长17.1%，继续扮演着收入增长的主要驱动力角色。 在一个流媒体竞争日趋激烈的市场环境下，腾讯音乐交出了一份超预期的成绩单：Q2实现了收入和利 润的双重加速增长，在线音乐服务业务强劲增长。 周二下午，腾讯音乐公布二季度财报。核心要点如下： 财务表现 核心业务进展 核心增长引擎：订阅业务的强劲表现 腾讯音乐Q2最大的亮点无疑是在线音乐业务的强劲表现。 毛利率从去年同期的42.0%提升至44.4%，主要受益于高毛利的音乐订阅和广告服务收入占比提升，同 时社交娱乐服务分成比例下降。 更值得关注的是用户价值的持续提升。月均ARPPU从去年同期的10.7元增长至11.7元，同比增长9.3%， 这一增长主要得益于SVIP会员计划的成功推广。管理层透露，SVIP订阅用户已突破1500万，创下历史 新高，反映出用户对高端音乐体验的强烈需求和支付意愿。 然而，用户增长的天花板问题依然存在。在线音乐MAU为5.53亿，同比下滑3.2%，这已是连续多个季 度的下滑趋势。尽管付费用户数量仍在增长（1.2 ...