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 ...

腾讯音乐表示，第二季度，公司继续深化与全球唱片公司的合作、创新内容共创形式、为国内外艺人打 造一系列演唱会，以日益丰富的内容生态满足用户的多元喜好；同时深耕产品创新，不断提升产品吸引 力与用户活跃度，为用户提供丰富且独特的音乐体验。腾讯音乐始终秉持长期主义理念，锚定长期高质 量增长，携手产业上下游伙伴，助力中国音乐行业创造更多发展机遇。 中证报中证网讯(记者张兴旺)8月12日，腾讯音乐娱乐集团(以下简称"腾讯音乐")发布其截至2025年6月 30日止第二季度未经审计财务业绩。2025年第二季度，腾讯音乐业绩实现坚实增长，季度总收入为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，在线音乐业务保持良好发展 势头，持续驱动腾讯音乐高质量增长。第二季度在线音乐服务收入同比增长26.4%至68.5亿元。 ...

Core Insights - Tencent Music's Q2 2025 total revenue reached RMB 8.44 billion, marking a 17.9% year-on-year increase, while adjusted net profit rose to RMB 2.64 billion, up 33.0% [1][3] Revenue Breakdown - Online music services generated RMB 6.85 billion, a 26.4% increase year-on-year, with music subscription revenue at RMB 4.38 billion, growing 17.1% [3][4] - The average revenue per paying user (ARPPU) for online music increased from RMB 10.7 to RMB 11.7 year-on-year, with paying user count reaching 124.4 million, a 6.3% increase [3][4] Cost and Profit Analysis - Operating costs rose by 13.1% to RMB 4.69 billion, primarily due to increased costs related to IP, artist-related expenses, and advertising agency fees [5] - Gross profit for the quarter was RMB 3.75 billion, reflecting the company's ability to maintain profitability despite rising costs [3] Strategic Initiatives - The company’s Executive Chairman highlighted that the music subscription business remains the core growth driver, with expanding music-related services such as advertising and concerts showing strong development [4] - Tencent Music facilitated over 300 offline performance opportunities for nearly 100 music artists through its proprietary performance IPs in the first half of 2025 [4]

Core Insights - Tencent Music Entertainment Group reported solid growth in Q2 2025, with total revenue increasing by 17.9% year-on-year to 8.44 billion yuan and adjusted net profit rising by 33.0% to 2.64 billion yuan [1][3][12] - The online music business showed high-quality growth, with online music service revenue up 26.4% to 6.85 billion yuan and online music subscription revenue increasing by 17.1% to 4.38 billion yuan [1][3][12] - The number of paid online music users grew by 6.3% to 124.4 million, and ARPPU (Average Revenue Per Paying User) increased to 11.7 yuan [1][3][12] Group 1: Online Music Business Performance - The online music sector continues to drive Tencent Music's overall performance, supported by a robust content ecosystem and comprehensive music services [3][4] - The company’s "one body, two wings" strategy focuses on expanding content and platform capabilities, enhancing user experience and service innovation [1][3][12] - Tencent Music's super membership user base surpassed 15 million, marking a significant milestone [3][12] Group 2: Market Outlook and Growth Potential - The Chinese digital music industry is experiencing steady growth, with an expanding user base and increasing paid subscriptions, providing a favorable environment for Tencent Music [3][4] - Analysts predict that Tencent Music's online music subscription business will achieve high-quality growth, driven by the increase in paid users and ARPPU [4] - The company is expected to see double-digit growth in online music service revenue in 2025, supported by diverse content offerings [4] Group 3: Content Ecosystem and User Engagement - Tencent Music is enhancing its content ecosystem by expanding high-quality music offerings and creating engaging live events to meet diverse user needs [5][6][8] - Collaborations with well-known artists and strategic partnerships are being leveraged to boost content creation and user engagement [6][8][10] - The introduction of innovative features and exclusive rights for super members is enhancing user retention and driving higher-value user conversions [10][12] Group 4: Future Strategies - Tencent Music aims to deepen partnerships within the music industry and explore innovative growth points to drive sustainable development [12] - The company is committed to creating a vibrant one-stop music service platform that attracts users through high-quality and diverse music content [12]

人民财讯8月12日电，8月12日，腾讯音乐发布第二季度未经审计财务业绩，实现季度总收入为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%。第二季度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。 ...

8月12日，腾讯音乐娱乐集团(以下简称"腾讯音乐")(纽交所股票代码：TME及港交所股票代码：1698)今 日公布其截至2025年6月30日止第二季度未经审计财务业绩。 第二季度，腾讯音乐季度总收入为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。 ...