US Market News
2月前
Tencent Music Entertainment Group Announces First Quarter 2026 Unaudited Financial ResultsMay 12, 2026 5:00 AM
PR Newswire (US) SHENZHEN, China, May 12, 2026 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.First Quarter 2026 Financial HighlightsTotal revenues were RMB7.90 billion (US$1.15 billion), representing a 7.3% year-over-year increase, primarily due to strong growth in revenues from music related services[1].Revenues from music related services[1] were RMB6.51 billion (US$944 million), representing 12.2% year-over-year growth. Revenues from membership services[2] were RMB4.57 billion (US$662 million), representing 6.6% year-over-year growth. Revenues from music related services other than membership services were RMB1.94 billion (US$282 million), representing 28.0% year-over-year growth.On an IFRS basis:Net profit attributable to equity holders of the Company was RMB2.09 billion (US$303 million), compared with RMB4.29 billion in the same period of 2025, as the Company has recognized a gain of RMB2.37 billion on deemed disposal of an associate in the first quarter of 2025.Diluted earnings per ADS was RMB1.34 (US$0.19), compared with RMB2.77 in the same period of 2025.On a non-IFRS basis:Adjusted EBITDA[3] was RMB2.83 billion (US$410 million), representing 10.5% year-over-year growth.Non-IFRS net profit attributable to equity holders of the Company[3] was RMB2.27 billion (US$330 million), representing 7.0% year-over-year growth.Non-IFRS diluted earnings per ADS was RMB1.46 (US$0.21), up from RMB1.37 in the same period of 2025.Total cash, cash equivalents, term deposits and short-term investments as of March 31, 2026 were RMB41.00 billion (US$5.94 billion).Mr. Cussion Pang, Executive Chairman of TME, commented, "This quarter's steady results reflect the effectiveness of our holistic approach to the music ecosystem. By expanding how we serve and engage our audience, we have built a more diversified and resilient model, supported by continued strong growth beyond membership services in our music related business. While AI is broadening participation in content creation, it does not replace human creativity and, in many ways, reinforces the scarcity and intrinsic value of premium IP—which remains central to deeper engagement and greater wallet share. Rooted in strong copyright protection, we are committed to channeling this value to elevate the creative economy, unlock new opportunities across the music industry, and drive enduring long-term value."Mr. Ross Liang, CEO of TME, continued, "As we operate in an increasingly competitive landscape, we remain focused on strengthening the resilience of our platform. Anchored by our content-and-platform dual engine, we continue to bolster differentiation, drive engagement, and expand user lifetime value. Leveraging Tencent's ecosystem, we are broadening user reach and deepening penetration, while advancing a tiered subscription strategy to better address diverse user needs. During the quarter, we delivered continued improvement in SVIP adoption and user engagement. Together, these initiatives position us to compete effectively while driving scalable growth and durable monetization over time."First Quarter 2026 Operational Highlights CONTENT – To unlock long-term value, we continued to invest in premium IP to drive differentiation and engagement, while leveraging AI to enrich content creation and improve efficiency. Strengthened our premium evergreen catalog by renewing key label partnerships, including JVR Music, Linfair Records, and MOK-A-BYE BABY MUSIC LTD., securing access to iconic artists such as Jay Chou, Karen Mok, Harlem Yu, and Angela Zhang[4]. We also deepened our strategic partnership with TF Entertainment through 30-day early release windows and expanded physical collaboration, reinforcing our content leadership and competitive differentiation.Captured more user mindshare with our proprietary content. High-impact releases—including Zhou Shen's chart-topping theme song for Sony Pictures' Project Hail Mary—collectively drove incremental streams across our self-produced catalog and further enhanced its visibility.Harnessed AI to enhance production efficiency and revitalize classic IP. Our AI tools empower creators by lowering production barriers and accelerating workflows, effectively increasing content supply, with AI-generated songs accounting for a growing share of daily new releases. High-quality, authorized AI covers reintroduce classic works to new audiences and drive incremental engagement with original tracks.PLATFORM – Sustained our user base through a multi-pronged approach and advanced a multi-tiered monetization strategy, including new offerings to capture demand for super-premium music experiences. Recently stepped up collaboration with the Tencent's Weixin Video Account to create a seamless funnel that converts casual background music (BGM) discovery into high-quality music streaming, enabling us to strengthen user base and drive incremental traffic.To better engage casual listeners, we diversified touchpoints across the platform. Combined with AI-driven recommendations with interactive features, these initiatives encourage users to favorite tracks and curate playlists, fostering the accumulation of personal music assets.SVIP membership continued to see solid adoption and engagement. To enhance its appeal, we appointed major artists such as Ryan Ding, Ju Jingyi, Liu Yuning, JC-T, and Karry Wang as ambassadors for a variety of collaborations. We also introduced tailored collections for leading K-pop artists such as BLACKPINK, EXO, and IVE, combining digital albums with physical collectibles including NFC cards.To meet demand for super-premium experiences, we launched our inaugural Fan Club membership with Silence Wang, integrating priority ticketing and exclusive merchandise to further enrich the fan experience.IP-VALUE – Adopted a holistic, pan-IP approach to amplify music influence, simultaneously boosting user reach, engagement, and wallet share.Extended the IP value chain and unlocked commercial value through innovative virtual and physical offerings. A prime example is our strengthened partnership with Jay Chou for his digital album, Children of the Sun where combined digital and physical benefits drove strong engagement and generated over RMB100 million in sales.Achieved triple-digit year-over-year growth in revenues related to live performance while growing our IP's global footprint. We hosted flagship concerts with leading K-pop groups, including BABYMONSTER's concerts in Taiwan, China, and NCT WISH's concerts in Hong Kong, China, and elevated strategic artists such as Will Pan, Silence Wang, Tia Ray, Angela Zhang, Jane Zhang, Zhang Yuan, and GAI onto prominent domestic and international stages, enhancing their global reach and commercial value.First Quarter 2026 Financial Review Total revenues increased by RMB539 million, or 7.3%, to RMB7.90 billion (US$1.15 billion) from RMB7.36 billion in the same period of 2025.Revenues from music related services increased by 12.2% to RMB6.51 billion (US$944 million), compared with RMB5.80 billion in the same period of 2025. The increase was driven by solid growth in revenues from membership services and offline performances related services, supplemented by growth in revenues from advertising services. Revenues from membership services were RMB4.57 billion (US$662 million), representing 6.6% year-over-year growth, compared with RMB4.28 billion in the same period of 2025. The growth was mainly driven by our continuous expansion of SVIP membership privileges, such as early access to offline performances and artist-related merchandise, and the launch of other new membership programs, such as bubble, WeverseDM, and fan-club membership. Revenues from offline performances related services achieved robust year-over-year growth. We successfully staged several successful concerts for our strategically collaborated local and Korean artists across domestic and overseas markets. The year-over-year increase in revenues from advertising services was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode.Revenues from social entertainment services and others decreased by 11.0% to RMB1.38 billion (US$200 million) from RMB1.55 billion in the same period of 2025.Cost of revenues increased by 5.7% year-over-year to RMB4.35 billion (US$630 million), mainly due to increased costs related to offline performances, advertising services and other IP related services. Meanwhile, revenue sharing fees decreased, resulting from declines in both revenue sharing ratio and revenues from social entertainment services. Gross margin increased to 44.9% from 44.1% in the same period of 2025, primarily due to increase in revenues from membership services, along with decreased channel fee.Total operating expenses increased by 5.9% year-over-year to RMB1.21 billion (US$176 million). Operating expenses as a percentage of total revenues decreased to 15.3% from 15.5% in the same period of 2025. Selling and marketing expenses were RMB271 million (US$39 million), representing a 36.2% year-over-year increase. The increase was primarily due to higher channel spending and content promotion expenses.General and administrative expenses were RMB940 million (US$136 million), and remained relatively stable compared with the same period of 2025.On an IFRS basis, net profit and net profit attributable to equity holders of the Company for the first quarter of 2026 were RMB2.14 billion (US$310 million) and RMB2.09 billion (US$303 million), respectively. Basic and diluted earnings per American Depositary Shares ("ADS") for the first quarter of 2026 were RMB1.36 (US$0.20) and RMB1.34 (US$0.19), respectively. The Company had weighted averages of 1.54 billion basic and 1.56 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares.On a non-IFRS basis, adjusted EBITDA for the first quarter of 2026 were RMB2.83 billion (US$410 million). Non-IFRS net profit was RMB2.33 billion (US$338 million) and non-IFRS net profit attributable to equity holders of the Company was RMB2.27 billion (US$330 million). Non-IFRS basic and diluted earnings per ADS were RMB1.48 (US$0.21) and RMB1.46 (US$0.21), respectively. Please refer to the section in this press release titled "Non-IFRS Financial Measures" for details.As of March 31, 2026, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to RMB41.00 billion (US$5.94 billion), compared with RMB38.04 billion as of December 31, 2025. Declaration and Payment of 2025 DividendOn March 17, 2026, the Company's board of directors declared a cash dividend of US$0.12 per ordinary share, or US$0.24 per ADS, for the year ended December 31, 2025, to holders of record of ordinary shares and ADSs as of the close of business on April 2, 2026. The payment for the cash dividend of US$370 million was made in April 2026.Environmental, Social, and Governance ("ESG") On April 20, 2026, we released our 2025 ESG Report, detailing our progress in empowering creators, promoting digital inclusion, and driving sustainability across our value chain. These initiatives have strengthened our ecosystem's resilience, leading to improved ESG ratings and broader recognition from our stakeholders.Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.Non-IFRS Financial Measures The Company uses non-IFRS financial measures for the period, including non-IFRS net profit, adjusted EBITDA(inc.SBC) and adjusted EBITDA, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS financial measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS financial measures for the period provide useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Non-IFRS financial measures for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS financial measures for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS financial measures for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted EBITDA(inc.SBC) for the period represents net profit for the period excluding income tax expense, finance cost, share of profit/loss of associates and joint ventures, other gains/losses, interest income, depreciation of property, plant and equipment and right-of-use assets, and amortization of intangible assets. Adjusted EBITDA for the period represents net profit for the period excluding income tax expense, finance cost, share of profit/loss of associates and joint ventures, other gains/losses, interest income, depreciation of property, plant and equipment and right-of-use assets, amortization of intangible assets, and share-based compensation expenses. Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.Please see the "Unaudited Non-IFRS Financial Measures" included in this press release for a full reconciliation of adjusted EBITDA(inc.SBC), adjusted EBITDA and non-IFRS net profit for the period to its net profit for the period.[1] Starting from the first quarter of 2026, "online music services" has been renamed to "music related services" to better reflect the nature of our businesses included in this business line. Such change does not affect the amounts of our historical revenue or its accounting treatment.[2] As part of music related services, membership services primarily consist of membership fees paid for membership benefits and privileges, including access to music and audio content, and other benefits and privileges within music related services. Revenues from membership services for each quarter of 2025 were RMB4,284 million, RMB4,434 million, RMB4,564 million and RMB4,625 million, respectively.[3] See the sections entitled "Non-IFRS Financial Measures" and "Unaudited Non-IFRS Financial Measures" for more information about the non-IFRS measures referred to within this announcement.[4] Names grouped by artists and bands, sorted in alphabetical order by family names.About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.Investor Relations Contact
Tencent Music Entertainment Group
ir @kc2608 ext. 885034
TENCENT MUSIC ENTERTAINMENT GROUP
CONSOLIDATED INCOME STATEMENTS
Three Months Ended March 31
2025
2026
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
(in millions, except per share data)
Revenues
Music related services*
5,804
6,514
944
Social entertainment services and others
1,552
1,381
200
7,356
7,895
1,145
Cost of revenues
(4,114)
(4,349)
(630)
Gross profit
3,242
3,546
514
Selling and marketing expenses
(199)
(271)
(39)
General and administrative expenses
(944)
(940)
(136)
Total operating expenses
(1,143)
(1,211)
(176)
Interest income
297
246
36
Other gains, net
2,440
66
10
Operating profit
4,836
2,647
384
Share of net profit/(loss) of investments accounted
for using equity method
23
(7)
(1)
Finance cost
(25)
(46)
(7)
Profit before income tax
4,834
2,594
376
Income tax expense
(446)
(457)
(66)
Profit for the period
4,388
2,137
310
Attributable to:
Equity holders of the Company
4,291
2,091
303
Non-controlling interests
97
46
7
Earnings per share for Class A and Class B
ordinary shares
Basic
1.40
0.68
0.10
Diluted
1.39
0.67
0.10
Earnings per ADS (2 Class A shares equal to 1 ADS)
Basic
2.81
1.36
0.20
Diluted
2.77
1.34
0.19
Shares used in earnings per Class A and Class B
ordinary share computation:
Basic
3,054,522,173
3,081,340,243
3,081,340,243
Diluted
3,093,008,542
3,111,369,968
3,111,369,968
ADS used in earnings per ADS computation
Basic
1,527,261,087
1,540,670,122
1,540,670,122
Diluted
1,546,504,271
1,555,684,984
1,555,684,984
* Starting from the first quarter of 2026, "online music services" has been renamed to "music related services" to better
reflect the nature of our businesses included in this business line. Such change does not affect the amounts of our historical
revenue or its accounting treatment.
TENCENT MUSIC ENTERTAINMENT GROUP
UNAUDITED NON-IFRS FINANCIAL MEASURES
Three Months Ended March 31
2025
2026
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
(in millions, except per share data)
Profit for the period
4,388
2,137
310
Adjustments:
Income tax expense
446
457
66
Finance cost
25
46
7
Share of net (profit)/loss of investments accounted for
using equity method
(23)
7
1
Operating profit
4,836
2,647
384
Other gains, net
(2,440)
(66)
(10)
Interest income
(297)
(246)
(36)
Depreciation of property, plant and equipment and
right-of-use assets
38
35
5
Amortisation of intangible assets
275
298
43
Adjusted EBITDA(inc. SBC)
2,412
2,668
387
Share-based compensation
150
163
24
Adjusted EBITDA
2,562
2,831
410
Profit for the period
4,388
2,137
310
Adjustments:
Amortization of intangible and other assets arising from
business acquisitions or combinations*
105
89
13
Share-based compensation
161
163
24
Gains from investments**
(2,375)
(2)
-
Income tax effects***
(53)
(54)
(8)
Non-IFRS Net Profit
2,226
2,333
338
Attributable to:
Equity holders of the Company
2,124
2,273
330
Non-controlling interests
102
60
9
Earnings per share for Class A and Class B
ordinary shares
Basic
0.70
0.74
0.11
Diluted
0.69
0.73
0.11
Earnings per ADS (2 Class A shares equal to 1 ADS)
Basic
1.39
1.48
0.21
Diluted
1.37
1.46
0.21
Shares used in earnings per Class A and Class B
ordinary share computation:
Basic
3,054,522,173
3,081,340,243
3,081,340,243
Diluted
3,093,008,542
3,111,369,968
3,111,369,968
ADS used in earnings per ADS computation
Basic
1,527,261,087
1,540,670,122
1,540,670,122
Diluted
1,546,504,271
1,555,684,984
1,555,684,984
* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights,
supplier resources, corporate customer relationships and non-compete agreement etc., and fair value adjustment on music content
(i.e., signed contracts obtained for the rights to access to the music contents for which the amount was amortized over the
contract period), resulting from business acquisitions or combination.
** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments,
impairment provision of investments and other expenses in relation to equity transactions of investments.
*** Represents the income tax effects of Non-IFRS adjustments. TENCENT MUSIC ENTERTAINMENT GROUPCONSOLIDATED BALANCE SHEETS
As at December 31, 2025
As at March 31, 2026
RMB
RMB
US$
Audited
Unaudited
Unaudited
(in millions)ASSETS
Non-current assets
Property, plant and equipment
1,201
1,301
189Land use rights
2,290
2,272
329Right-of-use assets
287
272
39Intangible assets
2,899
2,770
402Goodwill
20,521
20,528
2,976Investments accounted for using equity method
1,659
2,593
376Financial assets at fair value through other comprehensive income 26,231
19,866
2,880Other investments
303
299
43Prepayments, deposits and other assets
365
418
61Deferred tax assets
498
535
78Term deposits
13,810
14,330
2,077
70,064
65,184
9,450
Current assets
Inventories
41
48
7Accounts receivable
3,903
3,825
555Prepayments, deposits and other assets
4,183
4,036
585Other investments
83
73
11Term deposits
15,763
8,254
1,197Restricted Cash
15
15
2Cash and cash equivalents
8,470
18,416
2,670
32,458
34,667
5,026
Total assets
102,522
99,851
14,475
EQUITY
Equity attributable to equity holders of the Company
Share capital
2
2
0Additional paid-in capital
29,919
30,020
4,352Shares held for share award schemes
(801)
(821)
(119)Treasury shares
(664)
(664)
(96)Other reserves
22,450
17,156
2,487Retained earnings
29,381
28,647
4,153
80,287
74,340
10,777Non-controlling interests
2,763
2,790
404
Total equity
83,050
77,130
11,182
LIABILITIES
Non-current liabilities
Borrowings
-
1,100
159Notes payables
3,497
3,443
499Other payables and other liabilities
379
425
62Deferred tax liabilities
504
588
85Lease liabilities
200
188
27Deferred revenue
303
356
52
4,883
6,100
884
Current liabilities
Accounts payable
6,284
6,176
895Other payables and other liabilities
3,558
5,460
792Current tax liabilities
1,092
1,059
154Lease liabilities
116
111
16Deferred revenue
3,539
3,815
553
14,589
16,621
2,410
Total liabilities
19,472
22,721
3,294
Total equity and liabilities
102,522
99,851
14,475
TENCENT MUSIC ENTERTAINMENT GROUPCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31
2025
2026
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
(in millions)
Net cash provided by operating activities
2,519
2,332
338
Net cash (used in)/provided by investing activities
(3,221)
6,650
964
Net cash (used in)/provided by financing activities
(456)
1,011
147
Net (decrease)/increase in cash and cash equivalents
(1,158)
9,993
1,449
Cash and cash equivalents at beginning of the period
13,164
8,470
1,228
Exchange differences on cash and cash equivalents
16
(47)
(7)
Cash and cash equivalents at end of the period
12,022
18,416
2,670
View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-first-quarter-2026-unaudited-financial-results-302769323.htmlSOURCE Tencent Music Entertainment Group Original: Tencent Music Entertainment Group Announces First Quarter 2026 Unaudited Financial Results
US Market News
3月前
Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2025 Unaudited Financial ResultsMarch 17, 2026 5:00 AM
PR Newswire (US)
SHENZHEN, China, March 17, 2026 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.Fourth Quarter 2025 Financial HighlightsTotal revenues were RMB8.64 billion (US$1.24 billion), representing 15.9% year-over-year increase, primarily due to strong growth in revenues from online music services.Revenues from online music services were RMB7.10 billion (US$1.02 billion), representing 21.7% year-over-year growth. Revenues from music subscriptions were RMB4.56 billion (US$653 million), representing 13.2% year-over-year growth. Revenues from music services other than music subscriptions were RMB2.54 billion (US$363 million), representing 40.8% year-over-year growth.Net profit attributable to equity holders of the Company was RMB2.20 billion (US$315 million), representing 12.6% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB2.49 billion (US$355 million), representing 9.0% year-over-year growth.Diluted earnings per ADS was RMB1.41 (US$0.20), up from RMB1.26 in the same period of 2024. Non-IFRS diluted earnings per ADS was RMB1.60 (US$0.23), up from RMB1.47 in the same period of 2024.Total cash, cash equivalents, term deposits and short-term investments as of December 31, 2025 were RMB38.04 billion (US$5.44 billion).Full Year 2025 Financial HighlightsTotal revenues were RMB32.90 billion (US$4.71 billion), representing 15.8% year-over-year increase.Revenues from online music services were RMB26.73 billion (US$3.82 billion), representing 22.9% year-over-year growth. Revenues from music subscriptions were RMB17.66 billion (US$2.53 billion), representing 16.0% year-over-year growth. Revenues from music services other than music subscriptions were RMB9.07 billion (US$1.30 billion), representing 39.2% year-over-year growth.Net profit attributable to equity holders of the Company was RMB11.06 billion (US$1.58 billion), representing 66.4% year-over-year growth, as the Company has recognized a gain of RMB2.37 billion (US$339 million) on deemed disposal of an associate in the first quarter of 2025. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB9.59 billion (US$1.37 billion), representing 25.0% year-over-year growth.The Company's board of directors approved an annual cash dividend of approximately US$368 million for the year ended December 31, 2025.Mr. Cussion Pang, Executive Chairman of TME, commented, "In 2025, we executed our content-and-platform strategy with discipline, delivering accelerated revenue growth and sustained margin expansion. Fueled by the solid growth of our subscription services and the powerful momentum of music IP non-subscription offerings, we are deepening a differentiated, all-in-one music services platform. This enables us to unlock greater value from music IPs, creating new opportunities for artists, and address a larger market. As the competitive landscape in music continues to evolve, our track record in delivering integrated, expansive, and multi-faceted services gives us a distinct competitive edge. With disciplined investment and persistent innovation guided by long-term value creation, we are confident in spearheading industry advancement."Mr. Ross Liang, CEO of TME, continued, "Amid rapid advancements in AI technology and evolving consumer expectations, we remained agile, responding proactively on multiple fronts to better serve our users and strengthen our content platform flywheel. Our relentless focus on product enhancement and a multi-tiered, user-centric strategy drove effective subscriber conversion, deeper engagement, and increased wallet share throughout 2025. Notably, driven by differentiated, expansive content privileges and immersive experiences, our SVIP user base surpassed 20 million, with ARPPU continuing to trend upward. Our newly launched ad-supported subscription plan is gaining initial progress and will, over time, allow us to broaden user access and attract new audiences."Fourth Quarter 2025 Operational Highlights Key Operating Metrics
4Q254Q24YoY %MAUs – online music (million) 528556(5.0 %)Paying users – online music (million)127.4121.05.3 %Monthly ARPPU – online music (RMB)11.911.17.2 %CONTENT - Diversified and differentiated offering strengthened our content advantage and broadened audience appeal.Unlocked and elevated classic repertoire value, a key driver of emotional connections and subscription conversion. 1) Renewed and deepened contracts with Warner Music Group and Bin-music, continuing to explore further collaboration in physical albums, merchandise, and live performances. 2) Expanded partnership with Media Asia Music to bring Dolby Atmos to over 300 iconic tracks from legendary artists like Eason Chan, Leslie Cheung, and Andy Lau[2] for the first time, giving audiences an immersive way to enjoy these classics.Expansive and differentiated self-produced content resonated strongly with users which in return drove up streaming share. 1) The Mid-Autumn-themed song, Year After Year by artist Xiao Zhan, became an instant hit, charting globally in 17 countries and regions and amassing over 100 million views across social media platforms in a single day. 2) The recent bespoke OST suite produced for Tencent Video's blockbuster drama Shine on Me, also topped multiple music charts, effectively boosting user engagement. 3) Several co-produced songs staged at the 2026 CMG Spring Festival Gala quickly went viral, with multiple tracks surpassing 10 million streams in less than a week.Broadened genres popular among younger demographics boosted user engagement and streaming share. 1) Expansive K-pop content offerings strengthened by the recent renewed partnership with the Korean label P NATION CORPORATION, providing a 30-day head-start benefit for new releases from artists and groups such as PSY, CRUSH, HWASA, Baby DONT Cry and TNX. 2) Through Tencent Musician Platform, we partnered with more indie and emerging artists such as popular indie band Fine. The collaboration further enriched our catalog, highlighted by their hit single Breathing Decision.IP-VALUE - Unlocked greater IP value through accelerating expansion of more live performance, curated merchandise, and broader strategic artist partnerships.Cultivated premium live experiences to empower artists in expanding their audience reach. We successfully hosted multiple flagship live events in 2025, laying a solid foundation for future collaborations with world-class artists. Notably, we delivered end-to-end production for G-DRAGON's 2025 tour, spanning 20 concerts across eight Asia Pacific cities and attracting over 260,000 attendees. The fourth quarter featured our largest-scale production for him, with two sold-out shows at the Taipei Dome drawing an audience of over 75,000.By onboarding more strategic artists and collaborating across music promotion, live performances, artist management, and merchandise, we amplify the long-term value and versatility of our IP portfolio, paving the way to address a larger market with richer content experiences.Expanded merchandise offerings, sparking new waves of music consumption. 1) Collaborated with Ed Sheeran to produce a KIT album for his new release Play, marking our first partnership with a top-tier Western artist in this hybrid music format. 2) Offered collectibles alongside physical releases to boost engagement and sales, from Esther Yu's deluxe album Spicy Honey to tour-inspired items like Lay Zhang's "GRANDLINE•BOUNDLESS" Tour Special Commemorative Gift Box and LUHAN's SEASON4 ASIA TOUR Commemorative Album.PLATFORM - Comprehensive product offerings and integrated use cases deepened user engagement, making music journeys more ubiquitous, enriching, and immersive.Deepened multi-device coverage by integrating further into PC, in-car, smart speaker, and wearable ecosystems, making music consumption an integral part of users' lives, whether they are commuting, at home, or at work.Leveraged the multi-platform portfolio to serve a wide range of user with different preferences more effectively. While Kugou Music and QQ Music applications provide comprehensive music services to highly engaged users with a strong willingness to pay, lightweight sub-brands such as Bodian Music and Kugou Concept cater to casual listeners.Deepened integration with Weixin Video Account to generate hit music charts and promote music consumption.Introduced new social features within our music applications to amplify user reach and deepen user engagement. 1) QQ Music launched Weverse DM, onboarding around 170 artists from HYBE and other labels to deepen artist-fan interactions. 2) bubble enhanced its functionality by introducing intelligent song recognition and live performance streaming for domestic artists. 3) Our Annual Music report campaign, with personal letters and AI-generated voice messages from artists, drove social buzz and widespread sharing.SUBSCRIPTION - SVIP memberships further scaled, capturing more users and deepening music consumption.Benefiting from deepened collaborations with music labels, artists and the rollout of new, high valued benefits, SVIP subscribers exceeded 20 million by year-end 2025.Appointed brand ambassadors for our SVIP program, including Ryan Ding, Ju Jingyi, and Karry Wang for QQ Music, and Liu Yuning for Kugou Music. Launched prioritized ticketing packages for QQ Music's Top Music Night 2026 and the annual gala of Melody Journey 2, both of which resulted in effective SVIP adoption. Other SVIP benefits such as premium audio effects, personalized avatar outfits and feature-related perks further catalyzed SVIP acquisition and retention.AI - Harnessed AI to empower music creation, elevate users' music experiences, and drive well-rounded music consumption. Enriched music content library with 1) Our one-stop AI music production platform, which empowered more than 150,000 artists and over 10 million users to create and produce music through an increasingly efficient process. 2) Leveraged AI to capture chorus highlights and generate video clips, making the music journey more fun and engaging.Deepened cooperation with the broader Tencent ecosystem to enhance content distribution and consumption. 1) Leveraged self-developed multimodal large model to enhance recommendations, resulting in a record high share of recommendation-driven streams. 2) QQ Music seamlessly integrated with Tencent's AI app Yuanbao, offering users more intelligent and personalized music streaming journeys.QQ Music's AI Agent, powered by Yuanbao, became a system-level hub, allowing users to handle complex tasks through natural-language commands. This evolution goes beyond music discovery to enable direct access to digital albums and merchandise purchases, creating a truly "intent-to-action" experience that drives conversion.Fourth Quarter 2025 Financial Review Total revenues increased by RMB1.18 billion, or 15.9%, to RMB8.64 billion (US$1.24 billion) from RMB7.46 billion in the same period of 2024.Revenues from online music services increased by 21.7% to RMB7.10 billion (US$1.02 billion), compared with RMB5.83 billion in the same period of 2024. The increase was driven by solid growth in revenues from music subscription and offline performances, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB4.56 billion (US$653 million), representing 13.2% year-over-year growth, compared with RMB4.03 billion in the same period of 2024. The rapid growth was mainly driven by our continuous expansion of membership privileges, such as early access to offline performances, artist-related merchandise, and a wide range of premium offerings. Revenues from offline performances achieved robust year-over-year growth. We successfully staged many successful concerts for renowned artists both in China and overseas. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode.Revenues from social entertainment services and others decreased by 5.2% to RMB1.54 billion (US$221 million) from RMB1.63 billion in the same period of 2024.Cost of revenues increased by 13.7% year-over-year to RMB4.78 billion (US$683 million), mainly due to increased costs related to offline performances, advertising services and IP related costs, such as costs for artist-related merchandise. Meanwhile, revenue sharing fees decreased, resulting from declines in both revenue sharing ratio and revenues from social entertainment services.Gross margin increased to 44.7% from 43.6% in the same period of 2024, primarily due to increased revenues from music subscriptions and advertising services, alongside a lower revenue sharing ratio for social entertainment services, and partly offset by increased revenues from offline performances.Total operating expenses increased by 6.2% year-over-year to RMB1.25 billion (US$178 million). Operating expenses as a percentage of total revenues decreased to 14.4% from 15.7% in the same period of 2024. Selling and marketing expenses were RMB266 million (US$38 million), representing 7.3% year-over-year increase. The increase was primarily due to higher channel spending and content promotion expenses.General and administrative expenses were RMB981 million (US$140 million), representing 5.9% year-over-year increase. The increase was primarily due to growth in employee-related expenses.Total operating profit was RMB2.84 billion (US$406 million) in the fourth quarter of 2025, representing 17.9% year-over-year increase.Income tax expenses for the fourth quarter of 2025 were RMB486 million (US$69 million), compared with RMB423 million in the same period of 2024. For the fourth quarter of 2025, net profit was RMB2.29 billion (US$327 million) and net profit attributable to equity holders of the Company was RMB2.20 billion (US$315 million). Non-IFRS net profit was RMB2.58 billion (US$369 million) and non-IFRS net profit attributable to equity holders of the Company was RMB2.49 billion (US$355 million). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details.Basic and diluted earnings per American Depositary Shares ("ADS") for the fourth quarter of 2025 were RMB1.43 (US$0.20) and RMB1.41 (US$0.20), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.61(US$0.23) and RMB1.60 (US$0.23), respectively. For the fourth quarter of 2025, the Company had weighted averages of 1.54 billion basic and 1.56 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares.As of December 31, 2025, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to RMB38.04 billion (US$5.44 billion), compared with RMB36.08 billion as of September 30, 2025.Full Year 2025 Financial Review
Total revenues increased by RMB4.50 billion, or 15.8%, to RMB32.90 billion (US$4.71 billion) from RMB28.40 billion in 2024.Revenues from online music services delivered a strong year-over-year increase of 22.9% to RMB26.73 billion (US$3.82 billion) from RMB21.74 billion in 2024. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from offline performances, advertising services and artist-related merchandise. Revenues from music subscriptions were RMB17.66 billion (US$2.53 billion), representing 16.0% year-over-year growth, compared with RMB15.23 billion in 2024. The rapid growth was mainly driven by our continuous expansion of membership privileges, such as early access to live performances, artist-related merchandise, and a wide range of premium offerings.Revenues from social entertainment services and others decreased by 7.3% to RMB6.18 billion (US$883 million) from RMB6.66 billion in 2024.Cost of revenues increased by 12.2% year-over-year to RMB18.37 billion (US$2.63 billion), mainly due to increased costs related to offline performances, IP related costs, such as costs for artist-related merchandise, and advertising costs. Meanwhile, revenue sharing fees decreased, resulting from declines in both revenue sharing ratio and revenues from social entertainment services.Gross margin increased to 44.2% from 42.3% in 2024, primarily due to increased revenues from music subscriptions and advertising services, along with a lower revenue sharing ratio for social entertainment services, partly offset by increased revenues from offline performances and artist-related merchandise.Total operating expenses increased by 3.9% year-over-year to RMB4.86 billion (US$695 million). Operating expenses as a percentage of total revenues decreased to 14.8% from 16.5% in 2024.Selling and marketing expenses were RMB941 million (US$135 million), representing 8.8% year-over-year increase. The increase was primarily due to higher content promotion expenses and channel spending.General and administrative expenses were RMB3.92 billion (US$560 million), representing 2.8% year-over-year increase. The increase was primarily due to growth in employee-related expenses.Other gains, net were RMB2.63 billion (US$376 million) in 2025, which included a gain of RMB2.37 billion (US$339 million) on deemed disposal of an associate in Q1 2025. In March 2025, we received a 2% equity interests of Universal Music Group ("UMG") through a distribution-in-kind from one of our associates, which was designated as financial assets at fair value through other comprehensive income, and recognized a gain of RMB2.37 billion (US$339 million) on deemed disposal of this associate. Following the distribution, we hold the equity interests of UMG directly.Total operating profit was RMB13.36 billion (US$1.91 billion) for the full year of 2025, representing an increase of 53.4% year-over-year.Income tax expenses for the full year of 2025 were RMB1.92 billion (US$275 million), compared with RMB1.60 billion in 2024.For the full year of 2025, net profit was RMB11.35 billion (US$1.62 billion) and net profit attributable to equity holders of the Company was RMB11.06 billion (US$1.58 billion). Non-IFRS net profit was RMB9.92 billion (US$1.42 billion) and non-IFRS net profit attributable to equity holders of the Company was RMB9.59 billion (US$1.37 billion). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details.Basic and diluted earnings per ADS for the full year of 2025 were RMB7.21(US$1.03) and RMB7.11 (US$1.02), respectively; non-IFRS basic and diluted earnings per ADS were RMB6.25 (US$0.89) and RMB6.17 (US$0.88), respectively. For the full year of 2025, the Company had weighted averages of 1.53 billion basic and 1.55 billion diluted ADSs outstanding, respectively.Declaration of 2025 Dividend
For the fiscal year of 2025, the Company's board of directors declared a cash dividend of US$0.12 per ordinary share, or US$0.24 per ADS, to holders of record of ordinary shares and ADSs as of the close of business on April 2, 2026. The aggregate amount of cash dividends to be paid will be approximately US$368 million and is expected to be paid on or around April 20, 2026 and on or around April 23, 2026 for holders of ordinary shares and holders of ADSs, respectively. Holders of the Company's ADSs will receive the cash dividends through the depositary, The Bank of New York Mellon, subject to the terms of the deposit agreement.Planned Disclosure Change
We adopted the number of paid subscribers and ARPPU as key operating metrics for our online music services at the time of our listing; however, our business model has significantly evolved in recent years. As advertising and other IP related offerings scale, and as we offer multi-tiered membership for online music subscriptions, the business impact of each paid membership varies. As a result, we are increasingly focused on revenue and profit as our primary performance indicators. Given this evolution, starting from next quarter, we will discontinue the disclosure of certain quarterly operating metrics, including online music MAU, paying users and ARPPU. We will instead report the number of total paying users across our music services annually, as of year-end.Environmental, Social, and Governance ("ESG")
We continued to enhance accessibility and inclusive design, broadening access for users of different ages and abilities. For example, QQ Music pioneered a Children's Hearing Protection Mode, leveraging AI to optimize audio output for a healthy listening experience.Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.[1] Non-IFRS net profit attributable to equity holders of the Company was arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects.[2] Names grouped by artists and bands, sorted in alphabetical order by family names.About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.Investor Relations Contact
Tencent Music Entertainment Group
ir @kc2608 ext. 885034 TENCENT MUSIC ENTERTAINMENT GROUPCONSOLIDATED INCOME STATEMENTS
Three Months Ended December 31
Year Ended December 31
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
(in millions, except per share data)
(in millions, except per share data)Revenues
Online music services
5,831
7,099
1,015
21,742
26,726
3,822Social entertainment services and others
1,627
1,542
221
6,659
6,176
883
7,458
8,641
1,236
28,401
32,902
4,705Cost of revenues
(4,205)
(4,779)
(683)
(16,376)
(18,367)
(2,626)Gross profit
3,253
3,862
552
12,025
14,535
2,078
Selling and marketing expenses
(248)
(266)
(38)
(865)
(941)
(135)General and administrative expenses
(926)
(981)
(140)
(3,811)
(3,916)
(560)Total operating expenses
(1,174)
(1,247)
(178)
(4,676)
(4,857)
(695)Interest income
315
258
37
1,196
1,054
151Other gains/(losses), net
15
(33)
(5)
165
2,632
376Operating profit
2,409
2,840
406
8,710
13,364
1,911
Share of net profit/(loss) of investments accounted
for using equity method
31
(8)
(1)
96
42
6Finance cost
59
(60)
(9)
(94)
(129)
(18)Profit before income tax
2,499
2,772
396
8,712
13,277
1,899
Income tax expense
(423)
(486)
(69)
(1,603)
(1,924)
(275)Profit for the period/year
2,076
2,286
327
7,109
11,353
1,623
Attributable to:
Equity holders of the Company
1,957
2,203
315
6,644
11,056
1,581Non-controlling interests
119
83
12
465
297
42
Earnings per share for Class A and Class B
ordinary shares
Basic
0.64
0.72
0.10
2.15
3.60
0.52Diluted
0.63
0.71
0.10
2.12
3.56
0.51
Earnings per ADS (2 Class A shares equal to 1 ADS)
Basic
1.27
1.43
0.20
4.31
7.21
1.03Diluted
1.26
1.41
0.20
4.24
7.11
1.02
Shares used in earnings per Class A and Class B
ordinary share computation:
Basic
3,075,189,032
3,079,832,739
3,079,832,739
3,084,230,029
3,067,255,442
3,067,255,442Diluted
3,112,342,854
3,115,495,322
3,115,495,322
3,130,861,720
3,108,803,728
3,108,803,728
ADS used in earnings per ADS computation
Basic
1,537,594,516
1,539,916,369
1,539,916,369
1,542,115,015
1,533,627,721
1,533,627,721Diluted
1,556,171,427
1,557,747,661
1,557,747,661
1,565,430,860
1,554,401,864
1,554,401,864
TENCENT MUSIC ENTERTAINMENT GROUP
UNAUDITED NON-IFRS FINANCIAL MEASURE
Three Months Ended December 31
Year Ended December 31
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
(in millions, except per share data)
(in millions, except per share data)
Profit for the period/year
2,076
2,286
327
7,109
11,353
1,623
Adjustments:
Amortization of intangible and other assets arising from
business acquisitions or combinations*
110
95
14
440
386
55
Share-based compensation
156
161
23
681
680
97
Losses/(gains) from investments**
94
78
11
110
(2,285)
(327)
Income tax effects***
(37)
(39)
(6)
(204)
(210)
(30)
Non-IFRS Net Profit
2,399
2,581
369
8,136
9,924
1,419
Attributable to:
Equity holders of the Company
2,280
2,485
355
7,671
9,588
1,371
Non-controlling interests
119
96
14
465
336
48
Earnings per share for Class A and Class B
ordinary shares
Basic
0.74
0.81
0.12
2.49
3.13
0.45
Diluted
0.73
0.80
0.11
2.45
3.08
0.44
Earnings per ADS (2 Class A shares equal to 1 ADS)
Basic
1.48
1.61
0.23
4.97
6.25
0.89
Diluted
1.47
1.60
0.23
4.90
6.17
0.88
Shares used in earnings per Class A and Class B
ordinary share computation:
Basic
3,075,189,032
3,079,832,739
3,079,832,739
3,084,230,029
3,067,255,442
3,067,255,442
Diluted
3,112,342,854
3,115,495,322
3,115,495,322
3,130,861,720
3,108,803,728
3,108,803,728
ADS used in earnings per ADS computation
Basic
1,537,594,516
1,539,916,369
1,539,916,369
1,542,115,015
1,533,627,721
1,533,627,721
Diluted
1,556,171,427
1,557,747,661
1,557,747,661
1,565,430,860
1,554,401,864
1,554,401,864
* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement etc., and fair value adjustment on music content (i.e., signed contracts
obtained for the rights to access to the music contents for which the amount was amortized over the contract period), resulting from business acquisitions or combination.
** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to equity transactions of investments.
*** Represents the income tax effects of Non-IFRS adjustments. TENCENT MUSIC ENTERTAINMENT GROUPCONSOLIDATED BALANCE SHEETS
As at December 31, 2024
As at December 31, 2025
RMB
RMB
US$
Audited
Unaudited
Unaudited
(in millions)ASSETS
Non-current assets
Property, plant and equipment
803
1,201
172Land use rights
2,364
2,290
327Right-of-use assets
295
287
41Intangible assets
2,049
2,899
415Goodwill
19,647
20,521
2,934Investments accounted for using equity method
4,669
1,659
237Financial assets at fair value through other comprehensive income 14,498
26,231
3,751Other investments
309
303
43Prepayments, deposits and other assets
425
365
52Deferred tax assets
422
498
71Term deposits
10,419
13,810
1,975
55,900
70,064
10,019
Current assets
Inventories
23
41
6Accounts receivable
3,508
3,903
558Prepayments, deposits and other assets
3,793
4,183
598Other investments
46
83
12Term deposits
13,999
15,763
2,254Restricted Cash
11
15
2Cash and cash equivalents
13,164
8,470
1,211
34,544
32,458
4,641
Total assets
90,444
102,522
14,660
EQUITY
Equity attributable to equity holders of the Company
Share capital
2
2
0Additional paid-in capital
29,035
29,919
4,278Shares held for share award schemes
(520)
(801)
(115)Treasury shares
(550)
(664)
(95)Other reserves
19,845
22,450
3,210Retained earnings
20,051
29,381
4,201
67,863
80,287
11,481Non-controlling interests
1,863
2,763
395
Total equity
69,726
83,050
11,876
LIABILITIES
Non-current liabilities
Notes payables
3,572
3,497
500Other payables and other liabilities
-
379
54Deferred tax liabilities
198
504
72Lease liabilities
219
200
29Deferred revenue
179
303
43
4,168
4,883
698
Current liabilities
Accounts payable
6,879
6,284
899Other payables and other liabilities
3,381
3,558
509Notes payables
2,154
-
-Current tax liabilities
934
1,092
156Lease liabilities
106
116
17Deferred revenue
3,096
3,539
506
16,550
14,589
2,086
Total liabilities
20,718
19,472
2,784
Total equity and liabilities
90,444
102,522
14,660 TENCENT MUSIC ENTERTAINMENT GROUPCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended December 31
Year Ended December 31
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
(in millions)
(in millions)
Net cash provided by operating activities
2,480
2,391
342
10,275
10,231
1,463Net cash provided by/(used in) investing activities
1,324
(5,129)
(733)
(6,818)
(10,227)
(1,462)Net cash used in financing activities
(815)
(15)
(2)
(3,830)
(4,649)
(665)Net increase/(decrease) in cash and cash equivalents
2,989
(2,753)
(394)
(373)
(4,645)
(664)Cash and cash equivalents at beginning of the period/year10,209
11,255
1,609
13,567
13,164
1,882Exchange differences on cash and cash equivalents
(34)
(32)
(5)
(30)
(49)
(7)Cash and cash equivalents at end of the period/year
13,164
8,470
1,211
13,164
8,470
1,211
View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-fourth-quarter-and-full-year-2025-unaudited-financial-results-302715742.htmlSOURCE Tencent Music Entertainment Group
Original: Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2025 Unaudited Financial Results
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