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Tencent Music Entertainment Group (TME) investor relations material
Tencent Music Entertainment Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved total revenue of RMB8.44 billion in Q2 2025, up 17.9% year-over-year, driven by strong growth in online music services, subscriptions, advertising, artist merchandise, and offline performances.
Net profit attributable to equity holders rose 43.2% year-over-year to RMB2.41 billion, with non-IFRS net profit reaching RMB2.57 billion, up 37.4%.
Online music services revenue grew 26.4% year-over-year to RMB6.85 billion, with music subscriptions up 17.1%.
SVIP subscribers exceeded 15 million, reflecting deepening user engagement and loyalty.
Expanded partnerships with global and domestic artists, staged large-scale concerts, and enhanced fan engagement through new platforms.
Financial highlights
Gross margin improved to 44.4% from 42.0% year-over-year, supported by music subscriptions and advertising growth.
Music subscription revenues rose 17.1% year-over-year to RMB4.38 billion, with monthly ARPPU increasing to RMB11.7.
Operating profit reached RMB2.98 billion, up 35.5% year-over-year.
Diluted earnings per ADS was RMB1.55, up from RMB1.07 a year ago.
Cash, cash equivalents, and short-term investments totaled RMB34.92 billion as of June 30, 2025.
Outlook and guidance
Full-year 2025 revenue expected to exceed previous guidance, with continued focus on operational efficiency and bottom-line improvement.
Management remains focused on product innovation, immersive user experiences, and expanding music-related services.
Ongoing investment in new initiatives to create lasting value for creators and consumers.
Confident in sustainable high-quality growth for music subscriptions and non-subscription services, including advertising and concerts.
Forward-looking statements note risks and uncertainties, with further details in regulatory filings.
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