Exhibit 99.1 Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2024 Unaudited Financial Results SHENZHEN, China, March 18, 2025 /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, 2024. Fourth Quarter 2024 Financial Highlights Full Year 2024 Financial Highlights Non ...

Core Viewpoint - Tencent Music Entertainment Group (TME) reported strong financial results for Q4 and full year 2024, highlighting significant growth in online music services and a commitment to shareholder value through dividends and share repurchase programs [1][3]. Financial Highlights - Total revenues for Q4 2024 increased by RMB 565 million, or 8.2%, to RMB 7.46 billion (US$1.02 billion) compared to RMB 6.89 billion in Q4 2023 [5][6]. - Revenues from online music services rose by 16.1% year-over-year to RMB 5.83 billion (US$799 million) from RMB 5.02 billion in the same period of 2023 [5][6]. - For the full year 2024, total revenues reached RMB 28.40 billion (US$3.89 billion), a 2.3% increase from RMB 27.75 billion in 2023 [15][19]. - Net profit for Q4 2024 was RMB 2.08 billion (US$284 million), representing a 47.3% year-over-year growth [6][12]. - The company declared an annual cash dividend of approximately US$273 million for 2024 and authorized a new share repurchase program of up to US$1 billion [3][21]. Operational Highlights - Monthly Active Users (MAUs) for online music decreased by 3.5% year-over-year to 556 million, while paying users for online music increased by 13.4% to 121 million [4][8]. - Monthly Average Revenue Per Paying User (ARPPU) for online music rose to RMB 11.1 from RMB 10.7 in Q4 2023 [4][8]. - Revenues from music subscriptions grew by 18.0% year-over-year to RMB 4.03 billion (US$552 million) [6][8]. Cost and Profitability - Gross margin improved to 43.6% in Q4 2024 from 38.3% in the same period of 2023, driven by growth in music subscription revenues and advertising services [9]. - Total operating expenses decreased by 7.3% year-over-year to RMB 1.17 billion (US$161 million) [9][17]. - Total operating profit for Q4 2024 was RMB 2.41 billion (US$330 million), a 40.5% increase year-over-year [10][18]. Strategic Initiatives - The company emphasized innovation in user experience and content offerings, launching new features to enhance user engagement [3][5]. - TME's SVIP initiative showed strong performance, contributing to user engagement and ARPPU growth [3][7]. - The company is focusing on AI integration to personalize services and enhance user experiences in 2025 [3][7]. Content and Partnerships - TME has over 260 million licensed and co-created music and audio tracks, with renewed contracts with major entertainment companies [7]. - Collaborations with renowned artists and production of original soundtracks for popular media have expanded TME's content ecosystem [7]. ESG Commitment - The company has made strides in supporting female musicians and launched initiatives to raise biodiversity awareness through music [25].

Core Points - Tencent Music Entertainment Group (TME) announced the retirement of Mr. Matthew Yun Ming Cheng from its Board of Directors effective February 28, 2025, and appointed Mr. Wai Yip Tsang as a new director on the same date [1][2] - Mr. Cheng has been a member of TME's Board since 2022, contributing to the company's growth and innovation in the music industry [2] - Mr. Tsang brings a strong financial background and extensive experience in corporate finance, having held senior financial positions in various companies and currently serving as the Financial Controller of Tencent Holdings Limited [2] Company Overview - Tencent Music Entertainment Group is the leading online music and audio entertainment platform in China, operating popular music apps such as QQ Music, Kugou Music, Kuwo Music, and WeSing [3] - The company's mission is to create endless possibilities with music and technology, offering services that include online music, online audio, online karaoke, music-centric live streaming, and online concert services [3]

Core Viewpoint - Tencent Music Entertainment Group (TME) is set to report its unaudited financial results for Q4 and the full year of 2024 on March 18, 2025, before the U.S. market opens [1]. Group 1: Financial Reporting - TME will announce its financial results for Q4 and the full year of 2024 on March 18, 2025 [1]. - The company will host a Tencent Meeting Webinar on the same day at 7:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time to discuss its business and financial performance [2]. Group 2: Participation Details - Participants interested in joining the Tencent Meeting Webinar must complete online registration in advance [3]. - Upon registration, participants will receive an email with access information, including meeting ID, link, dial-in numbers, and a unique attendee ID [3]. Group 3: Company Overview - Tencent Music Entertainment Group is the leading online music and audio entertainment platform in China, operating popular music apps such as QQ Music, Kugou Music, Kuwo Music, and WeSing [4]. - The company's mission is to create endless possibilities with music and technology, offering services that include online music, audio, karaoke, live streaming, and online concerts [4].

Core Viewpoint - Tencent Music Entertainment Group (TME) is currently positioned as a more attractive investment compared to RELX PLC based on various valuation metrics and rankings [1][3][7]. Valuation Metrics - TME has a forward P/E ratio of 17.45, significantly lower than RELX's forward P/E of 30.93, indicating that TME may be undervalued [5]. - The PEG ratio for TME is 0.83, while RELX has a PEG ratio of 3.53, suggesting TME offers better value relative to its expected earnings growth [5]. - TME's P/B ratio stands at 2.34, compared to RELX's P/B of 20.74, further highlighting TME's relative undervaluation [6]. Zacks Rank and Style Scores - TME holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while RELX has a Zacks Rank of 4 (Sell), suggesting a less favorable earnings forecast [3]. - TME's Value grade is B, contrasting with RELX's Value grade of F, reinforcing the notion that TME is a more appealing option for value investors [7].

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.US) with a target price of $13.9, indicating a potential upside of 20.5% from the current price of $11.51 [2][5][15] Core Insights - The growth in super membership is expected to drive an increase in ARPU (Average Revenue Per User), with non-subscription revenue exceeding expectations. In Q3 2024, online music revenue reached 5.48 billion yuan, a year-on-year increase of 20.4% and a quarter-on-quarter increase of 1.0%. Subscription revenue also grew by 20% year-on-year, amounting to 3.8 billion yuan [3][8] - The company is exploring new avenues in the short drama sector, leveraging its strengths in the music field. Tencent Music is collaborating on a micro-drama titled "Debut, Sound Wave Youth," utilizing its extensive music copyright library and resources [4][14] Summary by Sections Online Music Business - In Q3 2024, Tencent Music's online music business generated revenue of 5.48 billion yuan, reflecting a 20.4% year-on-year growth and a 1.0% quarter-on-quarter growth. Subscription revenue was 3.8 billion yuan, also up 20% year-on-year and 2.7% quarter-on-quarter. The number of paid users increased to 119 million, a 15.5% year-on-year rise, with a payment rate of 20.7% [3][8][9] Social Entertainment Business - The social entertainment segment has faced challenges, with revenue declining by 24% year-on-year to 1.54 billion yuan in Q3 2024. The monthly ARPPU (Average Revenue Per Paying User) decreased by 25% year-on-year [10] Other Online Music Business - Other online music revenue, including advertising and digital album licensing, grew by 20% year-on-year to 1.64 billion yuan, although it saw a slight decline of 2.6% quarter-on-quarter [11][13] Future Growth Drivers - Future growth in online music subscription revenue is anticipated to be driven by the super membership program and stable growth in paid membership numbers. As of September, over 10 million super members were reported, contributing significantly to ARPU [9][10] Market Position - Tencent Music's market position remains strong, with a stable user base and significant monetization potential. The report highlights the company's efforts in cost reduction and efficiency improvements, alongside innovative business developments such as super memberships and short dramas [5][15]

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.N) [2] Core Insights - The company reported Q3 2024 revenue of 7.02 billion RMB, a year-over-year increase of 6.8%, slightly above Bloomberg consensus of 7.00 billion RMB. Gross profit reached 2.99 billion RMB, up 27.7% year-over-year, with a gross margin of 42.6%, benefiting from strong growth in music subscription revenue and rapid growth in advertising revenue [1] - Adjusted net profit for Q3 2024 was 1.94 billion RMB, a 29.1% increase year-over-year, also exceeding Bloomberg consensus of 1.92 billion RMB [1] - The company repurchased approximately 421 million American Depositary Shares for about 335.5 million USD from the open market [1] Summary by Sections Revenue Breakdown - Online music revenue was 5.48 billion RMB, a year-over-year increase of 20.4%, accounting for 78.1% of total revenue, up 8.8 percentage points year-over-year [1] - Subscription revenue reached 3.84 billion RMB, a 20.3% year-over-year increase, with paid user count at 119 million, adding 2 million users quarter-over-quarter, and a year-over-year growth in payment rate of 3.3 percentage points to 20.7% [1] - The average revenue per paying user (ARPPU) for subscriptions was 10.8 RMB, up 4.9% year-over-year, driven by reduced discounts and SVIP offerings [1] - Social entertainment revenue was 1.535 billion RMB, down 23.9% year-over-year, but the decline was mitigated by improvements in KuGou Live and strong performance in advertising and VIP subscription services [1] Profitability and Cost Management - Operating profit for Q3 2024 was 2.144 billion RMB, a 50.5% increase year-over-year [1] - Operating costs decreased by 4.8% year-over-year to 4.024 billion RMB, with music content cost growth slower than revenue growth [1] - Total expenses fell by 3.9% year-over-year to 1.22 billion RMB, with management expenses down 4.9% to 999.8 million RMB due to reduced personnel costs [1] Future Outlook - The SVIP subscription count has surpassed 10 million, with expectations for continued growth through diversified privileges enhancing user experience [1] - The company maintains a solid competitive barrier, with steady growth in subscription users and anticipated ARPPU uplift from SVIP development [1] - Adjusted net profit forecasts for 2024-2026 are maintained at 7.4 billion, 8.4 billion, and 9.4 billion RMB respectively [1]

Investment Rating - The report maintains an "Outperform" rating for Tencent Music (TME.N) [1][4][3] Core Insights - The online music business is experiencing robust growth, with a significant increase in subscription users and revenue [3][12] - The company achieved total revenue of 70.2 billion yuan in Q3 2024, representing a year-on-year increase of 6.8% [1][7] - The adjusted net profit for Q3 2024 reached 19.4 billion yuan, up 29.1% year-on-year, with an adjusted profit margin of 27.7% [1][7] - The number of SVIP members has surpassed 10 million, contributing positively to the subscription business [2][12] Summary by Sections Revenue and Profitability - Total revenue for Q3 2024 was 70.2 billion yuan, with online music revenue accounting for 78% of this total [1][7] - Online music revenue grew by 20.4% year-on-year, reaching 54.8 billion yuan in Q3 2024 [2][10] - The gross margin for Q3 2024 was 42.6%, an increase of 7.0 percentage points year-on-year [1][7] Subscription Business - The subscription user base increased by 2 million quarter-on-quarter, with a total of 1.19 billion paid users, reflecting a 16% year-on-year growth [2][12] - The average revenue per paying user (ARPPU) for subscriptions was 10.8 yuan, up 4.9% year-on-year [2][12] - The company expects the subscription user growth to continue at a similar pace into 2025 [3][12] Cost Management and Profit Forecast - The report highlights effective cost control, leading to an upward revision of profit expectations for 2024-2026, with adjusted net profits projected at 78 billion, 89 billion, and 90 billion yuan respectively [4][3] - The management fee ratio has room for optimization, contributing to improved profitability [1][7] Market Position and Future Outlook - Tencent Music's leading position in the market is expected to support the continued growth of its subscription business, particularly through the SVIP strategy [3][12] - The company anticipates that the SVIP user base could reach 20-30 million, which would further enhance ARPPU contributions [3][12]

Core Viewpoint - Tencent Music Entertainment Group (TME) has experienced a 12% decline in stock price over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround as analysts expect better earnings than previously predicted [1]. Group 1: Stock Performance - TME's stock has faced significant selling pressure, leading to a 12% decline in the last month [1]. - The stock is currently considered oversold, indicated by an RSI reading of 29.31, suggesting that selling may be exhausting [3]. Group 2: Analyst Sentiment - There is strong consensus among sell-side analysts to raise earnings estimates for TME, with a 1.6% increase in the consensus EPS estimate over the last 30 days [4]. - TME holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [4]. Group 3: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 typically indicating a stock is oversold [2]. - The RSI helps investors identify potential entry points for stocks that may rebound after unwarranted selling pressure [2].

Investment Rating - The investment rating for Tencent Music (TME) is currently not specified in the report, but the overall recommendation is to actively monitor the company due to its strong performance and growth potential [2]. Core Views - The report highlights that Tencent Music's Q3 2024 performance met expectations, with total revenue of 70.2 billion yuan, a year-over-year increase of 6.8%. Net profit reached 17.1 billion yuan, up 35.3% year-over-year, while adjusted net profit was 19.4 billion yuan, reflecting a 29.1% increase year-over-year [2]. - The online music service revenue was 54.8 billion yuan, showing a year-over-year growth of 20.4%, driven by strong growth in subscription revenue and advertising services. The subscription revenue alone was 38.4 billion yuan, up 20.3% year-over-year [2]. - The report emphasizes the importance of SVIP membership in enhancing ARPPU (Average Revenue Per Paying User), with SVIP members exceeding 10 million by the end of September 2024, contributing to a higher ARPPU compared to regular members [2]. Summary by Sections Financial Performance - Total revenue for Q3 2024 was 70.2 billion yuan, slightly above the consensus estimate of 70 billion yuan, with a year-over-year growth of 6.8% [2]. - Net profit was reported at 17.1 billion yuan, close to the consensus estimate of 17.2 billion yuan, with a year-over-year increase of 35.3% [2]. - Adjusted net profit reached 19.4 billion yuan, exceeding the consensus estimate of 19.2 billion yuan, marking a year-over-year growth of 29.1% [2]. Revenue Breakdown - Online music service revenue was 54.8 billion yuan, up 20.4% year-over-year, primarily due to strong subscription growth and advertising revenue [2]. - Subscription revenue specifically was 38.4 billion yuan, reflecting a year-over-year increase of 20.3% [2]. - Social entertainment services and other services revenue was 15.4 billion yuan, down 23.9% year-over-year, attributed to adjustments in live interaction features and stricter compliance measures [2]. User Metrics - As of Q3 2024, the number of paying users for online music services reached 119 million, a year-over-year increase of 15.5% [2]. - The report notes a net increase of 2 million paying users in Q3, aligning with the guidance of 1.5 to 2 million [2]. - The ARPPU for online music services was 10.8 yuan, up 4.9% year-over-year, while for social entertainment services, it was 64.8 yuan, down 24.8% year-over-year [2].