Financial Performance - Total revenues for Q2 2024 were RMB7.16 billion (US$985 million), a 1.7% year-over-year decrease, primarily due to a decline in social entertainment services revenues[1]. - Net profit for Q2 2024 was RMB1.79 billion (US$247 million), representing a 33.1% year-over-year growth[2]. - Total operating profit for Q2 2024 was RMB2.20 billion (US$302 million), a 42.8% year-over-year increase[13]. - The net profit attributable to equity holders for the period was RMB 1,682 million, reflecting a year-over-year increase of 29.6% from RMB 1,298 million[24]. - Tencent Music's non-IFRS net profit for the three months ended June 30, 2024, was RMB 1,985 million, up 25.0% from RMB 1,579 million in the same period of 2023[26]. - Basic earnings per share for Class A and Class B ordinary shares was RMB 0.54, compared to RMB 0.42 in the same quarter last year, marking a 28.6% increase[24]. Revenue Breakdown - Revenues from music subscriptions increased by 29.4% year-over-year to RMB3.74 billion (US$515 million), with paying users rising by 17.7% to 117.0 million[2]. - Revenues from online music services grew by 27.7% year-over-year to RMB5.42 billion (US$746 million)[10]. - Revenues from social entertainment services decreased by 42.8% to RMB1.74 billion (US$239 million) due to compliance adjustments and increased competition[11]. User Engagement and Growth - Monthly ARPPU for online music increased by 10.3% year-over-year to RMB10.7[4]. - The company launched new digital album offerings and enhanced user engagement through personalized privileges and advanced technology features[5][8]. - The company reported a total of 51.6 million monthly active users in its online music services segment as of June 30, 2024, a decrease from 45.6 million in the previous year[24]. Financial Position - Cash, cash equivalents, term deposits, and short-term investments totaled RMB35.03 billion (US$4.82 billion) as of June 30, 2024[15]. - The company has increased its financial assets at fair value through other comprehensive income to RMB 10,294 million as of June 30, 2024, from RMB 6,540 million at the end of 2023[28]. - Tencent Music's total assets grew to RMB 82,405 million as of June 30, 2024, compared to RMB 75,536 million at the end of 2023, indicating a growth of 9.8%[29]. - Total equity decreased from RMB 62,879 million to RMB 57,202 million, a decline of 9.7%[30]. - Total liabilities decreased from RMB 19,526 million to RMB 18,334 million, a decline of 6.1%[31]. Cash Flow - Net cash provided by operating activities increased from RMB 2,067 million to RMB 2,944 million, a growth of 42.4%[33]. - Net cash used in investing activities improved from a usage of RMB 1,339 million to a usage of RMB 693 million, a reduction of 48.3%[33]. - Cash and cash equivalents at the end of the period decreased from RMB 12,950 million to RMB 12,251 million, a decline of 5.4%[33]. Other Financial Metrics - Gross margin improved to 42.0%, up from 34.3% in the same period of 2023, driven by strong growth in music subscriptions and advertising[12]. - The gross profit for the same period was RMB 3,010 million, representing a gross margin of 42.0%, up from RMB 2,497 million and a gross margin of 34.3% in the prior year[24]. - Operating profit increased to RMB 2,198 million for the three months ended June 30, 2024, a growth of 43.0% year-over-year from RMB 1,539 million[24]. - Retained earnings increased from RMB 16,520 million to RMB 16,969 million, an increase of 2.7%[30]. - Non-controlling interests decreased from RMB 1,670 million to RMB 1,295 million, a decline of 22.4%[30]. - Current liabilities decreased from RMB 13,179 million to RMB 12,014 million, a decline of 8.8%[30]. - Total equity and liabilities decreased from RMB 82,405 million to RMB 75,536 million, a decline of 8.3%[31]. - Deferred revenue increased from RMB 2,952 million to RMB 2,854 million, a decline of 3.3%[30].

SHENZHEN, China, July 26, 2024 /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 that Ms. Linlin Chen has tendered her resignation from her position as the Company's Group Vice President and other relevant roles for personal reasons, effective September 30, 2024. "On behalf of the Company, we would like to extend our gratitude to Ms. Chen for her dedicated service at TME. ...

SHENZHEN, China, July 12, 2024 /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 that it will report its unaudited financial results for the second quarter of 2024 before the U.S. market opens on Tuesday, August 13, 2024. TME's management will host a Tencent Meeting Webinar on Tuesday, August 13, 2024, at 7:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time on Tuesd ...

SHENZHEN, China, June 28, 2024 /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 that its annual general meeting (the "AGM") was held in Hong Kong on June 28, 2024 and all the proposed resolutions set out in the notice of the AGM dated May 21, 2024 were duly passed at the AGM. About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) i ...

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.N) [2][4] Core Views - The online music business is experiencing robust growth, with expectations for continued profit optimization in 2024 [2][10] - The company has a strong cash position, with cash and cash equivalents totaling 34.18 billion yuan as of March 2024, and has initiated a cash dividend distribution of 1.21 billion USD [2][10] - The adjusted net profit forecast for 2024-2026 has been raised, with expected figures of 7.462 billion, 8.586 billion, and 9.345 billion yuan respectively [2][10] Summary by Sections Financial Performance - In Q1 2024, Tencent Music reported total revenue of 6.77 billion yuan, a year-on-year decrease of 3.4% and a quarter-on-quarter decrease of 1.8% [5][6] - Online music revenue accounted for 74% of total revenue, with a significant year-on-year growth of 43% to 5.01 billion yuan [5][6] - The gross margin improved to 40.9%, up 7.9 percentage points year-on-year, driven by growth in subscription and advertising revenues, as well as improved returns on music copyright investments [5][6] User Growth and Subscription Business - The number of paid users for online music reached 114 million, a year-on-year increase of 20.2%, with a payment rate of 19.6%, up 3.7 percentage points [7][10] - The company is confident that the total net increase in subscriptions for 2024 will exceed previous forecasts, although it will be slightly lower than in 2023 due to base effect adjustments [7][10] Social Entertainment Business - The social entertainment and other revenue for Q1 2024 was 1.76 billion yuan, a year-on-year decline of 50% and a quarter-on-quarter decline of 6% [10] - The decline in social entertainment revenue is attributed to the company's proactive ecosystem adjustments, which resulted in a 55% year-on-year decrease in user ARPPU [10]

Tencent Music Entertainment Group Sponsored ADR (TME) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong corre ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

SHENZHEN, China, May 21, 2024 /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 that it will hold its annual general meeting of shareholders (the "AGM") at 10/F, The Hong Kong Club Building, 3A Chater Road, Central, Hong Kong on Friday, June 28, 2024 at 10 a.m. (Beijing/Hong Kong time) for the purposes of considering and, if thought fit, passing the resolutions as set for ...

[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [【Table_广Title] 发传媒&海外】腾讯音乐(TME)/ 公[Ta司ble评_In级ves t] 买入-A/买入-H 当前价格 14.66美元/59.20港元 腾讯音乐-SW(01698.HK) 合理价值 15.81美元/61.74港元 前次评级 买入/买入 订阅会员数增长超预期，利润加速释放 报告日期 2024-05-15 [ 核Tab 心le_S 观umm 点ary ：] [相Tab对le_P市icQ场uote表] 现  公司发布24Q1季报：24Q1收入为67.68亿元，YoY-3%/QoQ-2%，vs. 100% 一致预期为65.54亿元。24Q1调整后归母净利润为17亿元，YoY+21%， 50% QoQ+8%，vs.一致预期为15.89亿元。24Q1毛利率达到40.9%（vs.一 0% 致预期为38.9%），YoY+7.9pct，QoQ+2.6%，成本结构持续优化，经营 -50% 杠杆加速释放。公司发布了23年现金分红计划，分红2.1亿美元  音乐会员数增长超预期。24Q1在线音乐业务收入为50.07亿元（vs.一 SPX I ...

2024年5月15日 公司研究 音乐订阅增长强劲，业绩全面超预期 ——腾讯音乐（TME.N）24Q1 业绩点评 要点 增持（维持） 事件：公司发布1Q24财报，收入、利润均超市场预期。实现营收67.7亿元 当 前价：14.66美元 人民币（yoy-3.4%，vs 彭博一致预期 65.5 亿元），毛利率为 40.9% （yoy+7.8pct，vs 彭博一致预期 38.9%），规模效应提升明显，实现调整 作者 后净利润18.1亿元（yoy+23.9%，vs彭博一致预期15.9亿元）。公司首次 分析师：付天姿 CFA，FRM 宣布派发年度股息，将支付23财年年度现金股利约2.1亿美元。 执业证书编号：S0930517040002 点评：在线音乐业务强劲增长，单季度订阅用户净增创历史新高。在线音乐 021-52523692 futz@ebscn.com 收入50.1亿元（yoy+43%，vs彭博一致预期48.5亿元），其中订阅收入强 劲增长至36.2亿元（yoy+39%，vs彭博一致预期35.7亿元）。1Q24净增 联系人：杨朋沛 加订阅付费用户数680万人，创历史新高，系公司优化会员权益、加强产品 021-5252 ...