The earnings call reflects a strong performance with substantial revenue growth driven by online music subscriptions and advertising. Strategic initiatives in concerts and merchandise have shown promising results, although there are challenges related to social entertainment revenue and offline performance margins.

Company Guidance

During Tencent Music Entertainment Group's Second Quarter 2025 Earnings Conference Call, the company reported strong financial performance with a record-high total revenue of RMB 8.4 billion, marking an 18% year-over-year increase. Online music revenues grew by 26% year-on-year to RMB 6.9 billion, driven by a 17% rise in net subscription revenues and an increase in monthly ARPPU to RMB 11.2. The company's SVIP subscribers surpassed 15 million, while advertising revenue continued its upward trajectory. Net profit increased by 38% to RMB 2.5 billion, with a non-IFRS net profit of RMB 2.6 billion. Operating expenses were managed effectively, contributing to a 2.4 percentage point increase in gross margin to 44.4%. The company emphasized its strategic focus on diversifying music services, with promising growth in non-subscription services such as concerts and artist merchandise, and maintained optimism for continued high-quality growth in the music entertainment industry.

Record Revenue Growth

Total revenue reached RMB 8.4 billion, up by 18% year-over-year, driven by strong growth in new subscription and advertising services.

Significant Online Music Revenue Increase

Online music revenues grew 26% year-on-year to RMB 6.9 billion, supported by expansion in the subscriber base and ARPPU.

Strong Subscriber Growth

SVIP subscribers exceeded 15 million, with significant enhancements in subscriber benefits and offerings.

Successful Concert and Artist Merchandise Initiatives

Revenue from concerts and artist merchandise more than doubled year-over-year, validating the strategy of building a comprehensive music entertainment platform.

Innovative Product Launches

The launch of the interactive community 'Bubble' on QQ Music enables users to engage directly with hundreds of K-pop artists.

Improved Profit Margins

Gross margin rose by 2.4 percentage points year-on-year to 44.4%, driven by improved cost efficiencies and strong growth in subscriptions and advertising.

Promising Non-Subscription Services

Strong traction in non-subscription services, including advertising and artist-related merchandise, contributing to revenue growth.

Tencent Music Entertainment Group (TME) Earnings, Revenues Date & History

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TME Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	0.20 / -	0.141	―	―	―
Aug 12, 2025	2025 (Q2)	0.20 / 0.22	0.149	44.86% (+0.07)	―
May 13, 2025	2025 (Q1)	0.18 / 0.39	0.127	204.40% (+0.26)
Mar 18, 2025	2024 (Q4)	0.17 / 0.18	0.116	51.81% (+0.06)
Nov 12, 2024	2024 (Q3)	0.16 / 0.14	0.103	36.49% (+0.04)
Aug 13, 2024	2024 (Q2)	0.15 / 0.15	0.114	30.49% (+0.03)	―
May 13, 2024	2024 (Q1)	0.13 / 0.13	0.102	24.66% (+0.03)	―
Mar 19, 2024	2023 (Q4)	0.13 / 0.12	0.1	15.28% (+0.02)	―
Nov 14, 2023	2023 (Q3)	0.11 / 0.10	0.092	12.12% (+0.01)	―
Aug 15, 2023	2023 (Q2)	0.12 / 0.11	0.074	54.72% (+0.04)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TME Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 12, 2025	$22.70	$25.39	+11.85%
May 13, 2025	$14.33	$14.69	+2.51%
Mar 18, 2025	$12.90	$14.91	+15.58%
Nov 12, 2024	$11.41	$10.79	-5.43%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.