The earnings call presented a strong performance with record revenue growth, increased online music revenue, and successful product and feature launches driving SVIP adoption. Despite a decline in social entertainment revenue and some impact on gross margins from offline events, the overall outlook remains positive with continued investment in innovative offerings.

Company Guidance

During the Tencent Music Entertainment Group's second quarter 2025 earnings call, management highlighted solid financial performance with total revenue reaching a record RMB 8.4 billion, marking an 18% year-over-year increase. Online music revenue grew 26% year-over-year to RMB 6.9 billion, while net profit increased by 38% to RMB 2.5 billion. The company's SVIP subscribers exceeded 15 million, reflecting strong user engagement. Advertising revenue continued to grow robustly, driven by innovative ad formats and increased user engagement. The call also discussed strategic initiatives, such as expanding music-related services, hosting large-scale concerts, and enhancing user experiences through new interactive features. Additionally, long-term prospects include diversifying revenue streams and sustaining growth through operational efficiencies and strategic partnerships.

Record Revenue Growth

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

Online Music Revenue Surge

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

SVIP Subscriber Milestone

SVIP subscribers exceeded 15 million, reflecting deep trust and loyalty within the user community.

Innovative Product Launches

Introduction of new features like high-quality sound and AI chorus function, enhancing user experiences and driving SVIP adoption.

Strong Advertising Growth

Advertising revenue continued strong growth both year-on-year and quarter-on-quarter, aided by innovative ad formats and successful product optimization.

Successful Offline Events

Hosted over 300 offline shows for nearly 100,000 musicians, and successful large-scale events like G-Dragon's concert in Macau.

Bubble Community Launch

Launched the interactive community Bubble on QQ Music, enabling direct engagement with K-pop artists and planning to include Chinese artists.

Tencent Music Entertainment Group Class A (HK:1698) Earnings, Revenues Date & History

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HK:1698 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	0.80 / -	0.543	―	―	―
Aug 12, 2025	2025 (Q2)	0.77 / 0.85	0.581	45.61% (+0.27)	―	―
May 13, 2025	2025 (Q1)	0.68 / 1.50	0.491	205.30% (+1.01)	―	―
Mar 18, 2025	2024 (Q4)	0.65 / 0.68	0.451	50.33% (+0.23)	―	―
Nov 12, 2024	2024 (Q3)	0.61 / 0.54	0.396	37.12% (+0.15)	―	―
Aug 13, 2024	2024 (Q2)	0.59 / 0.58	0.44	32.05% (+0.14)	―	―
May 13, 2024	2024 (Q1)	0.50 / 0.49	0.411	19.46% (+0.08)	―	―
Mar 19, 2024	2023 (Q4)	0.49 / 0.45	0.411	9.73% (+0.04)	―	―
Nov 14, 2023	2023 (Q3)	0.42 / 0.40	0.367	7.90% (+0.03)	―	―
Aug 15, 2023	2023 (Q2)	0.48 / 0.44	0.306	43.79% (+0.13)	―	―

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

HK:1698 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 12, 2025	HK$86.85	HK$88.30	+1.67%
May 13, 2025	HK$57.00	HK$54.50	-4.39%
Mar 18, 2025	HK$47.10	HK$50.46	+7.13%
Nov 12, 2024	HK$44.43	HK$44.68	+0.56%

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.