Tencent Music Entertainment Group (MEX:TMEN)

Q2 2025 Tencent Music Entertainment Group Earnings Call (Chinese, English) Transcript

Aug 12, 2025 / 11:00 AM GMT

Release Date Price: MXN425.6

Transcript

Key Points

Positve

Tencent Music Entertainment Group (TME) reported a record high total revenue of 8.4 billion RMB, marking an 18% year-over-year increase.
The music subscription business remains a core growth driver, with a 17% year-over-year increase in subscription revenues, reaching 4.4 billion RMB.
The company has successfully expanded its content ecosystem through strategic partnerships with well-known Korean labels and Chinese artists, enhancing its K-pop offerings.
TME's innovative advertising formats and artist-related merchandise sales have contributed to strong growth in advertising revenue.
The company has demonstrated robust growth in its online music platform, with user average time spent reaching a record high and SVIP subscribers exceeding 15 million.

Negative

Social entertainment services and other revenues decreased by 9% year-over-year, primarily due to adjustments in live streaming and interactive functions.
The gross margin for fan economy and offline concerts is relatively low, which could impact the overall gross margin of the company.
There are seasonal fluctuations in revenue from fan economy and offline concerts due to artist scheduling and venue selection.
The company faces challenges in ensuring integrated development for both content and privileges as it expands its platform.
The ad-based membership is still in its infancy stage, and its contribution to revenue growth is currently limited.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

1698.HK - Tencent Music Entertainment Group
Q2 2025 Tencent Music Entertainment Group Earnings Call (Chinese, English)
Aug 12, 2025 / 11:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good evening, good morning and welcome to Tencent Music Entertainment Group's second quarter 2025 earnings conference call. I'm Milton T, head of IR.

We announced our quarterly financial results earlier today before the US market opened. The earnings release is now available on our IR website and via newswire services.

During today's call, you will hear from Mr. Kashan Pang, our executive Chairman, and Mr. Ross Li, our CEO, who will share an overview of our company strategies and business updates. Then Ms. Shirley Hu, our SFO will address our financial results before we open the call for questions.

Before we continue, I refer you to the Safe Harbor statements in

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