Tencent Music en 2025, ingresos totales de 32,9 mil millones de yuanes, el día de su publicación, el precio de las acciones en Hong Kong subió un 0,62%.

北京时间3月17日，港股市场走势震荡，其中，截至当日收盘，
Hong Kong’s stock market showed volatility, where, as of the close of that day,
香港恒生指数上涨34.52点，涨幅0.13%；
the Hong Kong Hang Seng Index rose 34.52 points, an increase of 0.13%;
恒生科技指数下跌4.14点，跌幅0.08%。
the Hang Seng Tech Index fell 4.14 points, a decrease of 0.08%.
在市场弱势下，热门回港中概股表现分化，其中，
In a weak market, the performance of popular Chinese concept stocks returning to Hong Kong was mixed, where,
阿里巴巴上涨0.45%，百度下跌3.01%，
Alibaba rose 0.45%, Baidu fell 3.01%,
腾讯音乐上涨0.62%，网易下跌0.05%。
Tencent Music rose 0.62%, NetEase fell 0.05%.
同时，美东时间3月16日，截至当天收盘，
At the same time, on March 16, Eastern Time, as of the close of that day,
在美股三大指数集体微幅收涨的背景下，
against the backdrop of the three major U.S. stock indices slightly rising collectively,
腾讯音乐美股股价上涨6.34%。
Tencent Music’s stock price rose 6.34% in the U.S. market.

北京时间3月17日港股盘后，
On March 17, after the Hong Kong stock market closed,
腾讯音乐娱乐集团（纽交所股票代码：TME；港交所股票代码：1698）
Tencent Music Entertainment Group (NYSE stock code: TME; HKEX stock code: 1698)
发布了截至2025年12月31日止的第四季度及全年未经审计财务报告。
released its unaudited financial report for the fourth quarter and the full year ending December 31, 2025.

财报显示，腾讯音乐2025年第四季度及全年业绩稳健增长，
The financial report shows that Tencent Music’s performance in the fourth quarter and the full year of 2025 showed steady growth,
全年总收入达329亿元，创历史新高，
with total annual revenue reaching 32.9 billion yuan, a record high,
调整后净利润为99.2亿元，其中在线音乐服务收入达267.3亿元，
and an adjusted net profit of 9.92 billion yuan, of which online music service revenue reached 26.73 billion yuan,
同比增长22.9%。
a year-on-year increase of 22.9%.
在内容与平台“一体两翼”战略的持续深化下，
With the continuous deepening of the “integrated two wings” strategy for content and platform,
2025年第四季度，腾讯音乐总收入同比增长15.9%达86.4亿元；
in the fourth quarter of 2025, Tencent Music’s total revenue grew by 15.9% year-on-year to 8.64 billion yuan;
在线音乐业务有力增长，
The online music business saw strong growth,
在线音乐服务收入同比增长21.7%达71亿元，
with online music service revenue increasing by 21.7% year-on-year to 7.1 billion yuan,
其中在线音乐非订阅收入同比增长40.8%至25.4亿元，
of which online music non-subscription revenue grew by 40.8% year-on-year to 2.54 billion yuan,
超市场预期，在线音乐付费用户数增长至1.274亿。
exceeding market expectations, and the number of paid users for online music grew to 127.4 million.
此外，本次财报披露，腾讯音乐宣布将派发总额约为3.68亿美元的2025财年年度现金股息，
In addition, this financial report disclosed that Tencent Music announced it will distribute an annual cash dividend totaling approximately 368 million USD for the fiscal year 2025,
持续为股东创造长线价值回报。
continuing to create long-term value returns for shareholders.

2025年，尽管内外环境更加复杂，
In 2025, despite the increasingly complex internal and external environment,
我国经济仍然呈现向优向好的发展势头，
China’s economy still shows a trend of positive development,
高质量发展步伐更稳。
with a more stable pace of high-quality development.
得益于国内经济基础稳、潜能大的积极因素，
Thanks to the positive factors of a stable domestic economic foundation and great potential,
腾讯音乐稳步推进内容与平台“一体两翼”战略，
Tencent Music steadily advances the “integrated two wings” strategy for content and platform,
在巩固内容优势的基础上，
consolidating its content advantages,
持续拓展音乐服务边界，
continuously expanding the boundaries of music services,
构建更有活力的多元音乐生态，并升级优化平台功能，
building a more vibrant and diverse music ecosystem, and upgrading and optimizing platform functions,
通过AI等前沿技术赋能音乐创作与消费体验，
empowering music creation and consumption experiences through cutting-edge technologies like AI,
以多矩阵产品为用户提供全方位服务与创新玩法，
providing users with comprehensive services and innovative experiences through multiple product matrices,
进一步深化差异化的一站式音乐服务平台布局，
further deepening the differentiated layout of the one-stop music service platform,
满足不同用户群体的多样化需求，
meeting the diverse needs of different user groups,
吸引更多用户为高品质内容与个性化体验付费，
attracting more users to pay for high-quality content and personalized experiences,
有效提升平台用户黏性并促进留存转化，
effectively enhancing user stickiness on the platform and promoting retention and conversion,
推动其超级会员用户规模在2025年突破2000万，
driving its super member user base to exceed 20 million by 2025,
ARPPU从2024年同期的11.1元提升至11.9元。
with ARPPU rising from 11.1 yuan in the same period of 2024 to 11.9 yuan.
稳健的业绩数据与多元发展的业务表现彰显出腾讯音乐可观的未来增长前景与长线价值。
The solid performance data and the diverse business development reflect Tencent Music’s promising future growth prospects and long-term value.

对于腾讯音乐长期以来展现出的稳中有进的发展态势，
Regarding Tencent Music’s long-term stable and progressive development,
市场普遍持乐观积极预期。
the market generally holds optimistic expectations.
中金公司（601995）、建银国际、花旗、杰富瑞、中银国际等多家券商机构均对腾讯音乐给出“跑赢大盘”或“买入”评级。
Several brokerage firms, including CICC (601995), Jianyin International, Citibank, Jefferies, and BOCI, have given Tencent Music a “buy” or “outperform” rating.
中金公司维持“跑赢大盘”评级，
CICC maintains its “outperform” rating,
肯定腾讯音乐在内容与平台“一体两翼”战略引领下对音乐娱乐全产业链价值的深入挖掘，
affirming Tencent Music’s in-depth exploration of the value of the entire music entertainment industry chain under the leadership of the “integrated two wings” strategy for content and platform,
并认为其综合影响力有望逐步落地为商业化优势。
and believing that its comprehensive influence is expected to gradually translate into commercial advantages.
高盛在给出“买入”评级的同时指出，
Goldman Sachs, while giving a “buy” rating, pointed out that
腾讯音乐正通过提升超级会员渗透率和提供多元化服务来推动ARPPU稳健增长，
Tencent Music is driving stable growth in ARPPU by increasing super member penetration and providing diversified services,
并进一步向现场演出和音乐周边业务迈进，
and further advancing into live performances and music-related businesses,
增强其差异化的核心竞争力。
enhancing its differentiated core competitiveness.