Tencent Music's total revenue for 2025 is 32.9 billion yuan, and on the day of release, its Hong Kong stock price rose by 0.62%.

On March 17, Beijing time, trading in the Hong Kong stock market was volatile. As of the close of trading on that day, the Hang Seng Index rose by 34.52 points, up 0.13%; the Hang Seng Tech Index fell by 4.14 points, down 0.08%. Amid market weakness, the performance of popular returning Hong Kong Chinese concept stocks varied. Among them, Alibaba rose 0.45%, Baidu fell 3.01%, Tencent Music rose 0.62%, and NetEase fell 0.05%. Meanwhile, on March 16, U.S. Eastern Time, as of the close that day, against the backdrop of all three major U.S. stock indices posting slight gains, Tencent Music’s U.S. stock price increased by 6.34%.

After the Hong Kong stock market closed on March 17, Beijing time, Tencent Music Entertainment Group (NYSE stock ticker: TME; HKEX stock ticker: 1698) released its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

The financial report showed that Tencent Music achieved steady growth in its results for both the fourth quarter of 2025 and the full year. Total annual revenue reached 32.9 billion yuan, a record high, with an adjusted net profit of 9.92 billion yuan. Revenue from online music services was 26.73 billion yuan, up 22.9% year-over-year. With the continued deepening of its “one body with two wings” content and platform strategy, Tencent Music’s total revenue in the fourth quarter of 2025 grew 15.9% year-over-year to 8.64 billion yuan. The online music business experienced strong growth: online music services revenue increased 21.7% year-over-year to 7.1 billion yuan, with non-subscription online music revenue rising 40.8% to 2.54 billion yuan, surpassing market expectations. The number of paid online music users increased to 127.4 million. Additionally, the financial report disclosed that Tencent Music announced it would pay a total annual cash dividend of approximately $368 million for fiscal year 2025, continuing to create long-term value returns for shareholders.

In 2025, despite a more complex internal and external environment, China’s economy still demonstrated a trend of steady improvement, with high-quality development progressing more steadily. Benefiting from positive factors such as a solid domestic economic foundation and substantial potential, Tencent Music steadily advanced its “one body with two wings” content and platform strategy. While consolidating its content advantages, it continued to expand the boundaries of its music services, building a more vibrant and diversified music ecosystem. It upgraded and optimized platform functions, leveraging cutting-edge technologies such as AI to empower music creation and consumption experiences. Through multiple product matrices, it provided users with comprehensive services and innovative engagement methods, further deepening its differentiated one-stop music service platform, meeting the diverse needs of different user groups, and attracting more users to pay for high-quality content and personalized experiences. This effectively increased user stickiness, promoted retention and conversion, and helped its super membership user base surpass 20 million in 2025. ARPPU increased from 11.1 yuan in the same period of 2024 to 11.9 yuan. The steady performance data and diversified business development highlighted Tencent Music’s promising future growth prospects and long-term value.

Market participants generally hold optimistic and positive expectations regarding Tencent Music’s long-term steady growth with progress. Multiple brokerage firms, including China International Capital Corporation (601995), Jianyin International, Citigroup, Jefferies, and BOC International, have issued ratings such as “outperform the market” or “buy” for Tencent Music. CICC maintained an “outperform the market” rating, affirming Tencent Music’s in-depth exploration of the value across the entire music entertainment industry chain under its “one body with two wings” strategy, and believed its overall influence could gradually translate into commercial advantages. Goldman Sachs, while maintaining a “buy” rating, pointed out that Tencent Music is driving steady ARPPU growth by increasing super membership penetration and offering diversified services, and is further expanding into live performances and music-related merchandise, strengthening its core competitive differentiation.