Summary of Tencent Music Earnings Report and Analyst Conference Call Highlights

2025 total revenue reached 32.9 billions RMB, a year-on-year increase of 16%, and non-IFRS net profit rose to 9.9 billions RMB. Online music service revenue grew by 23% year-on-year, successfully offsetting the structural decline in the social entertainment business. 2. The three-tier membership system has proven effective, with SVIP users surpassing 20 millions. The company deepened monetization through the “ad-supported, standard subscription, SVIP” system, and the number of SVIP (Super VIP) users has exceeded the milestone of 20 millions. By integrating priority offline concert ticket purchases and limited-edition merchandise, the company successfully increased the wallet share of core fans. Expand