Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung. The company also operates Kugou Music, Kuwo Music, WeSing, QQ Music, Kugou Live, and Kuwo Live that provides an interactive online stage for performers and users to showcase their talent and engage with those interested in their performance; and Kuwo Changting, an audio platform that offers users various audio content, including audio books, cross-talks, radio dramas, and other entertainment. In addition, it sells music-related merchandise, including Kugou headsets, smart speakers, WeSing karaoke microphones, and Hi-Fi systems; and offers online music event ticketing services, as well as services to smart device and automobile makers to build and operate music services on devices and vehicles. Tencent Music Entertainment Group has a strategic partnership with China Literature. The company is headquartered in Shenzhen, China. Tencent Music Entertainment Group is a subsidiary of Tencent Holdings Limited.

Tencent Music Entertainment Group

Online Music Services

Online Music Services %Chg

Online Music Services Common Size

Social Entertainment Services and Others

Social Entertainment Services and Others %Chg

Social Entertainment Services and Others Common Size

Total Revenues

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Total Revenues Common Size

Cost of Revenues

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Cost of Revenues Common Size

Gross Profit

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Gross Profit Common Size

Selling and Marketing Expenses

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Selling and Marketing Expenses Common Size

General and Administrative Expenses

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General and Administrative Expenses Common Size

Total Operating Expenses

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Total Operating Expenses Common Size

Interest Income

Interest Income %Chg

Interest Income Common Size

Other Losses, Net

Other Losses, Net %Chg

Other Losses, Net Common Size

Share-Based Payments Arising from Issuance of Ordinary Shares to Music Label Partners

Share-Based Payments Arising from Issuance of Ordinary Shares to Music Label Partners %Chg

Share-Based Payments Arising from Issuance of Ordinary Shares to Music Label Partners Common Size

Other Gains, Net

Other Gains, Net %Chg

Other Gains, Net Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Share of Net Profit of Investments Accounted for Using Equity Method

Share of Net Profit of Investments Accounted for Using Equity Method %Chg

Share of Net Profit of Investments Accounted for Using Equity Method Common Size

Finance Cost

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Finance Cost Common Size

Profit Before Income Tax

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Profit Before Income Tax Common Size

Income Tax Expense

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Income Tax Expense Common Size

Profit for the Year

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Profit for the Year Common Size

Equity Holders of the Company

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Equity Holders of the Company Common Size

Total Attributable to

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Total Attributable to Common Size

Cost of Sales

Cost of Sales %Chg

Cost of Sales Common Size

Gross Profit Margin

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Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Other Operating Expenses

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Other Operating Expenses Common Size

Operating Margin

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Operating Margin Common Size

Interest and Investment Income

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Interest and Investment Income Common Size

Interest Expense

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Interest Expense Common Size

Non-Operating Income

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Total Non-Operating Income

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Total Non-Operating Income Common Size

Income Before Provision for Income Taxes

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Income Before Provision for Income Taxes Common Size

Provision for Income Taxes

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Provision for Income Taxes Common Size

Consolidated Net Income

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Consolidated Net Income Common Size

Net Income Attributable to Common Shareholders

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Net Income Attributable to Common Shareholders Common Size

Basic EPS

Basic EPS %Chg

Basic EPS Common Size

Diluted EPS

Diluted EPS %Chg

Diluted EPS Common Size

Basic Weighted Average Shares Outstanding

Basic Weighted Average Shares Outstanding %Chg

Basic Weighted Average Shares Outstanding Common Size

Total Shares Outstanding

Total Shares Outstanding %Chg

Total Shares Outstanding Common Size

Diluted Weighted Average Shares Outstanding

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Diluted Weighted Average Shares Outstanding Common Size

EBITDA

EBITDA %Chg

EBITDA Common Size

Effective Tax Rate

Revenue

EBIT

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Total Revenues	31,719	28,401	27,752	28,339	31,244	29,153	25,434	18,985	10,981	4,361
Total Revenues %Chg	13.9%	2.3%	-2.1%	-9.3%	7.2%	14.6%	34%	72.9%	151.8%	—
Online Music Services
Social Entertainment Services and Others
Cost of Sales	—	16,376	17,957	19,566	21,840	19,851	16,761	11,708	7,171	3,129
Gross Profit	31,719	12,025	9,795	8,773	9,404	9,302	8,673	7,277	3,810	1,232
Gross Profit Margin	100%	42.3%	35.3%	31%	30.1%	31.9%	34.1%	38.3%	34.7%	28.3%
Selling, General & Administrative Expenses	—	4,676	5,018	5,557	6,687	5,576	4,744	3,972	2,434	1,148
Selling and Marketing Expenses
General and Administrative Expenses
Other Operating Expenses	—	—	—	—	—	—	—	1,519	—	—
Share-Based Payments Arising from Issuance of Ordinary Shares to Music Label Partners
Operating Profit	31,719	8,710	6,059	4,443	3,800	4,710	4,622	2,039	1,593	103
Operating Margin	100%	30.7%	21.8%	15.7%	12.2%	16.2%	18.2%	10.7%	14.5%	2.4%
Interest and Investment Income	1,192	1,292	1,179	749	483	641	597	281	97	43
Interest Income
Share of Net Profit of Investments Accounted for Using Equity Method
Interest Expense	-10	-94	-141	-108	-121	-97	-64	-35	—	—
Finance Cost
Non-Operating Income	—	165	230	516	553	362	78	-29	124	-13
Other Gains, Net
Other Losses, Net
Total Non-Operating Income	1,182	1,363	1,268	1,157	915	906	611	217	221	30
Income Before Provision for Income Taxes	32,901	8,712	6,045	4,373	3,632	4,632	4,540	2,003	1,597	114
Provision for Income Taxes	—	1,603	825	534	417	456	563	171	278	29
Consolidated Net Income	32,901	7,109	5,220	3,839	3,215	4,176	3,977	1,832	1,319	85
Net Income Attributable to Common Shareholders	10,810	6,644	4,920	3,677	3,029	4,155	3,982	1,833	1,326	82
Equity Holders of the Company
Basic EPS	—	4.3	3.2	2.3	1.8	2.5	2.4	1.2	1	0.1
Diluted EPS	—	4.2	3.1	2.3	1.8	2.5	2.4	1.2	1	0.1
Basic Weighted Average Shares Outstanding	—	1,632.5	1,716.1	1,680.3	1,664.3	1,685.1	1,655.3	2,889.3	2,704.5	1,553.8
Total Shares Outstanding	1,548.9	1,548.9	1,716.1	1,716.1	1,635.9	1,692.6	1,677.5	1,633	2,970.6	2,543.8
Diluted Weighted Average Shares Outstanding	—	1,632.5	1,716.1	1,680.3	1,664.3	1,685.1	1,655.3	2,889.3	2,704.5	1,553.8
EBITDA	31,719	8,710	6,059	4,443	3,800	4,710	4,622	2,039	1,593	103
Effective Tax Rate	—	18.4%	13.6%	12.2%	11.5%	9.8%	12.4%	8.5%	17.4%	25.4%