UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission file number: 001-38751
Tencent Music Entertainment Group
(Exact Name of Registrant as Specified in Its
Charter)
Unit 3, Building D, Kexing Science Park
Kejizhongsan Avenue, Hi-Tech Park, Nanshan District
Shenzhen, 518057, the People’s
Republic of China
Tel: +86-755-8601 3388
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
EXHIBIT INDEX
| Exhibit Number |
Description |
| 99.1 |
Press Release |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
|
Tencent Music Entertainment Group |
| |
|
|
|
| Date: |
August 13,
2024 |
|
By: |
|
/s/ Min Hu |
| |
|
|
|
Name: Min Hu |
| |
|
|
|
Title: Chief Financial Officer |
Exhibit 99.1
Tencent Music Entertainment Group Announces Second Quarter 2024 Unaudited Financial Results
SHENZHEN, China, Aug. 13, 2024 /PRNewswire/ -- Tencent Music
Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment
platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
| · | Total
revenues were RMB7.16 billion (US$985 million), representing a 1.7% year-over-year decrease, primarily due to a decline in revenues
from social entertainment services and others, which was partially offset by strong year-over-year growth in revenues from online music
services. |
| · | Revenues
from music subscriptions were RMB3.74 billion (US$515 million), representing 29.4% year-over-year growth. The number of paying
users increased by 17.7% year-over-year to 117.0 million, up by 3.5 million from the first quarter of 2024. |
| · | Net
profit was RMB1.79 billion (US$247 million), representing 33.1% year-over-year growth. Net profit attributable to equity
holders of the Company was RMB1.68 billion (US$231 million), representing 29.6% year-over-year growth. Non-IFRS net
profit1 was RMB1.99 billion (US$273 million), representing 25.7% year-over-year growth. Non-IFRS net profit
attributable to equity holders of the Company1 was RMB1.87 billion
(US$258 million), representing 22.5% year-over-year growth. |
| · | Diluted
earnings per ADS was RMB1.07 (US$0.15), up from RMB0.82 in the same period of 2023. |
| · | Total cash,
cash equivalents, term deposits and short-term investments as of June 30, 2024 were RMB35.03 billion (US$4.82 billion). |
Mr. Cussion Pang, Executive Chairman of TME, commented, "We are
pleased to report another quarter of robust results, driven by the strong performance of our online music services. With over 10 million
net subscriber additions in the first half of 2024 and ARPPU expansion, we continue to break new grounds within China's
streaming landscape. We remain optimistic about the music industry's long-term potential and are committed to sustainably achieving our
mid- to long-term goals, at a healthy pace and with the right balance. This approach has been instrumental in the past as we effectively
navigated across various development stages and changing external environments, and it will continue to fuel innovation and growth for
the years to come."
Mr. Ross Liang, CEO of TME, continued, "Our focus on user-centric
innovation continued to pay off, as we have seen a steady increase in both online music subscribers and retention. This achievement is
the result of further enriched membership benefits as well as unique streaming experiences delivered to a broader user base. We are delighted
to see improved user loyalty on our platform, thanks to multi-faceted product and technological advancements that bring out increasingly
engaging and entertaining music journey for each user."
Second Quarter 2024 Operational Highlights
1
Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined
effectof amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation
expenses,net losses/gains from investments, and related income tax effects.
| |
2Q24 |
2Q23 |
YoY
% |
| MAUs
– online music (million) |
571 |
594 |
(3.9 %) |
| Mobile
MAUs – social entertainment (million) |
93 |
136 |
(31.6 %) |
| Paying
users – online music (million) |
117.0 |
99.4 |
17.7 % |
| Paying
users – social entertainment (million) |
7.9 |
7.5 |
5.3 % |
| Monthly
ARPPU – online music (RMB) |
10.7 |
9.7 |
10.3 % |
| Monthly
ARPPU – social entertainment (RMB) |
73.2 |
135.0 |
(45.8 %) |
Enriched content library, deepened record label collaborations, and
self-produced content offerings boosted our content ecosystem.
| · | Our
strong alliances with record labels ensure ongoing and deeper collaborations, including but not limited to providing users with early
listening privileges to new songs to promote membership conversion and engagement. Our recent contract renewal with Sodagreen and
CJ ENM reaffirmed this effective approach. |
| · | Introduced
digital album offerings with distinguished fan-artist interaction benefits, and premiered notable new releases in the quarter. Particularly, Zhou
Shen's digital album Shenself topped sales volume on our platform for this year. The digital albums of Lay Zhang and
aespa also delivered solid performances. |
| · | Supported
artists in hosting concerts and staged our own music festivals, providing fans with early access to value-added services such as ticketing
and artist merchandise, thereby elevating our industry influence. For example, we 1) upgraded our flagship annual event, TMEA 2024,
featuring a wider array of artists from top nationwide singers and emerging musicians to overseas idols; 2) hosted TIA RAY's first large-scale
concert tour, highlighted by creative stage design, and achieved a sell-out success; 3) initiated a new collaboration with Karen Mok,
customizing event-themed merchandise for her concert. |
| · | Capitalized
on extensive IP and artist resources to elevate production, promotion, and success of our self-produced content. 1) Produced chart-topping
soundtracks for TV dramas Joy of Life 2 and The Tale of Rose, featuring joint promotion with the cast on
our music Apps; 2) Promoted original content Heard of You and Who Am I on the popular national music
variety show The Treasured Voice Season 5, with both songs going viral and boosting streams on our platform. |
Unique blend of premium benefits, original content, and a variety
of engaging use cases drove sustainable subscriber growth.
| · | Advanced
sound quality across devices and platforms consistently, e.g. QQ Music introduced Premium Panoramic Sound 2.0 and Kugou Music rolled
out Viper Ultra Sound, both featuring ultra-clear sound quality and saw increased user adoption. |
| · | Introduced
more personalized privileges to strengthen member loyalty. Our proprietary players and ringtones crafted based on famous IPs and
artists have been well received by members. |
| · | Offering
original content that appeals to different music preferences is proven to be increasingly effective for subscriber conversion. |
| · | Our
Super VIP (SVIP) service has started to gain more traction, thanks to our efforts in meeting members' evolving needs. It provides a holistic
listening experience across various devices and scenarios, including music and long-form audio content, with additional benefits such
as priority access to digital albums and ticket booking for offline performances. |
Enhanced listening experience for a wider audience through advanced
technology and innovative product features.
| · | Upgraded
our recommendation middleware to allow for a more personalized music discovery experience. Notably, nearly 40% of streams were generated
from recommendations during the quarter. |
| · | Applied AIGC
to elevate sound quality and interactive streaming experience. For example, we introduced data-saving AI-enhanced SQ Lite Mode while
preserving superior sound quality, and rolled out a virtual DJ feature within Kugou Music to provide users with tailored music introductions
and a sense of companionship. |
| · | Recently
launched a multi-device synchronized playback feature and a compact, half-screen music player that allow users to navigate music streaming
seamlessly. |
| · | Expansive
rewards program gained popularity among users, resulting in more frequent and longer listening sessions. |
Second Quarter 2024 Financial Review
Total revenues decreased to RMB7.16 billion (US$985 million)
from RMB7.29 billion in the same period of 2023.
| · | Revenues
from online music services delivered a strong year-over-year increase of 27.7% to RMB5.42 billion (US$746 million) from RMB4.25
billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in
revenues from advertising services. Revenues from music subscriptions were RMB3.74 billion (US$515 million), representing 29.4% year-over-year
growth compared with RMB2.89 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music
paying user base and improved ARPPU. The number of online music paying users increased by 17.7% year-over-year to 117.0 million, with
a monthly ARPPU of RMB10.7 in the second quarter of 2024. The increase in the number of paying users was primarily due to high quality
content, attractive membership privileges, and optimized user operations and effective promotions. The year-over-year increase in
revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, including ad-supported
mode and sponsorship advertising. Additionally, increased revenues from offline performances also contributed to the growth in revenues from
online music services. |
| · | Revenues
from social entertainment services and others decreased by 42.8% to RMB1.74 billion (US$239 million) from RMB3.04 billion in
the same period of 2023. The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions
and more stringent compliance procedures we started to implement in the second quarter of 2023, as well as increased competition from
other platforms. |
Cost of revenues decreased by 13.3% year-over-year to RMB4.15
billion (US$571 million), mainly due to decreased revenues from social entertainment services that led to less revenue sharing fees, partially
offset by increased content costs of royalties, costs related to offline performances and payment channel fees.
Gross margin increased to 42.0% from 34.3% in the same period
of 2023, primarily due to strong revenue growth from music subscriptions and advertising services, and the ramp-up of our own content.
Total operating expenses decreased by 8.5% year-over-year
to RMB1.15 billion (US$158 million). Operating expenses as a percentage of total revenues decrease to 16.0% from 17.2% in the same period
of 2023.
| · | Selling
and marketing expenses were RMB210 million (US$29 million), which were relatively stable compared with same period of last year. We continue
to maintain ROI focused approach for promotion expenses. |
| · | General
and administrative expenses were RMB938 million (US$129 million), representing a 10.2% year-over-year decrease. This decrease was primarily
due to reduced employee-related expenses. |
Total operating profit was RMB2.20 billion (US$302
million) in the second quarter of 2024, representing an increase of 42.8% year-over-year.
The effective tax rate for the second quarter of 2024 was 19.4% compared
with 12.2% in the same period of 2023. The increase in the effective tax rate was mainly driven by the accrual of withholding income tax
of RMB111 million (US$15 million) in the second quarter of 2024. Additionally, changes in preferential tax rates for certain entities
also impacted our effective tax rate.
For the second quarter of 2024, net profit was RMB1.79
billion (US$247 million) and net profit attributable to equity holders of the Company was RMB1.68 billion (US$231 million). Non-IFRS
net profit was RMB1.99 billion (US$273 million) and non-IFRS net profit attributable to equity holders of the Company was
RMB1.87 billion (US$258 million). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for
details.
Basic and diluted earnings per American Depositary Shares ("ADS") for
the second quarter of 2024 were RMB1.09 (US$0.15) and RMB1.07 (US$0.15), respectively; non-IFRS basic and diluted earnings per
ADS were RMB1.21 (US$0.17) and RMB1.19 (US$0.16), respectively. The Company had weighted averages of 1.54 billion basic and 1.57
billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares.
Declaration and Payment of 2023 Dividend
On May 11, 2024, the Company's board of directors declared a cash dividend
of US$0.0685 per ordinary share, or US$0.1370 per ADS, for the year ended December 31, 2023, to holders of record of ordinary shares and
ADSs as of the close of business on May 31, 2024. The payment for the cash dividend of US$212 million was made in June 2024.
As of June 30, 2024, the combined balance of the Company's cash,
cash equivalents, term deposits and short-term investments amounted to RMB35.03 billion (US$4.82 billion), compared with RMB34.18
billion as of March 31, 2024.
Social Responsibilities
In the second quarter, we cooperated with Tencent Charity to launch
another "Little Red Flower Concert", aiming to share compassion through music and inspire the society as a whole. We continued
to partner with volunteer artists and teachers to support local education, and amplified its online reach this year by deepening collaboration
with Weixin Video Accounts.
Exchange Rate
This announcement contains translations of certain RMB amounts into
U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations
from RMB to USD were made at the rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical
release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into
USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the
numbers presented in the financial statements contained in this earnings release.
Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS
financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS
net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses
that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information
about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater
visibility with respect to key metrics used by its management in its financial and operational decision-making.
Non-IFRS net profit for the period should not be considered in isolation
or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of
its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly
comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures
to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single
financial measure.
Non-IFRS net profit for the period represents profit for the period
excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses,
net losses/gains from investments and related income tax effects.
Please see the "Unaudited Non-IFRS Financial Measure" included
in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.
About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the
leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music,
Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises
online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover,
listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are
not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those
contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "target," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions.
Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the
HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty
to update such information, except as required under applicable law.
Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
| TENCENT MUSIC ENTERTAINMENT GROUP |
| CONSOLIDATED INCOME STATEMENTS |
| | |
| |
| |
| |
| |
| |
|
| | |
Three Months Ended June 30 | |
Six Months Ended June 30 |
| | |
2023 | |
2024 | |
2023 | |
2024 |
| | |
RMB | |
RMB | |
US$ | |
RMB | |
RMB | |
US$ |
| | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited |
| | |
(in millions, except per share data) | |
(in millions, except per share data) |
| Revenues | |
| |
| |
| |
| |
| |
|
| Online music services | |
| 4,249 | | |
| 5,424 | | |
| 746 | | |
| 7,750 | | |
| 10,431 | | |
| 1,435 | |
| Social entertainment services and others | |
| 3,037 | | |
| 1,736 | | |
| 239 | | |
| 6,540 | | |
| 3,497 | | |
| 481 | |
| | |
| 7,286 | | |
| 7,160 | | |
| 985 | | |
| 14,290 | | |
| 13,928 | | |
| 1,917 | |
| Cost of revenues | |
| (4,789 | ) | |
| (4,150 | ) | |
| (571 | ) | |
| (9,478 | ) | |
| (8,147 | ) | |
| (1,121 | ) |
| Gross profit | |
| 2,497 | | |
| 3,010 | | |
| 414 | | |
| 4,812 | | |
| 5,781 | | |
| 795 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling and marketing expenses | |
| (211 | ) | |
| (210 | ) | |
| (29 | ) | |
| (423 | ) | |
| (397 | ) | |
| (55 | ) |
| General and administrative expenses | |
| (1,044 | ) | |
| (938 | ) | |
| (129 | ) | |
| (2,061 | ) | |
| (1,887 | ) | |
| (260 | ) |
| Total operating expenses | |
| (1,255 | ) | |
| (1,148 | ) | |
| (158 | ) | |
| (2,484 | ) | |
| (2,284 | ) | |
| (314 | ) |
| Interest income | |
| 265 | | |
| 304 | | |
| 42 | | |
| 502 | | |
| 582 | | |
| 80 | |
| Other gains, net | |
| 32 | | |
| 32 | | |
| 4 | | |
| 90 | | |
| 78 | | |
| 11 | |
| Operating profit | |
| 1,539 | | |
| 2,198 | | |
| 302 | | |
| 2,920 | | |
| 4,157 | | |
| 572 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share of net profit of investments accounted
for using equity method | |
| 38 | | |
| 54 | | |
| 7 | | |
| 58 | | |
| 36 | | |
| 5 | |
| Finance cost | |
| (42 | ) | |
| (26 | ) | |
| (4 | ) | |
| (76 | ) | |
| (56 | ) | |
| (8 | ) |
| Profit before income tax | |
| 1,535 | | |
| 2,226 | | |
| 306 | | |
| 2,902 | | |
| 4,137 | | |
| 569 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
| (187 | ) | |
| (432 | ) | |
| (59 | ) | |
| (354 | ) | |
| (813 | ) | |
| (112 | ) |
| Profit for the period | |
| 1,348 | | |
| 1,794 | | |
| 247 | | |
| 2,548 | | |
| 3,324 | | |
| 457 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Attributable to: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Equity holders of the Company | |
| 1,298 | | |
| 1,682 | | |
| 231 | | |
| 2,446 | | |
| 3,104 | | |
| 427 | |
| Non-controlling interests | |
| 50 | | |
| 112 | | |
| 15 | | |
| 102 | | |
| 220 | | |
| 30 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Earnings per share for Class A and Class B
ordinary shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.42 | | |
| 0.54 | | |
| 0.07 | | |
| 0.78 | | |
| 1.01 | | |
| 0.14 | |
| Diluted | |
| 0.41 | | |
| 0.54 | | |
| 0.07 | | |
| 0.77 | | |
| 0.99 | | |
| 0.14 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earnings per ADS (2 Class A shares equal to 1 ADS) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.83 | | |
| 1.09 | | |
| 0.15 | | |
| 1.57 | | |
| 2.02 | | |
| 0.28 | |
| Diluted | |
| 0.82 | | |
| 1.07 | | |
| 0.15 | | |
| 1.54 | | |
| 1.99 | | |
| 0.27 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares used in earnings per Class A and Class B
ordinary share computation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 3,127,610,931 | | |
| 3,087,608,798 | | |
| 3,087,608,798 | | |
| 3,124,169,951 | | |
| 3,072,305,455 | | |
| 3,072,305,455 | |
| Diluted | |
| 3,168,826,599 | | |
| 3,138,833,816 | | |
| 3,138,833,816 | | |
| 3,175,466,290 | | |
| 3,122,535,463 | | |
| 3,122,535,463 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| ADS used in earnings per ADS computation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,563,805,465 | | |
| 1,543,804,399 | | |
| 1,543,804,399 | | |
| 1,562,084,975 | | |
| 1,536,152,727 | | |
| 1,536,152,727 | |
| Diluted | |
| 1,584,413,299 | | |
| 1,569,416,908 | | |
| 1,569,416,908 | | |
| 1,587,733,145 | | |
| 1,561,267,731 | | |
| 1,561,267,731 | |
| TENCENT MUSIC ENTERTAINMENT GROUP |
| UNAUDITED NON-IFRS FINANCIAL MEASURE |
| | |
| |
| |
| |
| |
| |
|
| | |
Three Months Ended June 30 | |
Six Months Ended June 30 |
| | |
2023 | |
2024 | |
2023 | |
2024 |
| | |
RMB | |
RMB | |
US$ | |
RMB | |
RMB | |
US$ |
| | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited |
| | |
(in millions, except per share data) | |
(in millions, except per share data) |
| Profit for the period | |
| 1,348 | | |
| 1,794 | | |
| 247 | | |
| 2,548 | | |
| 3,324 | | |
| 457 | |
| Adjustments: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization of intangible and other assets arising from
business acquisitions or combinations* | |
| 116 | | |
| 103 | | |
| 14 | | |
| 233 | | |
| 221 | | |
| 30 | |
| Share-based compensation | |
| 166 | | |
| 164 | | |
| 23 | | |
| 368 | | |
| 357 | | |
| 49 | |
| (Gains)/losses from investments** | |
| (10 | ) | |
| (21 | ) | |
| (3 | ) | |
| (27 | ) | |
| 16 | | |
| 2 | |
| Income tax effects*** | |
| (41 | ) | |
| (55 | ) | |
| (8 | ) | |
| (80 | ) | |
| (121 | ) | |
| (17 | ) |
| Non-IFRS Net Profit | |
| 1,579 | | |
| 1,985 | | |
| 273 | | |
| 3,042 | | |
| 3,797 | | |
| 522 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Attributable to: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Equity holders of the Company | |
| 1,529 | | |
| 1,873 | | |
| 258 | | |
| 2,940 | | |
| 3,577 | | |
| 492 | |
| Non-controlling interests | |
| 50 | | |
| 112 | | |
| 15 | | |
| 102 | | |
| 220 | | |
| 30 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Earnings per share for Class A and Class B
ordinary shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.49 | | |
| 0.61 | | |
| 0.08 | | |
| 0.94 | | |
| 1.16 | | |
| 0.16 | |
| Diluted | |
| 0.48 | | |
| 0.60 | | |
| 0.08 | | |
| 0.93 | | |
| 1.15 | | |
| 0.16 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earnings per ADS (2 Class A shares equal to 1 ADS) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.98 | | |
| 1.21 | | |
| 0.17 | | |
| 1.88 | | |
| 2.33 | | |
| 0.32 | |
| Diluted | |
| 0.97 | | |
| 1.19 | | |
| 0.16 | | |
| 1.85 | | |
| 2.29 | | |
| 0.32 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares used in earnings per Class A and Class B
ordinary share computation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 3,127,610,931 | | |
| 3,087,608,798 | | |
| 3,087,608,798 | | |
| 3,124,169,951 | | |
| 3,072,305,455 | | |
| 3,072,305,455 | |
| Diluted | |
| 3,168,826,599 | | |
| 3,138,833,816 | | |
| 3,138,833,816 | | |
| 3,175,466,290 | | |
| 3,122,535,463 | | |
| 3,122,535,463 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| ADS used in earnings per ADS computation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,563,805,465 | | |
| 1,543,804,399 | | |
| 1,543,804,399 | | |
| 1,562,084,975 | | |
| 1,536,152,727 | | |
| 1,536,152,727 | |
| Diluted | |
| 1,584,413,299 | | |
| 1,569,416,908 | | |
| 1,569,416,908 | | |
| 1,587,733,145 | | |
| 1,561,267,731 | | |
| 1,561,267,731 | |
* Represents the amortization of identifiable assets, including
intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement
etc., and fair value adjustment on music content (i.e., signed contracts obtained for the rights to access to the music contents for
which the amount was amortized over the contract period), resulting from business acquisitions or combination.
** Including the net gains/losses on deemed disposals/disposals
of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to equity
transactions of investments.
*** Represents the income tax effects of Non-IFRS adjustments.
| TENCENT MUSIC ENTERTAINMENT GROUP |
| CONSOLIDATED BALANCE SHEETS |
| | |
| |
| |
|
| | |
As at December 31, 2023 | |
As at June 30, 2024 |
| | |
RMB | |
RMB | |
US$ |
| | |
Audited | |
Unaudited | |
Unaudited |
| | |
(in millions) |
| ASSETS | |
| |
| |
|
| Non-current assets | |
| | | |
| | | |
| | |
| Property, plant and equipment | |
| 490 | | |
| 591 | | |
| 81 | |
| Land use rights | |
| 2,437 | | |
| 2,401 | | |
| 330 | |
| Right-of-use assets | |
| 367 | | |
| 308 | | |
| 42 | |
| Intangible assets | |
| 2,032 | | |
| 2,034 | | |
| 280 | |
| Goodwill | |
| 19,542 | | |
| 19,646 | | |
| 2,703 | |
| Investments accounted for using equity method | |
| 4,274 | | |
| 4,693 | | |
| 646 | |
| Financial assets at fair value through other comprehensive income | |
| 6,540 | | |
| 10,294 | | |
| 1,417 | |
| Other investments | |
| 307 | | |
| 331 | | |
| 46 | |
| Prepayments, deposits and other assets | |
| 540 | | |
| 419 | | |
| 58 | |
| Deferred tax assets | |
| 352 | | |
| 369 | | |
| 51 | |
| Term deposits | |
| 8,719 | | |
| 10,529 | | |
| 1,449 | |
| | |
| 45,600 | | |
| 51,615 | | |
| 7,102 | |
| | |
| | | |
| | | |
| | |
| Current assets | |
| | | |
| | | |
| | |
| Inventories | |
| 8 | | |
| 14 | | |
| 2 | |
| Accounts receivable | |
| 2,918 | | |
| 3,024 | | |
| 416 | |
| Prepayments, deposits and other assets | |
| 3,438 | | |
| 3,198 | | |
| 440 | |
| Other investments | |
| 37 | | |
| 42 | | |
| 6 | |
| Short-term investments | |
| - | | |
| 1,001 | | |
| 138 | |
| Term deposits | |
| 9,937 | | |
| 11,253 | | |
| 1,548 | |
| Restricted Cash | |
| 31 | | |
| 7 | | |
| 1 | |
| Cash and cash equivalents | |
| 13,567 | | |
| 12,251 | | |
| 1,686 | |
| | |
| 29,936 | | |
| 30,790 | | |
| 4,237 | |
| | |
| | | |
| | | |
| | |
| Total assets | |
| 75,536 | | |
| 82,405 | | |
| 11,339 | |
| | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| EQUITY | |
| | | |
| | | |
| | |
| Equity attributable to equity holders of the Company | |
| | | |
| | | |
| | |
| Share capital | |
| 2 | | |
| 2 | | |
| 0 | |
| Additional paid-in capital | |
| 36,576 | | |
| 36,643 | | |
| 5,042 | |
| Shares held for share award schemes | |
| (302 | ) | |
| (353 | ) | |
| (49 | ) |
| Treasury shares | |
| (6,996 | ) | |
| (7,067 | ) | |
| (972 | ) |
| Other reserves | |
| 9,658 | | |
| 15,464 | | |
| 2,128 | |
| Retained earnings | |
| 16,969 | | |
| 16,520 | | |
| 2,273 | |
| | |
| 55,907 | | |
| 61,209 | | |
| 8,423 | |
| Non-controlling interests | |
| 1,295 | | |
| 1,670 | | |
| 230 | |
| | |
| | | |
| | | |
| | |
| Total equity | |
| 57,202 | | |
| 62,879 | | |
| 8,652 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Notes payables | |
| 5,636 | | |
| 5,674 | | |
| 781 | |
| Deferred tax liabilities | |
| 239 | | |
| 267 | | |
| 37 | |
| Lease liabilities | |
| 297 | | |
| 243 | | |
| 33 | |
| Deferred revenue | |
| 148 | | |
| 163 | | |
| 22 | |
| | |
| 6,320 | | |
| 6,347 | | |
| 873 | |
| | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Accounts payable | |
| 5,006 | | |
| 6,218 | | |
| 856 | |
| Other payables and other liabilities | |
| 3,472 | | |
| 3,201 | | |
| 440 | |
| Current tax liabilities | |
| 567 | | |
| 696 | | |
| 96 | |
| Lease liabilities | |
| 115 | | |
| 112 | | |
| 15 | |
| Deferred revenue | |
| 2,854 | | |
| 2,952 | | |
| 406 | |
| | |
| 12,014 | | |
| 13,179 | | |
| 1,813 | |
| | |
| | | |
| | | |
| | |
| Total liabilities | |
| 18,334 | | |
| 19,526 | | |
| 2,687 | |
| | |
| | | |
| | | |
| | |
| Total equity and liabilities | |
| 75,536 | | |
| 82,405 | | |
| 11,339 | |
| TENCENT MUSIC ENTERTAINMENT GROUP |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| | |
| |
| |
| |
| |
| |
|
| | |
Three Months Ended June 30 | |
Six Months Ended June 30 |
| | |
2023 | |
2024 | |
2023 | |
2024 |
| | |
RMB | |
RMB | |
US$ | |
RMB | |
RMB | |
US$ |
| | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited |
| | |
(in millions) | |
(in millions) |
| | |
| |
| |
| |
| |
| |
|
| Net cash provided by operating activities | |
| 2,067 | | |
| 2,944 | | |
| 405 | | |
| 3,919 | | |
| 5,630 | | |
| 775 | |
| Net cash (used in)/provided by investing activities | |
| (1,339 | ) | |
| 693 | | |
| 95 | | |
| (528 | ) | |
| (4,805 | ) | |
| (661 | ) |
| Net cash used in financing activities | |
| (33 | ) | |
| (1,611 | ) | |
| (222 | ) | |
| (113 | ) | |
| (2,133 | ) | |
| (294 | ) |
| Net increase/(decrease) in cash and cash equivalents | |
| 695 | | |
| 2,026 | | |
| 279 | | |
| 3,278 | | |
| (1,308 | ) | |
| (180 | ) |
| Cash and cash equivalents at beginning of the period | |
| 12,129 | | |
| 10,218 | | |
| 1,406 | | |
| 9,555 | | |
| 13,567 | | |
| 1,867 | |
| Exchange differences on cash and cash equivalents | |
| 126 | | |
| 7 | | |
| 1 | | |
| 117 | | |
| (8 | ) | |
| (1 | ) |
| Cash and cash equivalents at end of the period | |
| 12,950 | | |
| 12,251 | | |
| 1,686 | | |
| 12,950 | | |
| 12,251 | | |
| 1,686 | |
Tencent Music Entertainm... (PK) (USOTC:TCMEF)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Tencent Music Entertainm... (PK) (USOTC:TCMEF)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
