Q3 2025 Tencent Music Entertainment Group Earnings Call

November 12, 2025

Milton Ju: Earnings conference call. I'm Milton Ju, head of IR. We announced our quarter financial results earlier today before the US market opened. The earnings release is now available on our website and via Newswire services. During today's call, you'll hear from Mr. Cussion Pang, our executive chairman, and Mr. Ross Liang, our CEO, who will share an overview of our company strategies and business updates. Ms. Shirley Hu, our CFO, will discuss our financial results before we open the call for questions. Before we continue, I refer you to the safe harbor statement in our earnings release, which applies to this call as we make forward-looking statements. Please note that we discuss non-IFRS measures today, which are thoroughly explained and reconciled to the most comparable measures reported under IFRS and the earnings release and filings with the SEC. All participants are muted at this time.

Kind of why are.

We announced our quarterly financial results earlier today before the U S market.

I mentioned.

Michael.

Site and via Newswire services.

During today's call you'll hear from Mr. Christian <unk>, our executive Chairman and Mr. Rough math I was the one who will share an overview of our company strategies and business update.

Then Shirley Hu, our CFO will discuss our financial results before we open the call for questions.

Before we continue I refer you to the Safe Harbor statement in our earnings release, which applies to this call as we will make forward looking statements.

Please note that we'll discuss known I S. S measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under I M. R S and the earnings release and filings with the SEC.

All participants on mute at this time after management's remarks, there'll be a Q&A session and please be advised that today's call is being recorded with that I'm very pleased to turn the call over to <unk> Executive Chairman O T. A need currently.

Milton Ju: After management's remarks, there'll be a Q&A session. Please be advised that today's call is being recorded. With that, I'm very pleased to turn the call over to Kushang, Executive Chairman of TME. Kushang, please.

Thank you Melissa.

Hello, everyone and thank you for joining our call today.

Cussion Pang: Thank you, Millicent. Hello, everyone, and thank you for joining our call today. In the Q3, we delivered another set of strong financial results. Underpinned by the well-rounded performance of our online music business. Our ongoing innovations across content, services, and live experience continue to fuel steady growth in our subscription business while pushing momentum in non-subscription revenue, particularly in concerts and artist merchandise. Backed by our strong financial position and operational excellence, we are posted to further broaden our music service, unlock new growth opportunities, and create greater value for artists, partners, and users across the entire music industry. Now, let me share some highlights from this quarter. First, we further enriched our content coverage to include more offerings in different music genres and languages.

In the third quarter, we delivered another set of strong financial results.

Underpinned by the well rounded performance of our online music business.

Our ongoing innovations across content services and live experiences continue to feel steady growth in our subscription business, while pushing momentum in non subscription revenue, particularly in concerts and artist merchandize.

That's about our strong financial position and operational excellence.

To further broaden our music service.

Locke, new growth opportunities and create greater value for artist partners and users across the entire music industry.

Now, let me share some highlights from this quarter.

First we further enriched our content coverage to include more offerings in different music genres and languages.

For example in pop music, we renewed a contract with dramas, a leading Korean naval and partnerships with Gem studio Dante Chi Joseph Tung Chung and Lee Jong Chinese seems to studio strengthening our collection of top hits.

Cussion Pang: For example, in pop music, we renewed the contract with Dreamus, a leading Korean label, and partnerships with G.E.M. Studio, Deng Ziqi, Jason Zhang Jie, and Lay Zhang, Lay Zhang Studio, strengthening our collection of top hits. To better serve users' passions for game-related music, we partnered with Tencent Games to co-produce Atlas of Tomorrow, Ming Ri Zuo Biao, the 10th anniversary theme song performed by JJ Lin Junjie, for Honor of Kings, Wang Zhe Rong Yao. Performed as the final act of Honor of Kings 10th anniversary co-creation night, the song quickly garnered over 600 million social media mentions within 2 weeks of its release, engaged 280 cultural and tourism authorities nationwide.

To better serve users passions for game related music, we partnered with Tencent games to Coproduce Atlas of Tomorrow being little to talk about the 10th anniversary theme song pharma biotech genes yet for honour of kings longer ago now performed as the final act of honour of Kings.

10th anniversary co creation night.

The song quickly garnered over 600 million social media mentions.

In two weeks, obviously beliefs and gauge that 208 key cultural and tourism authorities nationwide.

Standing out as one of the use most impactful game soundtracks.

Cussion Pang: Standing out as one of the year's most impactful game soundtracks, we also collaborated with Blizzard Entertainment for the first time and introduced 50 original soundtracks from iconic game titles, including World of Warcraft, Mo Shou Shi Jie, and Hearthstone, Lushi Chuanshuo. To further enrich anime and K-pop music categories, we established strategic partnerships with renowned Japanese ACG label King Records and Korean label CEREAL, offering popular anime songs and OSTs from hit dramas such as Boys Over Flowers, Hua Yang Nan Zi. Second, during the quarter, we successfully staged several large-scale international concerts and events, extending our reach beyond borders to tap into the international market opportunities. A prime example is the concert tour that we hosted for leading Korean artist G-Dragon. G-Dragon 2025 world tour, Übermensch, building on our success in the second quarter.

Also collaborated with Brexit entertainments for the first time and introduce the 50 original soundtrack from iconic game titles, including World of Warcraft.

Marshall She's hit and hip stone, who show the Transvaal.

To further enrich anime and K pop music categories.

That pushed the strategic partnerships with renowned Japanese ACG label, King Records and current label cereal all.

<unk> a popular anime songs and Osp's from his dramas such as voice over for Alex Hi Airlines.

Second during the quarter, we successfully staged as several large scale international concerts and events.

Pending our rich beyond borders to tap into the international market opportunities.

A prime example is the concept that we hosted four leading Korean artist GE Dragon.

<unk> in 2025 ROE tool Ruben Bash building on our success in the second quarter. This time, we put on 14 additional solo shows for heme across six cities.

Cussion Pang: This time, we put on 14 additional sold-out shows for him across 6 cities, including Sydney, Melbourne, and Kuala Lumpur, drawing over 150,000 attendees. The popularity of the tour led to acceleration of live concert revenue growth, demonstrating our strength in delivering world-class entertainment experiences. Our annual flagship, TMEA Concert, was another success and highlight for the quarter. The event featured 35 different artists and groups and drew more than 10,000 attendees, underscoring its strategic importance as a well-anticipated premier gathering within the music industry. Building on the momentum from TMEA, this year we broke new ground and introduced another flagship concert IP, TME Live International Music Awards, TIMA, to celebrate the achievements of international artists and showcase their talents.

<unk>, Sydney, Melbourne, and Colombo, drawing over 150, thousands attendees the.

The popularity of the tool will lead to a celebration of life concert revenue growth demonstrating our strength in delivering world class Entertainment experiences.

Our annual fascia <unk> concert was another success and the highlights for the quarter.

The event featured 35 different artist and groups and drew more than 10000 attendees.

Underscoring its strategic importance as well anticipated Permian gathering within the music industry.

Building on the momentum from <unk>. This year, we broke new ground and we introduced another fashion conscious IP TMT life International one loser Tema.

To celebrate achievements of international artist and showcase their talents.

The in agro T Mo Felicia that wanted to global renowned artist and groups from China, and a number of Asian countries, including famous acolyte Belkin PPG.

Cussion Pang: The inaugural TIMA featured 22 global renowned artists and groups from China and a number of Asian countries, including famous acts like Billkin, PP Krit, aespa, and SMTR25. The two-day event immersed over 20,000 attendees in a vibrant atmosphere. We also organized and delivered several major concert tours for well-known artists like Fiona Sit, Xue Kaiqi, Tia Ray, Yuan Yawei, Angela Zhang Shaohan, and GAI Zhou Yan. The success of these shows illustrates TME's strength and impact in furthering artist fan bases. Especially through interactions with younger audience. For instance, in GAI's most recent shows in Chongqing, through integrated online and on offline promotional resources, we helped him attract more than 40,000 attendees, up from 10,000 in a single event in Q3. This marked a successful upgrade in concert scale, moving from arena level to stadium level.

Aster and SMT out 25 to.

Two day events in most of the over 20000 attendees in a vibrant atmosphere.

We also organized and delivered several major conscious tools for well known artists like few other cities Shanghai tier.

<unk> way outweigh Angela Chang <unk> and Guy Juliet.

First of all of this shows illustrates <unk> strength and impact bottling artist 10 basis, especially through interactions with younger audience.

For instance in.

Guys. Most recent shows in Chongqing.

<unk> integrated online and offline promotional resources, we helped him attract more than 40000 attendees up form 10 in a single event in the third quarter.

This marked a successful upgrade in concert scale moving from arena level two stadium level.

Together this remarkable events have laid a solid foundation for <unk> to continue to grow at scale as we further build out our performance pipeline, we have confidence that there will be more exciting opportunities home and abroad to deliver large scale and immersive life music experiences for users.

Cussion Pang: Together, these remarkable events have laid a solid foundation for TME to continue to grow at scale. As we further build out our performance pipeline, we are confident that there will be more exciting opportunities home and abroad to deliver large-scale and immersive live music experiences for users. Third, we continue to break new ground with artist partnerships, providing them with holistic support and leveraging our increasing promotional capability to enrich artist-centric offerings. For instance, during the quarter, we partnered with Tencent's hit title, CrossFire, 穿越火线, to produce Yu Qi's, Song Yuqi new song, COPDD. By seamlessly integrating this song into the game ecosystem and allowing users to earn in-game items through listening tasks, we amplified its impact. The track soared to number two on the QQ Music new song chart within two days of its release.

Yeah.

Third we continue to break new ground with artist partnerships per widened them with holistic support and leveraging our increasing promotional capability to enrich artist centric offerings.

For instance, during the quarter a pilot with <unk> hit title Crossfire triangular horse yet to produce <unk>, So muji new songs.

PDD by seamlessly integrating the song into the game ecosystem and allowing users to earn in game items through listening task.

<unk> is impact to track exposed to number two on the QQ music News on chart within two days of this release.

As another example in this quarter, we permit late Johnson, New digital album rocked. The heavily pilots now can go together with collectible card packages.

Cussion Pang: As another example, in this quarter, we premiered Lay Zhang's new digital album, Rock the Heavenly Palace, 闹天宫, together with collectible card packages. This innovative approach not only boosted participation, but also led the album to rank among the top of the 2025 bestseller charts. The production and release of Bai Lu's first physical album, My Odyssey, featuring two distinct version designs, marked another success. The album earned strong acclaim from fans and achieved outstanding sales performance. All of the above examples illustrate the power and flywheel of our content and platform dual engine. Supported by our massive user base, fueled by expanding content ecosystem and constant innovations, we have reinforced the virtual cycle, allowing us to design diverse services to address users' needs.

This innovative approach not only pushed participations, but also lead the album to rank among the top of the 2025 best seller shops.

The production and release of bylaws first physical album, My Odyssey, featuring two distinguishing designs marked another success.

The album earned strong acclaim from fans and achieved outstanding sales performance.

All of the above examples illustrate the power and Firewheel of our content and platform do LNG supported by our massive user base fueled by expanding content ecosystem and constant innovation, we have reinforced that the virtuous cycle.

Allowing us to design diverse surfaces.

<unk> uses needs with user interactions deepening and community engagement strengthening.

Cussion Pang: With user interactions deepening and community engagement strengthening, it boosts the reach of quality content on our platform, and attracts more attention from artists and labels, both home and abroad, fueling the sustainable growth of our ecosystem. Last but not least, on ESG. For seven consecutive years, we have proudly won the Music Garden Space Public Welfare Program, partnering with singers and teachers to support music education in rural areas. This year, we invited WeSing users to redeem their points accumulated through Incentive S to directly support the program, sparking greater users' interest. Over 380,000 participants took a part. Looking ahead, we will continue to leverage our dual-engine strategy, explore new opportunities, and expand our reach, building a seamless, vibrant, all-in-one music service platform for music lovers. Now, I would like to hand it over to Ross for a deeper dive into our overall platform development.

It pushed the rich of quality content on our platform and attract more attention from artists and labels, both home and abroad filling the sustainable growth of our ecosystem.

Last but not least on ESG.

For seven consecutive years, we have proudly won the music garden space Public welfare program partnering with singles and teachers to support new education in rural areas.

This year, we invited leasing uses to redeem their points accumulated through incentive S.

To directly support the program.

<unk> uses inches.

Over 380000 participants took apart.

Looking ahead, we will continue to leverage our dual engine strategy explore new opportunities and expand our reach building.

Building, a seamless <unk> all in one music service platform for music lovers.

Now I would like to Henry over to Ross.

Deeper dive into our overall platform development Ross. Please go ahead. Thank you.

Cussion Pang: Ross, please go ahead. Thank you.

Somehow Pasha Hello, everyone.

Ross Liang: Thank you, Cussion. Hello, everyone. Our music ecosystem continued to thrive in Q3, benefiting from our profound user insights and operational excellence. As we focus on enhancing the value process-session for user, this quarter, we have achieved a steady growth in ICYPI penetration and ARPPU. We are also building a diversified product portfolio, catering to different user cohorts to effectively expand our platform's reach to a broader audience. To this end, our commitment to harnessing AI to elevate users' experiences continued to empower us to remain at the forefront of delighting music users. First, on system integration, we were among the first to support Apple's Liquid Glass mode in iOS 26, and introduced the Liquid Glass' themes and players on Android for optimized visual effects and better interactions.

Our music ecosystem continue towards trial in the third quarter.

Benefiting from our profile and the author in size and operational silos.

I was having a focus on enhancing the biennial cross section for yourself.

But I would tell you with a steady growth in either IP, but penetration and the arpus.

We are also building a diversified our product profile catering towards different yasar cohorts to effectively expand our platform's reach to a broader audience.

To this end our commitment to harnessing AI tour elevated Joseph experiences continue to empower us to remain at the forefront of delighting users.

First on system integration Mega amongst our first proposal.

Preclinical asset models in Iowa 26.

And.

They also have a critical asset sales and the players are undrawn four optimize the effects and about her in Texas.

We're also fully adapted or.

Harmonia ours.

Ross Liang: We also fully adapted our app for HarmonyOS, with core music features now largely aligned with what we offer on Android. Second, we upgraded player interactive features and AI-powered functionalities. For example, we invited more enlightening designs and tokens on the playback page, creating delightful surprise across new touchpoints, which also proved effective in new song promotions. We also pioneered multi-mode song transition feature, Automix, offering seamless remix and a more immersive streaming experience. To effectively deepen engagement, we expanded our AI-powered lyricist card feature, newly covering over 200 leading artists. The card collecting process is full of thrills and fun, driving sharing among users and increased user activities. Our upgraded AI assistant allows users to generate a personalized playlist with just one tap or easily create their own original music. This has significantly lowered the barrier to creative expression and helps increase content consumption through recommendation.

This call like theaters now largely aligned with what we offer our Undrawn Android.

Secondly.

We're obligated to play our interactive features an AI powered functionalities.

For example, <unk>.

<unk> more in lighting designs and our focus on the playback page, creating delightful surprise across new touch points.

Which also probe in fact in neuroscience for automotive.

They also pioneer Marty molded phone translation feature auto mix offering simulators they mix in a mall in Mustang streaming experience.

So effectively deepen engagement.

He has funded our AI powered <unk> car to face her.

Nonrecurring or 200, leading artists.

The card collecting process, it's a fall off price on a file driving sharing among users and increase user activities.

Our upgraded AI assistant allows you all start to generate a personalized playlist with just a one time or is it <unk> create their own original music.

This has significantly lowered the buyer tour creative expression.

Increased content consumption through recommendation.

We're here to serve and delight.

Ross Liang: We are here to serve and delight. As a result, users can unlock additional tools and perks from our multi-pronged membership offerings. Whether a freemium user, a deeper value ad member, or a standard subscriber, we provide different services to cater to these distinct needs of users. In fact, recently, we started to see an increasing willingness of freemium users upgrading to ad members, which also led to increased time spent. For those looking to experience the ultimate service, our ICYVIP offers an unparalleled range of premium features, which have been crucial in driving ICYVIP adoption rate and average spend. Its penetration and ARPPU expanded both year-over-year and quarter-over-quarter as we introduced new privileges and innovative services that strengthened its value proposition and inspired music appreciation in new ways. A new highlight to share.

As a result yourselves can unlock additional tools in our parks from all of our Marty Palm membership offerings.

<unk> Freymiller author, a deeper value add remember our thunder subscriber they provide a different and the services for Qatar towards this distinct needs of users in.

In fact recently, we started to say on increasing Balinese of framing all users are waiting to add members, which also led to increased time span.

For those looking towards <unk> Iot made of service.

So actually all of ours.

Upon parallel runs our freemium features which have been Chris crucial in driving <unk> adoption rate and average spend.

<unk> penetration and <unk> expanded the past year over year, and our culture our culture.

Hotels are Neil privileges.

<unk> services.

To strengthen its value proposition and the inspire the music appreciation in new ways.

And youll highlights to share.

First premium following qualities among our K to all four ice of IP.

Ross Liang: First, premium sound qualities remain a key draw for SVIP as we accelerated its results. QQ Music newly introduced DTS booming external speaker became the top commission driver among audio qualities. Viper Ultra Sound 2.0 in QQ Music with its improved sound quality, sound classify, and reduced data usage also proved to be highly effective in retaining SVIP loyalty. Second, our insight into content and the user propelled us to provide creative offerings, which in turn helped boost SVIP uptake. For example, the digital album, an integral part of our content ecosystem, remains effective at SVIP commission. Members highly appreciate their privileges access to digital albums alongside limited edition collectible NFC cards. Notable collaborations this quarter include Eason Chan, Chen Yixun, Fear and Dreams, and Idol's self-titled Japanese EP, which significantly boosted SVIP commissions. Another example is Starlight Cards.

Accelerated instant result, QQ music, a new law in Toyota detached bombing external speakers became the becomes a top Commerce Commission driver among all the qualities my.

<unk> in cocoa music.

So you can say in broad pharmacology.

On a clarify on the <unk>.

Does that answer your Osage also broader tobey.

Highly effective in retaining ICI APG loyalty.

Second our insight into content I know youll start prepare to us to provide creative offerings.

In turn.

The ISO <unk> uptake.

For example, the.

Digital album.

Integral part of our content ecosystem remains effectively <unk> Commission.

Members highlight appreciate their privileges access to digital albums, alongside limited edition collectible and IFC cars.

Notable collaborations this culture in Colo eastern time transition fare under James and Idaho's SaaS titled Japanese AP.

Which is significantly positive isolated e-commerce commissions.

Another example is a stylized cars.

In the third quarter result at Neal Starlight car featuring popular artists such as Parana state.

Ross Liang: In Q3, we rolled out new Starlight Cards featuring popular artists such as Fiona Sit, aespa, (G)I-DLE, and Teens in Times, Shidai Shaonian Tuan, which instantly became a big draw. We have also expanded artist partnerships to include more international musicians, including JYSH's Eggy, Japan's Joey Altman, and Western artist Jake, replicating our success domestically. We recently expanded our Starlight Card offerings to the Hong Kong and Thailand markets through our music platform, JOOX. Third, we rolled out several targeted initiatives to reinforce the artist-fan connection and strengthen user loyalty through Bubble. We expanded our artist routers by onboarding over 12 musicians from domestic labels such as Hu Xia, NexT1DE, and R.E.D, giving more fans the chance to interact directly with their favorite artists online. This, in turn, attracted a broader user base.

S pop idol and things in times should I assume and plan.

Instantly became a big at all.

We have also expanded artist partnerships to include more international musicians.

Including <unk> acid EG, Japan's Toyota Bon.

My son artist Jake replicating our success.

Domestically.

We recently signed or style or the card offerings for the Hong Kong and Thailand market through our music platform drops.

Sarah.

Those are several target initially to.

Reinforced the artist to fan connection and strengthen yasar loyalty through bobble.

Barry has funded our artist rotors by Onboarding over a dozen mutations from domestic labels such as we sell less time on the right.

More fans a chance to interact directly basically our favorite artists online less.

This in turn attract Teva broad broader user base.

Okay.

We elaborated AI to further localize the barbell features and functionalities.

Ross Liang: We leveraged AI to further localize the Bubble features and functionalities, leading to improved user retention. The new and upgraded features include in-app translation and speak-to-text capabilities empowered by large AI models, as well as desktop shortcuts for quickly and spontaneous access. We also launched limited edition badges to celebrate key artist moments, such as new song release, birthdays, and debut anniversaries. This complemented by unique fan-only perks helped strengthen emotions ties between artists and fans, resulting in improved retention and engagement. In summary, we are pleased with the progress we have made in enhancing the value of an increasingly diverse user base. Moving forward, we remain committed to further enhancing our cost trends and platform efficiency. We are well positioned to continue to shape the industry from music creation to enjoyment.

Leading to improved user rotation.

The new and upgraded a patriarch include again.

Translation and I'll speak to tax capabilities empowered by large AI models.

As desktop soft cost for quickly in a spontaneous access.

We also launched a limited edition budgets to celebrate K artists of moments.

Such as neuroscience relief relief for space.

And as they build anniversaries.

This complemented by unique cofinal, only perks theft of staff strengthen emotional ties between artists on our funds.

<unk> improved the mutation and the engagement.

In summary.

We are pleased with the progress we have made in enhancing the value of our increasingly diverse aerospace move.

Going forward later.

We remain committed to further enhancing our cost transit on our platform efficiency.

Well.

Positions poorly positioned to continue to shape the industry for our music creation to enjoyment.

With that I would like to turn the call over to Charlie our CFO for a deeper dive into our financials.

Ross Liang: With that, I would like to turn the call over to Shirley, our CFO, for a deep dive into our financials.

Thank you Rob.

Greetings, everyone. Let me now turn to our financial results in Q, Let's say 2010.

Shirley Hu: Thank you, Ross. Greetings everyone. Let me now turn to our financial results. In Q3 2025, our total revenues grew 21% year-on-year to RMB 8.5 billion, marking the highest revenue growth since Q1 2021. This was resulted from continued growth momentum in music subscriptions together with robust growth in offline performances, advertising services, and artist-related merchandise sales. Online music revenues grew 27% year-on-year to RMB 7 billion. Music subscription revenues grew 70% year-on-year to RMB 4.5 billion in Q3 2025, driven by continued growth in monthly ARPPU and the subscriber base. Monthly ARPPU reached RMB 11.9 this quarter compared to RMB 10.8 in the same period of last year, primarily driven by expansion in VIP membership programs. This quarter, we continued to broaden and strengthen the VIP benefits.

Our total revenue also grew in Q.

Two 1%.

Year on year.

<unk> eight 5 billion, marking the highest the ground in year growth since Q1 2021.

This is actually the thumb continue the growth momentum in music subscriptions together with robust growth plan performance base.

Currently installed.

And honestly urinating amendment merchandise sales.

Medical revenues were 27% <unk> seven.

Seven meetings.

The only other question revenues grew 70%.

And the year on year.

<unk> been in say 2025.

Traveling I continue on the gross monthly active subscriber.

Subscriber base must be absolutely new reached.

Nice quarter compared to RMB 10, eight in the same scale.

Uplift yet.

Primarily driven by expansion.

This quarter.

We continue to broaden and strengthen the S&P benefits paid to them a particular mills can newly introduced with Dts booming channels E car and it may extend pending downlight caught with more popular.

Shirley Hu: For example, QQ Music newly introduced the DTS booming external speaker, and we expanded Starlight Cards with more popular artists. Both are potential features to drive VIP adoption. Additionally, our multi-pronged membership offerings across ADS membership, standard membership, and VIP membership also contributed to improved user engagement and conversations. All of these efforts have laid down the foundation for the health growth of our subscription unit. Advertising revenue continued its strong growth trajectory on a year-on-year basis, primarily driven by more diversified product portfolio and innovative AD formats, such as AD supported model. Offline performances and artist-related merchandise sales delivered triple digital year-on-year revenue growth this quarter in Q3. We successfully held multiple concerts both domestically and internationally. In the overseas market, we hosted 14 shows for G-Dragon across 6 cities, achieving robust ticket sales.

Both ample time for your choice to drive adopt.

Adoptions.

Additionally, our marquee prolonged membership offerings across 88 membership standard membership and as ramp in membership also contributed to improved user engagement and conversation.

All of these efforts have laid down the foundation for the healthy growth of our subscription mix.

Advertising revenue continued its strong growth trajectory on a year on year basis, primarily Chile, and Panama that must find a partner.

Audio and innovating 18 formats, such as AE support to the model.

Our planned complementing and atmosphere related our merchandize sales enabled safe with digital.

Growth this quarter in <unk>.

He has successfully held the macro cost us both domestically and internationally in.

In our space market.

Quoting show of support.

Camden across 618, achieving robust boutiques to sell in to match the market very successful and a host of Coca for high profile.

Shirley Hu: In domestic market, we successfully hosted concerts for high-profile artists such as Will Pan Wei-kuo, and Jane Zhang Liangying. In addition, we provided concert-related merchandise sales during the concert, which offered more artist fan connection opportunities and in turn contributed to the revenue growth in artist-related merchandise sales. Social entertainment service and other revenues were RMB 1.5 billion, down by 3% year-on-year. Our growth margin in Q3 2025 was 43.5%, up by 0.9 percentage points year-on-year. The increase was mainly attributable to strong growth in music subscription and advertising revenues, alongside a lower revenue sharing ratio in social entertainment services. At the same time, new growth areas such as offline performances and artist-related merchandise sales have lower growth margin. The revenue mix shift may cause growth margin fluctuations in different periods.

Suntrust well Amit.

And then Jen <unk>.

<unk> way, providing the consulting related our merchandise sales.

Which part of the more agile bank nexium opportunities and the intent contributed looking at total revenue growth accelerated our merchandise sales.

So as you enter mandatory and other revenues were RMB, one 5 billion down by 7% year on year.

Our gross margin in <unk> 'twenty 'twenty was 45%.

Pat.

Zero nine percentage points year on year.

Kris was mainly attributable to strong growth in order to substantiate and advertising.

Non stand alone revenue sharing ratio.

Okay.

At the same time, new growth areas, such as upland performances and honestly, we're making them looking at wholesale have lower gross margin.

The revenue mix shift may cost gross margin fluctuations different PR.

Now lets vacation in revenues offers the possibility for further growth in our revenue and gross profit and the help us calculate a more comprehensive one stop Nordstrom Macy's ecosystem.

Shirley Hu: Diversification in revenues offers the possibility for further growth in our revenue and gross profit and help us cultivate a more comprehensive one-stop music services ecosystem. Moving on to operating expenses. They amounted to RMB 1.3 billion, representing 15.5% of our total revenues in Q3 2025, compared with 7.4% in the same period of last year. Selling and marketing expenses were RMB 216 million, up by 18% year-on-year, primarily due to higher content promotion expenses and channel spending. We keep monitoring market conditions and increase spending as needed with financial discipline. General and administrative expenses were RMB 1.05 billion, up by 5% year-on-year, primarily due to growth in employee-related expenses.

More in operating expenses.

They amounted to one point just repeating the point into 15, 5% of our total revenues in Q3 of 2025.

Comparatively 7.4% <unk> as a platform.

Selling and marketing expenses were RMB 260, meaning up by 18% year on year, primarily due to higher content promotion expenses and cannot spending.

We keep monitoring market conditions and increased spending as needed with Felicia.

Claim.

General and administrative.

<unk> expenses were RMB, one point available billing.

Up by 5%, primarily due to growth in employee related expenses.

Our effective tax rate for Q say 2025 was the 70 point of 10% and it remained relatively stable compared with the API in the MTR quantifying it Paul.

Shirley Hu: Our effective tax rate for Q3 2025 was 70.7% and remained relatively stable compared with ATI in the same period of 2024. We accrued withholding income tax of RMB 118 million this quarter. For Q3, our net profit increased by 29% to RMB 2.2 billion, and the net profit attributable to equity holders of the company increased by 36% to RMB 2.2 billion. Non-IFRS net profit increased by 28% to RMB 2.5 billion, and the non-IFRS net profit attributable to equity holders of the company increased by 33% to RMB 2.4 billion. Our diluted earnings per ADS this quarter was RMB 1.38, up by 37% year-on-year. Non-IFRS diluted earnings per ADS was RMB 1.44, up by 33% year-on-year.

They are accrued withholding income tax.

<unk> hundred 18, meaning this quarter.

You'll see our net profit increased by 10, 9%.

Two 2 billion and the net profit attributable to equity holders of the company increased by 36% to $2 2 billion now.

<unk> net profit increased by 28% to RMB, two 5 billion and.

<unk> net profit attributable to equity holders of the company increased by 38% to <unk> two.

<unk>.

Our diluted earnings per quarter.

Quarter one.

One third.

<unk>.

I thought your statement.

EMEA and.

Diluted earnings per ads was RMB 145.

Putting Paul occupies 36%.

Yes.

At September 13th tiny tiny file our combined balances of cash cash equivalents. Consequently, im sure someone will escalate.

Cussion Pang: As of 30 September 2025, our combined balances of cash equivalents, term deposits, and short-term investments were RMB 36.1 billion, as compared to RMB 34.9 billion as of 30 June 2025. This combined balance was impacted by the repayment of $300 million for the senior unsecured notes due in Q3 2025. It was also affected by changes in exchange rate of the RMB to USD at different balance sheet dates. Looking forward, we will put more efforts in IP cultivation and the sale of products content, while keeping product innovation to foster a vibrant and comprehensive music ecosystem. With solid growth in our core business and increased product diversification, such as offline performance, and artist-related merchandise, we are well-positioned and are confident in the high-quality growth of our business. This concludes our prepared remarks.

Shirley Hu: As of 30 September 2025, our combined balances of cash equivalents, term deposits, and short-term investments were RMB 36.1 billion, as compared to RMB 34.9 billion as of 30 June 2025. This combined balance was impacted by the repayment of $300 million for the senior unsecured notes due in Q3 2025. It was also affected by changes in exchange rate of the RMB to USD at different balance sheet dates. Looking forward, we will put more efforts in IP cultivation and the sale of products content, while keeping product innovation to foster a vibrant and comprehensive music ecosystem. With solid growth in our core business and increased product diversification, such as offline performance, and artist-related merchandise, we are well-positioned and are confident in the high-quality growth of our business. This concludes our prepared remarks.

Well honestly 36 quantified seating.

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June 30 of 2025.

This combined balance was impacted by the payment of U S dollar state Huntington, meaning or the senior unsecured notes due in <unk>.

Quantified.

It was also impacted by changes in exchange rate of RMB to USD at <unk>.

<unk> balance sheet dates.

Looking forward, we will put more efforts IP cultivation and myself put us the content.

Keeping product innovation to post rebrand and comprehensive music ecosystem.

Wafer, Saudi the growth in our core business and increase the per tablet that was location such as offline performance and anticipate the 19th of March in past.

We are positioned and are confident in our high quality growth of our business.

This concludes our prepared remarks.

Operator, we are ready to open the call for questions.

Cussion Pang: Operator, we are ready to open the call for questions.

Shirley Hu: Operator, we are ready to open the call for questions.

Thank you Shelly if you had any impact on the spread side asked a question in the 610 million.

Milton Ju: Thank you, Shirley. If you are dialing in by phone, please press 5 to ask a question and then press 6 to unmute yourself. If you are accessing the call from your Tencent Meeting or Zoom Meeting application, please click the Raise Hand button at the bottom left. For the benefit of all participants on today's call, please limit yourself to 1 question. If you have more, please re-enter the queue. If you have a question in Chinese, please wait, may we ask you to repeat in English. The first question comes from the line from Goldman Sachs, Yang Liu. Yang, your line's open.

Operator: Thank you, Shirley. If you are dialing in by phone, please press 5 to ask a question and then press 6 to unmute yourself. If you are accessing the call from your Tencent Meeting or Zoom Meeting application, please click the Raise Hand button at the bottom left. For the benefit of all participants on today's call, please limit yourself to 1 question. If you have more, please re-enter the queue. If you have a question in Chinese, please wait, may we ask you to repeat in English. The first question comes from the line from Goldman Sachs, Yang Liu. Yang, your line's open.

If youre accessing the coping with Hampton.

Application please.

Right.

At the bottom left but the benefit of all participants on today's call. Please limit yourself to one question. If you have more please reenter the queue. If you ask a question.

May we ask you to repeat in English and the first question comes from the line.

Then the OEM again your line's open.

Thanks, a lot for the opportunity I would like to.

Yang Liu: Thanks a lot for the opportunity. I would like to ask about the Q4 this year and the 2026 outlook for the business.

Article about though.

Fourth quarter, this year and 2026 outlook for their business.

Thank you.

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Cussion Pang: Thank you so much for your questions and with our holistic high quality growth strategy, we delivered another quarter of strong results on both of the top and the bottom line. We continue to lead the industry in music consumption and creation, and we are confident to deliver good results. On the music subscription side, our multi-pronged membership offerings lead to better caters to users diverse needs. Number of paying users and ARPU grow steadily, while user retention and time spent remained healthy. SVIP penetration and ARPU increased year-over-year and quarter-over-quarter. In addition, I would like to point out that the newly launched X memberships also gained a momentum, which will help us to unlock greater value from the freemium users as well.

Well. Thank you so much for your questions and with our holistic high quality growth strategy, we delivered another quarter of strong itself on both the top and bottom line.

We continue to lead the industry in music consumption and creation and we are confident to deliver good results on.

On the music subscription side, our multipronged membership offerings. The two bad caters to users' diverse needs number of paying users and <unk> grew steadily while user retention and time spend remained healthy.

The IP penetration and <unk> increased year over year and quarter over quarter.

In addition, I would like to point out that the newly launched it at memberships also gained momentum which will help us to unlock the value from the freemium users as well.

On the non subscription side, our one stop music Entertainment service platform to continue to drive users demands and business growth.

Cussion Pang: On the non-subscription side, our one-stop music entertainment service platform will continue to drive users' demands and business growth. First, on the advertising side, our diversified and innovative ad formats continue to create value for advertisers and users, it will continue to drive steady business growth in Q4. Second, on the fast-growing live concerts business, we have already achieved a significant breakthroughs home and abroad, which will contribute to a triple-digit year-over-year revenue growth. Last, on the fan-based economy, we have explored a variety of new product combinations and service formats, which will effectively helping artists and music labels to further unlock commercial value. In short, for the year 2025, we remained hopeful to deliver strong performance of our online music services to further driving good revenue and profit growth of the company.

First on the advertising side, our diversified and innovative AD formats continue to create value for advertisers and users. So we'll continue to drive steady business scope in quarter four.

Second on the fast growing live concerts business, we have already achieved significant breakthroughs home and abroad, which will contribute to a triple digit year to year revenue growth.

Not on the fan base of the economy, we have explored a variety of new product combinations and surface format, which will effectively helping artist and music labels to further unlock commercial value. So in shock for the year quantity quantify we remained hopeful to deliver strong performance of our online music search.

To further driving good revenue and profit growth of the company.

Looking ahead to 2026, we are committed to improvement our platform and content ecosystem dual engine strategy with a strong foundation that we have built together with the new initiatives, we expect sustained at healthy growth in our mutual subsequent business, although at a slightly slower rate given is high.

Cussion Pang: Looking ahead to 2026, we are committed to implement our platform and content ecosystem dual engine strategy. With the strong foundation that we have built, together with the new initiatives, we expect sustained healthy growth in our music subscription business. Although at a slightly slower rate given its high base. Non-subscription businesses contribution to the group performance will continue to increase and is expected to grow faster than the subscription business.

Base non subscription businesses contribution to the group performance will continue to increase and is expected to grow faster than the subscription business.

Thank you question.

And then our next question comes from Goldman Sachs Lincoln.

Milton Ju: Thank you, Kesha. The next question comes from Goldman Sachs, Lincoln. Lincoln, your line is open.

Operator: Thank you, Kesha. The next question comes from Goldman Sachs, Lincoln. Lincoln, your line is open.

Your line is open.

No.

Thank you management for taking my question.

Lincoln Kong: Thank you management for taking my question. Congratulations on a very solid quarter. I just want to quickly touch on the industry landscape here, especially for the music streaming business. I think recently, there is a bit of a market concern or chatter over some key music app competition, you know, in terms of the faster MAU ramp up or potential high budgets for purchase of music content. Just want to wonder, you know, management thoughts. Do you see anything changed in terms of the competition landscape at all? Also your strategy to further enhance your leadership in terms of the content differentiation or the user mindset and the overall, you know, service offering to consumers. Thank you.

Solid quarter over quarter, So just want to quickly touch on.

The industry landscape.

Well, let me say this.

Recently.

So a bit of a market.

So in China.

<unk> music App.

In terms of the SaaS.

Or a potential high budget a short break so if somebody has a context.

So just trying to wonder merchandise cost previously or anything changed.

Competition landscape at all.

Our software strategy.

Our legal et cetera.

That concludes the presentation.

Sure Mitra.

So all of that service offering.

Thank you.

In terms of software intensive it's internationally.

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Ross Liang: 当然竞争态势上大家也确实也可以注意到。我们目前呢还是基本上还是这么几家吧。当然多了。当然 Soda Music 是包括了 NetEase Cloud Music 跟 QQ Music，包括 ByteDance 里面的音乐和 Tomato Music。

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But I. Thank you very much. Thanks for your question regarding the competition I think Mr has the same competitors in the music industry and including total music as well as the napkins music and also sort of music and it's a matter of music tire from blackouts.

[Company Representative] (Tencent Music Entertainment Group): Well, thank you very much. Thanks for your question regarding the competition. I think we still have the same competitors in the music industry and including Soda Music as well as the NetEase music. Also Soda Music and the Tomato Music trio from ByteDance.

[Translator]: Well, thank you very much. Thanks for your question regarding the competition. I think we still have the same competitors in the music industry and including Soda Music as well as the NetEase music. Also Soda Music and the Tomato Music trio from ByteDance.

They don't want me to quantify at all.

Essentially our EMEA, the xiaomi actually or even some dock.

Ross Liang: 当然我们也观察到本身音乐相对来说有一定的增长.

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[Company Representative] (Tencent Music Entertainment Group): For sure we also notice the growth from Soda Music.

[Translator]: For sure we also notice the growth from Soda Music.

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Ross Liang: 那对我们，对我们来说，我们实际上仍然还是呃因为竞，因为竞争这是常见的，就是我们在今年也是 QQ 音乐的二十周年，其实我们也是在这样一条路上面临着非常多的竞争。

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[Company Representative] (Tencent Music Entertainment Group): Well, for TME, we always believe competition is normal. This is also what we see from the past to now. This year also marks the 20th anniversary of QQ Music. Along the way for our development, we have already encountered many competitions.

[Translator]: Well, for TME, we always believe competition is normal. This is also what we see from the past to now. This year also marks the 20th anniversary of QQ Music. Along the way for our development, we have already encountered many competitions.

I'll comment I'll comment if I'm asking about environment and they don't they don't comment on that one Tom.

Ross Liang: 所以我们可以分两方面来看，一方面平台，一方面内容，内容可以后面来补充。那从平台角度来说，我们觉得首先音乐，音乐这个 APP 是在一方面是一个相对比较传统的业务，也就是说我们基于流媒体业务，那传统的推荐、搜索跟我的资产的管理仍然是流媒体部分最为重要的体验部。

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Well regarding the competition I'd like to touch upon platform and content material perspective regarding the platform I think for music application.

[Company Representative] (Tencent Music Entertainment Group): Well, regarding the competition, I'd like to touch upon platform and content. The two perspectives regarding the platform as it called music application is still a traditional business, and the business is based on the streaming business where traditionally we do have the recommendation where our asset management maintains the same and most important and critical user experience for us regarding the live streaming, the streaming business.

[Translator]: Well, regarding the competition, I'd like to touch upon platform and content. The two perspectives regarding the platform as it called music application is still a traditional business, and the business is based on the streaming business where traditionally we do have the recommendation where our asset management maintains the same and most important and critical user experience for us regarding the live streaming, the streaming business.

Traditional techniques.

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Our asset management maintain that same and most important critical I do think steel thats flops regarding the tax rate.

Thanks, Jamie.

We don't rely on the shoe called the Osha <unk> Horta Antonio Donna Yogurts with Hana, Chile International among younger.

Ross Liang: 我们认为我们的曲库的优势，以及用户在多年的这样的用户资产的积累，仍然是我们整个集团里面所有产品矩阵里面最具有核心竞争力的部分。

Congrats you've arguments over time can do not even say to your question in Juneau.

Yeah.

Thank our competitive edge is still last week, our music library, I don't waste the asset management nasty accumulated for so many years.

[Company Representative] (Tencent Music Entertainment Group): I think our competitive edge still rests with our music library, along with the user asset management that has been accumulated for so many years.

[Translator]: I think our competitive edge still rests with our music library, along with the user asset management that has been accumulated for so many years.

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Ross Liang: 那同时我们的我们目前在我们的音质音效的表现仍然还是在行业中居于领先，是领先的。那我们除了在目前无损音乐的音质的提供上，我们在这个季度应该会更，在全景声上应该会推出另外新的版本。

Turning agenda now.

So we can answer.

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But at the same time you can also say that can you still lead the industry regarding the stock quantity and chunky.

[Company Representative] (Tencent Music Entertainment Group): At the same time, you can also say that TME still lead the industry regarding the sound quality and sound effect, where we also continue to provide the sound quality, the lossless sound quality to the market.

[Translator]: At the same time, you can also say that TME still lead the industry regarding the sound quality and sound effect, where we also continue to provide the sound quality, the lossless sound quality to the market.

Well, we also continue to provide the sound quality not.

Quality to the market I don't want me a couple of guys who are going to go into the survey show that you saw a $3 million our.

Ross Liang: 同时我们也正在去跟高音质的设备，就 Hi-Fi 设备去做对应的联动，我们仍然会希望说在耳机和这种高音质的音箱和公放的高音质设备上能够去铺开我们的内容的优势。

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We also continue to engage with the highest quality equipment or music fixtures, including the hi Fi and continue to engage like ERP and allow the speaker high quality stock effects exchange and Cleveland.

[Company Representative] (Tencent Music Entertainment Group): We also continue to engage with the high sound quality equipment for musical fixtures, including the Hi-Fi. Continue to engage the earpiece and the loudspeaker, high quality sound effect fixtures and equipment to further extend our content coverage.

[Translator]: We also continue to engage with the high sound quality equipment for musical fixtures, including the Hi-Fi. Continue to engage the earpiece and the loudspeaker, high quality sound effect fixtures and equipment to further extend our content coverage.

Further extend our content coverage.

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Ross Liang: 除了这种基础的这种产品以外，其实在，在我们整个集团里面，我们应该我们实际上已经扩展多了更其他丰富的多元化的音乐的体验。

But he can see besides those basic products within <unk>, we have already extended our guest needs to provide a more engaged and the diversified music experience to our users.

[Company Representative] (Tencent Music Entertainment Group): Well, you can see besides those basic products within TME, we have already further extended our business to provide a more enriched and diversified music experience to our users.

[Translator]: Well, you can see besides those basic products within TME, we have already further extended our business to provide a more enriched and diversified music experience to our users.

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Ross Liang: 从现在来看，无论是星光卡，啊还是我们最近的勋章，啊以及我们的呃 Bubble 这样的跟艺人之间的粉丝的社交，社交平台都取得了比较好的结果，这个是在其他的竞品中是没有出现的。

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Especially from our recent performance and the Starlight Koch along with our use of batch as far as Pablo we can have that any app artist and defense infection, which are very hard to keep laid out which are not exist for any other competing products.

[Company Representative] (Tencent Music Entertainment Group): Especially from our recent performance on the Starlight Card, along with our user badge as well as Bubble. We do have the in-app artist and fans interaction, which all yield very positive results which are not exist for any other competing products.

[Translator]: Especially from our recent performance on the Starlight Card, along with our user badge as well as Bubble. We do have the in-app artist and fans interaction, which all yield very positive results which are not exist for any other competing products.

And even as I said, all youll overwhelming chairman kilowatt triangular hydro capacity on our behalf.

Ross Liang: 同时我们因为在社交娱乐部分，我们的全民 K 歌产品仍然还是表现了比较好的一个商业化的优势，仍然能，同时我们在线下的一些村 K 的这样的活动也取得比较好的一个结果，所以我们基本上这巩固了我们自己在 K 歌方面产品的一个优势。

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So it can go lower monthly is a CAGR hanmi on time in the ocean.

At the same time regarding the social entertainment business.

[Company Representative] (Tencent Music Entertainment Group): Well, at the same time, regarding the social entertainment business and our recent product still show great potential and advantage regarding commercialization. We also have the Earth Live Karaoke events, which also yield very positive results. This can also help to consolidate our traditional business advantage.

[Translator]: Well, at the same time, regarding the social entertainment business and our recent product still show great potential and advantage regarding commercialization. We also have the Earth Live Karaoke events, which also yield very positive results. This can also help to consolidate our traditional business advantage.

Our recent product that show great potential and encouraged regarding commercialization and also talk to US about Okay index, which also Yale it's barely positive break out these catalyst to help to consolidate our foundational assets.

Okay.

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Ross Liang: 是吧，其实最重要的我希望大家关注的是我们目前只是看到了我们移动端上的一些变化，但实际上来说，对于音乐产品来看，多端，多终端的表现其实仍然实际上才是整个覆盖的规模。

So yes, I mean, our total total in total going up your audience, you don't see anti estrogen <unk> forgot to Weibo.

Well I think a majority of people pay attention to the changes on our mobile applications, where for any music product you have to keep in mind. They use a range as far as content on multi tenant and multi device failure woman, sorry, pizza actually it will be auto Greenwood Yada Yada yada.

[Company Representative] (Tencent Music Entertainment Group): Well, I think majority of people just pay attention to the changes on our mobile applications. For any music product you have to still keep an eye on the user reach as well as content coverage on multi-terminals and multi-devices.

[Translator]: Well, I think majority of people just pay attention to the changes on our mobile applications. For any music product you have to still keep an eye on the user reach as well as content coverage on multi-terminals and multi-devices.

Ross Liang: 所以我们在 PC 端仍然还是有比较大的规模，比较大的用户规模。我们自己在新的领域中，在车载，在车载仍然有很高的渗透率，啊同时我们最近在鸿蒙上的表现也是在整个音乐 APP 中处于领先部位。

We're way more while mentally as I said earlier, we don't want.

Sure.

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I can say that at our PC end and Westar has a huge subscriber base and our sales were down in cost that we have a very high penetration ratio, especially recently, we actually leading that music applications by working with high ammonia less.

[Company Representative] (Tencent Music Entertainment Group): You can say that at our PC end, and we still have a huge subscriber base. Also for the in-car service, we have a very high penetration ratio. Especially recently, we actually leading the music applications by working with HarmonyOS.

[Translator]: You can say that at our PC end, and we still have a huge subscriber base. Also for the in-car service, we have a very high penetration ratio. Especially recently, we actually leading the music applications by working with HarmonyOS.

Please proceed.

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[Company Representative] (Tencent Music Entertainment Group): 这是基本上我们认为说，基于我们目前这样的这么多年的产品体验的优化、创新，以及我们基于多终端的表现，我们相信我们自己在竞争环境中还是处在非常有利的位置的。

Ross Liang: 这是基本上我们认为说，基于我们目前这样的这么多年的产品体验的优化、创新，以及我们基于多终端的表现，我们相信我们自己在竞争环境中还是处在非常有利的位置的。

You can see based upon our product innovation optimize G&A expense and continued innovation will still be able to pioneer entity in the market about it.

[Company Representative] (Tencent Music Entertainment Group): You can say, based upon our product innovation, optimize user experience, and continued innovation. We still be able to pioneer and lead the market development.

[Translator]: You can say, based upon our product innovation, optimize user experience, and continued innovation. We still be able to pioneer and lead the market development.

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[Company Representative] (Tencent Music Entertainment Group): 版权方面，我们其实一直以来 TME 都是提供了行业里面最全、最优质的所有的音乐内容。

Ross Liang: 版权方面，我们其实一直以来 TME 都是提供了行业里面最全、最优质的所有的音乐内容。

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[Company Representative] (Tencent Music Entertainment Group): Regarding the patterns or the copyright for TME, we always provide the most complete and high quality application content in the whole industry.

[Translator]: Regarding the patterns or the copyright for TME, we always provide the most complete and high quality application content in the whole industry.

[Company Representative] (Tencent Music Entertainment Group): 我们除了发行不同的一个歌曲以外，我们最关键的是在过去的很长的一段时间里面，我们深度地跟行业里面的音乐的创作者一起共创了很多不同的音乐的内容。

Ross Liang: 我们除了发行不同的一个歌曲以外，我们最关键的是在过去的很长的一段时间里面，我们深度地跟行业里面的音乐的创作者一起共创了很多不同的音乐的内容。

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Besides grade anything different that you're on right now.

[Company Representative] (Tencent Music Entertainment Group): Besides releasing different genre of the songs, the most important thing we did for the past few years is continue to engage and co-create many different musical content with music creators in our industry.

[Translator]: Besides releasing different genre of the songs, the most important thing we did for the past few years is continue to engage and co-create many different musical content with music creators in our industry.

The most important thing we can for the past afield yet is continue to engage in co create many different musical content music quite a testimony.

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[Company Representative] (Tencent Music Entertainment Group): 除了一般不同的呃，品类的歌曲以外呢，我们近期也特别地跟啊腾讯游戏或者腾讯视频啊一起来打造他们顶级的头部 IP，来创造他们的那个呃 OST 的歌曲。

Ross Liang: 除了一般不同的呃，品类的歌曲以外呢，我们近期也特别地跟啊腾讯游戏或者腾讯视频啊一起来打造他们顶级的头部 IP，来创造他们的那个呃 OST 的歌曲。

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Our government agency does have the IP licensing is our common demicco OSD the Gucci.

Besides working for Dave and a generous of Samsung and recently, we've also started to further interact with Tencent games and attention paid to create.

[Company Representative] (Tencent Music Entertainment Group): Besides working for different genres of the songs, recently we also started to follow and work with Tencent Games and Tencent Video to create their top-notch IP for the co-creation of the OST songs.

[Translator]: Besides working for different genres of the songs, recently we also started to follow and work with Tencent Games and Tencent Video to create their top-notch IP for the co-creation of the OST songs.

Top notch IP for the co creation at that Alaska is.

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[Company Representative] (Tencent Music Entertainment Group): 而且当中的那个成绩还是获得了业界里面的，还有特别是我们用户的喜爱跟认可。除了这个以外呢，我们也看到，我们在当前呢是全方位地跟我们的合作伙伴来进行内容的创作，这个已经超过了原来的歌曲的，那个领域，我们更多在演出、粉丝经济等等也开始了很多不同的拓展，这个也给我们整个平台里面提供了最全面、最优质的内容给到我们的用户。

Ross Liang: 而且当中的那个成绩还是获得了业界里面的，还有特别是我们用户的喜爱跟认可。除了这个以外呢，我们也看到，我们在当前呢是全方位地跟我们的合作伙伴来进行内容的创作，这个已经超过了原来的歌曲的，那个领域，我们更多在演出、粉丝经济等等也开始了很多不同的拓展，这个也给我们整个平台里面提供了最全面、最优质的内容给到我们的用户。

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Yeah.

So you can see that our cooperation with Tencent.

[Company Representative] (Tencent Music Entertainment Group): You can say that our cooperation with Tencent Games and Tencent Video actually delighted the user and also be quite popular among the users. More importantly, we continue to forge the comprehensive partnership with our partners, not only for the traditional song cooperation, but also for the co-creation of the content, including the Earth Live concert, as well as the fan-based economy. We also made multiple extensions of collaboration with the partners. What we do is to provide the most comprehensive and high quality content to our users.

[Translator]: You can say that our cooperation with Tencent Games and Tencent Video actually delighted the user and also be quite popular among the users. More importantly, we continue to forge the comprehensive partnership with our partners, not only for the traditional song cooperation, but also for the co-creation of the content, including the Earth Live concert, as well as the fan-based economy. We also made multiple extensions of collaboration with the partners. What we do is to provide the most comprehensive and high quality content to our users.

Thanks, and Pennsylvania, and actually can I can use that.

I would also be quite popular Amanda.

More importantly, we continue to approach the comprehensive hence the partnership with <unk>.

Not only for the translation of foreign competition, but also for our co creation at the company.

And certainly for us I can't yet as far as our fan based economy and we also make boundless extension, that's kind of benchmark wins. The partnership what we do is to provide the most comprehensive and high quality content.

So Duncan MTM, either pinkeye needle and somehow you tee that neither of them.

[Company Representative] (Tencent Music Entertainment Group): 基于当前 TME 的平台内容生态, 一机两翼的这种策略底下, 这个确实就是我们当前最大的那个竞争的优势跟差异化. 我们把平台跟内容的联动确实能帮助到我们整体的对于版权的保护, 以及我们整个音乐在线的那个包月的推动等等的, 都是有一个非常好的一个结果.

Ross Liang: 基于当前 TME 的平台内容生态, 一机两翼的这种策略底下, 这个确实就是我们当前最大的那个竞争的优势跟差异化. 我们把平台跟内容的联动确实能帮助到我们整体的对于版权的保护, 以及我们整个音乐在线的那个包月的推动等等的, 都是有一个非常好的一个结果.

It is.

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The total downtime to sell complete on how the Eagles vehicle.

I can't say that now we do have a well established platform in ways that are in response to contemplate any shang.

[Company Representative] (Tencent Music Entertainment Group): You can say that now we do have the well-established platform with very robust content creation. We are adopting the one body with two wing strategy. That is indeed our largest competitive edge and differentiation compared with other competitors. We are also going to continue to integrate the platform and content for further development. That is also good for our IP protection and also continue to drive the subscription business development, which will be ultimately positive for our future business growth.

[Translator]: You can say that now we do have the well-established platform with very robust content creation. We are adopting the one body with two wing strategy. That is indeed our largest competitive edge and differentiation compared with other competitors. We are also going to continue to integrate the platform and content for further development. That is also good for our IP protection and also continue to drive the subscription business development, which will be ultimately positive for our future business growth.

And the one body weight through wing strategy that is engaged our largest competitive edge and a differentiation compared with other competitors and well have to get into continued to integrate the platform and content folks that I can automate that is also good for our IP protection and also continue to drive the subscription is thinking about it which.

Well be ultimately positive for our future thing from scratch.

Presenting any messaging.

There are some on the Hiseq woman tongue, Peter you would've seen a pass on ICP announcing timna.

[Company Representative] (Tencent Music Entertainment Group): 当前的行业里面还是竞争比较激烈了。我们还是对我们整体的业务的健康发展还是非常有信心的。

Ross Liang: 当前的行业里面还是竞争比较激烈了。我们还是对我们整体的业务的健康发展还是非常有信心的。

So indeed, the industry is facing some competition, but we're still very comfortable of our T shirt.

[Company Representative] (Tencent Music Entertainment Group): Indeed, the industry is facing fierce competition, but we are still very confident for our future development.

[Translator]: Indeed, the industry is facing fierce competition, but we are still very confident for our future development.

Thank you and our next question comes from Alicia Yap from Citigroup Alisha. Please.

Milton Ju: Thank you. The next question comes from Alicia Yap from Citigroup. Alicia, please.

Operator: Thank you. The next question comes from Alicia Yap from Citigroup. Alicia, please.

Hi, good evening.

Alicia Yap: Hi, good evening. Thanks for taking my questions. Congrats on the solid results. I have a questions regarding the music concert. Can management share with us what would be your 2026 pipeline for the music concert? How should we be thinking about modeling the revenue growth from music concert merchandising and also the digital album sales? Because what are the challenges and opportunities on pursuing music concerts business and also to ensure the sustainable, steady long-term growth? Thank you.

Thanks for taking my questions Congrats on the solid results.

I have a question regarding the music concert so can management share with us what would be your 2026 pipeline for the music concert. So how should we be thinking about modeling the revenue growth from music concert.

And dicing and also the digital album sales because so what are the challenges and opportunities on pursuing music concerts business and also to ensure the sustainable steady long term growth. Thank you.

And I can't think of any time, thanks, yes that guidance, we're actually ranked shutdown anytime anytime. Thank you. Thank you.

[Company Representative] (Tencent Music Entertainment Group): 非常感谢. 谢谢管理层, 感谢大家允许我来提问. 首先感谢管理层, 也恭喜管理层在 Q3 取得了非常优秀的业绩. 我这边有个问题是跟我们的线下音乐会所相关的, 管理层是否能够跟我们分享一下 2026 年对于线下演唱会我们的一些管期和规划, 以及包括和演唱会所相关的一些包括周边的销售, 包括数专这个销售, 我们如何从收入增长的角度来考虑如何进行建模, 以及包括我们目前所推动的音乐会和线下, 活动的一些业务, 是否受到任何的挑战或者相关的机遇, 如何能够帮助这些业务实现持续的稳定的长期增长? 谢谢.

Shirley Hu: 非常感谢. 谢谢管理层, 感谢大家允许我来提问. 首先感谢管理层, 也恭喜管理层在 Q3 取得了非常优秀的业绩. 我这边有个问题是跟我们的线下音乐会所相关的, 管理层是否能够跟我们分享一下 2026 年对于线下演唱会我们的一些管期和规划, 以及包括和演唱会所相

Depending on the linkage with somebody.

My name furniture for local government.

And can you tell me what keeps them quite shortly.

It's a powerful applying it towards the frontline data consortium itself out I wish we can get the social when they look at functional sometimes.

Shirley Hu: 关的一些包括周边的销售, 包括数专这个销售, 我们如何从收入增长的角度来考虑如何进行建模, 以及包括我们目前所推动的音乐会和线

I think in general its possible that well have more chance to accrete on any other questions.

But on the Easter.

Sure.

Shirley Hu: 下, 活动的一些业务, 是否受到任何的挑战或者相关的机遇, 如何能够帮助这些业务实现持续的稳定的长期增长? 谢谢.

But it sounds like a T bill clinical undertaking in Wuxi Chase you got like do you know how do you think.

So congratulations I think all the tier one she is getting through the.

[Company Representative] (Tencent Music Entertainment Group): 嗯，非常感谢 Alicia 的那个提问哈。其实演出这个领域对于 TME 来讲，我们其实是下定决心，呃，呃，长期地投入的。而且在过去的几年里面呢，我们分几个维度来打造我们整个演出的那个，呃，业务的那个范畴，啊包括我们自家的那个艺人的巡演，头部的巡演，同时间呢也会跟行业里面的顶尖的歌手来举办他们的巡，啊，演唱会。同时间我们也会有公司内部的，啊我们基础的品牌像 TMEA 跟 T 马等等，啊这个也是我们全方位地来投入到我们整体的演出市场里面的那个情况。

Ross Liang: 嗯，非常感谢 Alicia 的那个提问哈。其实演出这个领域对于 TME 来讲，我们其实是下定决心，呃，呃，长期地投入的。而且在过去的几年里面呢，我们分几个维度来打造我们整个演出的那个，呃，业务的那个范畴，啊包括我们自家的那个艺人的巡演，

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Ross Liang: 头部的巡演，同时间呢也会跟行业里面的顶尖的歌手来举办他们的巡，啊，演唱会。同时间我们也会有公司内部的，啊我们基础的品牌像 TMEA 跟 T 马等等，啊这个也是我们全方位地来投入到我们整体的演出市场里面的那个情况。

Yes.

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As will mentioned finally, the like a woman on Gilenya to Xiaomi band Negotiable.

Thank you very much thanks for adding Sharon and Doug.

[Company Representative] (Tencent Music Entertainment Group): Thank you very much. Thanks for addition. You see that for the Earth Live performance for concert, this is actually a commitment for TME to go for. We also have a long-term investment for that, especially for the past few years. I will just share with you what we did from a few perspectives. First of all, regarding the artist tour, we still organize the top artist tour for the most popular artist in our industry, where at the same time, we also invite the top artist to come and to stage the offline concert. Internally, we also have our own proprietary IT, including TMEA as well as TIMA. For TME, we did a comprehensive resources investment and a substantial resources allocation to make sure we continue to advance the offline performance.

[Translator]: Thank you very much. Thanks for addition. You see that for the Earth Live performance for concert, this is actually a commitment for TME to go for. We also have a long-term investment for that, especially for the past few years. I will just share with you what we did from a few perspectives. First of all, regarding the artist tour, we still organize the top artist tour for the most popular artist in our industry, where at the same time, we also invite the top artist to come and to stage the offline concert. Internally, we also have our own proprietary IT, including TMEA as well as TIMA. For TME, we did a comprehensive resources investment and a substantial resources allocation to make sure we continue to advance the offline performance.

You see that you have for the sniper financial contract basis actually our commitment mccamey to counsel and they also have a long term investment for that.

That's really for the Australian guests I'd like just to share with you what we see from a few perspectives first of all regarding the artist detour and with all the nice network artistic.

Most of popular Inc.

Industry, but at the same time, we're also looking like a cop out east to come and to state the upside case.

Well internally, we also have our own propellants with IP, including key key MTA S. T map.

What can we get a comprehensive resources investment and a substantial resource allocation to make sure. We continue to advance the slides supplement.

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[Company Representative] (Tencent Music Entertainment Group): Well, actually, the offline performance not only help us to build our experience, but also continue to forge a deep bond with our partners. For example, in the prepared remarks, I have already mentioned what we do for G-Dragon, the South Korean artist. We help to stage his Asia Pacific region tour. This can actually help us to further accumulate experience, at the same time, it also hit a great success in Asia Pacific region. Such experience from the tour events can also be replicated and introduced into other large scale offline concert and performance. We are very happy and satisfied with what we have been achieved.

[Translator]: Well, actually, the offline performance not only help us to build our experience, but also continue to forge a deep bond with our partners. For example, in the prepared remarks, I have already mentioned what we do for G-Dragon, the South Korean artist. We help to stage his Asia Pacific region tour. This can actually help us to further accumulate experience, at the same time, it also hit a great success in Asia Pacific region. Such experience from the tour events can also be replicated and introduced into other large scale offline concert and performance. We are very happy and satisfied with what we have been achieved.

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But actually the us high performance not only how that stripping out excuse me, but also continue to sort of keep up with our partners. For example in the prepared remarks I have already mentioned one liter 40 jacket, the south Korean market, we have to staging Ts Asia Pacific equation tour.

And the desk and actually help us to accumulate experience.

The same time it also hit a great success in Asia Pacific question, and as such experiments are from that tour events calendar be replicated and introduced into other large scale up like cockpit and so we are very happy and satisfied with slightly about being achieved how should we I mean as <unk> <unk> tissue.

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I can say that besides organizing more top artists, who are saying per phone and lots of connect and leverage our own proprietary <unk>, including <unk> and <unk> to continue to improve our performance in 2019 flat before me.

[Company Representative] (Tencent Music Entertainment Group): You can say that besides organizing more top artist tours and performance, we are also going to leverage our own proprietary IP, including TMEA and TIMA, to continue to improve our performance in organizing the offline performance and concert. This also can showcase our unique advantage, 'cause TME will be able to integrate our online and offline music resources and continue to further deepen our collaboration with the musical ecosystem. In that way, it can also make sure that our audience will enjoy a high-quality music experience, that can also become our competition advantage and differentiation. By organizing such top artist performance, we also hope that we will provide more performance privilege as well as privilege to the fanbase economy to our user.

[Translator]: You can say that besides organizing more top artist tours and performance, we are also going to leverage our own proprietary IP, including TMEA and TIMA, to continue to improve our performance in organizing the offline performance and concert. This also can showcase our unique advantage, 'cause TME will be able to integrate our online and offline music resources and continue to further deepen our collaboration with the musical ecosystem. In that way, it can also make sure that our audience will enjoy a high-quality music experience, that can also become our competition advantage and differentiation. By organizing such top artist performance, we also hope that we will provide more performance privilege as well as privilege to the fanbase economy to our user.

There's also showcase our unique advantage because <unk> will be able to integrate our online and offline music resources and continue to further deepen our collaboration with the musical ecosystem in that way. It can also make sure that our audience, let enjoy a high quality music events.

And that can also be called our computation pedantic and differentiation.

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So by optimizing such top artists performing well also hope that it will have to provide more performance percentage as far as the president HQ would affirm that economy to our user base can also help to promote the S. VIP subsequent sham Nevada.

[Company Representative] (Tencent Music Entertainment Group): This can also help to promote the SVIP subscription business development, where at the same time we will be able to provide our user a more comprehensive and immersive experience by staying with TME. Well, regarding the fan base economy, we also continue to further improve our service to the fan groups and community by providing the premier privilege to them, which is proven to be very popular among our fans. For example, I have already shared with you the G-Dragon Asia Pacific Tour. The merchandise sales from that tour proved to be quite successful. This is also what we continue to do by providing the premier privilege to our users.

[Translator]: This can also help to promote the SVIP subscription business development, where at the same time we will be able to provide our user a more comprehensive and immersive experience by staying with TME. Well, regarding the fan base economy, we also continue to further improve our service to the fan groups and community by providing the premier privilege to them, which is proven to be very popular among our fans. For example, I have already shared with you the G-Dragon Asia Pacific Tour. The merchandise sales from that tour proved to be quite successful. This is also what we continue to do by providing the premier privilege to our users.

But at the same time, what about the April to provide our user a more comprehensive and immersive experiences by state with Janney.

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Well, we got 8% as the economy and we also continue to further improve our steady sort of think that sand community by providing a prime you prevent extra them, which has proven to be very popular among our offense.

I have a banking sharp issue that you track in Asia Pacific Tour, the merchandize sales from that to close to be quite successful.

So why do we continue to do that by providing the pioneer Prefinished salami.

Yeah.

Okay. Thank you and the next question comes from.

Milton Ju: Okay, thank you. The next question comes from Thomas Chong, Thomas, your line's open now.

Operator: Okay, thank you. The next question comes from Thomas Chong, Thomas, your line's open now.

Jeffrey St Thomas' challenge.

Your line is open now.

Hi, Good evening management, but the team My question. My question is about our subscription services.

Thomas Chong: Hi, good evening. Thanks management for taking my question. My question is about our subscription services. Given that, we have been strengthening our output growth, while we are maintaining our steady Net Adds, I just want to get some color with regard to how we should think about our 2026 growth driver for the subscription services. How should we think about the growth momentum for our people and Net Adds?

It's been that way.

Have been strengthening.

Well, while we are maintaining a steady now.

Just wanted to get some color with regard to.

How we should think about our 2026.

So is the subscription services.

How should we think about the growth momentum.

Pool and.

Yes.

I'm just wondering.

Thomas Chong: I'm just wondering, if we are seeing the competitive dynamic environment in terms of the competition, would there be any changes in terms of the growth driver, i.e., would we launch more lower price packages to drive the subscriber growth, and the output may not be as fast as what we previous expected. When we look into our SVIP subscribers and the penetration, can management talk about the goal in 2026? Thank you.

We are seeing that.

The competitive environment.

Environment in terms of the competition.

Would there be any changes in terms of the goldstrike I E.

Will be launched more lower price packages to drive subscriber growth and the op or may not be as fast as what we are pleased with expected.

And that was it.

Look into OSB IP.

Wipers, and the penetration can management talk about the coal in China 26. Thank you.

Okay. Thank you Andrew so plenty of time.

If I now look at Linky Shashank.

[Company Representative] (Tencent Music Entertainment Group): 非常感谢，谢谢管理层。啊，我这边的话呢，有几个问题。首先我们可以看到目前在我们的包月服务上的话，我们包括 ARPU，包括净新增都保持非常喜人的这个态势。那是否可以从 2026 年长期展望的一个角度能帮我分享一下，从 2026 年角度来说，我们主要的一些增长的驱动力是什么，以及包括不管是从 ARPU 以及包括净新增的一个角度来说，主要驱动力是什么？而且考虑到目前市场当中竞争格局的一些变化，公司会不会考虑到为了长期的增长来尽可能推出一些低价或者是性价比比较高的一些产品，来进一步地提升我们的净新增，但与此同时可能会牺牲 ARPU。那与此同时，从 SVIP 的基数以及包括整体这个业务发展角度来说，2026 年公司是如何考虑的，如何展望？谢谢。

Shirley Hu: 非常感谢，谢谢管理层。啊，我这边的话呢，有几个问题。首先我们可以看到目前在我们的包月服务上的话，我们包括 ARPU，包括净新增都保持非常喜人的这个态势。那是否可以从 2026 年长期展望的一个角度能帮我分享一下，从 2026 年角度来说，

10001, and Oh, yes for sure on the platform.

Absolutely.

Actually I think actually I need attached it actually looks like well I mean, I know you don't want me to talk about things I'm satisfied how long until you want me to add to the leash.

Shirley Hu: 我们主要的一些增长的驱动力是什么，以及包括不管是从 ARPU 以及包括净新增的一个角度来说，主要驱动力是什么？而且考虑到目前市场当中竞争格局的一些变化，

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So when I talk to you the things that I think can outreach, we hit peak Atwood fishing capital backing for that Keith and his punchy accomplish on the occupancy and its Tom Shafer S. VIP careful each popular turnkey.

Shirley Hu: 公司会不会考虑到为了长期的增长来尽可能推出一些低价或者是性价比比较高的一些产品，来进一步地提升我们的净新增，但与此同时可能会牺牲 ARPU。那与此同时，从 SVIP 的基数以及包括整体这个业务发展角度来说，2026 年公司是如何考虑的，如何展望？谢谢。

Actual.

Sure.

Just.

Uh huh.

So we should see as long as you know are there aren't linear and then we'll be at Howard Weil.

Ross Liang: 呃。从，其实从现在 2026 年的目标来看，我们仍然认为我们的整个的订阅，订阅用户能够取得比较稳健的增长，那它的驱动力主要还是来自于以下几个方面吧。啊第一个最重要的仍然还是内容付费。也就是说我们仍然会基于我们优质的自制内容，以及我们比较良好的跟版权，跟那个呃，版权方的合作关系，去为用户提供最为优质的独特的内容。

So another thing that Youre Athena Johan angle, she there'll be all magenta Thunder, but how the chili's sure largely you're charging off I'm Emma let's.

So if you wanted to isolate it as a woman around with you on the alternate to donate all is you won't get all young harder than a bunch of them.

Hello, Guanxi to Aon, what he won't say the yogurt with her needle.

Thank you and I'm actually thanks for Thomas regarding our older about talking to potential times. It takes I think we're still going to register that may stack at browse for desktops that that base.

[Company Representative] (Tencent Music Entertainment Group): Thank you very much. Thanks Thomas. Regarding our overall target for 2026. I think we're still going to register a very steady growth for the subscriber base. It may regarding the growth driver, it may coming from the following aspects. First of all, as they're leveraging the high quality content for business growth, we're still going to provide the high quality content by working with our IP partners to continue to provide the high quality and unique content to our users.

[Translator]: Thank you very much. Thanks Thomas. Regarding our overall target for 2026. I think we're still going to register a very steady growth for the subscriber base. It may regarding the growth driver, it may coming from the following aspects. First of all, as they're leveraging the high quality content for business growth, we're still going to provide the high quality content by working with our IP partners to continue to provide the high quality and unique content to our users.

Regarding the gross side that it may coming from that part of the assets Festival astir.

Leveraging the high quality content for PC scratch are stepping in to provide the high quality content and working with partners to continue to provide high quality and unique content.

Now, it's only going to put you on I apologize so tissue quite I assume the immediate <unk>.

Ross Liang: 那从内容特权来看，我们在明年其实也是继续去扩展新的领域。也就是说除了纯的音乐内容，我们对于，呃，比如我们对于我们的星光卡，然后周边包括演唱会，啊就像刚才 Karen 提到的，我们基于跟在内容上面，我们已经不仅仅内容付费方面，我们也不仅仅基于歌曲的内容，我们仍然我们基于其他的这样的相关的衍生品，我们都觉得会有取得比较好的成果。

Bill until you are missing one car alcohol tobia, Paul Hoy until we're doing onetime quarantine order element to your guns I know you don't comment on what medium contingent if I may.

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While <unk> should either John or someone that young Kim why don't you the oily shouldn't be that volatile world.

But the second growth driver it may come from the content privilege because step starting from 'twenty to 'twenty six walking into explore new boundaries. Besides the traditional music content lots of going into pristine the boundaries for istar like card the concept as far as the merchandise it because my colleague he has to make.

[Company Representative] (Tencent Music Entertainment Group): Well, the second growth driver may come from the content privilege, because starting from 2026, we're going to explore the new boundaries. Besides the traditional music content, we're also going to pursue the boundary for the Starlight Card, the Earthlight concert, as well as the merchandise. My colleague used to mention with regarding the content, we not only do the music content, but also continue to develop other peripherals of merchandise to continue to pursue a sustainable business growth.

[Translator]: Well, the second growth driver may come from the content privilege, because starting from 2026, we're going to explore the new boundaries. Besides the traditional music content, we're also going to pursue the boundary for the Starlight Card, the Earthlight concert, as well as the merchandise. My colleague used to mention with regarding the content, we not only do the music content, but also continue to develop other peripherals of merchandise to continue to pursue a sustainable business growth.

With regard to the content, we're not only to the music content, but also continues to give us that type of therapy of merchandise still continue to pursue a sustainable business.

So I believe by the Chilean to obtain thing here the draw Herschelle Goldman culture Norman <unk>.

Ross Liang: 另外一个比较大的驱动力，基于订阅的主要还是功能特权。我们仍然在音质音效，我们的装扮，我们的铃声编辑，包括我们的今年取得比较好的增长的 AI 的做歌这一部分，都仍然是能够给用户提供更差异化的功能。

Sure.

Talking about the links on PNG Poco woman the tenure I'm sure they'll be they'll have some down the AI the table, though but we don't I mentioned on Gogo, what he won't going tie a article on them.

Another key growth driver for that subscription business with the last week the function of <unk>.

[Company Representative] (Tencent Music Entertainment Group): Another key growth driver for the subscription business will be raised with the functional privileges, including the sound quality, sound effect, the ringtone editing, as well as the AI empowered song writing. This can actually be the differentiating function we offer to the market.

[Translator]: Another key growth driver for the subscription business will be raised with the functional privileges, including the sound quality, sound effect, the ringtone editing, as well as the AI empowered song writing. This can actually be the differentiating function we offer to the market.

The sound quality and in fact, the wind tunnel editing as far as the AI empowered <unk>.

Writing this can actually be differentiating function, we offer to the market.

So you see Bronco euro her younger teo over the needle Coke Wuhan Changsha Xian Goldman lagoon, tranche in Japan, or Germany, or Keith will largely true Ebola nothing yet.

Ross Liang: 呃，所以，呃，基本上所以我们仍然还沿着对于我们的内容的巩固和创新，以及我们功能的巩固和创新，基本上按照这样的一个基础逻辑去把我们的订阅，订阅这个盘子能做得更大，同时也是能够去取得我们 ARPU 值的增长。

I think a 100 on sort of called out honestly I shouldn't Angola should own the arbitrage that some guy.

So generally speaking, we're still going to continue to consolidate and innovate on both content and functionalities in that way, but what the anchor to start around the size of our subscription business and also achieving a P. P newcrest.

[Company Representative] (Tencent Music Entertainment Group): Generally speaking, we're still going to continue to consolidate and innovate on both content and the functionalities. In that way, we will be able to further grow the size of our subscription business and also achieving ARPU growth.

[Translator]: Generally speaking, we're still going to continue to consolidate and innovate on both content and the functionalities. In that way, we will be able to further grow the size of our subscription business and also achieving ARPU growth.

Neither of these off we ended a few omega, but as I said, I mean, mainly in Iowa, Michigan, Arizona, So majority either demanding that the doctor in the call.

Ross Liang: 呃，面对低价会员，这个其实我们应该也不是现在面，面临的，我们实际上已经这么久一直都会面临着低价会员的，会员的考虑。那实际上我们已经其实在这么几年之内，我们已经做了比较充分的准备，呃，包括其实现在你可以常见的这种免费广告模式，本身是已经是我们三年前就推出的方法。

Colin I should element as she was <unk> engineering, when we even thought it would be at home a little bit backhaul judicial 19 critics turndown abdomen, Guangdong more sure, but essentially as usual on the finance any appreciable upon level.

I can say that regarding the second part of the question the low priced package and then they just not something new to us and we have already seen such a thing for many years and especially we have all that getting prepared for that.

[Company Representative] (Tencent Music Entertainment Group): You can say that regarding the second part of your question, the low price package. This is not something new to us. We have already seen such a thing for many years. Especially we have already been prepared for that. Especially you can see the premium model. That is a model we have start from three years ago.

[Translator]: You can say that regarding the second part of your question, the low price package. This is not something new to us. We have already seen such a thing for many years. Especially we have already been prepared for that. Especially you can see the premium model. That is a model we have start from three years ago.

Especially you can see.

Finally, our model and that is a model we have that start from three years ago.

So as he runs all of them and keep them.

So I went to Shanghai.

Ross Liang: 所以基本上从我们的基础逻辑来看，就是在目前这个商业化整体的构成，我们是从，呃，免费用户，然后以及激励广告，然后到我们的广告会员，再到我们的普通会员，然后再到我们的 SVIP，这样一个多级结构来面对我们整个的这种用户规模的。

Can we get a call at home will Miss here at home.

Very helpful.

TD one call don't all of them.

<unk> said all the plateauing granted on the isotype sheet, Jon you've got <unk>, All army unveiled the sungard item grandmother.

I can say that from the fundamental business logic and can regarding how we can see that the growth that we first of all have the right to use a third issues back in the day in the Gulf will add support at night.

[Company Representative] (Tencent Music Entertainment Group): You can say that from the fundamental business logic and regarding how we consider the growth of the user. We first of all have the free-to-user service user, and then they go for ad-supported mode, and then we do have the regular user, and then they will be upgraded to SVIP. It's a multi-pronged membership in order to help to further grow our user base.

[Translator]: You can say that from the fundamental business logic and regarding how we consider the growth of the user. We first of all have the free-to-user service user, and then they go for ad-supported mode, and then we do have the regular user, and then they will be upgraded to SVIP. It's a multi-pronged membership in order to help to further grow our user base.

We do have the record of user and then they've got the upgraded to ask the IP is another.

I'll now get prolonged membership in order to help to set the ground our use of cash.

Because I mean, it's really about how they will have what Michelle said uncle don't see jockeying between bolt ons Giuliano Marsha. That's obviously that science would you like high on women's <unk> was on the pension consolidation going on in college Nagano.

Ross Liang: 就算是在免费激励广告这部分，我们实际上虽然可能几家竞品在竞争态势下都能提供这样的模式，但从实际的应该商业数据来看，我们在单 DAU 上的变现效率是远远高于其他家的。

You can say that especially for AD supported even if it's also proved being provided by other competing products in the market, but if you take a look at the commercial data, especially the monetization efficiency of our single <unk> actually makes that can be trumped by the competitors. So as Hubert mentioned on Montana.

[Company Representative] (Tencent Music Entertainment Group): You can say that especially for ad supported mode, even if it is also being provided by other competing product in the market. If you take a look at the commercial data, especially the monetization efficiency of a single DAU, actually makes the TME trump other competitors.

[Translator]: You can say that especially for ad supported mode, even if it is also being provided by other competing product in the market. If you take a look at the commercial data, especially the monetization efficiency of a single DAU, actually makes the TME trump other competitors.

John I saw you wash all you do is that you. Obviously also until we answered it'll be all hard to pinpoint.

Ross Liang: 基本上我们现在目前已经有比较好的经验, 是在这样的商业化效率以及在用户的留存中间取得比较好的平衡.

So in other words, we already had a very good experience in financing begun commercialization efficiency and into retention.

[Company Representative] (Tencent Music Entertainment Group): In part of it, we already have a very good experience in balancing between commercialization, efficiency, and user retention.

[Translator]: In part of it, we already have a very good experience in balancing between commercialization, efficiency, and user retention.

Now they don't turn those lots of opportunities or what have you.

[Company Representative] (Tencent Music Entertainment Group): 那最终当然就是说在 UP 值提升上面，就是你问的第三最后那个问题，对于 SVIP 其实我们讲很多遍，就是我们的所有的，呃，这仍然是我们最重要的部分，然后 SVIP 的渗透率跟 UP 值仍然会有比较好的，仍然在我按照我们的预计在增长，我们预计明年也会有一个比较好的一个，呃，驱动力，是因为除了我们的内容付费以外，就是我们相信我们刚才卡莉所提到，我们版权部分的综合性的合作是能够更好地驱动我们 SVIP 的增长的。

[Translator]: 那最终当然就是说在 UP 值提升上面，就是你问的第三最后那个问题，对于 SVIP 其实我们讲很多遍，就是我们的所有的，呃，这仍然是我们最重要的部分，然后 SVIP 的渗透率跟 UP 值仍然会有比较好的，仍然在我按照我们的预计在增长，我们预计明年也会有一个比较好的一个，呃，驱动力，是因为除了我们的内容付费以外，就是我们相信我们刚才卡莉所提到，我们版权部分的综合性的合作是能够更好地驱动我们 SVIP 的增长的。

When they start so holding of one TD I thought I've used here, what many of the other adobe on general nurse or the.

Oh I'm sorry go on up over I thought actually doesn't hold or you got obviously don't outweigh op at Aha.

I know usually that Sungard, while magazine Emilia, Yeah, Hey are you going to be a harder you're going to choose.

The only CMA told all of them and then they don't have any bias.

And I'm kind of curious what he'd element bunch on both on its own course in the corridor shouldn't unbroken hottest shoes on the isolate people from government.

But we're starting to the final part of your question and that is regarding.

[Company Representative] (Tencent Music Entertainment Group): Well, responding to the final part of your question that is regarding to SVIP and I think I have already said that in the prepared remarks SVIP continue to be a critical part of our business. For the penetration ratio and ARPU for SVIP, they still growing or even maintain a good growth as what we expected. Well, regarding the year of 2026, I think the key driver for SVIP besides providing the subscription and high quality content, we are also going to have and forge comprehensive partnership with our IP partners to continue to drive SVIP growth.

[Translator]: Well, responding to the final part of your question that is regarding to SVIP and I think I have already said that in the prepared remarks SVIP continue to be a critical part of our business. For the penetration ratio and ARPU for SVIP, they still growing or even maintain a good growth as what we expected. Well, regarding the year of 2026, I think the key driver for SVIP besides providing the subscription and high quality content, we are also going to have and forge comprehensive partnership with our IP partners to continue to drive SVIP growth.

Regarding to the IP and I think I have already said that in the prepared remarks S&P continue to be a critical part of our cases and therefore, the penetration ratio NAR keeping your flattening I keep it still ground or even a good crops as what we expected.

Regarding the year 2026, I think a key driver for our CIP, besides providing the subscriptions and high quality content. We're also gonna can have enforced comprehensive partnership with our IP partners will continue to drive at the IP rights.

Thank you and our next question coming from Monkey, yet from CLSA Monkey. Your line is open now.

[Operator]: Thank you. The next question coming from Maggie Ye from CLSA. Maggie, your line is open now.

Operator: Thank you. The next question coming from Maggie Ye from CLSA. Maggie, your line is open now.

Okay. Thank a cushion around surety ambulation for taking my question. This is regarding the gross profit and gross margin. So in light of the potential revenue mix changed thanks to very robust growth in offline performance as well as artists lending related merchandise.

Maggie Ye: Hey, thank you. Question, Rosalie, and listen for taking my question. This is regarding the gross profit and gross margin. In light of the potential revenue mix change thanks to very robust growth in the offline performance as well as artist-related merchandise. How should we think about the profitability of these initiatives and their impact to our overall trend in gross profit as well as margin? Thank you.

Maggie Wei: Hey, thank you. Question, Rosalie, and listen for taking my question. This is regarding the gross profit and gross margin. In light of the potential revenue mix change thanks to very robust growth in the offline performance as well as artist-related merchandise. How should we think about the profitability of these initiatives and their impact to our overall trend in gross profit as well as margin? Thank you.

Shall we think about the profitability of these initiatives and their impact.

Trend in gross profit as well as the margin. Thank you.

Sometimes you can't see a buying power today I'm willing to give you plenty of money the chlamydia, Linda and we're selling them more channel by a woman. Thanks, Sean kick in some ways about call. It you know, it's like Atlanta, Odeon Chunky financial that page I'm talking about.

[Company Representative] (Tencent Music Entertainment Group): 非常感谢。谢谢关心。我这边有个问题是关于毛利率和毛利润的。因为鉴于目前的话，我们在线下演唱会以及包括艺人所相关周边产品业务方面取得了非常强劲的一个增长，导致我们潜在的一些收入变，收入组合发生了变化。那我们应该如何看待我们在推进线下演唱会，包括艺人周边业务过程当中，可能对我们的营业能力，包括对于毛利率和毛利整体的趋势所造成的影响。谢谢。

Shirley Hu: 非常感谢。谢谢关心。我这边有个问题是关于毛利率和毛利润的。因为鉴于目前的话，我们在线下演唱会以及包括艺人所相关周边产品业务方面取得了非常强劲的一个增长，导致我们潜在的一些收入变，收入组合发生了变化。

Gotcha.

Yeah sure.

Ah well meantime to overcome that taking that Charlie and Joe can gamble with an agile.

Shirley Hu: 那我们应该如何看待我们在推进线下演唱会，包括艺人周边业务过程当中，可能对我们的营业能力，包括对于毛利率和毛利整体的趋势所造成的影响。谢谢。

The bulk of your money, our money center that Tricia Fulton County.

Great.

<unk> thousand 700, Santana one window to go that's actually who are here with us.

[Company Representative] (Tencent Music Entertainment Group): 对。嗯，就在目前看呢，我们的这个在线音乐业务呢，随着我们的包月业务和广告业务的一个持续的一个增长，那我们以及我们对内容成本结构和效率的持续的优化，那我们这个整个的，呃，包月业务和广告业务的增长会给我们毛利率还是会持续带来一定的积极的贡献。

Shirley Hu: 对。嗯，就在目前看呢，我们的这个在线音乐业务呢，随着我们的包月业务和广告业务的一个持续的一个增长，那我们以及我们对内容成本结构和效率的持续的优化，那我们这个整个的，呃，包月业务和广告业务的增长会给我们毛利率还是会持续带来一定的积极的贡献。

It doesn't tell you conquer that you got.

No woman you do you want me to take note on cement chemicals, we're shutting the tissue that youre not willing to go it's not going to bother you go you tightened up the Golar Maria last look like for 2019 that ticket content.

Thank you very much thanks Alisha.

From what we see now regarding our online music business and we still maintain a contingent grants for a subscription business and out of an advertisement business where from.

[Company Representative] (Tencent Music Entertainment Group): Thank you very much. Thanks for addition. From what we see now regarding our online music business. We still maintain a continued growth for subscription business and advertisement business. Well from the content cost structure and efficiency side, we continue to do the optimization. I surely believe our subscription and advertisement business growth will continue to benefit the GP margin.

[Translator]: Thank you very much. Thanks for addition. From what we see now regarding our online music business. We still maintain a continued growth for subscription business and advertisement business. Well from the content cost structure and efficiency side, we continue to do the optimization. I surely believe our subscription and advertisement business growth will continue to benefit the GP margin.

The content cost structure and efficiency side, we continue to do the optimization and I'm sure. If you gave a subscription and advertisement business grass will continue to benefit that you can imagine.

Thanks, Diana Vanguardia continues in that game.

[Company Representative] (Tencent Music Entertainment Group): 对，当然了，广告业务也会有一些季节性的变化，那么也会季节性地对我们的毛利率带来一定的波动。

Shirley Hu: 对，当然了，广告业务也会有一些季节性的变化，那么也会季节性地对我们的毛利率带来一定的波动。

She did she have dealt with them already.

No.

But for sure as you may notice advertisement.

[Company Representative] (Tencent Music Entertainment Group): For sure, as you may notice, advertisement business will impact seasonality. First seasonality will indeed bring the fluctuations to the GP margin.

[Translator]: For sure, as you may notice, advertisement business will impact seasonality. First seasonality will indeed bring the fluctuations to the GP margin.

In the medication and sanitation lacking data frame. These locations so that J P. Morgan.

So at the moment since you didn't quite think it sounds like you got you and that's all against something that she also sounds like you think that doing to the Eaton 70 IPA because.

[Company Representative] (Tencent Music Entertainment Group): 那随着我们持续会在, 演唱会那个艺人的周边的商品的销售上, 会增加对这个艺人整体 IP 的一个投入. 那么在业务的发展初期呢, 这个对毛利率是一定会有一些负面的影响的.

Shirley Hu: 那随着我们持续会在, 演唱会那个艺人的周边的商品的销售上, 会增加对这个艺人整体 IP 的一个投入. 那么在业务的发展初期呢, 这个对毛利率是一定会有一些负面的影响的.

Now one thing here was the fact that switching and I think that they are not linear. So you can clearly see a formula.

I can say that we're continuing to try and stick to the vitamin shoppe to apply performance as far as the ground that merchandise it will stick and we need to make for that.

[Company Representative] (Tencent Music Entertainment Group): You can say that we continue to drive the development of offline performance as well as to grow the merchandise for artist, and we will need to make further investment on the artist related IP. In the initial stage of the business development, it will indeed have some negative impact on the GP margin.

[Translator]: You can say that we continue to drive the development of offline performance as well as to grow the merchandise for artist, and we will need to make further investment on the artist related IP. In the initial stage of the business development, it will indeed have some negative impact on the GP margin.

Men on the Ark instrument AIP, Dan in the initial stage of the business to vitamin E and <unk> had some market impact on the GP margin.

And so here, we're not months or are they going to put a toilet in the India Shanghai as usual now with Ang put out to the shelf, we exactly if we couldn't call.

[Company Representative] (Tencent Music Entertainment Group): 但这些业务呢，满足了这个用户的多元的音乐的消费需求，那么单用户的这个消费价值也会更高。

Shirley Hu: 但这些业务呢，满足了这个用户的多元的音乐的消费需求，那么单用户的这个消费价值也会更高。

Well as you can see that for those defense it can actually happen.

[Company Representative] (Tencent Music Entertainment Group): Well as you can say that for those business, it can actually help to take care of the users diversified musical needs, and the consumption values from a single user will surely be more elevated.

[Translator]: Well as you can say that for those business, it can actually help to take care of the users diversified musical needs, and the consumption values from a single user will surely be more elevated.

Take care of their users and where do you find the music and consumption bodies from I think we'll use that will surely be more elevated.

Now of course someone mentioned two cohorts and indeed, I think the EBIT before her pension you know actually the total tender and seasons ago, Tampa and Charlotte.

[Company Representative] (Tencent Music Entertainment Group): 那同时我们将组合整体的这个音乐的服务，整合版权、艺人 IP 的投入成本，来提升这个成本的效率。

Shirley Hu: 那同时我们将组合整体的这个音乐的服务，整合版权、艺人 IP 的投入成本，来提升这个成本的效率。

But at the same time, we're also provide a comprehensive music savvy and always the copyright and the artist IP in order to further improve the efficiency of the cost.

[Company Representative] (Tencent Music Entertainment Group): At the same time, we also provide a comprehensive music service along with the copyright and the artist IP in order to further improve the efficiency of the cost.

[Translator]: At the same time, we also provide a comprehensive music service along with the copyright and the artist IP in order to further improve the efficiency of the cost.

Pension I kind of want Michelle She had told me when they go to doing several commodities and the uncertainty that you've got you know Jonathan.

[Company Representative] (Tencent Music Entertainment Group): 那么长期来看呢，我们希望我们这些投入能够驱动收入和毛利润的整体的一个有效的增长。

Shirley Hu: 那么长期来看呢，我们希望我们这些投入能够驱动收入和毛利润的整体的一个有效的增长。

But for the long run we hope a reimbursement will help to drive the effective growth in both revenue and gross profit at all so I mean at home channel that kind of closer not.

[Company Representative] (Tencent Music Entertainment Group): Well, for the long run, we hope our investment will help to drive the effective growth in both revenue and gross profit as a whole.

[Translator]: Well, for the long run, we hope our investment will help to drive the effective growth in both revenue and gross profit as a whole.

[Company Representative] (Tencent Music Entertainment Group): 对，所以，呃，从现在来看，Q4 呢，呃，我们来看，就是说因为广告收入和这个，呃，呃，包月的收入会一个，一个持续的一个增长。

Shirley Hu: 对，所以，呃，从现在来看，Q4 呢，呃，我们来看，就是说因为广告收入和这个，呃，呃，包月的收入会一个，一个持续的一个增长。

On the night condos are slowing in the Qualcomm, So I'll take a part of the social way.

It ends up.

And that is that from what we see now in Q4. This year now, but it still continues grants for the muscle revenues for that.

[Company Representative] (Tencent Music Entertainment Group): At least from what we see now in Q4 this year, there will still be continuous growth for the monthly revenues for both the advertisement business and the subscription business.

[Translator]: At least from what we see now in Q4 this year, there will still be continuous growth for the monthly revenues for both the advertisement business and the subscription business.

Our advertisement business and subscription business.

And then.

And maybe if you can dig in India, and they get tired of playing slots open this year.

[Company Representative] (Tencent Music Entertainment Group): 那，呃，呃，临近这个年底呢，我们的演唱会和周边的这些，呃，粉丝经济方面的这个销售呢，可能在收入占比上会稍低一点。那么整体我们看 Q4 的毛利率会相对于 Q3 还是有一定增加的。

Shirley Hu: 那，呃，呃，临近这个年底呢，我们的演唱会和周边的这些，呃，粉丝经济方面的这个销售呢，可能在收入占比上会稍低一点。那么整体我们看 Q4 的毛利率会相对于 Q3 还是有一定增加的。

And so if you can give a minute to the shelves on that kind of ties all the time without the ebay Amazon.

Come closer to the holiday question that you chose that has been gathered.

Well, we are approaching to the end of this year the.

[Company Representative] (Tencent Music Entertainment Group): Well, we are approaching to the end of this year. The contribution from the sales of the offline events as well as the artist related merchandise will contribute less to the overall revenue. In that reason, the Q4 GP margin will be elevated compared with Q3.

[Translator]: Well, we are approaching to the end of this year. The contribution from the sales of the offline events as well as the artist related merchandise will contribute less to the overall revenue. In that reason, the Q4 GP margin will be elevated compared with Q3.

The contribution from the South stuffing us like event as far as audio stupid and you'd mentioned that will contribute to the overall revenue.

In that range and that Q4, GP margin will be elevated compared with Q3.

I'm, a condo honey I don't yet know geno and mentoring on the phone here.

[Company Representative] (Tencent Music Entertainment Group): 对。那么看到 2026 年呢，呃，基于我们对我们的包月，呃，业务和这个广告业务的这个增长的这个信心，还有我们在这个，呃，这个，呃，演 - 演出和这个周边粉丝方面的一些，呃，加大一些投入吧，那我们会看到随着这个收入的这个，嗯，收入的这个在不同季节里面的波，这个结构的波动，那么我们的毛利率会在每个季度可能会有一定的波动。

Shirley Hu: 对。那么看到 2026 年呢，呃，基于我们对我们的包月，呃，业务和这个广告业务的这个增长的这个信心，还有我们在这个，呃，这个，呃，演 - 演出和这个周边粉丝方面的一些，呃，加大一些投入吧，那我们会看到随着这个收入的这个，

Yes.

Got you.

Synthetic <unk> higher women's I think.

Ah, Yes, who told.

So let me emphasis the formulation. It can you talk a little about no matter, where it kind of steady as it goes so does it go up.

Solar was I think a separate don't see anything in the fourth degree tiago, the pudong pneumonia pneumonia anyway that make good cheap too colloquial eating a poodle.

Shirley Hu: 嗯，收入的这个在不同季节里面的波，这个结构的波动，那么我们的毛利率会在每个季度可能会有一定的波动。

Well look into that yeah. It was 296 and that as they continue to build our confidence over the subscription business and advertisement business along with investments in maintenance and don't waste the Rts to merchandise our revenue.

[Company Representative] (Tencent Music Entertainment Group): We're look into the year of 2026, as we continue to build our confidence over the subscription business and advertisement business, along with investment in the offline events, along with the artist merchandise. Our revenue or the revenue may differ or fluctuate due to the seasonality reason. Overall speaking, we're still very confident for our 2026 revenue growth and the GP margin growth.

[Translator]: We're look into the year of 2026, as we continue to build our confidence over the subscription business and advertisement business, along with investment in the offline events, along with the artist merchandise. Our revenue or the revenue may differ or fluctuate due to the seasonality reason. Overall speaking, we're still very confident for our 2026 revenue growth and the GP margin growth.

The revenue may.

Due to the seasonality reason.

Astonishing that unknown uncertainty.

So that ends up so I'll take them all is because almost every day.

But over his thinking we're still very confident for our 'twenty to 'twenty six revenue growth and that J P. Morgan.

Net profit.

Milton Ju: Well, yes.

[Translator]: Well, yes.

Profit margin breaths yeah.

[Company Representative] (Tencent Music Entertainment Group): Profit.

Maggie Wei: Profit.

Milton Ju: Profit.

So thank you everyone for joining us today, if you have any further questions. Please feel free to contact our team and this concludes today's call. Thank you very much again and look.

[Company Representative] (Tencent Music Entertainment Group): Profit margin growth. Yes.

[Translator]: Profit margin growth. Yes.

Milton Ju: Thank you everyone for joining us today. If you have any further questions, please feel free to contact our team. This concludes today's call. Thank you very much again, and look forward to seeing you next quarter. Goodbye.

Goodbye, Thank you for backend.

Yes.

Cussion Pang: Thank you. Goodbye.

Yeah.

Milton Ju: Thank you.

Q3 2025 Tencent Music Entertainment Group Earnings Call

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