Tencent Music Entertainment Group Announces Third Quarter 2024 Unaudited Financial Results
Third Quarter 2024 Financial Highlights
-
Total revenues were
RMB7.02 billion (US$1.0 billion ), representing a 6.8% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services, and partially offset by a decline in revenues from social entertainment services and others. -
Revenues from music subscriptions were
RMB3.84 billion (US$547 million ), representing 20.3% year-over-year growth. The number of paying users increased by 15.5% year-over-year to 119.0 million, up by 2.0 million from the second quarter of 2024. ARPPU grew 4.9% year-over-year toRMB10.8 . -
Net profit was
RMB1.71 billion (US$244 million ), representing 35.3% year-over-year growth. Net profit attributable to equity holders of the Company wasRMB1.58 billion (US$226 million ), representing 35.5% year-over-year growth. Non-IFRS net profit[1] wasRMB1.94 billion (US$276 million ), representing 29.1% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1]wasRMB1.81 billion (US$258 million ), representing 28.8% year-over-year growth. -
Diluted earnings per ADS was
RMB1.01 (US$0.14 ), up fromRMB0.74 in the same period of 2023. -
Total
cash, cash equivalents, term deposits and short-term investments as of
September 30, 2024 wereRMB36.04 billion (US$5.14 billion ). - As of
September 30, 2024 , the Company had repurchased 42.1 million ADSs in the open market with cash for a total consideration of US$335.5 million, of which approximately US$100 million were repurchased in the third quarter.
Mr.
Third Quarter 2024 Operational Highlights
- Key Operating Metrics
|
3Q24 |
|
3Q23 |
|
YoY % |
MAUs – online music (million) |
576 |
|
594 |
|
(3.0 %) |
Mobile MAUs – social entertainment (million) |
90 |
|
129 |
|
(30.2 %) |
Paying users – online music (million) |
119.0 |
|
103.0 |
|
15.5 % |
Paying users – social entertainment (million) |
7.9 |
|
7.8 |
|
1.3 % |
Monthly ARPPU – online music (RMB) |
10.8 |
|
10.3 |
|
4.9 % |
Monthly ARPPU – social entertainment (RMB) |
64.8 |
|
86.2 |
|
(24.8 %) |
Dynamic and robust content ecosystem enabled us to diversify our offerings and capitalize on emerging trends swiftly.
- Expanded and deepened partnerships with leading record labels: 1) Renewed contracts with YH Entertainment Group and
Image Music Group to include early access for new song releases. 2) Strategic alliance withGalaxy Corporation further strengthened our advantage in K-pop content offerings, including digital albums, merchandise, and multi-year hosting rights for G-Dragon's concerts inAsia and other regions. - Elevated our industry impact through hosting influential and tailored concert events: 1) Successfully
staged TME's Zebra Music Festival in September, a two-day live music event attracting nearly 65,000 music fans, featuring performances from leading artists such as Chen Chusheng, Joker Xue, andZhang Yuan [2], alongside Tencent musicians and other popular artistsLeon Liu ,Zhao Lei , and Suede[2]. 2) Organized pop singer and songwriter Yu Jiayun's live concert, marking his first-ever ticketed show with over 10,000 attendees. - Produced and promoted chart-topping theme songs for popular Tencent games such as
League of Legends : Wild Rift and Peacekeeper Elite, and elevated engagement by offering in-game benefits to listeners. - Collaborated with artists and labels to offer Super VIP ("SVIP") members additional privileges, enhancing conversion and loyalty. This includes: 1) Complimentary access to an extensive digital album collection. 2) Proprietary concerts and fan engagement activities, such as pre-sales for ticket concerts by G.E.M.,
Mariah Carey , andTIA RAY [2]during the quarter.
Effective operations and expansive privileges led to subscriber base expansion and SVIP adoption, paving a strong foundation for sustained future growth.
- Enhanced recommendation algorithms increased overall subscriber conversion, with recommendation-driven streams reaching a record high.
- Introduced more personalized product features including dynamic player skins, audio players, and ringtones; collaborated with popular IPs such as Black Myth:
Wu Kong , Crayon Shin-chan, andDisney to drive engagement. - Leveraged expanding LLM capabilities to improve contents production and discovery effectiveness.
- Over 10 million SVIP subscribers as of the end of
September 2024 , with blended ARPPU and user engagement higher than non-SVIP subscribers. - For SVIP adoption, premium audio quality and enriched long-form audio offerings were some of the key growth drivers. Features such as QQ Music's Premium Sound, DTS sound quality, and Kugou Music's Viper Ultra Sound helped enhance SVIP member experiences. We also expanded the Viper series privileges to in-vehicle use through strengthened partnerships with Xiaomi, Li Auto, and NIO.
Third Quarter 2024 Financial Review
Total revenues increased by 446 million, or 6.8%, to
-
Revenues from online music services delivered a strong year-over-year increase of 20.4% to
RMB5.48 billion (US$781 million ) fromRMB4.55 billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions wereRMB3.84 billion (US$547 million ), representing 20.3% year-over-year growth compared withRMB3.19 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. The number of online music paying users increased by 15.5% year-over-year to 119.0 million, with a monthly ARPPU ofRMB10.8 in the third quarter of 2024. The increase in the number of paying users and monthly ARPPU was primarily due to high quality contents, attractive membership privileges, optimized user operations and effective promotions, as well as the expansion of SVIP membership program. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode. Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services. -
Revenues from social entertainment services and others decreased by 23.9% to
RMB1.54 billion (US$219 million ) fromRMB2.02 billion in the same period of 2023. The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.
Cost of revenues decreased by 4.8% year-over-year to
Gross margin increased to 42.6% from 35.7% in the same period of 2023, primarily due to strong revenue growth from music subscriptions and advertising services, and the ramp-up of our own content.
Total operating expenses decreased by 3.9% year-over-year to
- Selling and marketing expenses were
RMB220 million (US$31 million ), which were relatively stable compared with same period of last year. We continue to maintain ROI focused approach for promotion expenses. - General and administrative expenses were
RMB1.00 billion (US$142 million ), representing a 4.9% year-over-year decrease. This decrease was primarily due to reduced employee-related expenses.
Total
operating profit was
The effective tax rate for the third quarter of 2024 was 17.7% compared with 12.2% in the same period of 2023. The increase in the effective tax rate was mainly driven by the accrual of withholding income tax of
For the third quarter of 2024, net profit was
Basic and diluted earnings per American Depositary Shares ("ADS") for the third quarter of 2024 were
As of
Share Repurchase Program
Under the US$500 million Share Repurchase Program announced on March 21, 2023, as of September 30, 2024, we had repurchased 42.1 million ADSs in the open market with cash for a total consideration of
Environmental, Social, and Governance ("ESG")
In the third quarter, we published our inaugural ESG report, detailing our practices and achievements across environmental, social, and governance areas. This report underscores our unwavering commitment to sustainable development and corporate social responsibility.
Additionally, the
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.
Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.
[1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects. |
[2] Names of artists and bands contained in this press release are sorted according to the following rules: (i) grouped by artists and bands: and (ii)in alphabetical order by full names. |
About
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
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CONSOLIDATED INCOME STATEMENTS |
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Three Months Ended |
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Nine Months Ended |
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2023 |
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2024 |
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2023 |
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2024 |
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RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
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Unaudited |
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(in millions, except per share data) |
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(in millions, except per share data) |
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Revenues |
|
|
|
|
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|
|
|
|
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|
Online music services |
|
|
4,553 |
|
5,480 |
|
781 |
|
12,303 |
|
15,911 |
|
2,267 |
|
Social entertainment services and others |
|
|
2,016 |
|
1,535 |
|
219 |
|
8,556 |
|
5,032 |
|
717 |
|
|
|
|
6,569 |
|
7,015 |
|
1,000 |
|
20,859 |
|
20,943 |
|
2,984 |
|
Cost of revenues |
|
|
(4,227) |
|
(4,024) |
|
(573) |
|
(13,705) |
|
(12,171) |
|
(1,734) |
|
Gross profit |
|
|
2,342 |
|
2,991 |
|
426 |
|
7,154 |
|
8,772 |
|
1,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(219) |
|
(220) |
|
(31) |
|
(642) |
|
(617) |
|
(88) |
|
General and administrative expenses |
|
|
(1,049) |
|
(998) |
|
(142) |
|
(3,110) |
|
(2,885) |
|
(411) |
|
Total operating expenses |
|
|
(1,268) |
|
(1,218) |
|
(174) |
|
(3,752) |
|
(3,502) |
|
(499) |
|
Interest income |
|
|
273 |
|
299 |
|
43 |
|
775 |
|
881 |
|
126 |
|
Other gains, net |
|
|
78 |
|
72 |
|
10 |
|
168 |
|
150 |
|
21 |
|
Operating profit |
|
|
1,425 |
|
2,144 |
|
306 |
|
4,345 |
|
6,301 |
|
898 |
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|
|
|
|
|
|
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|
|
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Share of net profit of investments accounted |
|
|
49 |
|
29 |
|
4 |
|
107 |
|
65 |
|
9 |
|
Finance cost |
|
|
(35) |
|
(97) |
|
(14) |
|
(111) |
|
(153) |
|
(22) |
|
Profit before income tax |
|
|
1,439 |
|
2,076 |
|
296 |
|
4,341 |
|
6,213 |
|
885 |
|
|
|
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Income tax expense |
|
|
(176) |
|
(367) |
|
(52) |
|
(530) |
|
(1,180) |
|
(168) |
|
Profit for the period |
|
|
1,263 |
|
1,709 |
|
244 |
|
3,811 |
|
5,033 |
|
717 |
|
|
|
|
|
|
|
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|
|
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Attributable to: |
|
|
|
|
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|
|
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|
Equity holders of the Company |
|
|
1,168 |
|
1,583 |
|
226 |
|
3,614 |
|
4,687 |
|
668 |
|
Non-controlling interests |
|
|
95 |
|
126 |
|
18 |
|
197 |
|
346 |
|
49 |
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Earnings per share for Class A and Class B |
|
|
|
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Basic |
|
|
0.37 |
|
0.51 |
|
0.07 |
|
1.16 |
|
1.52 |
|
0.22 |
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Diluted |
|
|
0.37 |
|
0.50 |
|
0.07 |
|
1.14 |
|
1.50 |
|
0.21 |
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Earnings per ADS (2 Class A shares equal to 1 ADS) |
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Basic |
|
|
0.75 |
|
1.02 |
|
0.15 |
|
2.31 |
|
3.04 |
|
0.43 |
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Diluted |
|
|
0.74 |
|
1.01 |
|
0.14 |
|
2.28 |
|
2.99 |
|
0.43 |
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Shares used in earnings per Class A and Class B |
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Basic |
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|
3,134,975,498 |
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3,092,300,590 |
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3,092,300,590 |
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3,127,809,736 |
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3,087,337,746 |
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3,087,337,746 |
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Diluted |
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3,173,371,472 |
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3,134,713,201 |
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3,134,713,201 |
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3,172,090,075 |
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3,132,654,290 |
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3,132,654,290 |
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ADS used in earnings per ADS computation |
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Basic |
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1,567,487,749 |
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1,546,150,295 |
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1,546,150,295 |
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1,563,904,868 |
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1,543,668,873 |
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1,543,668,873 |
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Diluted |
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1,586,685,736 |
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1,567,356,601 |
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1,567,356,601 |
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1,586,045,038 |
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1,566,327,145 |
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1,566,327,145 |
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UNAUDITED NON-IFRS FINANCIAL MEASURE |
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Three Months Ended |
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Nine Months Ended |
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2023 |
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2024 |
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2023 |
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2024 |
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RMB |
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RMB |
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US$ |
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RMB |
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RMB |
|
US$ |
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Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
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|
(in millions, except per share data) |
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(in millions, except per share data) |
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Profit for the period |
|
|
1,263 |
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1,709 |
|
244 |
|
3,811 |
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5,033 |
|
717 |
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Adjustments: |
|
|
|
|
|
|
|
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|
|
|
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Amortization of intangible and other assets arising from |
|
|
101 |
|
109 |
|
16 |
|
334 |
|
330 |
|
47 |
|
Share-based compensation |
|
|
185 |
|
168 |
|
24 |
|
553 |
|
525 |
|
75 |
|
(Gains)/losses from investments** |
|
|
(3) |
|
- |
|
- |
|
(30) |
|
16 |
|
2 |
|
Income tax effects*** |
|
|
(43) |
|
(46) |
|
(7) |
|
(123) |
|
(167) |
|
(24) |
|
Non-IFRS Net Profit |
|
|
1,503 |
|
1,940 |
|
276 |
|
4,545 |
|
5,737 |
|
818 |
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Attributable to: |
|
|
|
|
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|
|
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Equity holders of the Company |
|
|
1,408 |
|
1,814 |
|
258 |
|
4,348 |
|
5,391 |
|
768 |
|
Non-controlling interests |
|
|
95 |
|
126 |
|
18 |
|
197 |
|
346 |
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings per share for Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.45 |
|
0.59 |
|
0.08 |
|
1.39 |
|
1.75 |
|
0.25 |
|
Diluted |
|
|
0.44 |
|
0.58 |
|
0.08 |
|
1.37 |
|
1.72 |
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings per ADS (2 Class A shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.90 |
|
1.17 |
|
0.17 |
|
2.78 |
|
3.49 |
|
0.50 |
|
Diluted |
|
|
0.89 |
|
1.16 |
|
0.16 |
|
2.74 |
|
3.44 |
|
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Shares used in earnings per Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
3,134,975,498 |
|
3,092,300,590 |
|
3,092,300,590 |
|
3,127,809,736 |
|
3,087,337,746 |
|
3,087,337,746 |
|
Diluted |
|
|
3,173,371,472 |
|
3,134,713,201 |
|
3,134,713,201 |
|
3,172,090,075 |
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3,132,654,290 |
|
3,132,654,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
ADS used in earnings per ADS computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,567,487,749 |
|
1,546,150,295 |
|
1,546,150,295 |
|
1,563,904,868 |
|
1,543,668,873 |
|
1,543,668,873 |
|
Diluted |
|
|
1,586,685,736 |
|
1,567,356,601 |
|
1,567,356,601 |
|
1,586,045,038 |
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1,566,327,145 |
|
1,566,327,145 |
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* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete |
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** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to |
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*** Represents the income tax effects of Non-IFRS adjustments. |
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CONSOLIDATED BALANCE SHEETS |
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As at |
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As at |
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RMB |
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RMB |
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US$ |
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Audited |
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Unaudited |
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Unaudited |
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(in millions) |
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ASSETS |
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Non-current assets |
|
|
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Property, plant and equipment |
|
490 |
|
704 |
|
100 |
Land use rights |
|
2,437 |
|
2,382 |
|
339 |
Right-of-use assets |
|
367 |
|
312 |
|
44 |
Intangible assets |
|
2,032 |
|
1,996 |
|
284 |
|
|
19,542 |
|
19,647 |
|
2,800 |
Investments accounted for using equity method |
|
4,274 |
|
4,571 |
|
651 |
Financial assets at fair value through other comprehensive income |
6,540 |
|
11,777 |
|
1,678 |
|
Other investments |
|
307 |
|
327 |
|
47 |
Prepayments, deposits and other assets |
|
540 |
|
454 |
|
65 |
Deferred tax assets |
|
352 |
|
388 |
|
55 |
Term deposits |
|
8,719 |
|
7,529 |
|
1,073 |
|
|
45,600 |
|
50,087 |
|
7,137 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Inventories |
|
8 |
|
18 |
|
3 |
Accounts receivable |
|
2,918 |
|
2,935 |
|
418 |
Prepayments, deposits and other assets |
|
3,438 |
|
3,000 |
|
427 |
Other investments |
|
37 |
|
48 |
|
7 |
Term deposits |
|
9,937 |
|
18,306 |
|
2,609 |
Restricted Cash |
|
31 |
|
10 |
|
1 |
Cash and cash equivalents |
|
13,567 |
|
10,209 |
|
1,455 |
|
|
29,936 |
|
34,526 |
|
4,920 |
|
|
|
|
|
|
|
Total assets |
|
75,536 |
|
84,613 |
|
12,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Equity attributable to equity holders of the Company |
|
|
|
|
|
|
Share capital |
|
2 |
|
2 |
|
0 |
Additional paid-in capital |
|
36,576 |
|
36,702 |
|
5,230 |
Shares held for share award schemes |
|
(302) |
|
(514) |
|
(73) |
|
|
(6,996) |
|
(7,538) |
|
(1,074) |
Other reserves |
|
9,658 |
|
16,727 |
|
2,384 |
Retained earnings |
|
16,969 |
|
18,106 |
|
2,580 |
|
|
55,907 |
|
63,485 |
|
9,047 |
Non-controlling interests |
|
1,295 |
|
1,744 |
|
249 |
|
|
|
|
|
|
|
Total equity |
|
57,202 |
|
65,229 |
|
9,295 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Notes payables |
|
5,636 |
|
3,481 |
|
496 |
Deferred tax liabilities |
|
239 |
|
234 |
|
33 |
Lease liabilities |
|
297 |
|
235 |
|
33 |
Deferred revenue |
|
148 |
|
163 |
|
23 |
|
|
6,320 |
|
4,113 |
|
586 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
5,006 |
|
6,523 |
|
930 |
Other payables and other liabilities |
|
3,472 |
|
2,786 |
|
397 |
Notes payables |
|
- |
|
2,099 |
|
299 |
Current tax liabilities |
|
567 |
|
823 |
|
117 |
Lease liabilities |
|
115 |
|
109 |
|
16 |
Deferred revenue |
|
2,854 |
|
2,931 |
|
418 |
|
|
12,014 |
|
15,271 |
|
2,176 |
|
|
|
|
|
|
|
Total liabilities |
|
18,334 |
|
19,384 |
|
2,762 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
75,536 |
|
84,613 |
|
12,057 |
|
|
|
|
|
|
|
|
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
(in millions) |
|
(in millions) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
1,441 |
|
2,165 |
|
309 |
|
5,360 |
|
7,795 |
|
1,111 |
Net cash used in investing activities |
|
(1,142) |
|
(3,337) |
|
(476) |
|
(1,670) |
|
(8,142) |
|
(1,160) |
Net cash used in financing activities |
|
(849) |
|
(882) |
|
(126) |
|
(962) |
|
(3,015) |
|
(430) |
Net (decrease)/increase in cash and cash equivalents |
|
(550) |
|
(2,054) |
|
(293) |
|
2,728 |
|
(3,362) |
|
(479) |
Cash and cash equivalents at beginning of the period |
|
12,950 |
|
12,251 |
|
1,746 |
|
9,555 |
|
13,567 |
|
1,933 |
Exchange differences on cash and cash equivalents |
|
(19) |
|
12 |
|
2 |
|
98 |
|
4 |
|
1 |
Cash and cash equivalents at end of the period |
|
12,381 |
|
10,209 |
|
1,455 |
|
12,381 |
|
10,209 |
|
1,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-third-quarter-2024-unaudited-financial-results-302302181.html
SOURCE