Below are Dolphin Research's notes from the $Tencent Music(TME.US) FY26 Q1 earnings call.

$Tencent Music(TME.US) Q1 results were largely in line with expectations, consistent with last quarter's guidance. Expenses came in slightly lower than the Street had modeled.

Below is Dolphin Research's Trans of the FY2025 earnings call for $Tencent Music(TME.US) and $TME-SW(01698.HK).

I. Key takeaways

On Mar 17 (Beijing time), after the HK close and ahead of the US pre-market, $Tencent Music(TME.US) released its Q4 2025 results. Q4 was a mixed bag. The 'second curve' kept gaining traction, but an unstable user ecosystem slowed subscription revenue growth, so Dolphin Research’s overall read is cautious.

The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to "With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?" 1. Review of Core Financial Information: 1. Tencent Music Entertainment Group (TME) reported a 21% year-on-year increase in total revenue for the third quarter of 2025, reaching RMB 8.5 billion, marking the highest growth rate since the first quarter of 2021. This was driven by the continued growth of the music subscription business, strong performance in offline concerts, advertising services, and sales of artist-related merchandise. 2. Online music revenue increased by 27% year-on-year to RMB 7 billion...

On November 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) (TME.N; 1698.HK) released its third-quarter financial report for 2025. Overall, the results exceeded expectations, particularly with the partial realization of the second growth curve narrative. However, there were flaws, as the net increase in subscriptions continued to slow, indirectly confirming market concerns about intensified competition before the earnings report. Currently, there remains a significant difference between the core users of Tencent Music and ByteDance (Tencent Music vs ByteDance = high-tier music essential users vs lower-tier Douyin catchy tune users)...

The following is the earnings call minutes for $Tencent Music(TME.US) FY25 Q2. For an interpretation of the earnings report, please refer to "Tencent Music: A Vertical Bull Stock, An Endless Gold Mine?". In the second quarter of 2025, the company achieved high-quality growth, with both revenue and profitability showing strong year-over-year growth, and it is expected that this strong momentum will continue into the third quarter. The online music subscription business remains the core growth driver and continues to attract attention. (1) Guidance and Future Outlook: The company plans to expand the tour of Korea's top artist G-DRAGON to other regions this year...

On August 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) released its financial report for the second quarter of 2025. As expected from a leading Chinese stock, the Q2 performance remained strong. Specifically: 1. Subscription met expectations: Subscription revenue grew by 16% in the second quarter, with a net increase of 1.5 million subscribers, and an average payment of 11.7 yuan per month per user. Both volume and price changes were in line with guidance and expectations. After a year of subscription user expectation adjustments last year, the market has gradually accepted the management's growth guidance—abandoning the tracking of single subscription numbers...

The long-rumored acquisition of $Tencent Music(TME.US) by Ximalaya has concluded, indicating that it has passed the relevant antitrust approvals. Coupled with the recent news of investing in SM, Dolphin Research will discuss the recent impressive rise of the domestic digital music giant. 1. The acquisition price is "full of sincerity". The acquisition of Ximalaya was finalized at a price slightly higher than the rumored $2 billion, with $1.26 billion in cash + nearly 5.6% of TME shares, totaling $2.7 billion based on the current market value of $29 billion. But TME can be said to be full of sincerity. After all, at its peak, Ximalaya, during the 2021 bull market...

TME (Minutes): Below are the earnings call minutes for TME FY25 Q1. For the earnings analysis, please refer to "Tencent Music: A 'New' Growth Cycle - Falling into Mediocrity or Steady Happiness?". 1. Review of Key Earnings Information 2. Detailed Content of Earnings Call 2.1 Key Information from Management Presentation 1. Content Ecosystem and User Preferences: Korean, English, and Japanese tracks are gaining popularity. As a result, the company renewed contracts with Korean labels Starship and YG, collaborated with G-Dragon, expanded partnerships with Japanese ACG record companies, and launched merchandise collaboration projects...