HU-TMEG@EC2703A

Tencent Music Releases 2025 Annual Report, Revealing Financial and Equity Data

TME-SW to Release FY2026 Q1 Earnings on May 12 Pre-Market (BJT), Forecast Revenue HKD 9.014 B

TME Stock Undervalued, Intrinsic Value Estimated at $14.75

Asset Management One Reduced Holdings in Tencent Music

Nomura Downgrades Tencent Music's Target Price to $12.5

China Resources Wenhua and Tencent Music Sign Strategic Cooperation Agreement

TME Submits 2025 Annual Report

Tencent Music Entertainment reports profit growth of 59.7% in 2025 fiscal year

Tencent Music Launches TME CONNECT Wireless Hi-Fi Audio Transmission Technology

Tencent Music Launches New Ticketing Platform 'Goose Ticket'

Dolby Labs and Tencent Music Partner to Introduce Dolby AC-4 for Enhanced Audio Experience on QQ Music

Eastern Securities Maintains Buy Rating on Tencent Music Group A Shares

Jay Chou's New Album Sales Exceed 100 Million RMB

Dolby Laboratories and Tencent Music Collaborate to Enhance Dolby Atmos Experience

Shanghai Pudong Development Bank Maintains Buy Rating on Tencent Music A Shares

FactSet: Tencent Music Entertainment Group ADR target price median cut to 16.1 USD

Jay Chou's New Album 'Children of the Sun' Begins Pre-sale

Morgan Stanley and Benchmark Downgrade Tencent Music's Stock Rating and Target Price

TME Reports 2025 Q3 Financial Results

Mizuho Securities Downgrades TME's Target Price to $23

RONGZUN INT’L H

ASIA PIONEER

WANDA HOTEL DEV

CENTRALCHINA MT

TOMO HOLDINGS

HENGDELI

CH NETCOMTECH

HAIZHI TECH GP

INTELLIMARK W27

TRANSTHERA-B

01698

01347

00HSI

STECH

The Hang Seng Tech Index rose over 3% intraday, while the Hang Seng Index increased by 1.54%. Kuaishou surged over 7%, Hua Hong Semiconductor climbed more than 6%, and Tencent Music, Kingsoft, and Baidu all gained over 5%.

CoinLive

TME-SW

HUA HONG SEMI

Hang Seng Index

Hang Seng TECH Index

KUAISHOU-W

Tencent Music

KINGSOFT

BIDU-SW

Baidu

KUAISHOU-WR

Hua Hong

BIDU-SWR

STOCKS | Hang Seng Tech Index Rises Over 3% Amid Broad Gains in Hong Kong Stocks

Tencent Music Entertainment Group has announced May 20, 2026, as the record date for shareholders to vote at its annual general meeting. Share transfer documents must be submitted by specified cut-off times. Holders of American Depositary Shares can direct The Bank of New York Mellon on how to vote. The company warns that cancelling ADSs on that date will affect voting eligibility. The latest analyst rating for Tencent Music's stock (HK:1698) is a Buy with a price target of HK$69.00.

Tip Ranks

Bank of NY Mellon

BANK OF NEW YORK MELLON CORP DEP SHS REPG 1/4000TH INT SER K PFD

Tencent Music Sets Record Date for 2026 AGM Voting Eligibility

UNVGY

SPOT

Communications services declined as traders moved away from consumer sectors amid rising oil futures. Federal Reserve Chairman Jerome Powell indicated that high gas prices could negatively impact consumer spending. Meanwhile, Universal Music Group's shares increased following strong revenue growth from subscriptions and streaming, and the company announced plans to use part of its Spotify stake for a buyback program.

- Communications services experienced a decline as traders shifted away from consumer-oriented sectors amid rising oil futures.  
- Federal Reserve Chairman Jerome Powell indicated that high gas prices could negatively impact consumer spending, mentioning that oil prices have yet to peak.  
- In contrast, Universal Music Group reported significant revenue growth from subscriptions and streaming, leading to an increase in its share price and plans for a larger buyback program.

MorningStar

Universal Music Group N.V.

Warner Music Group - CL

Spotify

Communications Services Slip on Retreat From Consumer Sectors — Communications Services Roundup

Tencent Music Entertainment Group (NYSE:TME) is currently trading at US$9.25, reflecting significant declines over various time frames. A Discounted Cash Flow (DCF) analysis suggests the stock is undervalued by 37.3%, with an estimated intrinsic value of US$14.75 per share. Additionally, the company's P/E ratio of 8.99x is well below industry averages, indicating further undervaluation. Recent discussions highlight Tencent Music's competitive position in China's online music market and regulatory scrutiny, contributing to fluctuating investor sentiment.

- Tencent Music Entertainment Group's stock closed at US$9.25, reflecting significant declines over various periods, including a 48.2% drop year to date.  
- The company appears undervalued, with a Discounted Cash Flow analysis suggesting an intrinsic value of US$14.75 per share, indicating a 37.3% discount to current pricing.  
- Additionally, its P/E ratio of 8.99x is well below industry averages, further supporting the argument for undervaluation based on comparing traditional metrics and forward-looking narratives.

Simplywall

Is Tencent Music Entertainment Group (NYSE:TME) Pricing Reflect Recent Slide And DCF Upside Potential

09618

09899

BABA

BIDU

NTES

01024

03690

UBS released investment ratings and target prices for Chinese technology stocks, including Tencent, Alibaba, JD, and several other companies. The specific ratings are as follows: Tencent (Buy, HKD 780), Meituan (Buy, HKD 128), Baidu (Buy, USD 170), Alibaba (Buy, USD 170), JD (Buy, USD 48), Pinduoduo (Buy, USD 198), Vipshop (Neutral, USD 20), NetEase (Buy, USD 180), Kuaishou (Buy, HKD 68), Tencent Music (Neutral, USD 13), NETEASE MUSIC (Buy, HKD 300), Bilibili (Buy, USD 37.5), iQIYI (Buy, USD 2.5), JOYY (Buy, USD 80), Weibo (Buy, USD 12.8), Hello Group (Buy, USD 8.8), China Literature (Buy, HKD 50), Focus Media (Buy, RMB 9.8), BOSS Zhipin (Buy, USD 23), Trip.com (Buy, USD 80), Tongcheng Travel (Buy, HKD 26.5), TAL Education (Buy, USD 19.5), New Oriental (Buy, USD 80), and Zhongjiao Holdings (Buy, HKD 4.1)

AASTOCKS

JD-SW

NETEASE MUSIC

Alibaba

NetEase

iQIYI

MEITUAN

UBS Group AG

TENCENT

Tencent

Meituan

BABA-W

JD.com

Vipshops

NTES-S

Bilibili

BILIBILI-W

JOYY

Weibo

WB-SW

Hello

CHINA LIT

Focus Media

Kanzhun

BOSS ZHIPIN-W

Trip.com

TRIP.COM-S

TONGCHENGTRAVEL

TAL Edu

New Oriental EDU & Tech

NEW ORIENTAL-S

CHINA EDU GROUP

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

MEITUAN-WR

Meituan HK SDR 5to1

BABA-WR

Alibaba HK SDR 5to1

JD-SWR

Trip.com HK SDR 50to1

UBS lists investment ratings and target prices for Chinese technology stocks (Table)

Tencent Music Entertainment Group Releases 2025 ESG Report | TME Stock News

StockTitan

Tencent Music Entertainment Group Releases 2025 ESG Report | TME Stock News

Tencent Music Entertainment Group Filed 2025 Annual Report on Form 20-F | TME Stock News

Tencent Music Entertainment Group Filed 2025 Annual Report on Form 20-F | TME Stock News

Financial Analysis

After the Hong Kong close on Mar 18 (Beijing time), $TENCENT(00700.HK) released its 2025 Q3 results. Overall, the print was largely in line with no major surprises, though some line items came in slightly off expectations.Against the backdrop of the current AI transformation window, management’s guidance on this year’s investment and growth matters more than the reported quarter. This will be more critical for mid-term valuation.Specifically: 1) Games delivered and are expected to remain the core growth driver this year. The current product cycle is strong, with new titles performing and evergreen franchises supporting durability. Q4 revenue rose 21%...

Meta Platforms

TCEHY: Time to Ditch the Boomer Vibe, Turn Up the Heat on AI!---

Today’s Key News Recap

0318 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) The Fed kicked off its two-day FOMC meeting on Mar. 17 local time. The market broadly expects the policy rate to stay at 3.50%–3.75%.However, sticky inflation (PPI at 2.9%) and a Middle East-driven oil spike (WTI above $100) are tightening expectations for 2026 cuts. Investors are dialing back the number of cuts priced in. If the dot plot due on the 18th indicates just one cut in 2026—or none at all...

Microsoft

Alphabet - C

Alphabet

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

MINIMAX-W

Micron Tech

Lululemon

HWORLD-S

H World

Atour

MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

Conference Minutes

Below is Dolphin Research's Trans of the FY2025 earnings call for $Tencent Music(TME.US) and $TME-SW(01698.HK). For our earnings take, see 'Tencent Music: Soda Music's big push — are the easy days over?'I. Key takeaways1) Shareholder returns: announced a FY2025 cash dividend of $0.24 per ADS, with total payout approx. $368mn, a sharp increase vs. last year. The buyback program still has sizable remaining authorization and will continue subject to market conditions...

American Century Multisector Income ETF

Citigroup

CureVac BV

TME (Trans): Agile amid intense competition, prioritizing shareholder returns

---

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.1) Users kept slipping. MAU fell by 23 mn QoQ in Q4, a bit worse than typical seasonal attrition. Over a longer horizon, the trend remains down.We think the company may ramp up user acquisition spend. This could include initiatives after regulatory approval of the Ximalaya acquisition...

ByteDance

喜马拉雅控股

TME: Qishui's Blitz, Are the Good Days Over?---

TME 4Q25 First Take: Q4 was mixed. The bright spot was non-subscription music adjacencies, which sustained high growth and helped revenue and profit come in slightly above estimates. That said, user metrics were shaky and subscription growth decelerated, leaving Dolphin Research with a cautious take. 1) User ecosystem: MAUs fell by 23 mn QoQ, a larger drop than typical seasonal churn. Over a longer horizon, the trend remains down, and we would not rule out higher spend to drive acquisition. 2) Subscription growth slowed: Subscription revenue growth eased to 13% in Q4 from 16% in Q3. Net adds were 1.7 mn, a bit higher QoQ. ARPU was flat QoQ. 3) Adjacencies delivered high growth: Other music adjacencies, mainly digital albums and offline concerts, rose 41% YoY. Growth remains robust and an important contributor. 4) Cost control: GPM improved slightly by ~100 bps YoY and QoQ, reflecting economies of scale. Core OP reached RMB 2.6 bn (+26%), slightly ahead of expectations. Opex stayed stable, and we are watching S&amp;M closely as a signal of competitive posture. For Q4 specifically, we did not see a notable ramp in marketing spend. Given ongoing MAU declines and aggressive moves by rivals, we would not rule out increased promo spend to boost acquisition and slow churn. Look to management’s earnings call for the forward strategy, including whether they will stay focused or pursue fresh expansion. $Tencent Music(TME.US)

美图公司

Deep Research

Appraisal value

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

MEITU

WHEE

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

$Tencent Music(TME.US) $NETEASE MUSIC(09899.HK) These two stocks can't be bought now, the industry landscape has changed directly. Douyin is too strong.

The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness.&#34; 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...

Lotus Tech

C3.AI

Lovesac

LOTUS TECHNOLOGY INC C/WTS 22/02/2029 (TO PUR COM)

Tencent (Minutes): Emphasizes AI, but Lowers Full-Year Capex Guidance

1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

BIDU ADR US

Rivian Automotive

FL2CSOPGOLD

SPDR Gold Shares

Pro Ultr Silver

iShares Silver Tr

Applied Materials

NVIDIA

Disney

OpenAI

Tesla

SMIC

Baidu HK SDR 10to1

SMIC HK SDR 5to1

Circle

Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to &#34;With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?&#34; 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...

Serial

ISHRS St National Muni

Dave & Buster ENT

Flexshares Stoxx US ESG Select Index Fd

Dragon

Ameriprise Financial

Tencent Music (Minutes): Subscription growth slightly slowed, short-term investments impact profitability

HU-TMEG@EC2703A(29002.HK)

STOCKS | Hang Seng Tech Index Rises Over 3% Amid Broad Gains in Hong Kong Stocks

Tencent Music Sets Record Date for 2026 AGM Voting Eligibility

Communications Services Slip on Retreat From Consumer Sectors — Communications Services Roundup

Is Tencent Music Entertainment Group (NYSE:TME) Pricing Reflect Recent Slide And DCF Upside Potential

UBS lists investment ratings and target prices for Chinese technology stocks (Table)