Tencent Music May Be Good Buy on Share-Price Declines — Market Talk

(19:51 GMT) Tencent Music Ent Price Target Raised to $28.00/Share From $27.00 by Barclays

Tencent Music Entertainment Group Sponsored ADR Class A (TME) is currently at $18.76, down $1.99 or 9.61%

• Would be lowest close since June 26, 2025, when it closed at $18.70
• On pace for largest percent decrease since Feb. 24, 2025, when it fell 9.74%
• Currently down six of the past seven days
• Currently down two consecutive days; down 12.96% over this period
• Worst two day stretch since the two days ending Aug. 14, 2024, when it fell 15.23%
• Down 15.97% month-to-date
• Up 65.26% year-to-date; on pace for best year on record (Based on available data back to Dec. 12, 2018)
• Down 41% from its all-time closing high of $31.79 on March 23, 2021
• Up 75.79% from 52 weeks ago (Nov. 13, 2024), when it closed at $10.67
• Down 28.84% from its 52-week closing high of $26.36 on Sept. 17, 2025
• Up 82.46% from its 52-week closing low of $10.28 on Jan. 13, 2025
• Traded as low as $18.04; lowest intraday level since June 23, 2025, when it hit $18.02
• Down 13.08% at today's intraday low; largest intraday percent decrease since Aug. 13, 2024, when it fell as much as 17.67%

All data as of 10:36:58 AM ET

Source: Dow Jones Market Data, FactSet

SHENZHEN, China, Nov. 12, 2025 /PRNewswire/ — Tencent Music Entertainment Group ("TME," or the "Company") ( and ), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 202 5 Financial Highlights

• Total revenues were RMB8.46 billion (US$1.19 billion), representing a 20.6% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services.
• Revenues from online music services were RMB6.97 billion (US$979 million), representing 27.2% year-over-year growth. Revenues from music subscriptions were RMB4.50 billion (US$632 million), representing 17.2% year-over-year growth. Monthly ARPPU grew to RMB11.9 from RMB10.8 in the same period of 2024.
• Net profit attributable to equity holders of the Company was RMB2.15 billion (US$302 million), representing 36.0% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB2.41 billion (US$338 million), representing 32.6% year-over-year growth.
• Diluted earnings per ADS was RMB1.38 (US$0.19), up from RMB1.01 in the same period of 2024. Non-IFRS diluted earnings per ADS was RMB1.54 (US$0.22), up from RMB1.16 in the same period of 2024.
• Total cash, cash equivalents, term deposits and short-term investments as of September 30, 2025 were RMB36.08 billion (US$5.07 billion).

Mr. Cussion Pang, Executive Chairman of TME, commented, "In the third quarter, we delivered another set of solid results, underpinned by the well-rounded performance of our online music business. Our ongoing innovations in content enrichment, services expansion to include more live experiences continued to fuel consistent subscription revenue growth while boosting momentum in non-subscription services, especially in concerts and artist merchandise. Backed by our strong financial position and operational excellence, we are poised to further broaden our music services and create greater value for the entire music industry."

Mr. Ross Liang, CEO of TME, continued, "We are pleased that our ecosystem continues to thrive. A creative approach to personalized offerings and experiences, supported by deepening user insights, continued to strengthen user loyalty, leading to further increases in both SVIP penetration and ARPPU. Moving forward, we will further sharpen our core strengths, enhance platform efficiency, and capture emerging opportunities as we continue to drive music creation and consumption."

Third Quarter 202 5 Operational Highlights

• Key Operating Metrics 3 Q2 5 3 Q2 4 YoY % ------ ------ -------

MAUs -- online music (million)              551     576  (4.3 %) 
Paying users -- online music (million)    125.7   119.0    5.6 % 
Monthly ARPPU -- online music (RMB)        11.9    10.8   10.2 % 
 

Broadened music offerings in different genres and languages to further enrich our content ecosystem.

• Enhanced partnerships with renowned labels and artists to further expand our comprehensive music catalog. For example, 1) Renewed contracts with the Korean label DREAMUS, as well as popular artists including G.E.M., Jason Zhang, and Lay Zhang[2], to strengthen our collection of top hits. 2) Formed strategic partnerships with renowned Japanese ACG label KING RECORDS and Korean label CEREAL, expanding our collection of anime soundtracks and Korean OSTs.
• Teamed up with leading game developers to broaden game-related music selection. 1) Partnered with Tencent Games to co-produce the Honor of Kings 10th-anniversary theme song, Atlas of Tomorrow, performed by JJ Lin. The success of the song garnered over 600 million social media mentions within two weeks of its release, standing out as one of the year's most impactful game soundtracks. 2) Entered into an inaugural collaboration with Blizzard Entertainment, introducing 50 original soundtracks from iconic game titles including World of Warcraft and Hearthstone.
• Deepened offerings to strengthen artist-fan connections. 1) The joint release of Lay Zhang's new digital album ROCK THE HEAVENLY PALACE and its collectible cards drove strong participation and purchases, earning it a spot among the 2025's top selling albums. 2) Produced the first physical album, My Odyssey, for Bai Lu, which generated high acclaim from fans and achieved strong sales.

Proven ability to stage live concerts enabled us to scale and extend services to international markets.

• Organized and staged large-scale concert tours, home and abroad. 1) After successfully hosting G-DRAGON's concerts G-DRAGON 2025 WORLD TOUR [Übermensch] in the second quarter, we hosted 14 additional sold-out shows for him in the third quarter. Such shows expanded across six cities - including Sydney, Melbourne, and Kuala Lumpur, drawing over 150,000 attendees, significantly elevating our global presence. 2) Organized and supported major concert tours for renowned artists such as Fiona Sit, TIA RAY, Angela Zhang and GAI, amplifying their reach. Notably, we helped GAI upscale his concert from an arena-level to a stadium-level event.
• Expanded our proprietary concert IP portfolio with the launch of the TMElive International Music Awards (TIMA), celebrating international artists' achievements and enhancing our industry influence. The inaugural TIMA showcased 22 acclaimed artists and groups from China and a number of Asian countries -- including acts by BILLKIN, PP KRIT, aespa and SMTR25, garnering over 20,000 attendees over two days. Meanwhile, our annual flagship TMEA 2025 attracted 35 artists and groups, drawing over 10,000 attendees and achieving remarkable online engagement.

Innovation and differentiated membership offerings improved user service and user loyalty.

• Remained at the forefront of designing delightful music journeys for users. 1) Integration of Apple's Liquid Glass mode on iOS26, Liquid Glass themes and player to Android, as well as full Harmony OS adaption significantly improved visual and interactive experiences. 2) Our AI-generated lyrics card function, and AI-powered seamless multi-mode song transition feature Automix, both of which enhanced immersive listening experiences.
• Multi-pronged membership offerings contributed to improved engagement and conversion. Across our freemium mode, ads membership, and standard membership, differentiated services were tailored to meet distinct user needs. Users can conveniently unlock additional tools and perks by opting for any plan that best suits their preferences. For example, our newly introduced ads membership observed a growing propensity among freemium users, with their daily time spent on the platform trending upward.

Both SVIP penetration and ARPPU further improved thanks to superior streaming experiences and enriching artist-related benefits.

• Accelerated the rollout and application of premium sound features. QQ Music's newly introduced three-dimensional immersive DTS Booming External Speaker and Kugou Music's Viper Ultra Sound 2.0 were widely adopted, highly effective in converting and sustaining SVIP.
• Leveraged user insights and rich content to widen innovative offerings. 1) Privileged access to digital albums and collectible NFC cards such as Eason Chan's FEAR and DREAMS as well as i-dle's self-titled Japanese EP was some of the key draws driving increased SVIP adoption. 2) Expanded Starlight cards with more popular artists line-ups to domestic and international audience was another success.
• Through bubble, we continued to enrich fan-artist connections. 1) Expanded bubble artist roster by onboarding 15 musicians from domestic labels including Hu Xia, NexT1DE, and R.E.D to enrich content diversity which in turn attracted a broader user base. Ongoing product feature iterations, such as AI-powered in-app localization, have also boosted user retention. 2) Introduced more fun and engaging badges to celebrate artists' key moments, fostering a deeper sense of connection and community.

Third Quarter 202 5 Financial Review

Total revenues increased by RMB1.45 billion, or 20.6%, to RMB8.46 billion (US$1.19 billion) from RMB7.02 billion in the same period of 2024.

• Revenues from online music services increased by 27.2% to RMB6.97 billion (US$979 million), compared with RMB5.48 billion in the same period of 2024. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from offline performances, advertising services and artist-related merchandise. Revenues from music subscriptions were RMB4.50 billion (US$632 million), representing 17.2% year-over-year growth, compared with RMB3.84 billion in the same period of 2024. The rapid growth was mainly driven by the improved monthly ARPPU, which increased to RMB11.9 in the third quarter of 2025 from RMB10.8 in the same period of 2024. This growth of monthly ARPPU was primarily due to expansion of the SVIP membership program, as we continued to expand SVIP membership privileges for our users. Revenues from offline performances achieved robust year-over-year growth. We successfully hosted G-DRAGON's concerts across six cities, achieving strong ticket sales. 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, revenues from artist-related merchandise also generate strong year-over-year growth.
• Revenues from social entertainment services and others decreased by 2.7% to RMB1.49 billion (US$210 million) from RMB1.54 billion in the same period of 2024.

Cost of revenues increased by 18.8% year-over-year to RMB4.78 billion (US$672 million), mainly due to increased costs related to offline performances, IP related costs, such as costs for artist-related merchandise, and advertising agency fees. Meanwhile, revenue sharing fees decreased, resulted from declines in both revenue sharing ratio and revenues from social entertainment services.

Gross margin increased to 43.5% from 42.6% in the same period of 2024, primarily due to increased revenues from music subscriptions and advertising services, alongside a lower revenue sharing ratio for social entertainment services, and partly offset by increased revenues from offline performances and artist-related merchandise.

Total operating expenses increased by 7.6% year-over-year to RMB1.31 billion (US$184 million). Operating expenses as a percentage of total revenues decreased to 15.5% from 17.4% in the same period of 2024.

• Selling and marketing expenses were RMB260 million (US$37 million), representing an 18.2% year-over-year increase. The increase was primarily due to higher content promotion expenses and channel spending.
• General and administrative expenses were RMB1.05 billion (US$148 million), representing a 5.3% year-over-year increase. The increase was primarily due to growth in employee-related expenses.

Total operating profit was RMB2.71 billion (US$381 million) in the third quarter of 2025, representing a 26.4% year-over-year increase.

Income tax expenses for the third quarter of 2025 were RMB477 million (US$67 million), compared with RMB367 million in the same period of 2024. We accrued withholding income tax of RMB118 million (US$17 million) in the third quarter of 2025.

For the third quarter of 2025, net profit was RMB2.21 billion (US$311 million) and net profit attributable to equity holders of the Company was RMB2.15 billion (US$302 million). Non-IFRS net profit was RMB2.48 billion (US$348 million) and non-IFRS net profit attributable to equity holders of the Company was RMB2.41 billion (US$338 million). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details.

Basic and diluted earnings per American Depositary Shares ("ADS") for the third quarter of 2025 were RMB1.40 (US$0.20) and RMB1.38 (US$0.19), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.56 (US$0.22) and RMB1.54 (US$0.22), respectively. For the third quarter of 2025, the Company had weighted averages of 1.54 billion basic and 1.56 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares.

As of September 30, 2025, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to RMB36.08 billion (US$5.07 billion), compared with RMB34.92 billion as of June 30, 2025.

Environmental, Social, and Governance ("ESG")

In its seventh consecutive year, we added new elements to TME's Music Garden Space program to amplify its reach and impact. This time, we extended invitations to WeSing users to redeem their ads credits on our platform to support music creation. The campaign attracted 380,000 participants, mobilizing broader public support to make music more accessible.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-IFRS Financial Measure

The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.

Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.

([1]) Non-IFRS net profit attributable to equity holders of the Company was
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 grouped by artists and bands, sorted in alphabetical order by
family names.

About Tencent Music Entertainment

Tencent Music Entertainment Group ( and ) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

Tencent Music Entertainment Group

ir@tencentmusic.com

+86 (755) 8601-3388 ext. 885034

 
                                      TENCENT MUSIC ENTERTAINMENT GROUP 
                                        CONSOLIDATED INCOME STATEMENTS 
 
                            Three Months Ended September 30              Nine Months Ended September 30 
                      -------------------------------------------  ------------------------------------------- 
                          2024                   2025                  2024                   2025 
                           RMB            RMB            US$            RMB            RMB            US$ 
                      -------------  -------------  -------------  -------------  -------------  ------------- 
                        Unaudited      Unaudited      Unaudited      Unaudited      Unaudited      Unaudited 
                         (in millions, except per share data)         (in millions, except per share data) 
Revenues 
Online music 
 services                     5,480          6,969            979         15,911         19,627          2,757 
Social entertainment 
 services and 
 others                       1,535          1,494            210          5,032          4,634            651 
                              7,015          8,463          1,189         20,943         24,261          3,408 
Cost of revenues            (4,024)        (4,781)          (672)       (12,171)       (13,588)        (1,909) 
                      -------------  -------------  -------------  -------------  -------------  ------------- 
Gross profit                  2,991          3,682            517          8,772         10,673          1,499 
 
Selling and 
 marketing expenses           (220)          (260)           (37)          (617)          (675)           (95) 
General and 
 administrative 
 expenses                     (998)        (1,051)          (148)        (2,885)        (2,935)          (412) 
                      -------------  -------------  -------------  -------------  -------------  ------------- 
Total operating 
 expenses                   (1,218)        (1,311)          (184)        (3,502)        (3,610)          (507) 
Interest income                 299            245             34            881            796            112 
Other gains, net                 72             94             13            150          2,665            374 
                      -------------  -------------  -------------  -------------  -------------  ------------- 
Operating profit              2,144          2,710            381          6,301         10,524          1,478 
 
Share of net profit 
 of investments 
 accounted for using 
 equity method                   29             11              2             65             50              7 
Finance cost                   (97)           (32)            (4)          (153)           (69)           (10) 
                      -------------  -------------  -------------  -------------  -------------  ------------- 
Profit before income 
 tax                          2,076          2,689            378          6,213         10,505          1,476 
 
Income tax expense            (367)          (477)           (67)        (1,180)        (1,438)          (202) 
Profit for the 
 period                       1,709          2,212            311          5,033          9,067          1,274 
                      =============  =============  =============  =============  =============  ============= 
 
Attributable to: 
Equity holders of 
 the Company                  1,583          2,153            302          4,687          8,853          1,244 
Non-controlling 
 interests                      126             59              8            346            214             30 
 
Earnings per share 
for Class A and 
Class B ordinary 
shares 
Basic                          0.51           0.70           0.10           1.52           2.89           0.41 
Diluted                        0.50           0.69           0.10           1.50           2.85           0.40 
 
Earnings per ADS 
(2 Class A shares 
equal to 1 ADS) 
Basic                          1.02           1.40           0.20           3.04           5.78           0.81 
Diluted                        1.01           1.38           0.19           2.99           5.71           0.80 
 
Shares used in 
earnings per Class 
A and Class B 
ordinary share 
computation: 
Basic                 3,092,300,590  3,074,517,375  3,074,517,375  3,087,337,746  3,063,014,206  3,063,014,206 
Diluted               3,134,713,201  3,118,471,326  3,118,471,326  3,132,654,290  3,102,872,454  3,102,872,454 
 
ADS used in 
earnings per ADS 
computation 
Basic                 1,546,150,295  1,537,258,688  1,537,258,688  1,543,668,873  1,531,507,103  1,531,507,103 
Diluted               1,567,356,601  1,559,235,663  1,559,235,663  1,566,327,145  1,551,436,227  1,551,436,227 
 
 
 
                                     TENCENT MUSIC ENTERTAINMENT GROUP 
                                    UNAUDITED NON-IFRS FINANCIAL MEASURE 
 
                          Three Months Ended September 30              Nine Months Ended September 30 
                    -------------------------------------------  ------------------------------------------- 
                        2024                   2025                  2024                   2025 
                         RMB            RMB            US$            RMB            RMB            US$ 
                    -------------  -------------  -------------  -------------  -------------  ------------- 
                      Unaudited      Unaudited      Unaudited      Unaudited      Unaudited      Unaudited 
                       (in millions, except per share data)         (in millions, except per share data) 
Profit for the 
 period                     1,709          2,212            311          5,033          9,067          1,274 
Adjustments: 
Amortization of 
 intangible and 
 other assets 
 arising from 
 business 
 acquisitions or 
 combinations*                109             97             14            330            291             41 
Share-based 
 compensation                 168            211             30            525            519             73 
Losses/(Gains) 
 from 
 investments**                  -             14              2             16        (2,363)          (332) 
Income tax 
 effects***                  (46)           (57)            (8)          (167)          (171)           (24) 
Non-IFRS Net 
 Profit                     1,940          2,477            348          5,737          7,343          1,031 
                    =============  =============  =============  =============  =============  ============= 
 
Attributable to: 
Equity holders of 
 the Company                1,814          2,405            338          5,391          7,103            998 
Non-controlling 
 interests                    126             72             10            346            240             34 
 
Earnings per share 
for Class A and 
Class B ordinary 
shares 
Basic                        0.59           0.78           0.11           1.75           2.32           0.33 
Diluted                      0.58           0.77           0.11           1.72           2.29           0.32 
 
Earnings per ADS 
(2 Class A shares 
equal to 1 ADS) 
Basic                        1.17           1.56           0.22           3.49           4.64           0.65 
Diluted                      1.16           1.54           0.22           3.44           4.58           0.64 
 
Shares used in 
earnings per Class 
A and Class B 
ordinary share 
computation: 
Basic               3,092,300,590  3,074,517,375  3,074,517,375  3,087,337,746  3,063,014,206  3,063,014,206 
Diluted             3,134,713,201  3,118,471,326  3,118,471,326  3,132,654,290  3,102,872,454  3,102,872,454 
 
ADS used in 
earnings per ADS 
computation 
Basic               1,546,150,295  1,537,258,688  1,537,258,688  1,543,668,873  1,531,507,103  1,531,507,103 
Diluted             1,567,356,601  1,559,235,663  1,559,235,663  1,566,327,145  1,551,436,227  1,551,436,227 
 
 
 
 
* Represents the amortization of identifiable assets, including intangible assets such as domain name, 
trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement etc., 
and fair value adjustment on music content (i.e., signed contracts obtained for the rights to access to the 
music contents for which the amount was amortized over the contract period), resulting from business 
acquisitions or combination. 
** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising 
from investments, impairment provision of investments and other expenses in relation to equity transactions 
of investments. 
*** Represents the income tax effects of Non-IFRS adjustments. 
 
 
                   TENCENT MUSIC ENTERTAINMENT GROUP 
                      CONSOLIDATED BALANCE SHEETS 
 
                         As at December 31, 
                                2024           As at September 30, 2025 
                        --------------------  -------------------------- 
                                 RMB               RMB           US$ 
                        --------------------  ------------  ------------ 
                               Audited          Unaudited     Unaudited 
                                         (in millions) 
ASSETS 
Non-current assets 
Property, plant and 
 equipment                               803         1,049           147 
Land use rights                        2,364         2,308           324 
Right-of-use assets                      295           309            43 
Intangible assets                      2,049         2,944           414 
Goodwill                              19,647        20,517         2,882 
Investments accounted 
 for using equity 
 method                                4,669         1,856           261 
Financial assets at 
 fair value through 
 other comprehensive 
 income                               14,498        30,940         4,346 
Other investments                        309           305            43 
Prepayments, deposits 
 and other assets                        425           373            52 
Deferred tax assets                      422           538            76 
Term deposits                         10,419        13,810         1,940 
                        --------------------  ------------  ------------ 
                                      55,900        74,949        10,528 
                        --------------------  ------------  ------------ 
 
Current assets 
Inventories                               23            57             8 
Accounts receivable                    3,508         3,682           517 
Prepayments, deposits 
 and other assets                      3,793         3,843           540 
Other investments                         46            50             7 
Term deposits                         13,999        11,015         1,547 
Restricted Cash                           11            15             2 
Cash and cash 
 equivalents                          13,164        11,255         1,581 
                        --------------------  ------------  ------------ 
                                      34,544        29,917         4,202 

SHENZHEN, China, Sept. 23, 2025 /PRNewswire/ — Tencent Music Entertainment Group ("TME", or the "Company") ( and ), the leading online music and audio entertainment platform in China, today announced that its Board of Directors (the "Board") approved the appointment of Ms. Jeanette Kim Yum Chan, an independent director of the Board, as a member of the audit committee, effective September 23, 2025.

Ms. Chan has served as a member of our Board, and, for purposes of the Hong Kong Listing Rules, an independent non-executive director, since September 2022. Ms. Chan has been working in Airwallex (Cayman) Limited ("Airwallex"), a global cross-border payments company, since 2019, and is currently the chief legal, compliance and risk officer of the group of Airwallex. Prior to Airwallex, she served as the managing partner of the China practice at Paul, Weiss, Rifkind, Wharton & Garrison LLP, an international law firm where her practice focused on cross-border mergers and acquisitions and private equity investments, with an emphasis on joint venture transactions and in the telecommunications, IT and media markets in the Asia Pacific region from 1986 to 2019. Ms. Chan is qualified to practice law in New York, British Columbia (Canada) and Hong Kong and is a non-practising solicitor of England and Wales. She obtained a Bachelor of Arts from the University of Toronto in Canada in 1980, a Bachelor of Laws from the University of British Columbia in Canada in May 1983, and a Master's degree in Law from Harvard University in the United States in June 1986.

About Tencent Music Entertainment

Tencent Music Entertainment Group ( and ) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Investor Relations Contact

Tencent Music Entertainment Group

ir@tencentmusic.com

+86 (755) 8601-3388 ext. 885034

View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-new-audit-committee-member-302563736.html

SOURCE Tencent Music Entertainment Group

Revenue grew 17.9% year-over-year to RMB8.44 billion, with net profit up 43.2% and strong gains in online music services. SVIP subscribers surpassed 15 million, and gross margin improved to 44.4%.

Original document: Tencent Music Entertainment Group Class A [1698] SEC 6-K Current Report — Aug. 12 2025

Revenue grew 17.9% year-over-year to RMB8.44 billion, with net profit attributable to equity holders up 43.2%. Online music services and subscriptions drove growth, while SVIP subscribers surpassed 15 million. Gross margin improved to 44.4%.

Original document: Tencent Music Entertainment Group Class A [1698] SEC 6-K Current Report — Aug. 12 2025