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Tencent Music Entertainment Group logo

Tencent Music Entertainment Group

1698.HK

HKSECommunication ServicesInternet Content & Information

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Latest quote

HK$33.78

−HK$0.74 · -2.14%

Aug 24, 4:08 PM HKT

1698.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Tencent Music Entertainment Group (TME) is a prominent digital music and entertainment provider within the People's Republic of China, delivering a comprehensive suite of services including music streaming, online karaoke, and interactive live performances. Its core music platforms, such as QQ Music, Kugou Music, and Kuwo Music, enable users to discover and enjoy music in tailored ways. WeSing serves as a social karaoke application, allowing individuals to sing, interact with friends, share performances, and find new songs. TME also manages interactive live streaming channels like Kugou Live and Kuwo Live, which offer performers a platform to showcase their talents and engage directly with their audience. Additionally, Kuwo Changting provides a wide array of audio content, ranging from audiobooks and cross-talks to radio dramas and other entertainment genres. Beyond its digital services, the company distributes music-related merchandise, including headsets, smart speakers, and karaoke microphones, and offers online ticketing for music events. TME further collaborates with smart device and automotive manufacturers to integrate and operate music services on their products. Headquartered in Shenzhen, China, Tencent Music Entertainment Group maintains a strategic partnership with China Literature and operates as a subsidiary of Tencent Holdings Limited.

Industry
Internet Content & Information
Sector
Communication Services
Headquarters
CN
CEO
Zhu Liang
Listed since
Sep 21, 2022
Employees
5,690

Market position

Day range

Current HK$33.78

52-week range

Current HK$33.78

Open
HK$34.52
Previous close
HK$34.52
Volume
2.37M
1.19× average
Average volume
1.98M
Average daily volume
Market cap
104.09B HKD
Beta
0.79
Market reference 1
50-day average
HK$35.2116
-4.07% below average
200-day average
HK$49.9887
-32.42% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
185.42B CNY
P/E (TTM)
10.13×
P/B (TTM)
1.16×
P/S (TTM)
2.65×
EV / EBITDA
12.88×
Earnings yield
5.67%
Free cash flow yield
5.20%
Dividend yield
2.79%

Profitability & efficiency

Gross margin
47.28%
Operating margin
33.08%
Net margin
26.28%
Return on equity
13.41%
Return on assets
10.50%
Return on invested capital
12.78%

Financial health

Debt / equity
0.22×
Current ratio
2.22×
Altman Z-score
2.66
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends62%43%24%5%Gross margin, FY2021: 30.10%Gross margin, FY2022: 30.96%Gross margin, FY2023: 35.29%Gross margin, FY2024: 42.34%Gross margin, FY2025: 57.00%Operating margin, FY2021: 12.16%Operating margin, FY2022: 15.68%Operating margin, FY2023: 21.83%Operating margin, FY2024: 30.67%Operating margin, FY2025: 41.06%Net margin, FY2021: 9.69%Net margin, FY2022: 12.98%Net margin, FY2023: 17.73%Net margin, FY2024: 23.39%Net margin, FY2025: 33.60%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 30.10%. Gross margin FY2022 30.96%. Gross margin FY2023 35.29%. Gross margin FY2024 42.34%. Gross margin FY2025 57.00%. Operating margin FY2021 12.16%. Operating margin FY2022 15.68%. Operating margin FY2023 21.83%. Operating margin FY2024 30.67%. Operating margin FY2025 41.06%. Net margin FY2021 9.69%. Net margin FY2022 12.98%. Net margin FY2023 17.73%. Net margin FY2024 23.39%. Net margin FY2025 33.60%.

Income trends

Revenue

32.05B CNY+12.85%

Operating income

13.16B CNY+51.09%

Net income

10.77B CNY+62.10%
Income trends across reported periods34.95B CNY23.34B CNY11.74B CNY126.85M CNYRevenue, FY2021: 31.24B CNYRevenue, FY2022: 28.34B CNYRevenue, FY2023: 27.75B CNYRevenue, FY2024: 28.4B CNYRevenue, FY2025: 32.05B CNYOperating income, FY2021: 3.8B CNYOperating income, FY2022: 4.44B CNYOperating income, FY2023: 6.06B CNYOperating income, FY2024: 8.71B CNYOperating income, FY2025: 13.16B CNYNet income, FY2021: 3.03B CNYNet income, FY2022: 3.68B CNYNet income, FY2023: 4.92B CNYNet income, FY2024: 6.64B CNYNet income, FY2025: 10.77B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 31.24B CNY. Revenue FY2022 28.34B CNY. Revenue FY2023 27.75B CNY. Revenue FY2024 28.4B CNY. Revenue FY2025 32.05B CNY. Operating income FY2021 3.8B CNY. Operating income FY2022 4.44B CNY. Operating income FY2023 6.06B CNY. Operating income FY2024 8.71B CNY. Operating income FY2025 13.16B CNY. Net income FY2021 3.03B CNY. Net income FY2022 3.68B CNY. Net income FY2023 4.92B CNY. Net income FY2024 6.64B CNY. Net income FY2025 10.77B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue32.05B CNY28.4B CNY27.75B CNY28.34B CNY31.24B CNY
Cost of goods sold13.78B CNY16.38B CNY17.96B CNY19.57B CNY21.84B CNY
Gross profit18.27B CNY12.03B CNY9.8B CNY8.77B CNY9.4B CNY
Selling, general, and administrative4.73B CNY4.68B CNY5.02B CNY5.56B CNY6.69B CNY
Operating expenses5.11B CNY3.32B CNY3.74B CNY4.33B CNY5.6B CNY
Interest income1.03B CNY1.2B CNY1.05B CNY711M CNY530M CNY
Interest expense125.66M CNY124M CNY124M CNY115M CNY120M CNY
Depreciation and amortization1.34B CNY978M CNY1B CNY1.16B CNY1B CNY
Operating income13.16B CNY8.71B CNY6.06B CNY4.44B CNY3.8B CNY
Net income10.77B CNY6.64B CNY4.92B CNY3.68B CNY3.03B CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
36%
4 beats, 7 misses, 0 met estimates
Average EPS surprise
+1.80%
11 comparable reports
Latest EPS result
0.91
Estimate 0.9 · Beat by 2.01%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.571.240.910.58Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25MissQ1 '26MissQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 18, 2025: actual 0.678, estimate 0.648, surprise +4.63%, Beat. Q2 2025, reported May 13, 2025: actual 1.5, estimate 0.677, surprise +121.57%, Beat. Q3 2025, reported Aug 12, 2025: actual 0.843, estimate 0.771, surprise +9.34%, Beat. Q4 2025, reported Nov 12, 2025: actual 0.752, estimate 0.801, surprise -6.12%, Miss. Q1 2026, reported Mar 17, 2026: actual 0.807, estimate 0.853, surprise -5.39%, Miss. Q2 2026, reported May 12, 2026: actual 0.771, estimate 0.778, surprise -0.90%, Miss. Q3 2026, reported Aug 11, 2026: actual 0.913, estimate 0.895, surprise +2.01%, Beat. Q4 2026, reported Nov 17, 2026: actual —, estimate 0.829, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates11.06B9.84B8.62B7.4BQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 18, 2025: actual 8.02B HKD, estimate 7.83B HKD, surprise +2.44%, Beat. Q2 2025, reported May 13, 2025: actual 7.96B HKD, estimate 7.82B HKD, surprise +1.79%, Beat. Q3 2025, reported Aug 12, 2025: actual 9.24B HKD, estimate 8.64B HKD, surprise +6.84%, Beat. Q4 2025, reported Nov 12, 2025: actual 9.25B HKD, estimate 8.98B HKD, surprise +2.98%, Beat. Q1 2026, reported Mar 17, 2026: actual 9.89B HKD, estimate 9.34B HKD, surprise +5.83%, Beat. Q2 2026, reported May 12, 2026: actual 9.09B HKD, estimate 8.99B HKD, surprise +1.10%, Beat. Q3 2026, reported Aug 11, 2026: actual 10.39B HKD, estimate 10.17B HKD, surprise +2.23%, Beat. Q4 2026, reported Nov 17, 2026: actual —, estimate 10.63B HKD, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.7047

2025 complete year+32.1% since 2024

2026 partial: HK$0.9411

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Apr 1, 2026

HK$0.9411

Annual

Record Apr 2, 2026 · Payment Apr 20, 2026

Dividend

Ex-dividend Apr 2, 2025

HK$0.7047

Annual

Record Apr 3, 2025 · Payment Apr 17, 2025

Dividend

Ex-dividend May 30, 2024

HK$0.5333

Annual

Record May 31, 2024 · Payment Jun 21, 2024

1698.HK peers

Tencent Holdings Limited logo

0700.HK

Tencent Holdings Limited

HK$440

-3.72%

Tencent Holdings Limited logo

80700.HK

Tencent Holdings Limited

CN¥377.6

-3.48%

China Mobile Limited logo

0941.HK

China Mobile Limited

HK$82.35

-0.54%

China Telecom Corporation Limited logo

0728.HK

China Telecom Corporation Limited

HK$4.84

-0.92%

Baidu, Inc. logo

9888.HK

Baidu, Inc.

HK$89.70

-3.76%

Baidu, Inc. logo

89888.HK

Baidu, Inc.

CN¥76.85

-3.88%

ETFs holding 1698.HK

Funds reporting this stock among their holdings, ordered by reported position size.

Dimensional - Emerging Markets Value ETF logoDimensional - Emerging Markets Value ETFDFEV
Market value
1.49M
Weight
0.07%
AUM
2.1B USD
Expense ratio
0.46%
Price / 1D
$41.73-0.48%
JPMorgan ActiveBuilders Emerging Markets Equity ETF logoJPMorgan ActiveBuilders Emerging Markets Equity ETFJEMA
Market value
1.16M
Weight
0.07%
AUM
1.7B USD
Expense ratio
0.33%
Price / 1D
$61.42-1.49%
WisdomTree China ex-State-Owned Enterprises Fund logoWisdomTree China ex-State-Owned Enterprises FundCXSE
Market value
769.81K
Weight
0.14%
AUM
498.55M USD
Expense ratio
0.32%
Price / 1D
$37.775-2.15%
WisdomTree Emerging Markets ex-State-Owned Enterprises Fund logoWisdomTree Emerging Markets ex-State-Owned Enterprises FundXSOE
Market value
606.07K
Weight
0.03%
AUM
2.06B USD
Expense ratio
0.32%
Price / 1D
$46.925-1.22%
John Hancock Multifactor Emerging Markets ETF logoJohn Hancock Multifactor Emerging Markets ETFJHEM
Market value
586.57K
Weight
0.06%
AUM
1.03B USD
Expense ratio
0.49%
Price / 1D
$39.46-0.80%
JPMorgan BetaBuilders Emerging Markets Equity ETF logoJPMorgan BetaBuilders Emerging Markets Equity ETFBBEM
Market value
341.7K
Weight
0.04%
AUM
851.3M USD
Expense ratio
0.15%
Price / 1D
$76.02-1.19%
Goldman Sachs Innovate Equity ETF logoGoldman Sachs Innovate Equity ETFGINN
Market value
299.51K
Weight
0.13%
AUM
224.08M USD
Expense ratio
0.50%
Price / 1D
$82.18-0.80%
KraneShares FTSE Emerging Markets Consumer Technology Index ETF logoKraneShares FTSE Emerging Markets Consumer Technology Index ETFKEMQ
Market value
190.21K
Weight
0.73%
AUM
26.19M USD
Expense ratio
0.79%
Price / 1D
$25.62-1.19%

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