Tencent Music Entertainment Group (TME) 📈: отчетность и дивиденды за 2025

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥			19.95	24.58	47.18	24.17	7.99	11.76		11.64	23.14	-13.71
Выручка, млрд ¥	4.36	10.98	18.99	25.43	29.15	31.24	28.34	27.75	28.4	28.4	28.98	-0.52
Чистая прибыль, млрд ¥	0.082	1.33	1.83	3.98	4.16	3.03	3.68	4.92	6.64	6.64	4.49	9.80
EV, млрд ¥			3.81	5.73	41.33	22.74	89.61	88.69	122.47	122.47	72.97	24.27
EBIT, млрд ¥	0.116	1.32	2.94	4.62	3.91	2.75	4.49	6.17	7.51	7.51	4.97	13.94
EBITDA, млрд ¥	0.352	1.7	3.31	4.6	4.73	3.75	5.65	7.17	8.23	8.23	5.91	11.71
OIBDA, млрд ¥					6.11	4.48	6.41	8.31	10.3	10.3	7.12	11.01
Баланс стоимость, млрд ¥	20.63	26.14	37.72	43.59	52.25	50.32	48.1	55.91	67.86	67.86	54.89	5.37
FCF, млрд ¥	0.832	2.42	5.49	5.91	4.38	2.48	6.43	6.17	9.24	9.24	5.74	16.10
Операционный денежный поток, млрд ¥	0.873	2.5	5.63	6.2	4.89	5.24	7.48	7.34	10.28	10.28	7.05	16.02
Операционная прибыль, млрд ¥	0.103	1.59	2.04	4.62	4.71	2.75	4.44	6.06	8.71	8.71	5.33	13.08
Операционные расходы, млрд ¥	1.14	2.4	3.97	4.74	5.58	6.69	5.56	3.74	3.32	3.32	4.98	-9.86
CAPEX, млрд ¥	0.041	0.077	0.144	0.286	0.501	2.76	1.05	1.16	1.03	1.03	1.30	15.50

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Капитализация, млрд ¥	16.35	12.17	9.31	7.17	7.29	8.89	12.99	11.99	10.49	12.08						11.29	6.32
Выручка, млрд ¥						7	7.43	6.57	6.89	49.28	6.89	7.16	7.02	7.46	7.46	7.20	1.60
Чистая прибыль, млрд ¥						1.15	1.15	1.17	1.31	10.35	1.31	1.68	1.58	1.96	1.96	1.70	8.39
EV, млрд ¥						2.42	9.02	81.4	64.35	162.84	119.39	156.47	126.17	119.55	155.63	135.44	5.44
EBIT, млрд ¥						1.38	1.39	1.26	1.54	12.82	1.71	2.2	1.85	2.09	2.09	1.99	4.10
EBITDA, млрд ¥						1.4	1.4	1.47	1.72	14.13	1.72	2.25	2.03	2.27	2.27	2.11	5.71
OIBDA, млрд ¥											2.13	2.77	2.59	2.73	2.73	2.59	5.09
Баланс стоимость, млрд ¥						50.98	48.1	53.93	55.91	431.94	55.91	61.21	63.49	67.86	67.86	63.27	3.95
FCF, млрд ¥						1.85	2.49	1.44	1.81	19.56	1.81	2.94	2.17	2.48	2.48	2.38	6.50
Операционный денежный поток, млрд ¥						1.85	2.49	1.44	1.98	19.56	1.98	2.94	2.17	2.48	2.48	2.41	4.61
Операционная прибыль, млрд ¥						1.38	1.39	1.43	1.71	14.27	1.71	2.2	2.14	2.41	2.41	2.17	7.10
Операционные расходы, млрд ¥						1.23	1.36	1.27	1.07	8.27	1.07	0.812	0.847	0.844	0.844	0.8834	-4.63
CAPEX, млрд ¥	0.159	0.159	0.159	0.0183	0.1489	0.6067	0.085	0.1295	0.165		0.165					0.2302	-22.93

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	3.07	5.17	17.36	15.43	11.13	6.59	9.56	13.57	13.16	13.16	10.80	3.41
Short Term Investments ¥	0.261		0.081	7.04	14.9	13.84	11.33	9.97	14.05	14.05	12.82	-1.17
Long term investments ¥	0.302	4.12	3.78	5.67	15.33	15.4	14.33	19.84			14.11	28.47
Total Receivables ¥	0.809	1.3	1.48	2.2	2.8	3.61	2.67	2.92	3.51	3.51	3.10	4.62
Total Current Assets ¥	5	7.47	20.78	26.91	31.69	26.79	26.56	29.94	34.54	34.54	29.90	1.74
Чистые активы, млрд ¥	0.108	0.127	0.168	0.327	0.487	0.526	3.2	26.56		3.2	6.22	140.96
Активы, млрд ¥	23.54	30	44.61	52.68	68.27	67.25	67.01	75.54	90.44	90.44	73.70	5.79
Short Term Debt ¥	0.074	0.229	0.338	0.069	0.103	0.092	0.123	0.115	0.106	0.106	0.1078	0.58
Long Term Debt ¥				0.078	5.18	5.06	5.84	5.64	3.57	3.57	5.06	-7.17
Задолженность, млрд ¥	2.9	3.85	6.83	9	15.54	16.2	17.88	18.33	20.72	20.72	17.73	5.92
Чистый долг, млрд ¥	-3.07	-5.17	-17.36	-15.28	-5.63	-1.23	-3.59	-7.52	-7.11	-7.11	-5.0160	4.78
Долг, млрд ¥				0.147	5.28	5.15	5.97	6.05	6.05	6.05	5.70	2.76
Interest income ¥	0.02	0.115	0.185	0.496	0.622	0.53	0.641	1.05			0.6678	16.18
Расходы на обслуживание долга ¥		0	0.064	0.064	0.097	0.121	0.108	0.124	0.124	0.124	0.1148	5.03
Чист. проц. доходы, млрд ¥	0.032	0.093	0.282	0.551	0.525	0.409	0.603	0.928		0.1478	0.6032	10.99
Goodwill ¥	15.76	16.26	17.09	17.14	17.49	19.12	19.49	19.54			18.56	2.66
Амортизация, млрд ¥	0.236	0.379	0.369	-0.018	0.824	1	1.16	1	0.72	0.72	0.9408	-2.66
Себестоимость, млрд ¥	3.13	7.17	11.71	16.76	19.85	21.84	19.57	17.96	16.38	16.38	19.12	-3.77
Товарно материальные запасы ¥	0.014	0.03	0.035	0.026	0.018	0.024	0.014	0.008	0.023	0.023	0.0174	5.02

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Наличность, млрд ¥								12.13	9.56	12.38	13.57	74.41	13.57	12.25	10.21	13.16	13.16	12.47	-0.61
Short Term Investments ¥								8.36	11.33	9.84	9.97	119.47	9.97	12.3	18.35	14.05	14.05	13.74	7.10
Long term investments ¥			15.26	15.4	14.84	12.08	14.43	14.33	17.33	17.97	18.96	19.84						17.69	6.72
Total Receivables ¥								2.72	2.67	2.5	3.1	20.45	3.1	3.02	2.94	3.51	3.51	3.22	2.52
Total Current Assets ¥								25.85	26.56	28.08	29.94	236.98	29.94	30.79	34.53	34.54	34.54	32.87	2.90
Чистые активы, млрд ¥	0.477	0.493	0.523	0.526	0.515	0.733	0.724	3.2	0.702		0.826							1.24	2.42
Активы, млрд ¥								69.11	67.01	72.96	75.54	576.55	75.54	82.41	84.61	90.44	90.44	84.69	3.67
Short Term Debt ¥								0.115	0.123	0.113	0.115	0.7063	0.115	0.112	0.109	0.106	0.106	0.1096	-1.62
Long Term Debt ¥								5.54	5.46	5.75	5.71	41.04	5.65	5.67	3.48	3.57	3.57	4.39	-8.77
Задолженность, млрд ¥								17.05	17.88	17.79	18.33	134.14	18.33	19.53	19.38	20.72	20.72	19.74	2.48
Чистый долг, млрд ¥								-6.27	-3.59	-6.24	-7.52	-30.71	-7.52	-6.22	-6.38	-9.27	-7.11	-7.3000	-1.12
Долг, млрд ¥								5.65	5.59	5.86	6.05	43.7	6.05	6.03	3.83	3.9	6.05	5.17	0.00
Interest income ¥			0.102	0.122	0.15	0.151	0.17	0.209	0.223	0.265	0.273	0.277						0.2494	5.80
Расходы на обслуживание долга ¥								0.034	0.031	0.035	0.013	0.2185	0.013	0.026	0.097	0.029	0.025	0.0380	13.97
Чист. проц. доходы, млрд ¥					0.12	0.128	0.162	0.193	0.203	0.223	0.238	0.264	0.039	0.0427				0.1613	-28.15
Goodwill ¥			19.1	19.13	19.12	19.49	19.49	19.54	19.49	19.54	19.54	19.57						19.54	0.03
Амортизация, млрд ¥								0.02	0.016	0.2185	0.18	1.31	0.003	0.054	0.18	0.18	0.18	0.1194	126.79
Себестоимость, млрд ¥								4.69	4.98	4.23	4.25	29.11	4.25	4.15	4.02	4.21	4.21	4.17	-0.19
Товарно материальные запасы ¥								0.012	0.014	0.005	0.008	0.0801	0.008	0.014	0.018	0.023	0.023	0.0172	23.52

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.05	0.8108	0.66	2.93	2.95	2.46	2.27	3.11	4.24		4.24	3.01	7.52
Цена акции ао			13.22	11.74	19.24	6.85	8.28	9.01	11.35	17.52	17.52	10.60	20.66
Число акций ао, млн		1635.45	1563.46	1677.53	3364.93	1651.07	1617.25	1584.19	1565.43		1565.43	1956.57	-14.19
FCF/акцию		1.48	3.51	3.53	1.3	1.5	3.97	3.9	5.9		5.9	3.31	35.33

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS						0.91	0.89	0.7361	0.8304	3.32	0.8304	1.07	1.01	1.26	1.26		1.09	8.70
Цена акции ао			5.63	4.41	4.55	5.62	8.18	7.56	6.67	7.74					14.25	17.52	10.75	18.30
Число акций ао, млн	1668.75	1651.07	1654.31	1624.29	1603.4	1582.65	1587.71	1586.69	1572.74	1561.62							1578.28	-0.27
FCF/акцию						1.17	1.57	0.9082	1.15	0.86	1.15	1.88	1.38	1.59	1.59		1.52	6.69

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	0.3976	5.07	4.86	9.14	7.95	6.02	7.47	9.46	10.74		10.74	43.70	8.33	6.20
ROA, %	0.3484	4.42	4.11	7.56	6.09	4.5	5.48	6.9	8.01		8.01	11.13	6.20	5.63
ROIC, %	0.28	5.34	4.93	8.58	7.26	5.65	6.98	10.38			4.22	11.31	7.77	3.88
ROS, %		12.08	9.65	15.66	14.25	9.69	12.98	17.73	23.39	23.39	23.39	18.67	17.44	19.27
ROCE, %		5.04	7.77	10.58	7.41	5.39	8.12	9.71	10.17	10.78	10.78	37.13	8.83	14.87
Ebit margin, %				18.17	16.23	12.01	15.84	22.23	26.46	26.46	26.46		20.60	17.11
Рентаб EBITDA, %		15.45	17.41	18.1	16.22	12.01	19.93	25.85	28.99	28.99	28.99	24.98	23.15	19.27
Чистая рентаб, %	1.88	12.08	9.65	15.66	14.25	9.69	12.98	17.73	23.39		23.39	18.57	15.61	10.42
Operation Margin, %		14.51	10.74	18.17	16.16	8.81	15.68	21.83	30.67	30.67	30.67	17.42	21.53	28.34
Чистая процентная маржа, %	1.88	12.08	9.66	15.66	14.25	9.69					9.02	10.05	12.27	-4.31
Доходность FCF, %			27.5	24.06	9.29	10.26	80.43	52.47					35.30	16.88

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %						2.25	2.39	2.17	2.55	2.67	2.33	2.94	2.68	3.21	3.08		43.70	2.85	5.74
ROA, %						1.66	1.72	1.6	1.76	1.84	1.69	2.13	1.9	2.24	2.16		11.13	2.02	5.03
ROIC, %		1.3	1.13			2.16	2.28										11.31	1.72	15.08
ROS, %							15.5	17.78	18.95	21	18.95	23.49	22.57	26.24	26.24	23.39	18.67	24.39	-0.09
ROCE, %							2.83	2.28	2.58	2.85	2.68	3.34	2.74	3.03	2.93	10.78	37.13	4.56	26.41
Ebit margin, %									22.3	26.01	24.87	30.7	26.3	28.08	28.08	26.46		27.92	-2.93
Рентаб EBITDA, %							18.91	22.44	24.91	28.67	24.91	31.45	28.87	30.49	30.49	28.99	24.98	30.06	-1.62
Чистая рентаб, %						16.39	15.5	17.78	18.95	21	18.95	23.49	22.57	26.24	26.24		18.57	23.50	6.73
Operation Margin, %							18.69	21.69	24.87	28.96	24.87	30.7	30.56	32.3	32.3	30.67	17.42	31.31	-0.02
Доходность FCF, %	9.75	20.49	7.12	17.31	17.16	20.82	19.2	12.02	17.28	22.23								18.31	1.32

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		10.89	6.17	11.35	7.98	25.35	19.56	19.5		19.5	47.28	16.75	11.43
P/BV		0.529	0.5639	0.903	0.4804	1.9	1.68	1.86		1.86	12.92	1.36	15.55
P/S		1.05	0.9665	1.62	0.7737	3.29	3.47	4.56		4.56	8.36	2.74	23.00
P/FCF		3.64	4.16	10.76	9.74	1.24	1.91	1.89	1.26	1.26	685.52	3.21	-33.57
E/P		0.0919	0.162	0.0881	0.1253	0.4601	0.4182	0.4227	0.5708	0.5708	0.85	0.3994	35.43
EV/EBIT			28.44	42.75	17.69	19.97	14.38	16.3	16.3	16.3		16.93	-1.62
EV/EBITDA	-2.61	1.61	1.24	8.74	6.06	15.87	12.36	14.87		14.87	39.49	11.58	11.21
EV/S			5.17	1.42	0.7277	3.16	3.2	4.31	4.31	4.31	8.52	3.14	42.73
EV/FCF			22.23	9.43	9.16	13.94	14.37	13.25	13.25	13.25	701.66	12.79	7.66
Debt/EBITDA			0.0319	1.12	1.37	1.06	0.8432	0.7349	0.7349	0.7349	1.72	0.9486	-11.71
Netdebt/Ebitda	-3.05	-5.25	-3.32	-1.19	-0.3283	-0.6356	-1.05	-0.8639	-0.8639	-0.8639	0.66	-0.7483	21.35
Debt/Ratio			0.0028	0.0773	0.0766	0.089	0.0801	0.0669	0.0669	0.0669	0.17	0.0759	-2.67
Debt/Equity			0.0034	0.101	0.1024	0.124	0.1082	0.0892	0.2971	0.2971	3.35	0.1442	23.74
Debt/Net Income			0.0369	1.27	1.7	1.62	1.23	0.9107	0.9107	0.9107	3.02	1.27	-11.74
PEG									8.93	8.93		8.93	0.00
Бета				1.2	1.12	0.77	3.01	2.09	2.78	2.78	0.85	1.95	19.94
Индекс Альтмана		1.26	1.42	1.52	0.8869	0.3286	0.3362	0.5893	0.5041	0.5041	0.91	0.5290	-10.68

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E						7.75	11.29	19.39	15.15	3.1	24.4	28.45	22.12	19.85	22.75		47.28	23.51	-1.39
P/BV						0.1744	0.2701	1.59	1.26	0.4375	2.22	2.59	2.03	1.85	2.33		12.92	2.20	0.97
P/S						1.27	1.75	3.1	2.59	0.5538	4.68	5.87	4.76	4.54	5.62		8.36	5.09	3.73
P/FCF		4.88	14.04	5.78	5.83	4.8	5.21	8.32	5.79	4.5						1.26	685.52	5.02	-24.72
E/P		0.05	0.0576	0.1194	0.1455	0.1291	0.0886	0.0974	0.1245	0.1177						0.5708	0.85	0.1998	45.15
EV/EBIT									41.87	12.7	69.66	71.19	68.39	57.09	74.32	16.3		57.46	-25.53
EV/EBITDA						1.72	6.43	55.23	10.73	3.42	17.43	20.51	15.9	14.46	17.63		39.49	17.19	0.23
EV/S							1.22	12.39	9.34	3.3	17.32	21.85	17.99	16.03	20.87	4.31	8.52	16.21	-27.72
EV/FCF							3.62	56.49	35.51	8.33	65.89	53.15	58.28	48.2	62.75	13.25	701.66	47.13	-24.26
Debt/EBITDA							3.98	3.98	3.52	3.09	3.52	2.68	1.89	1.71	2.66	0.7349	1.72	1.93	-22.80
Netdebt/Ebitda							-2.56	-4.23	-4.38	-2.17	-4.38	-2.76	-3.15	-4.08	-3.13	-0.8639	0.66	-2.7968	-20.73
Debt/Ratio							0.0834	0.0803	0.0801	0.0758	0.0801	0.0732	0.0452	0.0431	0.0669	0.0669	0.17	0.0591	-1.78
Debt/Equity							0.1161	0.1087	0.1082	0.1012	0.1082	0.0985	0.0603	0.0574	0.0892	0.2971	3.35	0.1205	24.71
Debt/Net Income							4.85	5.02	4.63	4.22	4.63	3.58	2.42	1.99	3.09	0.9107	3.02	2.40	-23.95
PEG																8.93		8.93	0.00
Бета															-2.88	2.78	0.85	-0.0500	-198.25
Индекс Альтмана	1.31	0.2691	0.073	0.1925	0.1522	0.0394	0.3193		0.2912						0.5893	0.5041	0.91	0.3487	66.50

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.0027	0.019	0.127	0.0166	0.106	0.074	1.51			0.074		0.3667	64.07
Дивиденд								0.137	0.18	0.317		0.1585	14.62
Див доход, ао, %		0	0	0	0	0	0	0.9547	1.41	1.18	0.82	1.18	21.53
Дивиденды / прибыль, %		1.04	3.19	0	3.5	2.01	30.65	22.7		22.7	41.96	12.41	48.06
Dividend Coverage Ratio									89.78	89.78		89.78	0.00

	2018Q4	2019Q1	2019Q4	2021Q4	2022Q1	2022Q4	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.019	0.019	0.032	0.088	0.088	0.074	0.074			0.0712	18.25
Дивиденды / прибыль, %	-2.17	-2.17	3.07	14.45	16.42	6.45	6.43		41.96	9.36	15.93
Dividend Coverage Ratio								89.78		89.78	0.00

	Industry average	5 quarters average	CAGR 5

Other

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	CAGR 5
Всего задолженность	6.24	8.49	9.6						15.44
CAPEX/Выручка, %			1.72	8.83	3.72	4.19	3.63	3.63	16.11
Персонал, чел				4 769	4 769	5 805			6.77

	2024Q1	CAGR 5
CAPEX/Выручка, %	2.39	0.00

	CAGR 5

Investing Port

Tencent Music Entertainment Group

Reporting Tencent Music Entertainment Group

Capitalization

Balance sheet

Share

Efficiency

Coefficients

Dividends

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Other