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Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2024 Unaudited Financial Results

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SHENZHEN, China, March 18, 2025 /PRNewswire/ –Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights

Total revenues were RMB7.46 billion (US$1.02 billion), representing an 8.2% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services, and partially offset by a decline in revenues from social entertainment services and others.Revenues from music subscriptions were RMB4.03 billion (US$552 million), representing 18.0% year-over-year growth. The number of paying users increased by 13.4% year-over-year to 121.0 million, up by 2.0 million from the third quarter of 2024. ARPPU grew to RMB11.1 from RMB10.7 in the same period of 2023.Net profit was RMB2.08 billion (US$284 million), representing 47.3% year-over-year growth. Net profit attributable to equity holders of the Company was RMB1.96 billion (US$268 million), representing 49.8% year-over-year growth. Non-IFRS net profit[1] was RMB2.40 billion (US$329 million), representing 43.0% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB2.28 billion (US$312 million), representing 44.8% year-over-year growth.Diluted earnings per ADS was RMB1.26 (US$0.17), up from RMB0.83 in the same period of 2023.Total cash, cash equivalents, term deposits and short-term investments as of December 31, 2024 were RMB37.58 billion (US$5.15 billion).

Full Year 2024 Financial Highlights

Total revenues were RMB28.40 billion (US$3.89 billion), representing a 2.3% year-over-year increase.Revenues from music subscriptions were RMB15.23 billion (US$2.09 billion), representing 25.9% year-over-year growth. The strong growth was driven by continuous expansion in both paying users and ARPPU.Net profit was RMB7.11 billion (US$974 million), representing 36.2% year-over-year growth. Net profit attributable to equity holders of the Company was RMB6.64 billion (US$910 million), representing 35.0% year-over-year growth. Non-IFRS net profit[1] was RMB8.14 billion (US$1.12 billion), representing 30.7% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB7.67 billion (US$1.05 billion), representing 29.5% year-over-year growth.The Company’s board of directors approved an annual cash dividend of approximately US$273 million for the year ended December 31, 2024, and authorized a new Share Repurchase Program up to US$1 billion during a 24-month period commencing from March 2025.

Mr. Cussion Pang, Executive Chairman of TME, commented, “2024 was a year of solid progress for TME, marked by strong performance in our online music business driving overall revenue growth and expanding profit margins. Our pioneering initiatives across the music value chain have reshaped the industry landscape and enriched our ecosystem, boosting subscriber penetration rate and lifetime value. We closed fourth quarter with advancements across key areas of online music business, laying a stronger foundation for future growth and innovation. With confidence into 2025, we are pleased to announce an annual dividend of approximately US$273 million and an expanded share repurchase program of up to US$1 billion. We are committed to delivering shareholder value while strategically positioning the company for long-term success.”

Mr. Ross Liang, CEO of TME, continued, “Our unwavering focus on user experience and effective operations have been crucial for stellar performance in 2024 and will continue to underpin future development. Enriching content ecosystem, fueled by technology integration, empowered us to further innovate and lead the way of music content consumption. Our SVIP initiative also recorded solid performance during the fourth quarter, resulting in user engagement improvement and ARPPU expansion. Looking ahead to 2025, we aim to harness the power of AI to personalize our services and bring more new experiences to users.”

Fourth Quarter 2024 Operational Highlights 

Key Operating Metrics

4Q24

4Q23

YoY %

MAUs – online music (million)

556

576

(3.5 %)

Mobile MAUs – social entertainment (million)

82

104

(21.2 %)

Paying users – online music (million)

121.0

106.7

13.4 %

Paying users – social entertainment (million)

7.7

8.0

(3.8 %)

Monthly ARPPU – online music (RMB)

11.1

10.7

3.7 %

Monthly ARPPU – social entertainment (RMB)

70.4

78.0

(9.7 %)

Broadening content and expansive ecosystem offer users a wider range of music services with enhanced benefits.

Diversified content offerings with over 260 million licensed and co-created music and audio tracks.1) Renewed contracts with SM Entertainment and Kakao Entertainment, expanding partnerships to include premium sound effects, artist performances and merchandise. 2) Partnered with renowned artists such as Dao Lang and Tayu Lo[2] to offer timeless classics and privileged head-start benefits. 3) Collaborated with Angela Zhang to produce, release, and promote her album Conflicted, helping her reach a greater audience base and receive widespread acclaim. 4) Produced theme songs and original soundtracks for Tencent Video blockbusters including Blossom and Guardians of the Dafeng, and theatrical releases A Tapestry of a Legendary Land and TIGER WOLF RABBIT, quickly garnering praise from music lovers and movie viewers alike.Solid progress made in artist merchandise and live performances. For example, 1) Produced physical albums for Xiao Zhan and Lay Zhang, and provided options to purchase Esther Yu’s merchandise along with her digital albums, significantly boosting album sales, 2) Partnered with Mayday to host an online New Year’s Eve concert and promoted the event across multiple short video platforms and social media channels.

Reinforced core value proposition further drove subscriber and ARPPU growth, SVIP gathered more traction.

Enhancements to algorithms and user interface drove personal music asset accumulation, measured by a 10% year-over-year increase in users’ song collections. The improvements also boosted recommendation-driven streams.We saw traction in our in-car music consumption driven by 1) expanded partnerships with mapping services including Amap and Baidu Maps, as well as deeper collaborations with electric vehicle manufacturers like BYD and XPENG, 2) optimized user experience through improved audio quality and karaoke features.SVIP recorded strong sequential growth in memberships, along with improved ARPPU and engagement. These results benefited from: 1) elevated audio quality and effects, such as our highly acclaimed AI-powered audio effect and voice extraction, 2) expanded digital album library, and 3) introduction of diverse privileges for online concerts, such as high-definition modes for selective shows.

Committed to innovation, we launched new features to bring novel experience to users.

Integrated DeepSeek LLM into song creation, which invigorated passion for music creation among our users. It also garnered an increasingly personalized music experience through its integration with AI assistants, comment sections, and recommendation pages.Launched innovative virtual fan-artist communities, boosting user engagement and ecosystem vibrancy. Notable examples included the virtual communities of JC-T and Teens in Times.Fostering stronger connections between brands and users, we designed and advertised interactive incentivized tasks, which became highly popular among our users. This led to robust year-over-year growth in advertising revenue.

Fourth Quarter 2024 Financial Review

Total revenues increased by RMB565 million, or 8.2%, to RMB7.46 billion (US$1.02 billion) from RMB6.89 billion in the same period of 2023.

Revenues from online music services delivered a strong year-over-year increase of 16.1% to RMB5.83 billion (US$799 million) from RMB5.02 billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB4.03 billion (US$552 million), representing 18.0% year-over-year growth, compared with RMB3.42 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. The number of online music paying users increased by 13.4% year-over-year to 121.0 million. This growth was primarily due to high quality contents, attractive membership privileges, and optimized user operations. Monthly ARPPU increased to RMB11.1 in the fourth quarter of 2024 from RMB10.7 in the same period of 2023, which was driven by effective promotions and the expansion of SVIP membership program. 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.Revenues from social entertainment services and others decreased by 13.0% to RMB1.63 billion (US$223 million) from RMB1.87 billion in the same period of 2023. The decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.

Cost of revenues decreased by 1.1% year-over-year to RMB4.21 billion (US$576 million), mainly due to decreased revenues from social entertainment services that led to less revenue sharing fees. Meanwhile, advertising agency fees, costs related to offline performances and payment channel fees increased year-over-year.

Gross margin increased to 43.6% from 38.3% in the same period of 2023, primarily due to strong growth in revenues from music subscriptions, including subscriptions to SVIP membership, and in revenues from advertising services, and the ramp-up of our own content.

Total operating expenses decreased by 7.3% year-over-year to RMB1.17 billion (US$161 million). Operating expenses as a percentage of total revenues decreased to 15.7% from 18.4% in the same period of 2023.

Selling and marketing expenses were RMB248 million (US$34 million), representing a 2.7% year-over-year decrease.General and administrative expenses were RMB926 million (US$127 million), representing an 8.4% year-over-year decrease. This decrease was primarily due to lower employee-related expenses.

Total operating profit was RMB2.41 billion (US$330 million) in the fourth quarter of 2024, representing a 40.5% year-over-year increase.

The finance cost for the fourth quarter of 2024 mainly reflected an unrealized foreign exchange gain, arising from treasury management activities, which was largely affected by the fluctuation of exchange rate between RMB and USD as of September 30 and December 31, 2024.

The effective tax rate for the fourth quarter of 2024 was 16.9%, compared with 17.3% in the same period of 2023. We accrued withholding income tax of RMB110 million (US$15 million) in the fourth quarter of 2024.

For the fourth quarter of 2024, net profit was RMB2.08 billion (US$284 million) and net profit attributable to equity holders of the Company was RMB1.96 billion (US$268 million). Non-IFRS net profit was RMB2.40 billion (US$329 million) and non-IFRS net profit attributable to equity holders of the Company was RMB2.28 billion (US$312 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 fourth quarter of 2024 were RMB1.27 (US$0.17) and RMB1.26 (US$0.17), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.48 (US$0.20) and RMB1.47 (US$0.20), respectively. For the fourth quarter of 2024, 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 December 31, 2024, the combined balance of the Company’s cash, cash equivalents, term deposits and short-term investments amounted to RMB37.58 billion (US$5.15 billion), compared with RMB36.04 billion as of September 30, 2024.

Full Year 2024 Financial Review

Total revenues increased by RMB649 million, or 2.3%, to RMB28.40 billion (US$3.89 billion) from RMB27.75 billion in 2023.

Revenues from online music services delivered a strong year-over-year increase of 25.5% to RMB21.74 billion (US$2.98 billion) from RMB17.33 billion in 2023. The increase was driven by strong growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB15.23 billion (US$2.09 billion), representing 25.9% year-over-year growth, compared with RMB12.10 billion in 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services.Revenues from social entertainment services and others decreased by 36.1% to RMB6.66 billion (US$912 million) from RMB10.43 billion in 2023. The decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.

Cost of revenues decreased by 8.8% year-over-year to RMB16.38 billion (US$2.24 billion), mainly due to decreased revenues from social entertainment services that led to less revenue sharing fees. Meanwhile, content costs of royalties, costs related to offline performances, advertising agency fees and payment channel fees increased year-over-year.

Gross margin increased to 42.3% from 35.3% in 2023, primarily due to strong growth in revenues from music subscriptions, including subscriptions to SVIP membership, and in revenues from advertising services, and the ramp-up of our own content.

Total operating expenses decreased by 6.8% year-over-year to RMB4.68 billion (US$641 million). Operating expenses as a percentage of total revenues decreased to 16.5% from 18.1% in 2023.

Selling and marketing expenses were RMB865 million (US$119 million), representing a 3.6% year-over-year decrease. General and administrative expenses were RMB3.81 billion (US$522 million), representing a 7.5% year-over-year decrease. This decrease was primarily due to lower employee-related expenses.

Total operating profit was RMB8.71 billion (US$1.19 billion) for the full year of 2024, representing an increase of 43.8% year-over-year.

For the full year of 2024, net profit was RMB7.11 billion (US$974 million) and net profit attributable to equity holders of the Company was RMB6.64 billion (US$910 million). Non-IFRS net profit was RMB8.14 billion (US$1.12 billion) and non-IFRS net profit attributable to equity holders of the Company was RMB7.67 billion (US$1.05 billion). Please refer to the section in this press release titled “Non-IFRS Financial Measure” for details.

Basic and diluted earnings per ADS for the full year of 2024 were RMB4.31 (US$0.59) and RMB4.24 (US$0.58), respectively; non-IFRS basic and diluted earnings per ADS were RMB4.97 (US$0.68) and RMB4.90 (US$0.67), respectively. For the full year of 2024, the Company had weighted averages of 1.54 billion basic and 1.57 billion diluted ADSs outstanding, respectively.

Share Repurchase Program

With confidence in TME’s growth prospects, our board of directors has recently authorized a new Share Repurchase Program under which the Company may repurchase up to US$1 billion of its Class A ordinary shares during a 24-month period commencing from March 2025. This program follows the completion of the US$500 million share repurchase program previously announced in March 2023.

Declaration of 2024 Dividend

For the fiscal year of 2024, the Company’s board of directors declared a cash dividend of US$0.09 per ordinary share, or US$0.18 per ADS, to holders of record of ordinary shares and ADSs as of the close of business on April 3, 2025. The aggregate amount of cash dividends to be paid will be approximately US$273 million and is expected to be paid on or around April 17, 2025 and on or around April 24, 2025 for holders of ordinary shares and holders of ADSs, respectively. Holders of the Company’s ADSs will receive the cash dividends through the depositary, The Bank of New York Mellon, subject to the terms of the deposit agreement.

Environmental, Social, and Governance (“ESG”)

We made significant strides to empower female musicians’ development, fostering a more diverse and inclusive music community, with the number of female artists supported reaching 192,000. We will continue our commitment to ESG excellence and provide these artists with more opportunities for creative expression and performance. In the fourth quarter, we also partnered with the Ministry of Education and multiple NGOs to launch the “Writing Songs for Pandas” initiative, designed to enhance public awareness of biodiversity through the influence of music.

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 RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, 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 and non-IFRS net profit attributable to equity holders of the Company were 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 of artists and bands contained in this press release are sorted according to the following rules: (i) grouped by artists and bands: and (ii)in alphabetical order by family names.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) 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. 818415

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED INCOME STATEMENTS

Three Months Ended December 31

Year Ended December 31

2023

2024

2023

2024

 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

5,022

5,831

799

17,325

21,742

2,979

Social entertainment services and others

1,871

1,627

223

10,427

6,659

912

6,893

7,458

1,022

27,752

28,401

3,891

Cost of revenues

(4,252)

(4,205)

(576)

(17,957)

(16,376)

(2,244)

Gross profit

2,641

3,253

446

9,795

12,025

1,647

Selling and marketing expenses

(255)

(248)

(34)

(897)

(865)

(119)

General and administrative expenses

(1,011)

(926)

(127)

(4,121)

(3,811)

(522)

Total operating expenses

(1,266)

(1,174)

(161)

(5,018)

(4,676)

(641)

Interest income 

277

315

43

1,052

1,196

164

Other gains, net

62

15

2

230

165

23

Operating profit

1,714

2,409

330

6,059

8,710

1,193

Share of net profit of investments accounted

for using equity method

20

31

4

127

96

13

Finance cost

(30)

59

8

(141)

(94)

(13)

Profit before income tax

1,704

2,499

342

6,045

8,712

1,194

Income tax expense

(295)

(423)

(58)

(825)

(1,603)

(220)

Profit for the period/year

1,409

2,076

284

5,220

7,109

974

Attributable to:

Equity holders of the Company

1,306

1,957

268

4,920

6,644

910

Non-controlling interests

103

119

16

300

465

64

Earnings per share for Class A and Class B

ordinary shares

Basic

0.42

0.64

0.09

1.58

2.15

0.30

Diluted

0.42

0.63

0.09

1.55

2.12

0.29

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

0.84

1.27

0.17

3.15

4.31

0.59

Diluted

0.83

1.26

0.17

3.11

4.24

0.58

Shares used in earnings per Class A and Class B

ordinary share computation:

Basic

3,103,386,279

3,075,189,032

3,075,189,032

3,121,653,686

3,084,230,029

3,084,230,029

Diluted

3,145,485,054

3,112,342,854

3,112,342,854

3,168,386,031

3,130,861,720

3,130,861,720

ADS used in earnings per ADS computation

Basic

1,551,693,140

1,537,594,516

1,537,594,516

1,560,826,843

1,542,115,015

1,542,115,015

Diluted

1,572,742,527

1,556,171,427

1,556,171,427

1,584,193,016

1,565,430,860

1,565,430,860

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

UNAUDITED NON-IFRS FINANCIAL MEASURE

Three Months Ended December 31

Year Ended December 31

2023

2024

2023

2024

 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/year

1,409

2,076

284

5,220

7,109

974

Adjustments:

Amortization of intangible and other assets arising from

business acquisitions or combinations*

111

110

15

445

440

60

Share-based compensation

183

156

21

736

681

93

Losses/(Gains) from investments**

23

94

13

(7)

110

15

Income tax effects***

(48)

(37)

(5)

(171)

(204)

(28)

Non-IFRS Net Profit

1,678

2,399

329

6,223

8,136

1,115

Attributable to:

Equity holders of the Company

1,575

2,280

312

5,923

7,671

1,051

Non-controlling interests

103

119

16

300

465

64

Earnings per share for Class A and Class B

ordinary shares

Basic

0.51

0.74

0.10

1.90

2.49

0.34

Diluted

0.50

0.73

0.10

1.87

2.45

0.34

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

1.02

1.48

0.20

3.79

4.97

0.68

Diluted

1.00

1.47

0.20

3.74

4.90

0.67

Shares used in earnings per Class A and Class B

ordinary share computation:

Basic

3,103,386,279

3,075,189,032

3,075,189,032

3,121,653,686

3,084,230,029

3,084,230,029

Diluted

3,145,485,054

3,112,342,854

3,112,342,854

3,168,386,031

3,130,861,720

3,130,861,720

ADS used in earnings per ADS computation

Basic

1,551,693,140

1,537,594,516

1,537,594,516

1,560,826,843

1,542,115,015

1,542,115,015

Diluted

1,572,742,527

1,556,171,427

1,556,171,427

1,584,193,016

1,565,430,860

1,565,430,860

* 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, 2023

As at December 31, 2024

 RMB 

 RMB 

 US$ 

 Audited 

 Unaudited 

 Unaudited 

(in millions)

ASSETS

Non-current assets

Property, plant and equipment

490

803

110

Land use rights

2,437

2,364

324

Right-of-use assets

367

295

40

Intangible assets

2,032

2,049

281

Goodwill

19,542

19,647

2,692

Investments accounted for using equity method 

4,274

4,669

640

Financial assets at fair value through other comprehensive income 

6,540

14,498

1,986

Other investments

307

309

42

Prepayments, deposits and other assets

540

425

58

Deferred tax assets

352

422

58

Term deposits

8,719

10,419

1,427

45,600

55,900

7,658

Current assets

Inventories

8

23

3

Accounts receivable

2,918

3,508

481

Prepayments, deposits and other assets

3,438

3,793

520

Other investments

37

46

6

Term deposits

9,937

13,999

1,918

Restricted Cash 

31

11

2

Cash and cash equivalents

13,567

13,164

1,803

29,936

34,544

4,733

Total assets

75,536

90,444

12,391

EQUITY

Equity attributable to equity holders of the Company

Share capital

2

2

0

Additional paid-in capital

36,576

29,035

3,978

Shares held for share award schemes

(302)

(520)

(71)

Treasury shares 

(6,996)

(550)

(75)

Other reserves

9,658

19,845

2,719

Retained earnings

16,969

20,051

2,747

55,907

67,863

9,297

Non-controlling interests

1,295

1,863

255

Total equity

57,202

69,726

9,552

LIABILITIES

Non-current liabilities

Notes payables

5,636

3,572

489

Deferred tax liabilities

239

198

27

Lease liabilities

297

219

30

Deferred revenue 

148

179

25

6,320

4,168

571

Current liabilities

Accounts payable 

5,006

6,879

942

Other payables and other liabilities

3,472

3,381

463

Notes payables

–

2,154

295

Current tax liabilities

567

934

128

Lease liabilities

115

106

15

Deferred revenue

2,854

3,096

424

12,014

16,550

2,267

Total liabilities

18,334

20,718

2,838

Total equity and liabilities

75,536

90,444

12,391

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended December 31

Year Ended December 31

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited 

 Unaudited 

 Unaudited 

(in millions)

(in millions)

Net cash provided by operating activities 

1,977

2,480

340

7,337

10,275

1,408

Net cash (used in)/provided by investing activities 

(193)

1,324

181

(1,863)

(6,818)

(934)

Net cash used in financing activities

(576)

(815)

(112)

(1,538)

(3,830)

(525)

Net increase/(decrease) in cash and cash equivalents 

1,208

2,989

409

3,936

(373)

(51)

Cash and cash equivalents at beginning of the period/year

12,381

10,209

1,399

9,555

13,567

1,859

Exchange differences on cash and cash equivalents

(22)

(34)

(5)

76

(30)

(4)

Cash and cash equivalents at end of the period/year

13,567

13,164

1,803

13,567

13,164

1,803

View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-fourth-quarter-and-full-year-2024-unaudited-financial-results-302404220.html

SOURCE Tencent Music Entertainment Group

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American Infrastructure Needs Urgent Investment, Private Financing Offers Solution: New Report Card

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March 25, 2025

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Investors of the Global Infrastructure Investor Association (GIIA) are ready to allocate funds and expertise to modernize America’s crumbling infrastructure

WASHINGTON, March 25, 2025 /PRNewswire/ – The American Society of Civil Engineers (ASCE) today released its 2025 Report Card for America’s Infrastructure, assigning the United States an overall grade of “C” and identifying an estimated infrastructure investment gap of $3.7 trillion. Further, transit and energy infrastructure—the core of the economy—received a concerning “D” grade. 

“This report card makes clear that all levels of government must find new ways to deliver greater, sustained infrastructure investment across the United States for decades to come,” said Jon Phillips, CEO of the Global Infrastructure Investor Association (GIIA). “Taxpayers alone cannot finance the safe, reliable, modern infrastructure that the world’s most powerful economy demands. Investment managers and pension funds, offer international expertise and billions of dollars to get the job done—well and quickly.”

Mr. Phillips will also speak today on a panel at the ASCE Solutions Summit, highlighting how private investors are well-positioned to close the U.S. infrastructure investment gap. GIIA represents the largest private infrastructure investors in the world, but the U.S. market only accounts for 25 per cent of its members’ global assets. Investors are ready to meet America’s needs by working with forward-thinking government partners—at the pace of business—to make infrastructure revitalization a reality.

Private investment has a proven track record of delivering safe and reliable infrastructure without burdening taxpayers or increasing deficits at the federal, state and municipal levels. For example, Virginia successfully revamped its I-495 Express Lanes with $280 million in private equity capital using the public private partnership model. This project was delivered on time and on budget, achieving its purpose of reducing travel time, all while supporting 31,000 local jobs, awarding contracts to small businesses and saving taxpayer dollars. By creating a pathway for increased public-private partnerships to finance and manage infrastructure projects, the United States can unlock the capital and expertise needed to deliver modernized infrastructure quickly, while the cost of it is paid over the long-term.

While modest progress has been made since the last ASCE Report Card, substantial infrastructure needs remain, specifically across transit and energy infrastructure—both of which are critical to U.S. jobs and the economy.

“The Administration and Congress should enable and encourage state and local governments to find new, innovative ways of bringing in private investors. This would greatly increase the amount of funding available and accelerate tackling the huge infrastructure investment backlog.” said Phillips. “Harmonizing permitting processes across federal, state and municipal levels, for example, would be a great step, as well as financing for state and local P3 offices, asset inventories, and regional accelerators.”

About GIIA

GIIA was established in 2016 to improve engagement between members, politicians, policymakers and regulators with the aim of increasing much needed investment in infrastructure. We now represent the world’s leading investors in infrastructure, and advisors to the sector, who collectively represent US $2.04 trillion of infrastructure assets under management across 68 countries. Our 100+ members are investing today to provide the smart, sustainable and innovative infrastructure needed for our communities and economies to thrive.

View original content to download multimedia:https://www.prnewswire.com/news-releases/american-infrastructure-needs-urgent-investment-private-financing-offers-solution-new-report-card-302409893.html

SOURCE Global Infrastructure Investor Association

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Cognizant to Deploy Neuro AI Platform to Accelerate Enterprise AI Adoption in Collaboration with NVIDIA

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March 25, 2025

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Cognizant will offer solutions across key growth areas, including enterprise AI agents, tailored industry large language models and infrastructure with NVIDIA AI.

TEANECK, N.J., March 25, 2025 /PRNewswire/ — Cognizant (NASDAQ: CTSH) announced advancements built on NVIDIA AI aimed at accelerating the cross-industry adoption of AI technology in five key areas: enterprise AI agents, industry-specific large language models (LLMs), digital twins for smart manufacturing, foundational infrastructure for AI, and the capabilities of Cognizant’s Neuro® AI platform to integrate NVIDIA AI technology and orchestrate across the enterprise technology stack.

Cognizant is working with global clients to help them scale AI value efficiently, leveraging extensive industry experience and a comprehensive AI ecosystem comprising infrastructure, data, models, and agent development powered by proprietary platforms and accelerators. NVIDIA AI plays a key role in Cognizant’s AI offerings, with active client engagements underway across industries to enable growth and business transformation.

“We continue to see businesses navigating the transition from proofs of concept to larger-scale implementations of enterprise AI,” said Annadurai Elango, president, Core Technologies and Insights, Cognizant. “Through our collaboration with NVIDIA, Cognizant will be building and deploying solutions that accelerate this process and scale AI value faster for clients through integration of foundational AI elements, platforms and solutions.”

“From models to applications, enterprise AI transformation requires full-stack software and infrastructure with access to domain-specific data,” said Jay Puri, executive vice president of Worldwide Field Operations, NVIDIA. “The Cognizant Neuro AI platform is built with NVIDIA AI to deliver specialized LLMs and applications to ready businesses for the era of AI with reasoning agents and digital twins.”

At NVIDIA GTC 2025, Cognizant presented its intent to deliver offering updates across the following five areas:

Enterprise AI agentification powered by Cognizant® Neuro AI Multi-Agent Accelerator: Running on NVIDIA NIM™ microservices, this framework will enable clients to rapidly build and scale multi-agent AI systems for adaptive operations, real-time decision-making and personalized customer experiences. With these frameworks clients can create and orchestrate agents using a low-code framework or use pre-built agent networks for various enterprise functions and industry-specific processes such as sales, marketing, and supply chain management. The frameworks also allow clients to easily integrate third-party agent networks and most LLMs.

Building multi agents for scale: Cognizant works to enhance business operations through the use of multi-agent systems and integration with NVIDIA NIM, NVIDIA Blueprints, and NVIDIA Riva speech AI. The company will be developing a future-proof agent architecture that supports modular and adaptable agent design to meet evolving needs and the long-term viability and adaptability of AI solutions. This includes pre-built integrations with security guardrails and human oversight. This approach aims to enable enterprises to develop and deploy market-ready applications tailored to their specific needs using the pre-built agent catalog. Examples include industry agents such as insurance claims underwriting multi-agent systems, appeals and grievances multi-agent systems, automated supply chain multi-agent systems and contract management multi-agent systems.

Industry LLMs: Cognizant is developing industry-oriented LLMs powered by NVIDIA NeMo and NVIDIA NIM. These solutions are tailored to meet the unique needs of different industries and build on Cognizant’s deep industry expertise to drive innovation and improve business outcomes. For example, Cognizant has developed a fine-tuned language model to transform healthcare administrative processes. This system will leverage Cognizant’s domain expertise and NVIDIA technology to enhance medical code extraction and support higher accuracy, reduced errors, and better compliance with HIPAA and GDPR standards. It is designed to help clients cut costs, decrease latency, improve revenue cycle management and help ensure accurate risk adjustment. In internal Cognizant benchmarking, the model has demonstrated effectiveness in reducing effort by 30-75 percent, boosting coding accuracy by 30-40 percent, and accelerating time to market by 40-45 percent.

Industrial digital twins: Cognizant’s smart manufacturing and digital twin offerings, accelerated by NVIDIA Omniverse™, will aim to drive digital transformation by combining NVIDIA Omniverse’s synthetic data generation, accelerated computing, and physical AI simulation technologies to address challenges in manufacturing operations and supply chain management. These capabilities will be designed to assist clients in enhancing plant layout and process simulations with real-time insights and predictive analytics, while also supporting improved operational efficiency and optimized plant capital expenditure. This offering enables integration of diverse data from applications, systems and sensors with synthetic data, allowing clients to simulate various scenarios and find solutions to issues in the plant. Additionally, by building the necessary digital infrastructure, including IT systems and skilled personnel, Cognizant’s offerings can be used to create and manage digital twins for large-scale systems, such as factories, smart grids, warehouses, or entire cities, with precision and efficiency.

Infrastructure for AI: Implementing AI effectively requires robust AI infrastructure and data prepared for AI. Cognizant’s infrastructure for AI, accelerated by NVIDIA, will provide clients access to NVIDIA AI technology via “GPU as a Service”, along with secure and managed infrastructure. This helps ensure that AI models can be run in various environments, including the cloud, data centers or at the edge. Additionally, Cognizant intends to use NVIDIA RAPIDS™ Accelerator for Apache Spark to help clients accelerate data pipelines for AI implementations, facilitating efficient and scalable operations. In one example implementation for a large healthcare client in the U.S., use of Cognizant’s infrastructure for AI resulted in a 2.7x cost efficiency improvement and a 1.8x enhancement in the performance of their Spark workloads.

“As we enter the era of AI industrialization, enterprises are seeking to accelerate the value velocity of their AI investments—focusing on outsized economic impact, agentic-led workflow transformation, and industry-specific deployments,” said Nitish Mittal, Partner, Everest Group. “Cognizant’s deepening partnership with NVIDIA signals the right trajectory for forward-thinking enterprises aiming to unlock breakthrough value in the AI era.”

About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.

For more information, contact:

U.S.

Name Ben Gorelick

Email benjamin.gorelick@cognizant.com 

Europe / APAC

Name Christina Schneider

Email christina.schneider@cognizant.com 

India

Name Rashmi Vasisht

Email rashmi.vasisht@cognizant.com 

 

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SOURCE Cognizant

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“One GAC 2.0” Launch, “Thailand Action Plan” Unveiled, and Pre-sale of Two New Models, GAC INTERNATIONAL Shines at the 46th Bangkok International Motor Show

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March 25, 2025

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BANGKOK, March 25, 2025 /CNW/ — On March 24, the 46th Bangkok International Motor Show kicked off with three major announcements from GAC INTERNATIONAL: the launch of the “One GAC 2.0” global strategic upgrade plan; the rollout of the “Thailand Action Plan”; and the market launch of the AION UT, a global strategic model, and the M8 PHEV, a benchmark for luxury new energy MPVs, in Thailand.

The “One GAC 2.0” strategy is based on a vision, a goal, and an image, supported by a local initiative and five key actions to accelerate global expansion.

The “Mobility Value Creator for a Better Life” vision reflects the goal of becoming a world-class automotive brand with international influence and reliability while establishing an image as “a high-quality, high-tech, and reliable partner for global consumers.” The local initiative “Act Locally, Integrate Locally, Serve Locally, Contribute Locally” promotes tailored market integration. The five key measures focus on developing products, smart manufacturing, sales channels, services, and energy eco and mobility systems, securing global competitiveness and customer-centric innovation.

Building on this, GAC has officially launched the Thailand Action Plan, reaffirming its commitment to “In Thailand, for Thailand” through local market integration and customer service.

As part of its product strategy, GAC has introduced the AION UT and M8 PHEV, which are currently on pre-sale. To expand its presence, GAC plans to open 80 new dealerships across Thailand by 2025. In terms of service, GAC will implement the GAC INTERNATIONAL Sales Service Standard System (GSSW) to enhance the customer experience. The company will also continue introducing new models into the Thailand Smart Factory for local production. In addition, GAC is advancing the “One Hundred Cities, One Thousand Charging Stations” plan, establishing the Bangkok Power Battery Service Center, and building two mobility centers. To foster long-term growth, GAC has partnered with institutions such as Rajamangala University of Technology Isan to establish Thailand’s first international new energy talent development center.

From “product export” to “ecosystem export”: Through the “One GAC 2.0” strategy, the “Thailand Action Plan”, and the pre-sales of the AION UT and M8 PHEV, GAC INTERNATIONAL not only offers consumers in Thailand and Southeast Asia higher-quality options and enhanced mobility experiences, but also uses Thailand as a strategic hub to showcase China’s leading smart manufacturing solutions to the world.

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SOURCE GAC

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