Tencent Music Entertainment
TME · NYSERadio Broadcasting Stations · Fiscal year ends Dec 31 · Reports in CNY
Tencent Music Entertainment reported revenue of CNY 28.4B in the fiscal year ended Dec 2024, up 2.3% from the year before. Operating income was CNY 8.7B, an operating margin of 30.7%, and net income was CNY 7.1B. Operating cash flow of CNY 10.3B less capital expenditure of CNY 319M left free cash flow of CNY 10B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|
| Revenue | CNY 29.2B | CNY 31.2B | CNY 28.3B | CNY 27.8B | CNY 28.4B |
| Cost of revenue | CNY 19.9B | CNY 21.8B | CNY 19.6B | CNY 18B | CNY 16.4B |
| Gross profit | CNY 9.3B | CNY 9.4B | CNY 8.8B | CNY 9.8B | CNY 12B |
| Research & development | CNY 1.7B | CNY 2.3B | CNY 2.6B | CNY 2.5B | CNY 2.3B |
| Operating income | CNY 4.7B | CNY 3.8B | CNY 4.4B | CNY 6.1B | CNY 8.7B |
| Interest expense | CNY 97M | CNY 121M | CNY 108M | CNY 141M | CNY 94M |
| Pre-tax income | CNY 4.6B | CNY 3.6B | CNY 4.4B | CNY 6B | CNY 8.7B |
| Income tax | CNY 456M | CNY 417M | CNY 534M | CNY 825M | CNY 1.6B |
| Net income | CNY 4.2B | CNY 3.2B | CNY 3.8B | CNY 5.2B | CNY 7.1B |
Balance sheet
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|
| Cash & equivalents | CNY 11.1B | CNY 6.6B | CNY 9.6B | CNY 13.6B | CNY 13.2B |
| Inventory | CNY 18M | CNY 24M | CNY 14M | CNY 8M | CNY 23M |
| Current assets | CNY 31.7B | CNY 26.8B | CNY 26.6B | CNY 29.9B | CNY 34.5B |
| Net PP&E | CNY 176M | CNY 243M | CNY 323M | CNY 490M | CNY 803M |
| Goodwill | CNY 17.5B | CNY 19.1B | CNY 19.5B | CNY 19.5B | CNY 19.6B |
| Total assets | CNY 68.3B | CNY 67.3B | CNY 67B | CNY 75.5B | CNY 90.4B |
| Payables | CNY 3.6B | CNY 4.3B | CNY 5B | CNY 5B | CNY 6.9B |
| Current liabilities | CNY 9.6B | CNY 10.5B | CNY 11.7B | CNY 12B | CNY 16.6B |
| Total liabilities | CNY 15.5B | CNY 16.2B | CNY 17.9B | CNY 18.3B | CNY 20.7B |
| Shareholders' equity | CNY 52.2B | CNY 50.3B | CNY 48.1B | CNY 55.9B | CNY 67.9B |
Cash flow
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|
| Operating cash flow | CNY 4.9B | CNY 5.2B | CNY 7.5B | CNY 7.3B | CNY 10.3B |
| Capital expenditure | CNY 108M | CNY 159M | CNY 85M | CNY 165M | CNY 319M |
| Free cash flow | CNY 4.8B | CNY 5.1B | CNY 7.4B | CNY 7.2B | CNY 10B |
Key ratios
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.2% | −9.3% | −2.1% | 2.3% |
| Operating income growth (YoY) | – | −19.3% | 16.9% | 36.4% | 43.8% |
| Gross margin | 31.9% | 30.1% | 31.0% | 35.3% | 42.3% |
| Operating margin | 16.2% | 12.2% | 15.7% | 21.8% | 30.7% |
| Net margin | 14.3% | 10.3% | 13.5% | 18.8% | 25.0% |
| Return on equityBlank when equity is negative | 8.0% | 6.4% | 8.0% | 9.3% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.0% | 6.7% | 8.0% | 9.5% | 11.8% |
| Free cash flow margin | 16.4% | 16.3% | 26.1% | 25.8% | 35.1% |
| Cash conversion (CFO ÷ net income) | 1.17x | 1.63x | 1.95x | 1.41x | 1.45x |
| Inventory days | 0 | 0 | 0 | 0 | 1 |
| Payable days | 66 | 72 | 93 | 102 | 153 |
| Interest cover | 48.6x | 31.4x | 41.1x | 43.0x | 92.7x |
| Current ratio | 3.30x | 2.56x | 2.27x | 2.49x | 2.09x |
Recent filings
More in Radio Broadcasting Stations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.