Overview
- Q4 2025 revenue rose 15.9% year over year to RMB8.64 billion, topping analyst estimates.
- Online music services grew 21.7% to RMB7.10 billion, with subscriptions at RMB4.56 billion (+13.2%) and non-subscription revenue up 40.8%.
- Paying users reached 127.4 million (+5.3%) and ARPPU increased 7.2% to RMB11.9, with SVIP membership surpassing 20 million.
- Monthly active users fell 5% to 528 million, signaling pressure on overall user scale.
- TME will stop quarterly disclosure of MAU, paying users and ARPPU starting next quarter; shares fell about 20% intraday as the company also declared a roughly $368 million annual dividend and guided Q1 2026 revenue to RMB7.88 billion, down sequentially but up year over year.