Why Is Tencent Music Stock Trading Higher on Monday?
Why Is Tencent Music Stock Trading Higher on Monday?
Tencent Music Entertainment Group (NYSE:TME) reported a fiscal first-quarter 2024 revenue decline of 3.4% year-over-year to $937.0 million (6.77 billion Chinese yuan), beating the analyst consensus estimate of $917.6 million.
腾讯音乐娱乐集团（纽约证券交易所代码：TME）报告称，2024财年第一季度收入同比下降3.4％，至9.37亿美元（67.7亿元人民币），超过了分析师共识估计的9.176亿美元。
The decline reflected a fall in revenues from social entertainment services, partially mitigated by strong year-over-year growth in revenues from online music services.
下降反映了社交娱乐服务收入的下降，在线音乐服务收入的强劲同比增长在一定程度上缓解了这一下降。
China's leading online music and audio entertainment platform's adjusted EPADS of $0.15 (CNY1.09) beat the analyst consensus estimate of $0.14.
中国领先的在线音乐和音频娱乐平台调整后的EPADS为0.15美元（人民币1.09元），超过了分析师共识估计的0.14美元。
Key Metrics: Monthly active users (MAUs) for online music declined by 2.4% year over year to 578 million, and mobile MAUs for social entertainment decreased by 28.7% year over year to 97 million.
关键指标：在线音乐的月活跃用户（MAU）同比下降2.4％，至5.78亿，社交娱乐的移动活跃用户同比下降28.7％，至9700万。
The monthly average revenue per user (ARPPU) for online music grew by 15.2% year over year to CNY10.6, Monthly ARPPU for social entertainment declined by 55.4% year over year to CNY73.4, and Online music paying users increased by 20.2% year over year to 113.5 million.
在线音乐的每位用户月平均收入（ARPPU）同比增长15.2％，达到10.6元人民币；社交娱乐的每月ARPPU同比下降55.4％，至人民币73.4％；在线音乐付费用户同比增长20.2％，至1.135亿元。
Online music service revenues grew by 43% year over year to $693 million, while revenues from music subscriptions were $501 million, an increase of 39.2% year over year.
在线音乐服务收入同比增长43％，达到6.93亿美元，而音乐订阅收入为5.01亿美元，同比增长39.2％。
Revenues from social entertainment services and others decreased by 49.7% Y/Y to $244 million.
社交娱乐服务和其他服务的收入同比下降49.7％，至2.44亿美元。
The gross margin increased by 780 bps to 40.9%, primarily due to the strong growth of revenues from music subscriptions and advertising services and the ramp-up production of original content. The operating profit increased by 41.9% Y/Y to $271 million.
毛利率增长了780个基点至40.9％，这主要是由于音乐订阅和广告服务收入的强劲增长以及原创内容制作的增加。营业利润同比增长41.9％，达到2.71亿美元。
Operating cash flow was $372 million for the quarter. The combined balance of the company's cash, cash equivalents, term deposits, and short-term investments amounted to $4.73 billion as of March 31, 2024.
本季度的运营现金流为3.72亿美元。截至2024年3月31日，公司的现金、现金等价物、定期存款和短期投资的总余额为47.3亿美元。
Dividend: On May 11, 2024, the board adopted an annual cash dividend policy. For fiscal year 2023, the company's board declared a cash dividend of $0.1370 per ADS.
分红：2024年5月11日，董事会通过了年度现金分红政策。2023财年，公司董事会宣布每份ADS的现金分红为0.1370美元。
Mr. Cussion Pang, Executive Chairman of TME, commented, "We kicked off 2024 with impressive results. Online music continued to grow robustly, registering record-high net adds of 6.8 million music subscribers with healthy ARPPU for the first quarter. Our focus on high-quality growth also yielded solid net profit margin expansion. By broadening content and introducing more tailored platform offerings that resonate deeply with users, we continue to strengthen our vibrancy and competitiveness in this dynamic industry."
腾讯金属交易所执行董事长庞震生先生评论说：“我们以令人印象深刻的业绩拉开了2024年的序幕。在线音乐继续强劲增长，创下历史新高，净增加680万音乐订阅者，第一季度ARPPU良好。我们对高质量增长的关注也带来了稳健的净利润率增长。通过拓宽内容和推出更多能引起用户深刻共鸣的量身定制的平台产品，我们将继续增强我们在这个充满活力的行业中的活力和竞争力。”
The stock gained over 68% in the last 12 months. Investors can gain exposure to the stock via KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).
该股在过去12个月中上涨了68％以上。投资者可以通过KraneShares Trust KraneShares CSI中国互联网ETF（纽约证券交易所代码：KWEB）和景顺金龙中国ETF（纳斯达克股票代码：PGJ）获得股票敞口。
Price Action: TME shares are trading higher by 1.65% at $13.56 premarket at the last check Monday.
价格走势：在周一的最后一次支票中，腾讯金属交易所股价上涨1.65％，至盘前13.56美元。