Tencent Music Entertainment Group (TME)

NYSE: TME · Radio Broadcasting Stations · Nanshan District, Shenzhen, CN · filing with the SEC since 2018

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Grade7.0

◀ Past 8.2● Present 6.3▶ Future 6.6

1 est.

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The grade of Tencent Music Entertainment Group

Nine metrics read from its own filings, by tense

Headline grade

7.0/10

◀ Past8.230% of the headline

● Present6.340% of the headline

▶ Future6.630% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

8.2/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

8.5/10

Has it survived what it has been through?

No warning events in its filings since 2018.

weight 33% of this tense · 85th percentile among 10 sector filers · read for itself

From the record

Tencent Music Entertainment Group's filings since 2018 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

8.8/10

What has it actually done, year after year?

+26.4% a year over 9 filed years; profitable in 9 of 9.

weight 45% of this tense · 88th percentile among 10 sector filers · read for its customers

From the record

Tencent Music Entertainment Group's 9 filed years say what it did: revenue went from CNY 4.4 billion in fiscal 2016 to CNY 28 billion in fiscal 2024, up 26.4% a year; it rose in 6 of 8 years; the deepest fall was 11% from fiscal 2021 to fiscal 2023; net income was positive in 9 of 9 of those years (its annual reports).

What it rests on

revenue growth over the filed span26.4%top 5% of its family
the share of years revenue rosetop 15% of its family
the share of filed years with a profittop 5% of its family
the deepest fall from a revenue peak11.2%top 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

6.7/10

How has it treated the people who own it?

Share count shrank 2.4% a year. 25% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 67th percentile among 8 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2024-12-31, Tencent Music Entertainment Group's diluted share count shrank about 2.4% a year, and dividends and buybacks returned about 25% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-10-19 (their Form 4 filings).

What it rests on

the share count over the yearstop 35% of its family
cash returned against operating cash flowtop 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.3/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

6.5/10

Is it financially healthy right now?

ROE 10%: 10¢ of profit per shareholder dollar. Leverage 23%: owes 23¢ per asset dollar.

weight 33% of this tense · 65th percentile among 10 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2024-12-31, Tencent Music Entertainment Group earned about 10 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 13 cents per dollar of everything the company owns. Leverage: it owed about 23 cents per dollar of assets, and net share issuance: its share count shrank 1.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 5% of its family
return on equitytop 21% of its family
gross profit against assetsbottom 13% of its family
the share count against the year beforetop 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

6.5/10

How strong is its position in its industry?

top 35% of 10 in its family; net margin 25%.

weight 45% of this tense · 65th percentile among 10 sector filers · read for its customers

From the record

Tencent Music Entertainment Group's standing among 10 graded names in its industry family: revenue of CNY 28 billion in fiscal 2024 is not ranked by size, since the family reports in another currency; a net margin of 25% ranks in the top 5%; revenue growth of -3.1% a year over the last 3 filed years ranks in the bottom 35% (its annual reports).

What it rests on

net margin25.0%top 5% of its family
three-year revenue growth-3.1%bottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.7/10

What are the people in charge doing?

SI estimate 5.7/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 7 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 7 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 7 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Tencent Music Entertainment Group's leadership is put at 5.7 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 7 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.6/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

7.3/10

How much room does it have to grow?

top 27% of 10 in its family for room to expand.

weight 33% of this tense · 73rd percentile among 10 sector filers · read for itself

From the record

Tencent Music Entertainment Group's room to grow, from the newest filed statements (fiscal 2024): cash of CNY 13 billion against no long-term debt tagged leaves 14.6% of its assets as net cash, top 15% of its family; cash from operations less capital spending is 35.1% of revenue (top 5%); a gross margin of 42.3% (top 37%); research spending of 8% of revenue (top 50%) (its annual report).

What it rests on

cash less debt against assets14.6%top 15% of its family
cash from operations less capital spending against revenue35.1%top 5% of its family
gross margin42.3%top 37% of its family
research spending against revenue8.0%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.1/10

What could actually drive growth from here?

top 49% of 10 in its family for growth drivers.

weight 45% of this tense · 51st percentile among 10 sector filers · read for its customers

From the record

Tencent Music Entertainment Group's growth drivers, from the filed years to fiscal 2024: revenue grew -3.1% a year over the last three filed years against 26.4% over all 9, slowing (bottom 5% of its family); the newest year grew 2.3% (top 25%); research spending grew -0.8% a year (top 50%); capital spending grew 26.1% a year (top 25%) (its annual reports). Tencent Music Entertainment Group tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-29.5 points a yearbottom 5% of its family
the newest year's revenue growth2.3%top 25% of its family
three-year growth of research spending-0.8%top 50% of its family
three-year growth of capital spending26.1%top 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

8.5/10

Did its newest year beat what its own record pointed to?

top 15% of 10 in its family for expectations against reality.

weight 22% of this tense · 85th percentile among 10 sector filers · read for its shareholders

From the record

Tencent Music Entertainment Group's newest year against its own record: revenue of CNY 28 billion in fiscal 2024 came in 8.6% above the CNY 26 billion its prior three years' pace pointed to (top 5% of its family); net income of CNY 7.1 billion against a prior three-year average of CNY 4.1 billion (top 25%); a net margin of 25% against 14.2% before (top 15%) (its annual reports).

What it rests on

revenue against the prior three years' pace8.6%top 5% of its family
net income against the prior three years' average+74%top 25% of its family
net margin against its prior average+10.8 pointstop 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TME · research, not advice