Related Party Transactions

12 Months Ended

Dec. 31, 2024

Disclosure of transactions between related parties [abstract]

32.

Related party transactions

The table below sets forth the major related parties and their relationships with the Group as at December 31, 2024:


Name of related parties		Relationship with the Group
Tencent and its subsidiaries other than the entities controlled by the Group (“Tencent Group”)		The Company’s principal owner

(a)

Transactions

For the years ended December 31, 2022, 2023 and 2024, significant related party transactions were as follows:


	2022		2023		2024
	RMB’million		RMB’million		RMB’million
Revenue
Online music services to Tencent Group (note)		338		172		188
Online music services to the Company’s associates and associates of Tencent Group		276		397		365
Social entertainment services and others to Tencent Group, the Company’s associates and associates of Tencent Group		71		55		43
Expenses
Operating expenses recharged by Tencent Group		1,272		1,188		798
Advertising agency cost to Tencent Group		556		755		959
Content royalties to Tencent Group, the Company’s associates and associates of Tencent Group		612		796		642
Other costs to the Company’s associates and associates of Tencent Group		68		26		138

Note: Including revenue from online advertising and subscriptions provided to Tencent Group pursuant to the Business Cooperation Agreement, which was renewed in August 2023.

These related party transactions were conducted at prices and terms as agreed by the respective parties involved.

(b)

Balances with related parties


	As at December 31,
		2023		2024
		RMB’million		RMB’million
Included in accounts receivable from related parties:
Tencent Group (note)			1,824		2,343
The Company’s associates and associates of Tencent Group			21		52
Included in prepayments, deposits and other assets from related parties:
Tencent Group			54		48
The Company’s associates and associates of Tencent Group			121		139
Included in accounts payable to related parties:
Tencent Group			667		702
The Company’s associates and associates of Tencent Group			269		234
Included in other payables and accruals to related parties:
Tencent Group			491		117
The Company’s associates and associates of Tencent Group			2		1

Note: The balance is mainly arising from user payments collected through various payment channels of Tencent Group pursuant to the Business Cooperation Agreement that renewed in August 2023.

(c)

Key management personnel compensation


	2022		2023		2024
	RMB’million		RMB’million		RMB’million
Short-term employee benefits		69		68		51
Share-based compensation		135		95		78
		204		163		129