Tencent Music Entertainment Group's stock plummeted 20.9% during intraday trading on Tuesday, following the release of its fourth-quarter and full-year 2025 financial results.

Despite reporting revenue and adjusted earnings per share that surpassed analyst expectations, investor sentiment turned sharply negative due to a concerning decline in the company's core user metric. Monthly active users (MAUs) for its online music services fell by 5.0% year-over-year, signaling potential challenges in platform engagement and future growth.

The company also announced a significant change to its financial reporting, stating it will discontinue the quarterly disclosure of certain operating metrics, including MAU, paying users, and average revenue per user (ARPPU), starting next quarter. This shift in focus to revenue and profit indicators alone appears to have raised concerns among investors about transparency and the underlying health of its user ecosystem.