TENCENT MUSIC ENTERTAINMENT(1698.HK)：1Q25 PROFIT BEAT; ENHANCED AND DIVERSIFIED MUSIC MONETISATIONS WITH SOLIDIFIED CONTENTS AND OPERATIONAL EXPERTISE EDGES

机构：中银国际 研究员：Raphael CHEN 9% YoY topline and RMB2.1bn (up 25% YoY) adj. net profit in 1Q25 exceeds consensus by 1% and 3% respectively. 16% YoY core music revenue meets streets' expectation. We deem Co. has strong financial visibility along the road on solid music growth trajectory driven by ARPPU-prioritised subs and diversified non-subs monetisation channels given its enriched contents, expanded privileges and solidified operational expertise. Along with its committed shareholder return executions, healthy ...