Core Viewpoint - Tencent Music maintains a leading position in the domestic music market with high user stickiness, and is expected to achieve significant revenue and profit growth from 2025 to 2027 [1][2]. Financial Performance - In Q3 2025, Tencent Music reported total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, driven primarily by growth in online music services [2]. - Operating profit increased by 26.4% to 2.71 billion yuan, with net profit attributable to shareholders reaching 2.15 billion yuan [2]. Online Music Business Growth - Online music service revenue grew by 27.2% to 6.97 billion yuan, with the average monthly revenue per paid user rising by 10.19% to 11.9 yuan, attributed to the expansion of super member benefits [3]. - Offline performances, advertising services, and artist-related products have become significant contributors to revenue growth, with all 14 offline concert tickets sold out and over 150,000 attendees [3]. User Experience and Engagement - The company has launched innovative features such as liquid glass skin and a player fully compatible with the HarmonyOS, enhancing visual and interactive experiences [4]. - The advertising membership has increasingly attracted free users, leading to a rise in daily usage time on the platform, which in turn boosts advertising revenue [4].