Core Viewpoint - Jianyin International's report indicates that Tencent Music's Q3 revenue and non-GAAP net profit exceeded market expectations by 3% and 4% respectively, with strong performance in non-subscription music services [1] Group 1: Financial Performance - Tencent Music's Q3 revenue and non-GAAP net profit surpassed market expectations by 3% and 4% respectively [1] - The company is expected to continue investing in offline events and artist merchandise to enhance its online and offline integrated music ecosystem, which may pressure profit margins in the short term [1] Group 2: Future Outlook - By 2026, Tencent Music is anticipated to maintain its leadership position and sustainable profitability due to its differentiated business model, quality content supply, user base, and diversified revenue sources [1] - The company is rated "Outperform" with a target price of HKD 105.7 for H-shares and USD 27.1 for US shares, corresponding to a projected P/E ratio of 28 times for 2026, which is a 40% discount compared to global leader Spotify [1] - The recent decline in stock price is viewed as a good entry point for investors [1]