Downside risks: 1) underperformed music paying subs; 2) key label collaboration; 3) fierce competition; 4) regulation; 5) ineffective monetisation. Valuation 机构：中银国际 研究员：Raphael CHEN/Dolores Tang 21% YoY total revenue and 33% YoY adj. net profit in 3Q25 beat street expectations by 3% and 4% respectively. Inline 17% YoY music subs was contributed by 1.3m quarterly paying user net adds and +2% QoQ RMB11.9 monthly ARPPU. 51% YoY music non-subs continued to surprise market due to solid ad, strong offline perfor ...