Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.N) [5] Core Insights - Tencent Music's total revenue for Q3 2025 reached 8.46 billion RMB, a year-over-year increase of 20.6%, surpassing Bloomberg's consensus estimate of 8.23 billion RMB, driven by better-than-expected growth in non-subscription revenue [1] - The adjusted net profit attributable to the parent company for Q3 2025 was 2.405 billion RMB, reflecting a year-over-year growth of 32.6% [1] - The online music revenue was 6.97 billion RMB, up 27.2% year-over-year, accounting for 82.3% of total revenue, while social entertainment services and other revenues declined by 2.7% [1] Revenue Structure Summary - Subscription revenue reached 4.50 billion RMB, growing 17.2% year-over-year, with a music MAU of 551 million, a decrease of 4.3% year-over-year [2] - The number of paid subscribers increased by 5.6% year-over-year to 126 million, with a net addition of 1.3 million users from the previous quarter [2] - Non-subscription revenue was 2.47 billion RMB, showing over 50% year-over-year growth, with strong performance in advertising and live events [2] Expense Summary - Total expenses for Q3 2025 were 1.31 billion RMB, a year-over-year increase of 7.6%, with sales and marketing expenses rising by 18.2% due to increased content promotion and channel spending [3] Profit Forecast and Valuation Summary - The adjusted net profit forecast for 2025-2027 has been slightly revised down to 9.70 billion RMB, 10.98 billion RMB, and 12.51 billion RMB, respectively [3] - Revenue projections for 2025, 2026, and 2027 are 32.78 billion RMB, 37.30 billion RMB, and 41.92 billion RMB, with growth rates of 15.4%, 13.8%, and 12.4% respectively [4]

格隆汇11月13日｜里昂发表报告指，网易云音乐和腾讯音乐过去一周股价表现落后，因市场忧虑字节跳 动旗下汽水音乐带来的竞争加剧。在用户快速增长的背景下，汽水音乐过去一年在内容及变现策略上保 持一致，没有显著变化。该行认为，由于各平台战略定位及产品差异化，直接爆发正面竞争的风险较 低，重申对网易云音乐和腾讯音乐"跑赢大市"评级。 ...

转自：北京日报客户端 从业务亮点来看，第三季度，腾讯音乐加强了与知名唱片公司和艺人的合作，进一步扩大综合音乐曲 库。同时，记者注意到，其与领先游戏开发商合作，拓宽游戏相关音乐选择。比如与腾讯游戏合作，联 合天美工作室群策划《王者荣耀》十周年版本主题曲《明日坐标》，与暴雪娱乐首次合作，引入旗下包 括《魔兽世界》和《炉石传说》在内的多款经典游戏的50张原声音乐等。 11月12日，腾讯音乐公布第三季度财报。财报显示，2025年第三季度，该公司总收入为84.6亿元，同比 增长20.6%，调整后净利润为24.8亿元，同比增长27.7%。 具体来看，第三季度，腾讯音乐在线音乐服务收入69.7亿元，同比增长27.2%；在线音乐订阅收入为45 亿元，同比增长17.2%。单个付费用户月均收入从2024年同期的10.8元增长至11.9元。同时，第三季 度，该公司线下演唱会收入、广告收入和艺人周边商品收入增长明显。 腾讯音乐首席执行官梁柱表示，个性化服务与体验增强了平台的用户忠诚度，从而带动了超级会员 （SVIP）的渗透率和单个付费用户月均收入的进一步提升。"展望未来，我们将继续强化核心竞争力、 提升平台效率，并把握新兴机遇，持续 ...

摩根士丹利发表研究报告指，腾讯音乐第三季总收入按年增长21%至85亿元，较该行预期高2.8%。其 中，音乐订阅收入按年增长17%至45亿元，大致符合该行预期。付费用户数按季增加130万，每付费用 户平均收入(ARPPU)为每月11.9元，按年增长11%。盈利方面，经调整非国际财务报告准则净利润按年 增长33%至24亿元，较该行预期高5.1%。毛利率为44.6%，按季下降0.8个百分点，按年上升0.7个百分 点，主要受惠于音乐订阅业务的强劲经营杠杆及自制内容效益，而按季下跌可能因线下内容投入增加。 该行等待业绩会议透露更多前景展望，现予其美股目标价27.5美元及"增持"评级。 ...

Core Insights - Tencent Music reported third-quarter revenue of 8.46 billion yuan, representing a year-on-year growth of 20.6% [1] - Non-IFRS net profit reached 2.41 billion yuan, up 32.6% year-on-year, slightly exceeding the expectation of 2.3 billion yuan due to better-than-expected performance in non-subscription music business [1] - The company adjusted its Non-IFRS net profit forecasts for the next two years, increasing the 2025 estimate by 1.9% to 9.63 billion yuan and decreasing the 2026 estimate by 4.1% to 10.75 billion yuan [1] - The target prices for US and Hong Kong stocks were lowered by 11.6% and 12.7% to $26 and 100 HKD, respectively, both corresponding to a projected P/E ratio of 26 times for 2026 [1] Financial Performance - Third-quarter revenue: 8.46 billion yuan, up 20.6% year-on-year [1] - Non-IFRS net profit: 2.41 billion yuan, up 32.6% year-on-year, exceeding expectations [1] Forecast Adjustments - 2025 Non-IFRS net profit forecast increased by 1.9% to 9.63 billion yuan [1] - 2026 Non-IFRS net profit forecast decreased by 4.1% to 10.75 billion yuan [1] Target Price Adjustments - US stock target price reduced by 11.6% to $26 [1] - Hong Kong stock target price reduced by 12.7% to 100 HKD [1]

该行认为有关忧虑属过份，相信公司增长故事仍大致维持。腾讯音乐与其他平台不同之处，在于独特内 容及对用户的增值服务。公司透过SVIP渗透及更多产品提供，有望实现稳健的ARPU增长，以及进一步 拓展直播娱乐及粉丝经济业务，有利公司整个用户生态圈，并使未来收入来源进一步多元。该行维持对 腾讯音乐"买入"评级，ADR及港股目标价由27美元及106港元下调至25.2美元及99港元。 高盛发表研报指，腾讯音乐第三季度收入及盈利略胜预期，但绩后股价下滑，相信市场忧虑潜在音乐串 流平台竞争，及其对腾讯音乐订阅增长与定价策略的潜在中期影响；以及直播表现业务波动性与低利润 率，或影响明年整体毛利扩张。 ...

该行认为即使腾讯音乐在2026年会短期加大投入，但公司将凭借其稳固的核心内容、用户资产、营运能 力及产业伙伴的竞争力，以丰富的商业化手段及更雄厚的商业化能力持续产生正向的商业化动能。该行 维持对其"买入"评级，美股目标价由27美元下调至24美元，港股目标价由106港元降至94港元。 格隆汇11月13日｜中银国际发表报告指，腾讯音乐第三季总收入按年增长21%，经调整净利润按年增长 33%，分别超出市场预期3%及4%。受益于付费会员数季度净增130万及月均ARPPU按季增长2%至19 元，音乐会员收入按年增长17%，与市场预期一致。按年增长51%的音乐非会员收入继续大超市场预 期，主要由于持续增长的广告、强劲的线下演唱会及艺人周边贡献。 ...

Core Viewpoint - UBS report indicates that Tencent Music's Q3 revenue increased by 20.6% year-on-year to 8.46 billion yuan, exceeding both UBS and market expectations by 3.1% and 2.9% respectively [1] - Non-GAAP net profit rose by 32.6% year-on-year to 2.41 billion yuan, also surpassing UBS and market forecasts by 4% and 3.8% respectively [1] - The management expects continued strong growth in subscription services and new revenue sources driven by SVIP expansion, diversified content, and enhanced user engagement [1] Financial Performance - Q3 revenue: 8.46 billion yuan, up 20.6% year-on-year [1] - Non-GAAP net profit: 2.41 billion yuan, up 32.6% year-on-year [1] - Non-GAAP net profit margin: 28.4%, exceeding expectations by approximately 0.3 percentage points [1] Market Reaction and Outlook - UBS anticipates a positive reaction from investors to Tencent Music's better-than-expected performance [1] - Investors are awaiting further details on ARPPU trends, SVIP adoption rates, profit margin outlook, and new business strategies [1] - UBS maintains a "Buy" rating on Tencent Music's US stock with a target price of $30 [1]

Core Viewpoint - Cathay Securities maintains an "Overweight" rating for Tencent Music (01698), projecting revenue growth and adjusted net profit for 2025-2027, with a target price of HKD 96.0 for 2026 based on a 25x PE ratio [1] Financial Performance - In Q3 2025, Tencent Music achieved revenue of CNY 8.46 billion, a year-on-year increase of 20.6% [1] - Gross margin stood at 43.5%, up 0.9 percentage points year-on-year [1] - Operating profit reached CNY 2.71 billion, reflecting a 26.4% year-on-year growth, with an operating margin of 32.0%, up 1.5 percentage points [1] - Adjusted net profit was CNY 2.41 billion, a 32.6% increase year-on-year, with an adjusted net margin of 28.4%, up 2.6 percentage points [1] Revenue Drivers - Online music service revenue for Q3 2025 was CNY 6.97 billion, up 27.2% year-on-year, with subscription revenue at CNY 4.5 billion, a 17.2% increase [2] - The number of paying users reached 126 million, a 5.6% year-on-year increase, with a paying penetration rate of 22.8%, up 2.2 percentage points [2] - Average Revenue Per Paying User (ARPPU) was CNY 11.9, a 10.2% increase year-on-year [2] - Offline performances, advertising, and peripheral income contributed to a revenue of CNY 2.47 billion, a significant 50.5% year-on-year growth [2] Content and User Engagement - The multilingual music library has been strengthened through contracts with top artists and the introduction of Japanese and Korean ACG labels [3] - Collaborative music projects with games like "Honor of Kings" have produced popular works such as "Tomorrow's Coordinates" [3] - The G-DRAGON concert series expanded to six countries with 14 performances in Q3 2025, enhancing global industry influence [3] - Innovations in membership systems have improved user engagement, with the new advertising membership attracting free users and increasing daily usage time on the platform [3]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for Tencent Music (01698), projecting revenue growth and adjusted net profit for 2025-2027, with a target price of HKD 96.0 for 2026 based on a 25x PE ratio [1] Financial Performance - Tencent Music achieved revenue of RMB 84.6 billion in Q3 2025, a year-on-year increase of 20.6% with a gross margin of 43.5%, up 0.9 percentage points [1] - Operating profit reached RMB 27.1 billion, reflecting a 26.4% year-on-year growth, with an operating margin of 32.0%, up 1.5 percentage points [1] - Adjusted net profit for Q3 2025 was RMB 24.1 billion, a 32.6% increase year-on-year, with an adjusted net margin of 28.4%, up 2.6 percentage points [1] Revenue Drivers - Online music service revenue was RMB 69.7 billion in Q3 2025, up 27.2% year-on-year, with subscription revenue at RMB 45 billion, a 17.2% increase [2] - The number of paying users reached 126 million, a 5.6% year-on-year increase, with a paid penetration rate of 22.8%, up 2.2 percentage points; ARPPU was RMB 11.9, a 10.2% increase [2] - Offline performances, advertising, and peripheral income contributed to a revenue of RMB 24.7 billion, a significant 50.5% year-on-year growth [2] Content and User Engagement - The multilingual music library has been strengthened through contracts with top artists and the introduction of Japanese and Korean ACG labels [3] - Collaborative music projects with games like "Honor of Kings" have produced hit songs such as "Tomorrow's Coordinates" [3] - The user experience has been enhanced through innovative membership systems, increasing user stickiness and daily usage time for free users [3]