腾讯音乐_2025 年第四季度业绩点评-2026 年增长预期重调，竞争与人工智能为核心争议点；下调目标价，维持买入评级

18 March 2026 | 1:26AM HKT Equity Research Tencent Music Entertainment Group (TME) 4Q25 Earnings Review: Reset of growth expectations in 2026, Competition/AI the key debates; Lower TP, Buy | TME | 12m Price Target: $17.60 | Price: $15.09 | Upside: 16.6% | | --- | --- | --- | --- | | 1698.HK | 12m Price Target: HK$69.00 | Price: HK$57.20 | Upside: 20.6% | TME is sharply lower post 4Q25 results, mainly as the market is concerned with the rising music competition in 2026 and potential AI disruption to music st ...