CICC International: Maintains Tencent Music's (01698.HK) target price at 66 HKD, with a "buy" rating.

According to the Wise Finance APP, CICC International released a research report stating that they are optimistic about the stable growth of Tencent Music's (TME.US, 01698) online music service. They predict that the increase in average revenue per paying user (ARPPU) will drive growth higher than the increase in membership numbers. They are focusing on the growth of super members (SVIP) and are optimistic about the growth of subscription and advertising revenue, as well as the continuous increase in self-produced content to promote gross profit margin optimization. The bank slightly raised its adjusted net profit for 2025 by 3% to 8.9 billion RMB, maintaining a target price of 66 Hong Kong dollars and a "buy" investment rating. The bank stated that Tencent Music's first quarter adjusted net profit attributable to shareholders reached 2.12 billion RMB, slightly exceeding market expectations by 5%.