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Industrial Bank International has released a research report maintaining the adjusted net profit forecast for Tencent Music for the next two years. They have raised their target prices for both Hong Kong and US stocks to HK$74 and $19 respectively, while also maintaining a "buy" rating. The bank expects that the net increase in members in future quarters may fluctuate due to operational rhythms, but the long-term target of 150 million members and an average monthly ARPPU of 15 yuan is highly visible. Tencent Music's acquisition of SM Entertainment, approximately 2.21 million shares, will expand cooperation beyond copyrights to jointly develop Chinese idol groups, develop IP business, and expand offline performance collaborations. The bank maintains a steady growth forecast for Tencent Music's music subscription revenue, estimating a 16% year-on-year increase this year with a 6% increase in members and a 10% increase in average monthly ARPPU, benefiting from reduced promotions and an increase in SVIP proportion. Additionally, they predict a 18% year-on-year increase in non-subscription revenue.