---
title: "In the report \"Major Banks,\" China International Capital Corporation lowered the target price for Tencent Music to 94 yuan, maintaining a \"Buy\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265641487.md"
description: "BOC International released a report stating that Tencent Music's total revenue in the third quarter increased by 21% year-on-year, and adjusted net profit grew by 33%, both exceeding market expectations. The number of paying members increased by 1.3 million in the quarter, and music membership revenue rose by 17% year-on-year. Although it is expected to increase investment in 2026, the company maintains a \"Buy\" rating due to its competitive advantage in core content and user assets, with the target price lowered from HKD 106 to HKD 94"
datetime: "2025-11-13T04:33:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265641487.md)
  - [en](https://longbridge.com/en/news/265641487.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265641487.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265641487.md) | [繁體中文](https://longbridge.com/zh-HK/news/265641487.md)


# In the report "Major Banks," China International Capital Corporation lowered the target price for Tencent Music to 94 yuan, maintaining a "Buy" rating

Bank of China International published a report stating that Tencent Music-SW (01698.HK) had a total revenue growth of 21% year-on-year in the third quarter, and adjusted net profit grew by 33% year-on-year, exceeding market expectations by 3% and 4% respectively. Benefiting from a net increase of 1.3 million paid members in the quarter and a 2% quarter-on-quarter increase in average monthly ARPPU to 19 RMB, music membership revenue grew by 17% year-on-year, in line with market expectations. The music non-member revenue, which grew by 51% year-on-year, continued to significantly exceed market expectations, mainly due to the sustained growth in advertising, strong offline concerts, and contributions from artist-related activities.

The firm believes that even though Tencent Music will temporarily increase investments in 2026, the company will continue to generate positive commercial momentum through its solid core content, user assets, operational capabilities, and competitive strength of industry partners, utilizing rich commercialization methods and stronger commercialization capabilities. The "Buy" rating is maintained, with the target price for Tencent Music (TME.US) on the US stock market lowered from $27 to $24, and the target price for Tencent Music on the Hong Kong stock market reduced from HKD 106 to HKD 94

### Related Stocks

- [Tencent Music Entertainment Group (TME.US)](https://longbridge.com/en/quote/TME.US.md)
- [TME-SW (01698.HK)](https://longbridge.com/en/quote/01698.HK.md)

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