---
title: "Citi: Tencent Music's Q3 music service revenue beats expectations, target price $29"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265632303.md"
description: "Citigroup's research report pointed out that Tencent Music's total revenue in the third quarter increased by 20.6% year-on-year to RMB 8.46 billion, exceeding expectations. Online music service revenue grew by 27.2% to RMB 6.97 billion, mainly driven by the growth in music subscription revenue. Social entertainment revenue declined by 2.7%. Adjusted net profit was RMB 2.48 billion, a year-on-year increase of 28%. Citigroup set a target price of $29 for Tencent Music and rated it as \"Buy.\""
datetime: "2025-11-13T03:00:36.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265632303.md)
  - [en](https://longbridge.com/en/news/265632303.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265632303.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265632303.md) | [繁體中文](https://longbridge.com/zh-HK/news/265632303.md)


# Citi: Tencent Music's Q3 music service revenue beats expectations, target price $29

Citigroup's research report indicates that Tencent Music-SW (01698.HK) achieved a total revenue growth of 20.6% year-on-year in the third quarter, reaching RMB 8.46 billion, exceeding both the bank's and market expectations by 3%. Among them, online music service revenue grew by 27.2% year-on-year to RMB 6.97 billion, 4% higher than the bank's expectations, mainly driven by robust growth in music subscription revenue, as well as increases in offline performances, advertising services, and merchandise sales for artists. Subscription revenue rose by 17.2% year-on-year to RMB 4.5 billion, accounting for approximately 53% of total revenue. Meanwhile, social entertainment revenue decreased by 2.7% year-on-year to RMB 1.49 billion, which was 1% lower than the bank's expectations.

During the period, the adjusted net profit was RMB 2.48 billion, a year-on-year increase of 28%, exceeding both the bank's and market expectations by 8% and 7%, respectively, due to better-than-expected revenue and improved gross profit, although partially offset by increased operating expenses. The bank currently sets a target price of USD 29 for Tencent Music (TME.US) and maintains a "Buy" rating

### 相关股票

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

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