大和研究报告指，腾讯音乐(01698.HK) (TME.US) 首季业绩符合预期，当中在线音乐订阅每月每付费用户平均收入(ARPPU)按年改善7.5%，稍高于较该行预期，由超级会员(SVIP)会员渗透率提高和折扣调整所带动。该行料全年音乐订阅收入将略为加速至按年升17%(原预期为升16%)，主要基于ARPPU扩张；非订阅收入增长速度则更快，料按年增23%。
该行预期腾讯音乐全年每股盈利增长将高于20%；将今明两年的收入预测上调0.3%至0.8%，及每股盈利预测上调4%至5%，以反映在线音乐收入增长以及经营利润率优于预期；维持“持有”评级，目标价由51元升至66元。(ss/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-19 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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