中金发表报告指，腾讯音乐(01698.HK) (TME.US) 公布第二季收入84.4亿元人民币(下同)，按年增17.9%，超该行和市场预期。Non-IFRS净利润25.7亿元，按年增37.4%，超该行和市场预期，主要因非订阅收入(广告、演唱会和艺人周边等)超预期。
因音乐非订阅业务好于预期，中金上调腾讯音乐2025/2026年Non-IFRS净利润预测6.8%、13.0%至94.6、112.1亿元。当前港股对应26.8、22.3倍、美股对应26.7、22.2倍2025/2026 年Non-IFRS市盈率。维持“跑赢行业”评级。鉴于行业估值中枢上移，上调港/美股目标价43.1%/42%至114.5港元/29.4美元。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-14 12:25。) (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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