11月14日，建银国际发表研究报告指，看好腾讯音乐(01698.HK)的领导地位和可持续盈利能力，得益于其差异化的商业模式、优质的内容和用户群以及多元化的收入来源。该行维持“跑赢大市”评级，目标价为105.7港元，该行认为，近期股价回档提供了一个良好的买入机会。
报告指，腾讯音乐2025年第三季业绩略超预期，总收入及非GAAP净利分别比彭博社预期高出3%及4%，主要得益于非订阅音乐服务收入的增长。该行预期2025年第四季收入将按年增12.6%至84亿元人民币，预期音乐订阅用户净增加130万至1.27亿，每用户平均收入将按年增9.9%至12.2元。考虑到第四季是演唱会淡季和广告旺季，预期毛利率将较按季增长1.6个百分点至45.1%。预计非GAAP净利按年增10%至25亿元。
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