野村发表报告指，腾讯音乐去年末季收入胜预期，盈利大致符预期；但2026年第一季度及全年指引逊预期，反映市场竞争加剧。管理层预计今年首季总收入按年增长7%，至79亿元，较市场预测低5%。其中，音乐订阅收入预计年增6%，远低于市场预期的13%，主要受来自竞争对手如Soda Music的低定价策略影响。非订阅在线音乐服务收入预计年增26%至20亿元，大致符市场预期。管理层承认竞争正在加剧，并强调音乐订阅收入在今年可能会面临一些短期压力；但同时指出，竞争并非新忧虑，因公司过往表现已证明其能保持灵活并有效竞争，对此保持信心。该行维持对其“买入”评级，美股目标价26美元不变。
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