《大行》中金削腾讯音乐(01698.HK)目标价33%至67.5元 订阅业务降速

阿斯达克财经
Yesterday

中金公司研究报告指,腾讯音乐-SW(01698.HK) 2025年第四季收入86.41亿元人民币(下同),按年增长15.9%;非国际财务报告准则归母净利润24.85亿元,按年增长9%,略低于该行预期的25.28亿元,但大致符合市场预期,主要因利息收入低于该行预期。期内,音乐业务动能切换,2026年非订阅业务增速或高于订阅业务。2026年毛利率或按年略降,因加强内容投入。以IP为核心的新业务拓展,...

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