CCB International published a research report stating thatplaysicboonlineforrealmoneyTencent Music's revenue in the first quarter of this year fell 3% year-on-yearplaysicboonlineforrealmoney, the performance was better than market expectations, mainly due to the significant year-on-year growth of 43% in online music service revenue during the period, with the number of paying users increasing by 20% to 1playsicboonlineforrealmoney.13 billion people, driving the music subscription business to grow by 39%. It is expected that strong business performance and improved gross profit margins will continue into the second quarter, driving continued profit growth.

The bank also pointed out that the company announced its first annual dividend and described it as pleasantly surprised, raising its 2024 - 2026 profit forecast by 5% to 6%, with a target price from 47playsicboonlineforrealmoneyThe Hong Kong dollar rose to HK$66.3, corresponding to a forecast P/E ratio of approximately 22 times for 2025, maintaining the "Outperform" rating.