On October 18, Guolonghui｜CICC released a research report stating that tencent music is expected to grow its total revenue by 6% year-on-year in the third quarter, with adjusted net income increasing by 37% year-on-year, meeting market expectations. Among them, core music membership business revenue increased by 21% year-on-year. The bank maintains the group's forecast for the end of 2028 of 0.15 billion paid music members, average revenue per paid user (ARPPU) of 15 yuan per month, and 45% of the gross profit of the music business, along with a dividend policy of at least 30% annually. It maintains a "buy" rating and raises the target price to 58.1 Hong Kong dollars.