According to a research report published by Citibank, Tencent Music's second-quarter performance slightly beat expectations, but revenue from core music-related membership services continued to be pressured and advertising revenue growth slowed, and it is believed that the outlook for the third quarter and the full year will weaken. According to the bank, integrating the Himalayas has a positive effect on gross margin, but until the synergy effects of cost optimization and integration are fully realized, the increase in short-term operating expenses will lead to operational deleveraging and a slowdown in net profit growth. It is believed that the integration process will put pressure on the Group's short-term growth. The bank lowered the target price of Tencent Music's US stock from $13 to $11.4, maintaining a “buy” rating.

According to a research report published by Citibank, Tencent Music's second-quarter performance slightly beat expectations, but revenue from core music-related membership services continued to be pressured and advertising revenue growth slowed, and it is believed that the outlook for the third quarter and the full year will weaken. According to the bank, integrating the Himalayas has a positive effect on gross margin, but until the synergy effects of cost optimization and integration are fully realized, the increase in short-term operating expenses will lead to operational deleveraging and a slowdown in net profit growth. It is believed that the integration process will put pressure on the Group's short-term growth. The bank lowered the target price of Tencent Music's US stock from $13 to $11.4, maintaining a “buy” rating.