Citi Research issued a research report anticipating that TME-SW (01698.HK) -0.980 (-2.686%) Short selling $46.13M; Ratio 264.857% 's 4Q25 results will be in line with expectations or slightly beat forecasts, primarily due to stable subscription services and accelerated growth in non-subscription music revenue. Looking ahead to 2026, the broker believed that the key focuses include the competitive landscape and potential threats from Douyin's Soda Music, SVIP conversion rates and average revenue per user (ARPU) trends, online advertising revenue, updates on music concert income, the latest status of Himalaya, and trends in GPM and operating profit margins.Although Citi Research believed that the rapid growth of Soda Music's user metrics may not directly impact TME-SW's core user base in the short term, competitive concerns will continue to suppress share price performance. Furthermore, the latest progress in AI integration, and how AI technology facilitates or disrupts music creation and changes in user behavior, are important trends to watch. Therefore, the broker kept rating at Buy on TME-SW's US stock, with a target price of US$29.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)
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