According to the information from Zhitong Finance APP, Tencent Music (01698) fell by nearly 4%, as of the time of publication, it dropped by 3.79% to HKD 41.85, with a turnover of HKD 1465.01 million. Daiwa pointed out that the company's second-quarter performance roughly met market expectations, with the latest guidance indicating a year-on-year growth target of 18% for music subscriptions by 2025. Both the guidance for the second half of this year and the company's delay in achieving medium to long-term goals were lower than the bank's expectations. Daiwa downgraded Tencent Music's rating from "buy" to "hold" for the second time, cutting the target price from HKD 66 to HKD 46. Goldman Sachs also stated that Tencent Music's second-quarter performance met expectations, but there are mixed views on the outlook for the second half of this year to 2025. The management has revised the quarterly net new user guidance from the original 3 million to a range of 1.5 million to 2 million. The shift in Tencent Music's growth momentum may raise concerns among some investors about multiple contractions, but the long-term growth prospects are optimistic, with the target price lowered by 11% to HKD 55.1. In addition, CICC lowered Tencent Music's target price from HKD 63 to HKD 51