According to a research report by Oriental Securities, Tencent Music's revenue for the third quarter of 2024 was RMB 7.02 billion, with a gross profit margin of 42.6%. Mainly due to strong growth in music subscription and advertising service revenue, as well as a gradual increase in original content. The sales expenses for the third quarter were 220 million yuan, which is basically the same as the same period last year. The company continues to adopt a focus on investment return rate to manage promotion expenses. 2) In the third quarter of 2024, the online music service revenue was 5.48 billion yuan, mainly due to high-quality content, attractive membership benefits, optimized user operations, and effective promotion measures. The revenue of social entertainment services in the third quarter of 2024 was RMB 1.54 billion, mainly due to adjustments in live interactive functions and strengthened compliance procedures, as well as competition from other platforms. 3) With the increase of online music paying users and ARPPU, the proportion of the company's online music revenue in the overall structure continues to increase, and the profit margin is expected to continue to optimize. Maintain a 'buy' rating.