Lyon: Market competition tends to be positive, giving NetEase Cloud Music a "highly confident outperforming the market" rating.

Lyon released a research report stating that Tencent Music announced its performance in the first quarter, which exceeded expectations. Tencent Music showed the market that its super member model has been effective, and the potential for growth in average revenue per paying user for online music services. Lyon pointed out that Tencent Music lowered its net increase in paying users for the full year, reflecting the company's desire to avoid direct competition with NetEase Cloud Music in acquiring paying users, and also showing that the industry competition is becoming more benign, with market participants focusing on improving their own product and service differentiation. Lyon stated that they will reevaluate their rating after NetEase Cloud Music announces its performance, currently giving a "highly confident outperform" rating with a target price of 200 Hong Kong dollars.