Core Insights - Tencent reported strong Q3 earnings with revenue of 192.87 billion yuan, a 15% year-on-year increase, and net profit of 63.13 billion yuan, up 19% [1] - All major business segments showed double-digit growth, with value-added services revenue increasing by 16% to 95.86 billion yuan, and gaming revenue growing by 22.8% [1] - AI significantly contributed to revenue and gross profit, with about half of the advertising revenue growth driven by AI-enhanced advertising technology [1] Business Performance - Value-added services revenue: 95.86 billion yuan, +16% YoY [1] - Marketing services revenue: 36.24 billion yuan, +21% YoY [1] - Financial technology and enterprise services revenue: 58.17 billion yuan, +10% YoY [1] AI Development - Tencent is focusing on promoting its AI product "Yuanbao," which leads in material volume in the Chinese AI application market [2] - Despite a decrease in capital expenditure for GPU and infrastructure, Tencent maintains sufficient GPU reserves for internal use [6] - Tencent plans to develop an AI agent within WeChat to enhance user experience, although this initiative is still in early stages [7] Competitive Landscape - Competitors like Alibaba are also enhancing their AI capabilities, with projects aimed at creating comprehensive AI agents [6] - Tencent's AI initiatives are integrated across multiple platforms, including WeChat, QQ, and Tencent Meeting, covering various user scenarios [7]

中国银行新加坡分行行长史炜表示，中国银行以促进中新各领域互联互通为使命和目标，坚持以客 户为中心，着力打造本地及跨境个人金融综合服务能力。此次与TenPay Global的携手，不仅是落实中新 两国数字经济领域合作的重要举措，也为提升新加坡赴华人士支付体验、促进中新人文交流提供助力。 期待借助双方的技术与网络优势，打造安全、便捷、可信赖的跨境支付通道，打造"去中国，选中行"的 服务品牌。 根据MOU框架，双方未来将继续深化合作，在技术互通、产品共建、风控与合规协作、客户教育 与推广等方面携手合作，中长期目标是在确保合规与安全的前提下，持续优化跨境支付体验，探索在海 外华侨华人汇款、跨境结算及支付创新等领域的更多应用，共同构建更包容、高效的跨境金融服务生 态。 人民网曼谷11月13日电 （记者张矜若）11月12日至14日，为期三天的第十届新加坡金融科技节在 新加坡博览中心召开。为更好服务新加坡本地与跨境客户，深化中新金融科技合作，11月13日，中国银 行新加坡分行于2025年新加坡金融科技节期间，正式宣布与腾讯旗下跨境支付平台TenPay Global签署战 略合作备忘录（MOU）。双方将携手构建覆盖线上与线下 ...

来源：黄老邪财经 2025年腾讯三季报出炉前，市场的焦虑从未停止： 游戏新品能否扛住竞争？ 广告业务会不会被大环境拖累？ AI巨额投入会不会稀释利润？ 但这份财报一亮相，所有顾虑瞬间烟消云散。 近2000亿营收、18%利润增速，14亿月活再创新高，游戏、广告、金融科技全面开花——这份亮眼成绩 单不只是给投资者的"定心丸"，更藏着腾讯穿越周期的核心逻辑。 无论你是持股的投资人，还是关注行业的观察者，这些藏在数据里的"增长密码"，都值得深读。 一、核心数据炸场：近2000亿营收+18%利润增速，创纪录的底气 三季度腾讯交出的核心数据堪称"超预期"： 总营收1928.69亿元，同比增长15%；非国际标准下利润705.51亿元，同比飙升18%。 继二季度630亿利润创下纪录后，三季度再攀高峰。 拉长周期看更显稳健：前三季度非标利润已达1949.32亿，较2021年同期直接翻倍，实现4年利润翻番。 更关键的是，18%的利润增速跑赢15%的营收增速，形成"增收又增利"的良性循环——这在近2000亿体 量的巨头中尤为难得。 利润大涨的背后，是毛利率提升、成本管控优化、业务结构升级的三重驱动。 正如段永平所言"做对的事比把事 ...

据上海证券报，永赢基金权益研究部总经理、永赢惠添益基金经理王乾表示，近期港股出现调整，主要 由于前期上涨动能减弱以及新的不确定性增加，部分投资者选择获利了结;同时，市场对12月美联储降 息预期尚不明确;此外，部分行业竞争加剧也使盈利预期出现反复。 "年底前，市场将重点关注政策落地节奏与利率走势。进入明年，随着港股估值吸引力再度提升，若美 国利率趋势确认转向，或国内经济复苏信号进一步明确，港股市场有望重拾升势。在结构上，互联网、 高股息及高端制造等方向值得关注。"王乾称。 恒生指数低开1.52%，恒生科技指数跌2.22%。科网股领跌，华虹半导体跌近4%，阿里巴巴跌超3%，腾 讯控股绩后跌超1%。 "当前港股市场仍然主要是依靠流动性驱动，外部流动性环境不确定可能导致港股短期以震荡为主。"张 夏认为，中长期来看，随着美国降息周期开启，美联储缩表进程结束，中美宽松政策有望共振。南向资 金和外资都将在低利率环境下流入港股市场。港股作为全球估值洼地，估值修复空间很大。因此，港股 中长期仍有较大上行空间。 关于港股后市 广发证券发布研究报告称，港股牛市的基础并未破坏，但演进方式更可能呈现"震荡上行、重心缓升"的 特征，而非 ...

Core Insights - Tencent Holdings reported strong growth in Q3 2025, with total revenue reaching 192.87 billion RMB, a 15% year-on-year increase, and a net profit of 70.6 billion RMB, up 18% [1] - The company emphasized the positive impact of AI on its performance, with significant growth in gaming, advertising, and enterprise services [1][3] - AI chip supply constraints are identified as a challenge for cloud business growth, affecting the speed of revenue increase [2] Financial Performance - Total revenue for Q3 2025 was 1928.69 billion RMB, with a gross profit of 108.8 billion RMB, reflecting a gross margin increase from 53% to 56% [1] - Advertising revenue grew by 21% year-on-year to 36.2 billion RMB, driven by AI-enhanced advertising systems and increased user engagement on platforms like WeChat and video accounts [3] - International gaming revenue surpassed 20 billion RMB for the first time, contributing 32% to overall gaming revenue, with notable performance from Supercell's games [3] AI Development - Tencent is actively upgrading its AI capabilities and expanding its research and development team, with R&D expenses increasing by 28% year-on-year [1][3] - The company is developing AI capabilities within WeChat, leveraging its extensive user data to enhance user experience and engagement [5] - Despite a reduction in capital expenditure guidance for 2025, the company clarified that this does not indicate a slowdown in AI investment but is related to AI chip supply issues [4] Strategic Partnerships - Tencent confirmed a constructive relationship with Apple regarding the commission rate for WeChat mini-games, with a new agreement allowing developers to retain 85% of revenue from in-app purchases [2] - Apple announced a Mini Apps Partner Program to incentivize third-party mini-program developers, which aligns with Tencent's strategy to enhance its mini-program ecosystem [2]

Core Insights - Tencent Holdings reported a revenue of 192.87 billion yuan for Q3, a 15% year-on-year increase, and a net profit of 63.13 billion yuan, up 19% [1] - The company emphasized the role of AI in enhancing various business segments and increased marketing expenditures [1] - Tencent's gross profit for Q3 reached 108.80 billion yuan, a 22% increase, with a gross margin improvement from 53% to 56% [1] Financial Performance - For the first nine months of the year, Tencent's total revenue was 557.40 billion yuan, a 14% increase, and net profit was 166.58 billion yuan, up 17% [1] - Basic earnings per share for Q3 were 6.95 yuan, a 21% increase, while diluted earnings per share were 6.78 yuan, up 20% [1] Business Segments - Value-added services generated 95.86 billion yuan in revenue, a 16% increase, accounting for 50% of total revenue [2] - Marketing services revenue was 36.24 billion yuan, up 21%, driven by increased user engagement and AI-driven advertising technology [2] - Financial technology and enterprise services revenue reached 58.17 billion yuan, a 10% increase, supported by growth in commercial payment activities and cloud services [2] User Metrics - As of September 30, 2025, WeChat and WeChat combined monthly active accounts reached 1.414 billion, a 2% year-on-year increase [3] - QQ mobile terminal monthly active accounts were 517 million, down 8% year-on-year [3] - The number of paid value-added service subscribers remained stable at 265 million [3] R&D Investments - Tencent increased its R&D spending to 22.82 billion yuan in Q3, a 28% year-on-year increase, primarily focused on AI-related research [3] - General and administrative expenses were 34.26 billion yuan, an 18% increase [3]

腾讯控股(00700.HK)第三季度营收1928.69亿元，净利同比增长19%至631.33亿元 腾讯控股(00700.HK)： 三项业务全面向上 重回成长视角看腾讯 腾讯控股(00700.HK)第三季度营收1928.69亿元，净利同比增长 19%至631.33亿元 腾讯控股(00700.HK)：三项业务全面向上 重回成长视角看腾讯 花旗称，维持对腾讯的积极观点，公司在推动营收与利润稳健、可持续增长的同时，积极在企业级及用 户端人工智能应用领域保持前沿布局，体现出卓越的执行力。分析师Alicia Yap等人在报告中表示，腾 讯三季度的高增长势头主要得益于高利润率业务，如自主研发的游戏、视频号、微信搜索，以及通过战 略性招聘AI人才来优化生产力成本。尽管由于芯片采购不足导致第三季度资本支出同比下降24%，但腾 讯在升级基础模型架构和在微信生态中开发代理型AI的投入并未减缓，这些投资有望在未来带来显著 回报。将目标价从735港元上调至751港元。重申"买入"评级，继续视其为首选及AI主题标的。 相关事件 ...

2025.11. 14 本文字数：1275，阅读时长大约2分钟 作者 | 第一财经 郑栩彤 前一日，有市场消息称苹果、腾讯就小游戏内购抽成15%佣金达成一致，北京时间11月14日，苹果在官网确认了这一消息。 虽然未直接表达对苹果税的不满，但腾讯管理层谈及游戏行业或数字内容行业与应用商店之间天然的紧张关系，称根源是应用商店收取约30%佣金，游 戏行业认为这是沉重负担。管理层称，随着时间推移，无论是出于监管原因还是商业原因，趋势都是应用商店抽佣比例变化或降低。 围绕苹果税，此前市场猜测苹果和腾讯之间存在紧张关系。去年曾有市场传言称iPhone16不适配微信、用户要在苹果和微信间"二选一"，虽然"二选一"局 面未出现，但小游戏是否、如何收苹果税仍在一年多的时间中悬而未决。 如今向小游戏开发者收取15%的税率，或是一个相对折中的办法。在国内，小游戏业态仍较新兴。据微信今年6月披露的数据，超40万的小游戏开发者群 体中，超8成是30人以下的小团队。此前有知情人士向记者分析，如果是30%的苹果税，对小游戏开发者而言可能造成压力。 "苹果App Store支持小程序（Mini Apps）和小游戏。"苹果表示，参与小程序合作 ...

内容概要：目前，我国短视频行业收入主要来源于广告收入、电商佣金、直播分成和游戏等。广告收入 分为来自信息流广告的收入、来自开屏广告的收入和来自自助化商业开放平台的收入，是短视频行业收 入增长的重要引擎。近年来，我国短视频广告行业市场规模持续增长，2024年中国短视频广告行业市场 规模达到2100亿元，同比上涨16.7%。这一增长趋势主要得益于短视频用户规模的增长，庞大的用户基 数直接扩大了开屏广告的曝光价值和信息流广告的触达范围，成为广告收入增长的核心前提。此外， VR/AR 广告、虚实融合广告等新型形态快速发展，不仅丰富了广告产品矩阵，更提升了广告溢价能 力，进一步拉动收入增长。 相关上市企业：快手-W（01024） 、腾讯控股（00700）、百度集团-SW（09888）、哔哩哔哩-W （09626）、阿里巴巴-W （09988）、微博-SW（09898）、网易-S（09999）、视觉中国（000681） 等。 相关企业：北京海唐新媒文化科技股份有限公司、北京央广时代文化传播有限公司、北京中企无忧互联 信息技术有限公司等。 关键词：短视频行业市场规模、短视频广告行业市场规模、短视频广告行业竞争格局、短视频广 ...

腾讯微信：欢迎苹果对小程序和小游戏开发者的支持，乐见苹果推出“小程序合作伙伴计划”（Mini Apps Partner Program）。我们将尽快为开发者提供接入服务，共同建设一个健康繁荣的生态。🗒️苹果宣布对参与“小程序合作伙伴计划”的App内购销售提供15%的收益抽成减免，印证了此前的消息。 https://t.co/Qa9zsM2XZx外汇交易员 (@myfxtrader):腾讯已与苹果达成一项协议，该协议规定苹果将处理支付，并从微信小游戏和应用内的购买中抽取15%的分成。两位科技巨头之间谈判已超过一年。苹果此前一直要求腾讯堵上被应用开发者将用户引导至外部支付系统的漏洞，从而规避30%的“苹果税”。 ...