苹果公司与腾讯就小游戏和小程序应用的抽成比例达成协议。 11月13日，苹果公司公布的小程序合作伙伴计划显示，其将对App内小游戏的内购项目抽成15%，低于 苹果App Store通常实行的30%比例。而腾讯微信方面表示愿意接入这项服务。 "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）。"11月14日，腾讯"微信公开课"公众号转发上述苹果公司公告，"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。" 或利好内购项目 通常，在iOS平台的App内发生内购，苹果公司会从中抽成15%—30%，而此前腾讯绕过了苹果的这项政 策；在安卓端，腾讯则会对小游戏的内购流水抽取40%的分成。 "抽成之争，本质是两大平台之间话语权的角力。"广大大数据研究员胡小璐向《中国经营报》记者表 示，"苹果公司和腾讯双方自2024年便开始的抽成之争终于迎来结果。接下来，大家更加关注的可能 是，同为超级应用的抖音和抖音小游戏在抽成政策方面的后续变动。" 针对15%这一比例，胡小璐认为，这一数字既低于腾讯对安卓端微信小游戏40%的抽成比例，也低于苹 果 ...

Core Viewpoint - Tencent's Q3 2025 financial report highlights the significant role of AI in driving growth across various business segments, with all three major performance indicators showing double-digit increases, indicating a robust financial performance and strategic pivot towards AI integration [5][6][10]. Financial Performance - Tencent's revenue reached 192.87 billion yuan, a year-on-year increase of 15%, marking a historical high [5]. - Net profit grew by 19% to 63.133 billion yuan, while operating profit (Non-IFRS) increased by 18% to 72.57 billion yuan [5]. - The overall gross profit rose by 22% to 108.8 billion yuan, leading to a gross margin of 56% [6]. AI Integration and Business Growth - AI has become a central theme in Tencent's strategy, enhancing efficiency in advertising, gaming, and content creation [5][10]. - The AI-driven advertising technology contributed to a 21% increase in marketing service revenue, reaching 36.24 billion yuan, with half of this growth attributed to improvements in effective cost per thousand impressions (ECPM) [10][12]. - The daily active users of Tencent's AI product "Yuanbao" have surged, indicating a positive feedback loop between AI investment and high-quality growth [8]. WeChat Ecosystem Expansion - WeChat's monthly active user count grew by 2% to 1.414 billion, with WeChat Mini Stores driving significant growth in e-commerce [12][13]. - WeChat Mini Stores saw a 100% increase in monthly sales, with new merchants joining the platform growing by 35% [12]. - The integration of WeChat with overseas markets has also expanded, with a 34% increase in overseas transactions using WeChat Pay [13]. Gaming Business Performance - Tencent's gaming revenue increased by 22.8% to 63.6 billion yuan, with strong contributions from both domestic and international markets [26][30]. - The domestic gaming revenue grew by 15% to 42.8 billion yuan, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [27]. - International gaming revenue surged by 43% to 20.8 billion yuan, attributed to successful titles from acquired studios and revitalized existing games [30][32]. ToB Business Growth - Tencent's ToB (business-to-business) revenue grew by 10% to 58.17 billion yuan, maintaining double-digit growth for two consecutive quarters [19]. - The growth in ToB revenue is primarily driven by increased demand for financial technology services, including payment and wealth management [19]. R&D Investment - Tencent's R&D expenditure reached 22.82 billion yuan, a year-on-year increase of 28%, reflecting the company's commitment to advancing its AI capabilities [23].

Core Points - Apple and Tencent have reached a historic settlement after over a year of negotiations, launching the App Store Mini Program Partner Program, which will handle payments for all iOS/iPadOS app mini programs, including WeChat mini programs, with a reduced revenue share of 15% compared to the previous 30% [1][12][22] Summary by Sections Settlement Details - The new revenue-sharing model allows Tencent to retain 85% of the revenue from mini programs and mini games, while Apple takes a 15% cut, marking a significant shift in their long-standing revenue-sharing disputes [12][19][23] Historical Context - The conflict between Apple and Tencent dates back nearly a decade, with disputes over in-app purchase (IAP) mechanisms and revenue sharing, particularly regarding WeChat's features like tipping and mini programs [5][8][9][12] Market Impact - The integration of WeChat mini programs and mini games into Apple's virtual payment system is expected to enhance the commercial viability of these platforms, paving the way for a more regulated and profitable ecosystem [17][23] - The mini game market is projected to reach approximately 39.84 billion yuan in 2024, reflecting a year-on-year growth of 99.18%, indicating a robust market potential for both companies [15] Future Prospects - The settlement is seen as a milestone for the mini program and mini game industry, establishing a new standard for revenue sharing that could influence other super apps like Alipay on the iOS platform [23] - With Apple's endorsement, the commercial landscape for WeChat mini programs and mini games is expected to expand significantly, benefiting from Apple's user base and payment infrastructure [21][23]

中经记者 李静 北京报道 11月13日，腾讯控股（00700.HK）发布2025年第三季度财报。该季度，腾讯实现营收1928.7亿元，同比 增长15%；经营利润（Non-IFRS）为725.7亿元，同比增长18%；净利润（Non-IFRS）为705.51亿元，同 比增长18%。 董事会主席兼首席执行官马化腾表示："腾讯对AI的战略投入，为广告精准定向及游戏用户参与度等业 务领域带来助益，也带来了编程、游戏及视频制作等领域的效率提升。" 但近期市场上有质疑声音认为，腾讯在大模型领域的资本支出不够积极，或会导致腾讯无法输出更好的 模型。 腾讯总裁刘炽平在财报电话会议上对此回应道："在这个时间点，我们不认为中国存在更好的模型，市 场还处于非常激烈的竞争中，不同的模型可能在不同使用场景中各有优劣。所以我们不认为腾讯在大模 型上真的落后。" 具体来看，在第三季度，腾讯元宝的生态打通进程明显提速。在7月，元宝打通了QQ音乐，实现"搜歌 即听"的功能；此外，元宝与腾讯视频完成对接；在协同办公场景，腾讯会议联合元宝推出了"AI纪 要"与"AI托管"功能；至9月，元宝全面上线微信公众号与视频号评论区。 "元宝已接入数十个腾讯核 ...

（文章来源：南方都市报） 据了解，11月12日，"影子调查队"视频号发布了关于某品牌儿童奶粉直播间的相关报道内容，其中引用 了该品牌直播间主播未打码的视频画面。13日，视频号平台接到该主播的肖像侵权投诉，投诉者认为该 报道内容虽旨在监督品牌行为，但未对出镜主播肖像做模糊处理，导致其因视频传播受到网络攻击。该 投诉触发了侵权处理流程。 腾讯表示："在接到媒体反馈后，我们迅速进行了复核，视频号的侵权投诉机制还有优化空间，我们愿 意接受媒体和各界提供更多宝贵意见。" 南都讯 11月14日，腾讯独家回应南都表示：视频号平台依据相关法律法规建立了投诉入口和申诉通 道，以保护所有用户的合法权益。 ...

Core Insights - The core investment philosophy emphasized by Duan Yongping is that "buying stocks is buying companies," a principle learned from Warren Buffett [1][3]. Group 1: Investment Philosophy - Investment is straightforward in theory but challenging in practice, requiring a deep understanding of companies and their future cash flows [3]. - Duan Yongping believes that an investor's significant decisions are limited, citing Buffett's "punch card" theory, suggesting that an investor will only make about 20 crucial investment decisions in their lifetime [3]. - Currently, Duan Yongping holds significant positions in only three stocks: Apple, Tencent, and Moutai, indicating a focused investment strategy [3]. Group 2: Company Analysis - Duan Yongping recognized Apple's transformative potential back in 2011, indicating a forward-looking investment approach [3]. - He views Moutai as distinct from other liquor brands, emphasizing its unique taste and consumer recognition as key factors for its success [3]. - The complexity of the market has increased with the presence of quantitative funds, making it harder to profit from stock trading [3]. Group 3: Corporate Culture - Corporate culture is likened to a "North Star" that guides a company towards its goals, with Apple being an example of a company that ultimately aligns with user needs despite initial missteps [4]. - Duan Yongping's companies prioritize values such as integrity and user orientation, which are essential for long-term success [4]. - The concept of "not to do" is highlighted as crucial, suggesting that knowing what not to engage in can prevent potential mistakes [4].

Core Insights - Tencent's Q3 financial results exceeded market expectations, with revenue and net profit both increasing due to the synergy between core business and AI technology [1] Revenue Growth - Q3 revenue reached 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%, surpassing the forecast of 188.8 billion yuan [2] - Gross profit for the quarter was 108.80 billion yuan, reflecting a year-on-year increase of 22% and a quarter-on-quarter increase of 4% [2] - Net profit attributable to equity holders was 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter, exceeding the expected 55.88 billion yuan [2] Gaming Revenue - Domestic gaming revenue grew by 15% year-on-year to 42.8 billion yuan, driven by new game releases and the performance of established titles [3] - International gaming revenue surpassed 20 billion yuan for the first time, reaching 20.8 billion yuan, a 43% year-on-year increase [3] Value-Added Services - Revenue from value-added services increased by 16% to 95.9 billion yuan in Q3 [3] Marketing Services - Marketing services revenue rose by 21% to 36.2 billion yuan, attributed to increased ad exposure and improved user engagement [4] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue grew by 10% to 58.2 billion yuan, driven by increased commercial payment activities and demand for AI-related services [5]

Group 1: Tencent - Tencent's Q3 performance exceeded expectations, particularly in the international gaming segment, which saw a revenue increase of 43% year-on-year [1] - Despite challenges from short video platforms, the gaming industry has returned to growth, with Tencent's stock rising 58% due to gaming growth [1] - Other business segments also performed better than expected, attributed to the application of AI improving operational efficiency [1] Group 2: Bilibili - Bilibili's Q3 results showed a 9% year-on-year increase in daily active users and an 8% increase in monthly active users, indicating stable growth [2] - Revenue grew by 5% year-on-year to 7.7 billion RMB, with a continuous improvement in gross margin and a 7% increase in net profit margin, likely due to AI applications reducing costs [2] - Despite a 15% decline in gaming revenue, Bilibili managed to maintain overall growth, demonstrating less dependency on gaming [2] Group 3: JD.com - JD.com's Q3 results were slightly better than expected, but the company reported a loss of 1.1 billion RMB due to a 15 billion RMB investment in the food delivery business [3] - The e-commerce growth rate declined from 20.6% to 14.9%, with future growth potentially dropping below 5% if government subsidies cease [3] - The company has significant operational costs associated with its food delivery service, making it challenging to achieve profitability in that segment [3] Group 4: SMIC - SMIC reported Q3 revenue of 17.16 billion RMB, a year-on-year increase of 9.9%, and a net profit of 1.52 billion RMB, up 43.1% year-on-year [4] - The company's valuation is difficult to assess using traditional metrics like P/E ratio, as its value is more closely tied to technological advancements [4] Group 5: Kioxia - Kioxia's latest quarterly report showed a 60% year-on-year decline in net profit, leading to a significant drop in the global memory sector [5] - The U.S. Federal Reserve's hawkish stance contributed to declines in major stock indices, impacting global markets [5]

Market Analysis by covering: Ubisoft Entertainment, Tencent Holdings Ltd, UbiSoft Entertainment Inc. Read 's Market Analysis on Investing.com ...

在深圳的一个动捕基地，《黑神话：悟空》主角的主要动捕演员殷凯在演出中利用肢体动作展现游戏角色特 点。（新华社发） 【深圳商报讯】（记者 范宏韬）深圳市委宣传部、深圳市文化广电旅游体育局近日联合印发《深圳市加快游 戏产业高质量发展三年行动计划（2025-2027年）》（以下简称《行动计划》），谋划深圳游戏产业未来发展 方向并提出具体举措，持续支持深圳游戏产业做大做强，明确到2027年建成具有全球影响力的游戏产业创新 高地，打造中国游戏出海第一城。 产业发展走出"加速度" 近年来，游戏产业已成为深圳数字经济的重要增长点和文化出海的重要载体，孕育了腾讯、创梦天地、冰川 网络等头部企业，上市公司13家，也涌现出一大批中小型创新团队，从业人员超过20万人，形成了较大的产 业规模和较为完善的产业链条。据统计，2024年深圳游戏产业营收规模达1807.02亿元，其中国内营收规模达 到1572.22亿元，增速7.71%，约占广东60.37%，占全国48.26%；出海营收规模234.8亿元，同比增长4.4%，约 占广东55.43%，占全国17.31%。 今年8月，深圳市委宣传部、深圳市文化广电旅游体育局联合印发了《深圳市推动数 ...