Core Viewpoint - Tencent aims to integrate AI capabilities into its ecosystem, with a vision for WeChat to eventually launch an AI agent that understands user needs and can perform various tasks within its ecosystem [15]. Financial Performance - In Q3 2025, Tencent reported a total revenue growth of 15% year-on-year, with gross profit increasing by 22% and operating profit rising by 18% according to non-IFRS standards [4]. - All three main business segments showed double-digit growth: Value-added services grew by 16% to RMB 95.9 billion; Marketing services increased by 21% to RMB 36.2 billion; and FinTech and Business Services rose by 10% to RMB 58.2 billion [4]. Gaming Sector - Tencent's gaming revenue experienced a high growth rate of 23%, with domestic market growth at 15% and international market growth at 43% [5]. - The success of new games like "Delta Action" and the sustained performance of long-standing titles such as "Honor of Kings" contributed to this growth [5][11]. - "Delta Action" is positioned to become a leading title in the Chinese gaming market, with plans for platformization to enhance user-generated content and expand gameplay [9][10]. Advertising and AI Integration - The advertising business saw a 21% revenue growth, driven by increased ad loading rates and AI-driven ad targeting [13]. - Tencent launched AIMarketingPlus, an automated advertising solution that enhances marketing ROI for advertisers [13]. - AI services are also boosting enterprise service revenue, with significant growth attributed to increased demand for AI solutions [13][14]. Future Outlook and Capital Expenditure - Tencent's ideal blueprint includes the development of an AI agent within WeChat, leveraging its extensive ecosystem to serve as an ideal assistant for users [15]. - Capital expenditures are expected to decrease in 2025 compared to previous guidance but will remain higher than in 2024 [16].

【导读】三大指数齐跌，恒生科技指数重挫 2.82% 中国基金报记者 格林 11 月 14 日，港股三大指数集体下跌。其中，恒生指数失守 27000 点，报收于 26572.46 点，跌幅为 1.85% ；恒生国企指数报收于 9397.96 点，跌幅为 2.09% ；恒生科技指数报收于 5812.80 点，跌幅为 2.82% 。全日大市成交额为 2328 亿港元，南向资金净买入 128.87 亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26572.46c | -500.57 | -1.85% | 2328亿 | 32.47% | | 2 | HSTECH | 恒生科技 | 5812.80c | -168.50 | -2.82% | 720亿 | 30.10% | | 3 | HSBIO | 恒生生物科技 | 16280.82c | -122.67 | -0.75% | 140亿 | 88.84% | | 4 | HSC ...

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 800 HKD, indicating a potential upside of 22% from the current price of 656 HKD [2][4][19]. Core Insights - Tencent's 3Q25 revenue reached 192.9 billion RMB, a year-on-year increase of 15%, exceeding market expectations by 2%. The adjusted net profit was 70.6 billion RMB, up 18% year-on-year, also slightly above market forecasts [1][2]. - The growth in international gaming revenue was robust, increasing by 43% year-on-year to 20.8 billion RMB, driven by Supercell games and new studio acquisitions. Domestic gaming revenue also grew by 15% to 42.8 billion RMB, supported by the successful launch of new games [1][2]. - The advertising revenue for 3Q25 was 35.8 billion RMB, reflecting a 20% year-on-year growth, with stable growth in capital expenditures at 12.9 billion RMB [2]. Financial Performance Summary - For FY25E, the projected revenue is 754.4 billion RMB, with an adjusted net profit forecast of 271.4 billion RMB, representing a growth rate of 27.6% [4][10]. - The gross margin for 3Q25 was reported at 56.4%, a year-on-year increase of 3.3 percentage points, while the adjusted net profit margin reached a new high of 36.6% [1][2]. - The report anticipates continued growth in revenue and profitability, with a projected operating profit of 248.3 billion RMB for FY25E [10].

Core Viewpoint - Tencent Holdings Limited announced the grant of 1,588,400 shares to employee participants under its share incentive plan, which represents approximately 0.0174% of the total issued shares as of the announcement date [1] Summary by Relevant Categories Company Actions - The company will grant 1,588,400 shares to employees, pending acceptance by the recipients [1] - This share grant is part of the company's ongoing employee incentive strategy [1] Shareholder Impact - The share grant accounts for about 0.0174% of the total issued shares, indicating a minor dilution effect on existing shareholders [1]

Core Viewpoint - Tencent Holdings Limited announced the grant of 20,300 stock options to employee participants under its stock option plan, effective November 14, 2025, subject to acceptance by the grantees [1] Group 1 - The company is set to issue stock options as part of its employee incentive program [1] - The total number of stock options granted is 20,300 [1] - The options will allow employees to subscribe for shares, pending acceptance [1]

Group 1 - The company announced the grant of 20,300 stock options to employee participants on November 14, 2025, under the terms of the stock option plan, subject to acceptance by the grantees [1]

Core Viewpoint - Tencent Holdings (00700) announced the grant of 1,588,400 shares to employee participants under its share award plan, which is subject to acceptance by the grantees, representing approximately 0.0174% of the total issued shares as of the announcement date [1] Summary by Categories - **Share Award Plan** - The company will grant 1,588,400 shares to employees under the share award plan [1] - The grant is contingent upon acceptance by the grantees [1] - **Impact on Issued Shares** - The awarded shares represent about 0.0174% of the total issued shares as of the announcement date [1]

Core Viewpoint - Tencent Holdings (00700.HK) announced the grant of 20,287 stock options to employee participants under its stock option plan, effective November 14, 2025, subject to acceptance by the grantees [1] Summary by Categories - **Company Actions** - Tencent is set to grant 20,287 stock options to employees as part of its stock option plan [1]

Core Viewpoint - Tencent Holdings (00700.HK) announced the grant of 1.59 million shares to employee participants under its share award plan, which represents approximately 0.0174% of the total issued shares as of the announcement date [1] Group 1 - The share award is scheduled for November 14, 2025, contingent upon acceptance by the grantees [1] - The total number of shares involved in the award is 1.59 million [1] - The percentage of shares awarded relative to the total issued shares is approximately 0.0174% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 （股份代號：700（港幣櫃台）及 80700（人民幣櫃台）） 根據股份獎勵計劃 授出獎勵 根據上市規則第17.06A條，董事會宣佈，本公司於二零二五年十一月十四日， 根據股份獎勵計劃的條款向僱員參與者授予的獎勵涉及1,588,368股獎勵股份（惟 須待獲授人接納後方可作實），佔本公告日期已發行股份總數約0.0174%。 – 1 – 授出獎勵之詳情 參與者；或(iii)本公司的關連實體參與者或服務提 供者。上述授出不會導致截至並包括有關授出日 期當日12個月期間就已授予各獲授人的所有購股 權及獎勵所發行及將發行的股份總數超過已發行 股份的1%。 有關授予獲授人獎勵的詳情如下： 購買價及協助購買獎勵股份 的安排： 股份於授出日期的收市價： 每股641港元 上述授出毋須獲本公司的股東於股東大會上批准。 於本公告日期，就董事所深知，概無獲授人為 (i)本公司的董事、主要行政人員或主要股東，或任 何彼等之聯繫人（ ...