11月13日下午消息，腾讯控股（HKEX：00700）今日发布了截至9月30日的2025年第三季度财报，财报 显示，腾讯第三季度营收为1929亿元，同比增长15%。经营利润（Non-IFRS）725.7亿元，同比增长 18%， 金融科技及企业服务业务第三季度收入582亿元，同比增长10%，金融科技服务增长主要受益于商家支 付活动及消费贷款服务的收入增加。企业服务收入同比增长十几个百分点，受益于云服务的收入增长以 及由于微信小店交易额扩大而带动商家技术服务费收入增长。 三季度，腾讯研发投入同比增长28%达228亿元，创单季历史新高。截至季度末，腾讯在全球主要国家 和地区专利申请公开总数超过9.1万件，专利授权数量超过5 万件。 社交网络收入323亿元，同比增长5%，得益于视频号直播服务输入、音乐付费会员及小游戏平台服务费 的增长。 营销服务业务第三季第收入362亿元，同比增长21%，该增长乃由于广告曝光量的提升，这得益于用户 参与度及广告加载率的提高，以及AI驱动的广告定向所带动的eCPM增长，本季度所有主要行业的广告 主投放均有所增长。 腾讯第三季度增值服务业务收入959亿元，同比增长16%。网络游戏业务总收 ...

【导读】 受人工智能推动，腾讯季度营收增长15% 中国基金报记者 泰勒 大家好，11月13日港股收盘后，腾讯发布了第三季度财务报表，一起看看有何亮点。 一、第三季度营收、利润 最新财报显示， 第三季度营收达到1928.7亿元人民币，超出市场预估的1888亿元；净利润达631.3亿元，大幅超出预估的558.8亿元，环 比增幅达13%，同比增幅为19%。 | | | | FAT = / ] H / J T = | | | | --- | --- | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | 二零二五年 | | | | 九月三十日 | 九月三十日 同比變動 | | 六月三十日 | 環比變動 | | | | | (人民幣百萬元,另有指明者除外) | | | | 人 | 192.869 | 167.193 | 15% | 184.504 | 5% | | 利 | 108,798 | 88,828 | 22% | 105.013 | 4% | | 管盈利 | 63.554 | 53.333 | 19% | 60.104 | 6% | | 内閣利 | 64.943 | 53 ...

Group 1 - Tencent Holdings reported revenue of 192.87 billion yuan, a 15% year-on-year increase from 167.19 billion yuan, with a net profit of 63.13 billion yuan and earnings per share of 6.779 yuan [1] - Domestic gaming revenue reached 42.8 billion yuan, up 15% year-on-year, driven by new games like "Delta Action" and sustained growth from long-term products such as "Honor of Kings" and "Peacekeeper Elite" [1] - International gaming revenue was 20.8 billion yuan, a 43% year-on-year increase (42% at constant exchange rates), supported by strong performance from Supercell games and new releases [1] Group 2 - Financial technology and enterprise services revenue amounted to 58.2 billion yuan, a 10% year-on-year increase, with growth in commercial payment activities and consumer loan services [1] - General and administrative expenses rose 18% year-on-year to 34.2 billion yuan, primarily due to increased R&D spending, especially in AI-related projects [2] - Tencent has made advancements in its mixed-language model, enhancing complex reasoning capabilities, particularly in programming, mathematics, and science [2] Group 3 - As of the end of September, WeChat had 1.41 billion monthly active users, a 2% year-on-year increase [3] - Investors are increasingly viewing Tencent as a safer investment amid concerns over potential AI bubbles and rising concentration in tech stocks [3] - Despite a 59% increase in Tencent's stock price this year, its earnings-based valuation remains significantly discounted compared to global tech peers like Amazon and Nintendo [3] Group 4 - Analysts suggest that Tencent's advertising business could be another highlight, benefiting from AI-driven system upgrades that allow more ads to be displayed on video accounts [3][4] - There is an expectation that if Tencent exceeds market expectations again, it would not be surprising, as the market has not fully accounted for the profit growth potential from AI [4]

Core Insights - The company's financial technology and enterprise services revenue for Q3 2025 increased by 10% year-on-year to RMB 58.2 billion [1] Financial Technology Services - Financial technology service revenue experienced a high single-digit percentage growth year-on-year, primarily driven by increased revenue from commercial payment activities and consumer loan services [1] Enterprise Services - Enterprise services revenue grew by over ten percent year-on-year, benefiting from the rise in cloud service revenue, which includes increased demand for AI-related services from enterprise clients [1] - Additionally, the growth in transaction volume from WeChat Mini Stores contributed to an increase in merchant technology service fee revenue [1]

11月13日，腾讯控股发布三季度财报，公司第三季度实现营收1928.7亿元，同比增长15%；经营利润 （Non-IFRS）725.7亿元，同比增长18%。 | | 不赶管仪 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至下列日期止三個月 | | | | | | | 二零二五年 | 二零二四年 | | 二零二五年 | | | | 九月三十日 九月三十日 同比變動 | | | 六月三十日 | 環比變動 | | | (人民幣百萬元,另有指明者除外) | | | | | | 收入 | 192.869 | 167.193 | 15% | 184.504 | 59 | | 毛利 | 108.798 | 88.828 | 22% | 105.013 | 40 | | 經營盈利 | 63.554 | 53.333 | 19% | 60.104 | Re | | 期内盈利 | 64.943 | 53.983 | 20% | 56.044 | 169 | | 本公司權益持有人應佔盈利 | 63.133 | 53.230 | 19% | 55.628 | 139 | | ...

Core Insights - Tencent reported third-quarter revenue of ¥192.9 billion ($27.08 billion), exceeding expectations due to strong performance in artificial intelligence and gaming [1] - The company's revenue increased by 15% year-on-year, surpassing analyst forecasts, indicating effective monetization of AI and sustained leadership in the gaming sector [1] Financial Performance - Revenue for the third quarter reached ¥192.9 billion ($27.08 billion) [1] - Year-on-year revenue growth was recorded at 15%, indicating robust financial health [1]

Core Insights - Tencent's Q3 report highlights a record R&D expenditure of 22.82 billion yuan, emphasizing its commitment to AI investment [1] - The company achieved total revenue of 192.87 billion yuan, marking a 15% year-on-year growth, with operating profit (Non-IFRS) increasing by 18% to 72.57 billion yuan [1] - Tencent's international gaming revenue surged by 43% year-on-year to 20.8 billion yuan, setting a new quarterly high [1] Financial Performance - R&D spending reached a historical high of 22.82 billion yuan in Q3 [1] - Capital expenditure amounted to 12.98 billion yuan [1] - Total revenue for the quarter was 192.87 billion yuan, reflecting a 15% increase compared to the previous year [1] - Operating profit (Non-IFRS) was reported at 72.57 billion yuan, an 18% year-on-year growth [1] Business Segments - All three main business segments of Tencent experienced double-digit revenue growth during the quarter [1] - International gaming revenue grew by 43% year-on-year, reaching 20.8 billion yuan [1] Product Development - Tencent's Yuanbao achieved significant progress in ecosystem integration, now connecting with multiple internal applications including WeChat, QQ, Tencent Meeting, and Tencent Docs [1] - Yuanbao's daily active users have entered the top three in the industry, with daily user inquiries reaching the monthly total level from earlier this year [1]

Core Insights - Tencent's financial technology and enterprise services revenue for Q3 2025 increased by 10% year-on-year to RMB 58.2 billion [3] - The growth in financial technology services revenue was driven by increased commercial payment activities and consumer loan services [3] - Enterprise services revenue saw a growth of over ten percent, supported by rising demand for cloud services, particularly AI-related services, and increased transaction volumes from WeChat stores [3] Group 1 - Commercial payment volume growth accelerated compared to Q2, benefiting from strong online payment growth and improved offline payment trends, especially in retail and transportation sectors [1] - Financial technology services revenue experienced high single-digit percentage growth, primarily due to increased commercial payment activities and consumer loan services [3] - Enterprise services revenue growth was significantly influenced by the expansion of cloud services and the rising demand for AI-related services [3]

Core Viewpoint - Tencent's third-quarter performance exceeded market expectations, driven by significant growth in revenue and net profit, particularly in its international gaming business [3][5][6]. Financial Performance - Tencent reported third-quarter revenue of RMB 1,928.7 billion, surpassing market estimates of RMB 1,888 billion, with a year-on-year increase of 15% [3][12]. - Net profit reached RMB 631.3 billion, significantly exceeding the forecast of RMB 558.8 billion, reflecting a quarter-on-quarter increase of 13% and a year-on-year increase of 19% [3][5]. - Adjusted net profit was RMB 705.5 billion, also above market expectations of RMB 659.7 billion [6]. Business Segments - The value-added services segment generated revenue of RMB 959 billion, exceeding the market estimate of RMB 933.6 billion, and was the main contributor to revenue growth [7][12]. - Financial technology and enterprise services revenue was RMB 582 billion, in line with market expectations of RMB 581.4 billion [8][12]. - Social network revenue grew by 5% to RMB 323 billion, driven by increases in live streaming services, paid music memberships, and mini-game platform fees [18]. Gaming Performance - International gaming revenue reached RMB 208 billion, significantly above the market estimate of RMB 181.3 billion, with a year-on-year growth of 43% [3][17]. - Domestic gaming revenue was RMB 428 billion, also exceeding the forecast of RMB 422.7 billion, with a year-on-year increase of 15% [3][17]. Research and Development - Tencent's R&D expenditure reached a record high of RMB 228.2 billion, marking a year-on-year increase of 28% [14]. - Capital expenditure was RMB 129.83 billion, with a quarter-on-quarter decline of approximately 32.05% and a year-on-year decline of about 24.06% [14]. Cash Flow - The company reported free cash flow of RMB 585 billion, reflecting a net cash generated from operating activities of RMB 853 billion [16].

Core Insights - Tencent Holdings reported solid revenue and profit growth for Q3 2025, with revenue reaching 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [2] - The company attributed its performance to healthy trends in gaming, marketing services, fintech, and enterprise services, alongside strategic investments in AI [2] Financial Performance - For Q3 2025, Tencent's net profit attributable to equity holders was 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - For the first nine months of 2025, Tencent achieved revenue of 557.40 billion yuan, a 14% year-on-year increase, with net profit attributable to equity holders at 166.58 billion yuan, up 17% [2] User Engagement - As of September 30, 2025, WeChat and WeChat's combined monthly active accounts reached 1.414 billion, a 2% year-on-year increase [3] - QQ's mobile monthly active accounts stood at 517 million, with paid value-added service subscribers at 265 million, reflecting a 0.4% quarter-on-quarter growth [3] Business Segments - Value-added services revenue for Q3 2025 grew 16% year-on-year to 95.90 billion yuan, driven by new game releases and growth in established titles [3] - International gaming revenue surged 43% year-on-year to 20.80 billion yuan, supported by revenue from Supercell games and new PC and console game releases [3] Marketing Services - Marketing services revenue for Q3 2025 increased 21% year-on-year to 36.20 billion yuan, attributed to higher ad exposure and AI-driven ad targeting improvements [4] Fintech and Enterprise Services - Fintech and enterprise services revenue for Q3 2025 rose 10% year-on-year to 58.20 billion yuan, driven by growth in commercial payment activities and demand for AI-related services [4]