证券时报网讯，民生证券研报指出，1）增值服务：本土长青游戏调整效果显现，海外游戏收入预计加 速增长。 2024年11月13日，腾讯控股发布2024年三季报。 2024年三季度，公司总收入1672亿元，同比增长8%；2024年三季度，公司增值服务收入827亿元，同比 增长9%。 2）营销服务：微信生态日益完善，长期看好视频号变现潜力。 2024年三季度，公司营销服务收入300亿元。 视频号、小程序、微信搜一搜广告库存需求强劲，游戏、电商行业广告主开支同比增长，巴奥相关品牌 广告亦有贡献。 微信团队推动平台内电商及交易生态持续改善，8月底视频号小店全面升级为微信小店，降低商家入驻 门槛及保证金，产品信息流在多个微信场景内实现闭环。 三季度小程序交易额超2万亿元，同比增长十几个百分点。 3）金科及企服：支付大盘相对稳定，微信支付入淘后续有望形成有利催化。 2024年三季度，公司金融科技与企业服务收入531亿元，同比增长2%。 金融科技收入同比持平。 支付收入同比下降：每笔平均交易金额下降，但更为关注的交易笔数健康增长，同比增长10%。 企业服务收入及毛利润同比增长，得益于云服务收入增加以及电商交易量上升带来的技术服 ...

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 403.80 港元 513.00 +27.0% 互联网 2024 年 11 月 14 日 腾讯控股 (700 HK) 业绩稳健，现价对应估值吸引，维持买入 2024 年 3 季度业绩：总收入 1672 亿元（人民币，下同），同/环比增 8%/4%，符合我们/彭博市场预期，其中游戏同比+13%/社交+4%/金融企服 +2%/广告+17%。毛利率同比优化至 53%，调整后净利润 598 亿元，同比增 33%，得益于高毛利业务如本土游戏、视频号和搜一搜等收入增长及云成 本优化。调整后每股盈利 6.34 元，超过我们/彭博市场预期 16%/11%。 3 季度运营要点：1）社交网络收入同比增 4%，主要受音乐付费和小游戏 收入增长带动，部分被直播服务调整抵消。2）游戏收入同比增 13%，其 中本土游戏收入加速增长，同比增 14%，受新游《MDnF》完整季度贡献 和其他长青游戏恢复带动；海外游戏收入增 9%，流水增速快于收入，因 部分游戏收入递延周期延长。3）广告收入同比增 17%，受视频号（收入 增 60%+）、小程序（小游戏/短剧驱动）和搜一搜（收入翻倍）广告强 ...

海 外 研 究 证券研究报告 ＃industryId＃ TMT ＃investSuggestion＃ 买入 ( ＃ 维持 ） ＃ 00700.HK ＃腾dy讯Com控pa股ny＃ 港股通（沪、深） ＃title＃ 净利润表现亮眼，AI 持续赋能 ＃createTime1＃ 2024 年 11 月 14 日 投资要点 ＃summary＃ 24Q3 净利润表现亮眼，毛利率持续提升。公司 24Q3 营收 1,672 亿元（人 民币，下同），yoy+8%，符合 Factset 一致预期。毛利率由去年同期 49% 提升至 53%，得益于高毛利率业务占比提升，以及云业务盈利能力提升。 Non-IFRS 归母净利润 598 亿元人民币，yoy+33%，超 Factset 一致预期 12%，主要得益于去年同期预提所得税拨备的高基数，使得 24Q3 所得税 开支同比下降 19%。 国内游戏业务增速提速，后续增长仍有动能。公司 24Q3 增值服务 827 亿 元（yoy+9%），其中国内游戏收入达 373 亿元（yoy+14%），主要得益 于长青游戏《王者荣耀》等与新游《地下城与勇士》手游的亮眼表现， 国际游戏收入达 145 亿 ...

腾讯控股（00700.HK）2024 年三季报点评 游戏业务稳健，微信平台加速整合释放增长潜力 2024 年 11 月 14 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 11 月 13 日，腾讯控股发布 2024 年三季报。2024Q3，公司总收入 1672 亿元，同比+8%；高毛利业务占比持续提升，共实现毛利润 888 亿元，同比+16%， 毛利率 53%，同比+4pct；Non-IFRS 经营盈利 613 亿元，同比+19%；Non-IFRS 净利 润 598 亿元，同比+33%，经调整净利率 35.8%，同比+7pct。 ➢ 增值服务：本土长青游戏调整效果显现，海外游戏收入预计加速增长。2024Q3，公 司增值服务收入 827 亿元，同比+9%。1）本土游戏收入 373 亿元，同比+14%。旗舰游 戏：《王者荣耀》《和平精英》流水同比稳健增长。其他长青游戏：《火影忍者手游》《无畏 契约》Q3 季均 DAU 均创新高，据顺网科技数据，10 月《无畏契约》在热力榜中已上升 至第二名。Q3 新游：9 月底多端上线的《三角洲行动》继续强化腾讯在 FPS 赛道的领先 优势，首周 ...

证券研究报告 资料来源：S&P 港股通 腾讯控股 (700 HK) 3Q 收入符合预期，4Q 游戏有望加速 华泰研究 季报点评 2024 年 11 月 14 日│中国香港 互联网 腾讯 3Q 业绩：营收同比增长 8.1%至 1672 亿元，基本符合 VA 一致预期（下 同）。分业务看，增值服务、在线广告、金融科技收入分别同比增长 9.2%、 16.6%、2.0%，对应毛利率同比抬升 1.9/0.7/6.8pct。经调整净利润同比增 长 33.2%至 598 亿元（超预期 11.4%），主系投资收益和税率改善。我们预 期 4Q 游戏收入加速增长，25 年春节《DnF》手游增量有望成催化剂。公司 表示 10 月支付收入增速有所改善，短期宏观因素或对 4Q 广告带来影响， 考虑到视频号助力腾讯市场份额扩张，对潜在影响带来一定缓冲。我们看好 腾讯游戏的长线运营能力以及微信商业化潜力，维持"买入"评级。 | --- | --- | |---------------------------------------|-----------------------------------------| | | | | 投资评 ...

财联社11月14日讯（编辑 胡家荣） 腾讯控股(00700.HK)在公布三季度业绩后，公司股价出现震荡走 势。截至发稿，涨0.59%，报406.2港元。 腾讯控股今日股价虽然维持震荡，但从2024年第三季度的业绩来看，公司表现符合市场预期。其中营收 1,671.9亿元，同比增长8%，市场预估1,679.3亿元；净利润532.3亿元，同比增长47%，市场预估453.3亿 元。 值得注意的是，部分机构在绩后相继上调其目标价，其中最高达573港元。 腾讯控股的卖空数据小幅回落 除了部分外资看好之外，腾讯控股的卖空数据较前几日小幅回落。从卖空比例来看，11月11日到13日期 间分别为12.58%、12.40%、9.06%。 ...

2024 年 11 月 13 日 来源：公司年报、国金证券研究所 买入（维持评级） 腾讯控股（00700.HK） 港股公司点评 证券研究报告 业务展现韧性，游戏增长亮眼 业绩简评 2024 年 11 月 13 日,公司披露 2024 第三季度业绩公告，2024Q3 实 现营收 1672 亿元，同比+8%，NON-IFRS 归母净利润 598 亿元，同 比+33%。 经营分析 微信生态蓬勃发展，AI 深入部署。2024Q3 微信小程序交易额超 2 万亿，同比增长十几个百分点；视频号小店升级微信小店，更有利 于商家有效触达客户和销售转化，旨在依托于整个微信生态打造 统一且可信赖的交易体验；微信搜一搜商业化检索量与点击率同 比增长。发布使用异构混合专家架构(MoE)的升级版基础模型腾讯 混元 Turbo，相较于上一代模型腾讯混元 Pro，其训练和推理效率 提升了一倍，且推理成本减半。 游戏：长青游戏健康增长，海外游戏收入有释放潜力。2024Q3 公 司游戏收入 518 亿元，同比增长+13%。本土市场游戏：收入 373 亿 元，同比+14%。《王者荣耀》及《和平精英》流水同比增长，《DNF》 添增量，《火影忍者》《 ...

14 Nov 2024 CMB International Global Markets | Equity Research | Company Update Tencent (700 HK) Higher consumer internet revenue contribution boosted margin Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn; non-IFRS operating profit grew by 19% YoY to RMB61.3bn, in line with our estimate of RMB61.4bn. Looking ahead, we remain positive on earnings growth in 4Q24E driven by the acceleration in games revenue ...

Financial Data and Key Metrics - Total revenue for Q3 2024 was RMB 1671.93 billion, an 8% YoY growth [3] - Return on investment was 4% for the quarter [3] - Gross margin increased from 49% to 53% YoY [15] - VAS (Value-Added Services) revenue grew 9% YoY to RMB 827 billion [15] - International games revenue increased 9% YoY to RMB 145 billion [15] - Domestic games revenue grew 14% YoY to RMB 373 billion [15] Business Line Performance - Game business achieved strong income growth, driven by long-term tree games and new game launches [3] - WeChat and WeChat reached 13.82 billion users, while QQ Mobile reached 5.62 billion users [4] - Music subscription revenue grew 20% YoY, with 119 million subscribers [6] - Long video subscription revenue increased 4% YoY, with total video subscriptions reaching 116 million [6] - Mini programs achieved GMV exceeding RMB 2 trillion [7] Market Performance - International games revenue growth lagged behind total revenue growth due to extended revenue deferral periods [15] - PUBG Mobile and Brawl Stars drove strong performance in international markets [7] - Domestic games like Peacekeeper Elite and Valorant set new revenue records [6] Strategy and Industry Competition - Company is upgrading its e-commerce strategy through the WeChat ecosystem [3] - Continued investment in AI technology, tools, and solutions to enhance user and partner experiences [3] - Focus on developing long-term tree games and identifying new games with potential [18] - Emphasis on standardizing and indexing the WeChat Shop platform to improve user experience [19] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about the long-term economic outlook despite current challenges [26] - Company is actively adapting to regulatory changes and focusing on compliance [27] - AI is seen as a key driver for future growth, particularly in content recommendation and advertising [37] - Company is cautious in its lending practices and selective in its loan approvals [44] Other Important Information - Company launched two new games, DNA mobile game and Delta Force, which show potential to become long-term games [4] - WeChat Shop is being integrated into the WeChat ecosystem, with a focus on improving logistics and customer service [19] - Company is leveraging its expertise in gaming and live streaming to strengthen its cloud services [4] Q&A Summary Question: Impact of macro environment on business strategy - Company remains optimistic about long-term economic growth and is focused on executing its current strategy [26][27] Question: Future of gaming industry and company's strategy - Company sees a structural trend in the success of Chinese games globally and is investing in new tools and technologies [17][18] Question: E-commerce strategy and WeChat Shop - Company aims to build a unified and trustworthy e-commerce experience through WeChat Shop, with a focus on standardization and indexing [19][20] Question: AI integration and revenue potential - AI is expected to significantly enhance content recommendation and advertising efficiency, with substantial revenue potential [37][38] Question: Payment and wealth management strategy - Company is cautious in its lending practices and is focusing on building a robust wealth management platform [43][44] Question: Advertising and video integration - Video integration is a key driver for advertising growth, with potential for further ad load rate increases [48][49] Question: Collaboration with Taobao - Collaboration with Taobao is seen as beneficial for users and both companies, with a focus on compliance and user experience [50][51]

Revenue and Profit Growth - Revenue for Q3 2024 reached RMB 167.193 billion, an 8% YoY increase[1] - Net profit attributable to equity holders surged 47% YoY to RMB 53.230 billion in Q3 2024[1] - Operating profit increased 20% YoY to RMB 53.333 billion in Q3 2024[1] - Revenue for Q3 2024 increased by 8% YoY to RMB 167.2 billion, with value-added services growing by 9% to RMB 82.7 billion, marketing services by 17% to RMB 30.0 billion, and fintech and business services by 2% to RMB 53.1 billion[8] - Net profit attributable to equity holders of the company grew by 47% YoY to RMB 53.2 billion, with non-IFRS net profit increasing by 33% to RMB 59.8 billion[13] - Revenue for Q3 2024 increased by 4% quarter-over-quarter to RMB 167.2 billion, with value-added services revenue growing by 5% to RMB 82.7 billion[15] - Net profit attributable to equity holders of the company rose by 12% quarter-over-quarter to RMB 53.2 billion, with non-IFRS net profit increasing by 4% to RMB 59.8 billion[17] - Revenue for the nine months ended September 30, 2024, was RMB 487,811 million, with value-added services contributing RMB 240,146 million and fintech and business services contributing RMB 155,831 million[33] - Net profit for the nine months ended September 30, 2024, was RMB 145,000 million, up from RMB 90,198 million in the same period of 2023[33] - Net profit for the nine months ended September 30, 2024, was RMB 145,000 million, a significant increase from RMB 90,198 million in the same period last year[35] - The company's profit attributable to equity holders for the nine months ended September 30, 2024, was RMB 142,749 million, a significant increase from RMB 88,191 million in the same period in 2023[66] User and Subscription Growth - WeChat and WeChat combined MAUs grew 3% YoY to 1.382 billion in Q3 2024[3] - Mini Program transaction volume exceeded RMB 2 trillion in Q3 2024, with double-digit YoY growth[4] - Music paid subscriptions increased 16% YoY to 119 million in Q3 2024[5] - Video paid memberships grew 6% YoY to 116 million in Q3 2024[5] Gaming Performance - International game VALORANT revenue increased over 30% YoY in Q3 2024[5] - International market gaming revenue grew by 5% to RMB 14.5 billion, driven by games like *PUBG MOBILE*, while domestic market gaming revenue increased by 8% to RMB 37.3 billion, supported by games like *Peacekeeper Elite* and *Dungeon & Fighter: Origin*[15] - Local market games refer to the company's gaming business in the Chinese market (excluding Hong Kong, Macau, and Taiwan)[103] - International market games refer to the company's gaming business outside the local market[103] - The company's gaming business includes titles such as PUBG (PlayerUnknown's Battlegrounds)[104] Gross Profit and Margin - Gross profit margin expanded to 53.1% in Q3 2024, up from 49.5% in Q3 2023[1] - Gross profit for Q3 2024 rose by 16% YoY to RMB 88.8 billion, with the gross margin improving from 49% to 53%[10] - Value-added services gross profit increased by 13% YoY to RMB 47.5 billion, with the gross margin improving from 56% to 57%[10] - Marketing services gross profit grew by 18% YoY to RMB 15.9 billion, with the gross margin slightly improving from 52% to 53%[11] - Fintech and business services gross profit surged by 19% YoY to RMB 25.4 billion, with the gross margin improving significantly from 41% to 48%[12] - Gross profit for Q3 2024 increased by 3% to RMB 88.8 billion, with a stable gross margin of 53%[15] - Gross profit for the nine months ended September 30, 2024, was RMB 258,593 million, with a gross margin of 53%[33] Expenses and Costs - Sales and marketing expenses increased by 19% YoY to RMB 9.4 billion, accounting for 6% of revenue compared to 5% in the same period last year[12] - General and administrative expenses rose by 11% YoY to RMB 29.1 billion, driven by increased R&D and employee costs[12] - Sales and marketing expenses grew by 3% to RMB 9.4 billion, while general and administrative expenses increased by 6% to RMB 29.1 billion, driven by higher R&D and employee costs[16] - Employee benefits expenses for the three months ended September 30, 2024, were RMB 29,636 million, compared to RMB 27,812 million in the same period in 2023[50] - Content costs (excluding intangible asset amortization) for the three months ended September 30, 2024, were RMB 17,232 million, compared to RMB 15,812 million in the same period in 2023[50] - Promotion and advertising expenses for the three months ended September 30, 2024, were RMB 6,659 million, compared to RMB 4,981 million in the same period in 2023[50] - R&D expenses for the three months and nine months ended September 30, 2024, were RMB 17.89 billion and RMB 50.845 billion, respectively, compared to RMB 16.454 billion and RMB 47.645 billion for the same periods in 2023[52] - Employee benefits expenses for the three months and nine months ended September 30, 2024, were RMB 14.5 billion and RMB 41.668 billion, respectively, compared to RMB 13.667 billion and RMB 39.951 billion for the same periods in 2023[52] - Media content amortization for the three months and nine months ended September 30, 2024, was RMB 6.584 billion and RMB 19.286 billion, respectively, compared to RMB 6.473 billion and RMB 22.864 billion for the same periods in 2023[53] - Intangible assets amortization related to acquisitions for the three months and nine months ended September 30, 2024, was RMB 1.324 billion and RMB 3.878 billion, respectively, compared to RMB 1.434 billion and RMB 3.455 billion for the same periods in 2023[53] - SSV and CPP related expenses (excluding share-based compensation) for the three months and nine months ended September 30, 2024, were RMB 240 million and RMB 550 million, respectively, compared to RMB 231 million and RMB 561 million for the same periods in 2023[53] - Non-recurring compliance-related costs and litigation settlement expenses for the nine months ended September 30, 2024, were RMB 3 million, compared to RMB 17 million for the same period in 2023[54] - Subsidies and tax refunds for the three months and nine months ended September 30, 2024, were RMB 2.631 billion and RMB 6.048 billion, respectively, compared to RMB 2.546 billion and RMB 8.14 billion for the same periods in 2023[55] - The company's total employee compensation cost for the three months ended September 30, 2024, was RMB 29.6 billion, compared to RMB 27.8 billion in the same period last year[95] Investments and Financial Assets - Share of profits from associates and joint ventures increased to RMB 6.0 billion in Q3 2024, up from RMB 2.1 billion in the same period last year[13] - The fair value of the company's equity interests in listed investee companies (excluding subsidiaries) as of September 30, 2024, was RMB 612,500 million[31] - The company's equity interests in unlisted investee companies (excluding subsidiaries) had a carrying value of RMB 327,700 million as of September 30, 2024[31] - The company's investment in associates as of September 30, 2024, was RMB 266,057 million, up from RMB 253,696 million as of December 31, 2023[70] - The fair value of the company's investment in listed associates as of September 30, 2024, was RMB 341.464 billion, compared to RMB 351.594 billion as of December 31, 2023[70] - The company's investment in associates increased by RMB 2,242 million in the first nine months of 2024, compared to RMB 6,301 million in the same period in 2023[71] - The company recognized a significant impairment provision of RMB 7,831 million for investments in associates with signs of impairment in the first nine months of 2024, compared to RMB 1,396 million in the same period in 2023[72] - The fair value of financial assets measured at fair value through profit or loss decreased to RMB 218,973 million as of September 30, 2024, from RMB 226,048 million as of December 31, 2023[73] - The company made new and additional investments totaling RMB 42,572 million in financial investments, investment companies, and others in the first nine months of 2024[75] - The fair value of financial assets measured at fair value through other comprehensive income increased to RMB 285,764 million as of September 30, 2024, from RMB 213,951 million as of December 31, 2023[76] - The company made new and additional investments totaling RMB 4,864 million in investment companies primarily engaged in social media platforms, sports equipment, e-commerce, and other internet-related businesses in the first nine months of 2024[78] - Net gains from disposal and deemed disposal of investments for the nine months ended September 30, 2024, were RMB 10.621 billion, compared to RMB 3.929 billion for the same period in 2023[56] - Fair value gains/(losses) on financial assets measured at fair value through profit or loss for the three months and nine months ended September 30, 2024, were RMB 3.788 billion and RMB 1.565 billion, respectively, compared to RMB 2.258 billion and RMB -754 million for the same periods in 2023[56] Cash Flow and Financial Position - EBITDA for Q3 2024 was RMB 64.4 billion, up from RMB 62.9 billion in Q2 2024, with adjusted EBITDA reaching RMB 69.7 billion[18] - Net cash position as of September 30, 2024, was RMB 95.5 billion, a significant increase from RMB 71.8 billion at the end of Q2 2024[18] - Capital expenditures for Q3 2024 were RMB 17.1 billion, nearly double the RMB 8.7 billion spent in Q2 2024[18] - Free cash flow generated in Q3 2024 was RMB 58,500 million, driven by net cash from operating activities of RMB 78,100 million, partially offset by capital expenditures of RMB 12,000 million[31] - The company's cash and cash equivalents as of September 30, 2024, were RMB 145,468 million, with a net cash position of RMB 95,462 million, up from RMB 71,757 million as of June 30, 2024[30] - Net cash flow from operating activities for the nine months ended September 30, 2024, was RMB 204.475 billion, an increase from RMB 168.008 billion in the same period in 2023[41] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 79.243 billion, a decrease from RMB 117.157 billion in the same period in 2023[41] - Net cash used in financing activities for the nine months ended September 30, 2024, was RMB 151.330 billion, an increase from RMB 62.806 billion in the same period in 2023[41] - Cash and cash equivalents at the end of the period were RMB 145.468 billion, compared to RMB 146.476 billion at the end of the same period in 2023[41] Non-IFRS Metrics - Non-IFRS operating profit for Q3 2024 was RMB 61,274 million, up from RMB 53,333 million reported under IFRS[23] - Non-IFRS net profit attributable to equity holders for Q3 2024 was RMB 59,813 million, compared to RMB 53,230 million under IFRS[23] - Non-IFRS operating profit margin for Q3 2024 was 37%, up from 32% under IFRS[23] - Non-IFRS operating profit for Q2 2024 was RMB 58,443 million, up from RMB 50,732 million reported under IFRS[25] - Non-IFRS net profit attributable to equity holders for Q2 2024 was RMB 57,313 million, compared to RMB 47,630 million under IFRS[25] - Non-IFRS operating profit margin for Q2 2024 was 36%, up from 31% under IFRS[25] - Non-IFRS operating profit for the first nine months of 2024 was RMB 178,336 million, up from RMB 156,621 million reported under IFRS[27] - Non-IFRS net profit attributable to equity holders for the first nine months of 2024 was RMB 167,391 million, compared to RMB 142,749 million under IFRS[27] - Non-IFRS operating profit margin for the first nine months of 2024 was 37%, up from 32% under IFRS[27] Earnings Per Share and Dividends - Basic earnings per share for the nine months ended September 30, 2024, were RMB 15.346, compared to RMB 9.312 in the same period of 2023[33] - Basic earnings per share for the nine months ended September 30, 2024, were RMB 15.346, up from RMB 9.312 in the same period in 2023[66] - Diluted earnings per share for the nine months ended September 30, 2024, were RMB 15.008, compared to RMB 9.075 in the same period in 2023[68] - The company paid a final dividend of HKD 31.743 billion for the year ended December 31, 2023, an increase from HKD 22.762 billion in the previous year[69] Assets and Liabilities - Property, plant, and equipment increased to RMB 69,583 million as of September 30, 2024, from RMB 53,232 million as of December 31, 2023[36] - Intangible assets slightly increased to RMB 178,773 million as of September 30, 2024, from RMB 177,727 million as of December 31, 2023[36] - Investments in associates and joint ventures increased to RMB 266,057 million as of September 30, 2024, from RMB 253,696 million as of December 31, 2023[36] - Total assets increased to RMB 1,723,357 million as of September 30, 2024, from RMB 1,577,246 million as of December 31, 2023[36] - Total equity attributable to equity holders of the company increased to RMB 912,586 million as of September 30, 2024, from RMB 808,591 million as of December 31, 2023[38] - Non-current liabilities decreased to RMB 335,073 million as of September 30, 2024, from RMB 351,408 million as of December 31, 2023[38] - Current liabilities increased to RMB 407,777 million as of September 30, 2024, from RMB 352,157 million as of December 31, 2023[38] - Total equity as of September 30, 2024, amounted to RMB 980.507 billion, an increase from RMB 873.681 billion at the beginning of the year[39] - Retained earnings increased to RMB 861.819 billion, up from RMB 813.911 billion at the start of the year[39] - Comprehensive income for the period was RMB 209.832 billion, driven by a net profit of RMB 142.749 billion and other comprehensive income of RMB 62.806 billion[39] - The company repurchased shares worth RMB 13.681 billion, which were subsequently canceled[39] - Cash dividends paid during the period totaled RMB 68.797 billion[39] - Non-controlling interests increased to RMB 67.921 billion, up from RMB 65.090 billion at the beginning of the year[39] - The company recorded a gain of RMB 72.902 billion from the fair value changes of financial assets measured at fair value through other comprehensive income[39] - Foreign currency translation differences resulted in a loss of RMB 7.064 billion[39] - The company allocated RMB 28.924 billion to statutory reserves[39] - The company's equity attributable to shareholders increased to RMB 912.586 billion, up from RMB 808.591 billion at the start of the year[39] - Total equity as of January 1, 2023, was RMB 782.86 billion, with retained earnings of RMB 705.981 billion[40] - Comprehensive income for the period was RMB 90.198 billion, with a net profit of RMB 88.191 billion[40] Employee and Compensation - The company had 108,823 employees as of September 30, 2024, an increase from 105,309 employees as of September 30, 2023[95] - The company's total employee compensation cost for the three months ended September 30, 2024, was RMB 29.6 billion, compared to RMB 27.8 billion in the same period last year[95] Debt and Notes Payable - The non-current portion of long-term USD notes payable was RMB 127.