Core Viewpoint - Tencent Holdings has been actively repurchasing its shares, with a total of 1.29 billion shares repurchased this year, amounting to HKD 654.15 billion, indicating a strong commitment to shareholder value amidst recent stock price fluctuations [1][2][3][4] Summary by Relevant Sections Share Buyback Activity - On November 26, Tencent repurchased 1.022 million shares at a price range of HKD 618.500 to HKD 629.000, totaling HKD 63.56595 million [1] - Since November 18, the company has conducted buybacks for seven consecutive days, acquiring a total of 7.157 million shares for HKD 4.450 billion [1] - The stock price has decreased by 2.67% during this buyback period [1] Year-to-Date Buyback Statistics - Year-to-date, Tencent has executed 107 buybacks, acquiring 1.29 billion shares for a total expenditure of HKD 654.15 billion [1] - The stock's closing price on the day of the latest buyback was HKD 619.500, reflecting a decline of 0.88% for that day [1] Historical Buyback Prices - The highest buyback price recorded in the recent buyback activities was HKD 640.500 on November 18, while the lowest was HKD 606.500 on November 21 [1] - The buyback prices have shown a range of fluctuations, with the highest price in the last few months reaching HKD 683.000 on October 2 [1][2][3][4]

Core Points - Tencent Holdings (00700) announced a share buyback of 636 million HKD to repurchase 1.022 million shares at a price range of 618.5 to 629 HKD per share [1] - The share buyback is part of the 2023 share option plan adopted on May 17, 2023, with 11,800 shares issued through the exercise of share options on November 26, 2025 [1]

Core Points - Tencent Holdings (00700) announced a share buyback of 63.6 million HKD for 1.022 million shares at a price range of 618.5 to 629 HKD per share [1] - The share buyback is scheduled for November 26, 2025, and is part of the stock option plan adopted on May 17, 2023 [1] - Additionally, 11,800 shares will be issued through the exercise of stock options on the same date [1]

Group 1 - Tencent Holdings announced a share buyback plan, spending HKD 636 million to repurchase 1.022 million shares [1] - The buyback price per share ranged from HKD 618.5 to HKD 629 [1]

如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent's Q3 revenue reached 192.87 billion yuan, representing a year-over-year increase of 15% and a quarter-over-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [4] - The adjusted net profit for Q3 was 70.55 billion yuan, up 18% year-over-year and 12% quarter-over-quarter, surpassing the consensus estimate of 65.97 billion yuan [4] - The growth in revenue and profit is driven by strong performance in the gaming sector, robust advertising growth fueled by AI, and improvements in financial technology services [4][10] Summary by Sections Q3 Performance - Revenue: 192.87 billion yuan (yoy +15%, qoq +5%), above consensus of 188.8 billion yuan [4] - Gross Profit: 108.8 billion yuan (yoy +22%, qoq +4%), exceeding consensus of 106.39 billion yuan [4] - Adjusted Net Profit: 70.55 billion yuan (yoy +18%, qoq +12%), above consensus of 65.97 billion yuan [4] Value-Added Services (VAS) - Domestic game revenue reached 42.8 billion yuan (yoy +15%), driven by stable contributions from titles like "Delta Action" and "Honor of Kings" [5] - International game revenue was 20.8 billion yuan (yoy +43%), exceeding expectations due to growth from Supercell games and new releases [5] Marketing Business - Marketing revenue was 36.2 billion yuan (yoy +21%), surpassing expectations, driven by AI-enhanced advertising platforms [6] - The combined MAU for WeChat reached 1.414 billion, a year-over-year increase of 2% [6] Financial Technology - Financial technology revenue was 58.2 billion yuan (yoy +10%), supported by growth in commercial payment activities and consumer loan services [7] AI Investments - Capital expenditure for Q3 was 12.98 billion yuan, a year-over-year decrease of 24% [8] - AI capabilities are continuously improving, with advancements in transaction ecosystems and model performance [8][9] Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 257.02 billion yuan, 290.51 billion yuan, and 319.01 billion yuan respectively, with stable growth expected in gaming and advertising sectors [10]

Financial Performance - In Q3 2025, Tencent achieved revenue of 192,869 million, a year-on-year increase of 15% [1] - For the first three quarters, revenue reached 557,395 million, reflecting a 14% year-on-year growth [1] - By segment, value-added services revenue was 95,860 million, up 16% year-on-year; marketing services revenue was 36,242 million, growing 21%, making it the fastest-growing segment; financial technology and enterprise services revenue was 58,174 million, increasing by 10% [1] - The company's overall gross margin rose to 56%, with operating profit at 63,555 million, a 19% year-on-year increase, resulting in an operating profit margin of 33% [1] - Net profit attributable to shareholders was 63,133 million, up 19% year-on-year, while non-IFRS net profit attributable to shareholders was 70,549 million, reflecting an 18% year-on-year growth [1] Business Development - Marketing services revenue was 36,200 million, with a year-on-year increase of 21%, maintaining double-digit growth for 12 consecutive quarters, driven by video accounts and AI-powered targeting and bidding optimization [1] - Value-added services revenue reached 95,900 million, up 16% year-on-year, with overall gaming revenue increasing by 23% (domestic revenue at 42,800 million, up 15%; overseas revenue at 20,800 million, up 43%) [1] - The positive impact of normalized licensing and a reduction in Apple's commission on WeChat mini-games to 15% contributed to stable growth, supported by evergreen products, international expansion, and AI-enabled operations [1] Profit Forecast - Revenue is projected to be 726,283 million in 2025, with operating profit expected to be 220,183 million, corresponding to PE ratios of 23.29, 20.34, and 18.05 for 2025-2027 [2]

Core Insights - Tencent Holdings has been actively repurchasing its shares, with a total of 1.28 billion shares bought back this year, amounting to HKD 64.78 billion [1][2][3] - The stock price has shown a slight increase of 0.08% on the day of the latest repurchase, closing at HKD 625.00, despite a cumulative decline of 1.81% during the recent repurchase period [1][2] - The company has conducted 106 repurchase transactions this year, indicating a strong commitment to returning value to shareholders [1][3] Repurchase Details - On November 25, Tencent repurchased 1.014 million shares at prices ranging from HKD 620.50 to HKD 634.50, totaling HKD 63.554 million [1] - The cumulative repurchase from November 18 to November 25 reached 6.135 million shares, with a total expenditure of HKD 381.4 million [1] - The highest repurchase price during this period was HKD 640.50 on November 18, while the lowest was HKD 606.50 on November 21 [1][2] Historical Context - The company has shown a consistent pattern of share repurchases, with significant activity noted in the first quarter of 2025, including a single day where 393,000 shares were repurchased at an average price of HKD 386.40 [4] - The repurchase strategy appears to be a response to market conditions, as evidenced by the stock's performance and the company's efforts to stabilize its share price [1][3]

Investment Rating - Investment Rating: Buy [2] Core Views - Tencent Holdings continues to show strong financial performance with increasing revenue and profit margins, driven by its gaming, marketing services, and fintech sectors [5][14][19] - The company's focus on AI integration across its business segments is expected to enhance operational efficiency and revenue growth [22][23] Financial Performance - Revenue for 2025 is projected to be 726,283 million RMB, with an operating profit of 220,183 million RMB, reflecting a PE ratio of 23.29 for 2025 [7][11] - In Q3 2025, Tencent reported revenue of 192,869 million RMB, a 15% year-on-year increase, with net profit reaching 63,133 million RMB, up 19% [13][14] - The gross margin improved from 53% to 56%, indicating a positive shift in the company's profitability structure [14] Business Development - The marketing services segment is a key revenue driver, achieving a 21% year-on-year growth, primarily due to the expansion of video ads and AI-driven advertising optimization [16][17] - The value-added services segment, which includes gaming, saw a 16% increase in revenue, with domestic game revenue growing by 15% and international game revenue by 43% [18] - The fintech and enterprise services segment reported a 10% revenue growth, supported by recovery in offline commerce and increased online payment penetration [19] Profitability Forecast - The forecast for net profit in 2025 is 197,213 million RMB, with a projected growth rate of 9.19% [9][11] - Operating profit margin is expected to remain stable at around 32% across the forecast period [9][11] Market Analysis - The global digital advertising market is rapidly shifting towards digital channels, with significant growth expected in the Asia-Pacific region [20] - The gaming market is projected to reach 188.8 billion USD in 2025, with Tencent positioned to benefit from both domestic and international growth [21] R&D Investment - Tencent's R&D expenditure reached approximately 22,820 million RMB in Q3 2025, marking a 28% increase year-on-year, focusing on AI talent and infrastructure [22] - The company is transitioning from isolated AI products to a comprehensive AI platform integrated across its core applications [22] Future Outlook - Tencent's management emphasizes embedding AI deeply into existing business lines and pursuing global expansion as dual growth engines [23] - The company anticipates that AI-related capital expenditures will account for a low double-digit percentage of revenue, indicating a commitment to long-term investment in AI infrastructure [23]

Core Viewpoint - Tencent Holdings (00700) announced a share buyback of 635.5 million HKD to repurchase 1.014 million shares on November 25, 2025 [1] - On the same date, 7,915 shares were issued due to the exercise of stock options [1] Summary by Category - **Share Buyback** - Tencent will spend 635.5 million HKD to buy back 1.014 million shares [1] - **Stock Options** - 7,915 shares were issued as a result of stock option exercises on November 25, 2025 [1]