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（ ...

根據購股權計劃 授出購股權 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 購股權計劃的條款向僱員參與者授予20,287份購股權，以認購股份（惟須待獲授人 接納後方可作實）。 授出購股權之詳情 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）） 有關授予獲授人購股權的詳情如下： 授出日期： 二零二五年十一月十四日 獲授人及獲授 購股權的數目： 根據購股權計劃已授予僱員參與者20,287份購股 權，以認購股份。 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（定義見上市規則）；(ii)獲授或將獲 授購股權及獎勵超逾上市規則項下1%個人限額的 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 – 1 – 當日12個 ...

Core Viewpoint - Goldman Sachs reports that Tencent Holdings (00700) achieved robust performance in Q3, with revenue growing at the fastest rate in four years, and adjusted operating profit steadily increasing, reinforcing the bank's positive outlook on the company due to its unique WeChat ecosystem and global gaming assets [1] Group 1: Financial Performance - Tencent's revenue growth exceeded 20% year-on-year for three consecutive quarters in its two main revenue streams: gaming and marketing services [1] - The bank has revised its revenue forecasts for 2025 to 2027 upward by 0% to 1%, reflecting improved growth sustainability driven by AI applications in gaming, marketing services, and financial/enterprise services [1] Group 2: Profitability and Expenses - The net profit forecasts for 2025 to 2027 have been slightly adjusted downward by -1% to 0%, as strong revenue growth is partially offset by increased costs related to AI computing power leasing, marketing expenses for AI-native applications, and R&D expenses for AI projects [1] - Capital expenditure expectations for 2025 and 2026 have been revised down to RMB 80 billion and RMB 100 billion, respectively, from previous estimates of RMB 100 billion and RMB 117 billion, reflecting a shift towards leasing computing power due to external chip supply constraints [1] Group 3: Management Insights - Management indicated that GPU capacity is sufficient to meet internal demand, suggesting a strategic focus on optimizing resources amid external supply challenges [1]

智通财经APP获悉，摩根大通发布研报称，腾讯控股(00700)第三季业绩强劲，收入及经调整每股盈利分 别较市场预期高2%及7%。经调整营业利润及净利润均同比升18%，较收入增长高3个百分点。另一方 面，期内资本开支按季下降32%至130亿元人民币，该行认为将是管理层需要重点说明的关键，预期股 价短期有正面反应，现予目标价685港元及"增持"评级。 ...

摩根大通发布研报称，腾讯控股(00700)第三季业绩强劲，收入及经调整每股盈利分别较市场预期高2% 及7%。经调整营业利润及净利润均同比升18%，较收入增长高3个百分点。另一方面，期内资本开支按 季下降32%至130亿元人民币，该行认为将是管理层需要重点说明的关键，预期股价短期有正面反应， 现予目标价685港元及"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [6] Core Insights - Tencent Holdings reported Q3 2025 revenue of 192.9 billion yuan, a year-on-year increase of 15.4%, exceeding Bloomberg consensus expectations by 2.15% [1] - Non-IFRS operating profit reached 72.6 billion yuan, surpassing consensus by 0.58%, with an operating margin of 37.6% [1] - Non-IFRS net profit was 70.6 billion yuan, exceeding expectations by 6.84%, with a net profit margin of 36.6%, up 0.8 percentage points year-on-year [1] Summary by Sections Gaming - Q3 2025 gaming revenue was 63.6 billion yuan, a year-on-year increase of 22.8%, exceeding consensus by 5.21% [2] - Domestic gaming revenue was 42.8 billion yuan, up 14.7% year-on-year, surpassing expectations by 1.26% [2] - Overseas gaming revenue reached 20.8 billion yuan, a significant year-on-year increase of 43.4%, exceeding expectations by 14.8% [2] Advertising and Enterprise Services - Marketing services revenue for Q3 2025 was 36.2 billion yuan, a year-on-year increase of 20.8%, exceeding consensus by 1.81% [2] - Financial technology and enterprise services revenue was 58.2 billion yuan, up 9.6% year-on-year, slightly exceeding expectations by 0.07% [2] Capital Expenditure and AI Strategy - Capital expenditure for Q3 2025 was 13 billion yuan, down 24% year-on-year, below expectations by 43.9% [3] - The company is increasing AI R&D investment, with Q3 2025 R&D expenses reaching a historical high [3] - The report highlights a clear long-term AI strategy, focusing on the integration of AI agents with the social ecosystem [3] Profit Forecast, Valuation, and Rating - The report raises the Non-IFRS net profit forecasts for 2025-2027 to 265.8 billion, 298.4 billion, and 335.1 billion yuan, respectively, reflecting increases of 4.0%, 3.5%, and 4.0% from previous estimates [3] - The target price is raised to 741 HKD, with a current price of 656 HKD, indicating a favorable valuation [3]

美银证券发布研报称，腾讯控股(00700)昨日(13日)收市后交出稳健业绩。营业额同比增长15%至1,929亿 元人民币，较预期高2%。非国际财务报告准则(Non-IFRS)净利为706亿元人民币，同比增长18%，较市 场预期高7%。该行对腾讯稳健的执行感到满意，尤其是在广告和游戏业务方面。由于投资者关注结构 性人工智能投资上扬趋势和季度支出波动，该行期待从财报电话会议中获得更多有关2026年资本支出计 划的详情。维持行业首选股及"买入"评级，目标价780港元。 ...