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（ ...

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]