【时政新闻】 ⑥白宫称特朗普外部团队已起诉BBC； ⑦日产和本田正在治谈在美国联合开发产品； 【市场动态】 ①美股三大股指期货齐跌，截至发稿，道指期货跌0.14%，标普500指数期货跌0.2%，纳指期货跌 0.2%； ②欧洲主要股指涨跌不一，截至发稿，英国富时100指数跌0.82%，法国CAC40指数涨0.4%，德国DAX 指数跌0.5%； ①特朗普签署临时拨款法案 结束政府停摆； ②美政府将"开门" 多部门要求员工明日返岗； ③特朗普：美国政府"停摆"损失了1.5万亿美元； ④美政府停摆结束但党争还在继续； ⑤白宫称10月经济数据或"断供" 美联储面临"失明"； ①腾讯控股盘前涨超2%，公司第三季度营收1928.7亿元，同比增长15%； ②京东美股盘前涨近2%，此前第三季度营收超预期； ③迪士尼美股盘前跌近5%，公司第四财季营收225亿美元； ④哔哩哔哩美股盘前涨近3%，其第三季度经调整净利润为7.86亿元，同比增长233%； ⑤阿里巴巴美股盘前涨超4%。 (本文来自第一财经) 【公司新闻】 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was CNY 193 billion, representing a 15% year-on-year increase [3] - Gross profit increased to CNY 109 billion, up 22% year-on-year [3] - Non-IFRS operating profit rose to CNY 73 billion, an 18% year-on-year increase [4] - Non-IFRS net profit attributable to equity holders was CNY 71 billion, also up 18% year-on-year [4] - Overall gross margin improved to 56%, up 3 percentage points year-on-year [18] Business Line Data and Key Metrics Changes - Value-added services (VAS) revenue was CNY 96 billion, up 16% year-on-year, contributing 50% of total revenue [6] - Social networks revenue increased by 5% year-on-year to CNY 32 billion, driven by video accounts and live streaming [7] - Domestic games revenue grew by 15% year-on-year, primarily from Delta Force and Honor of Kings [7] - International games revenue surged by 43% year-on-year, attributed to upfront revenue recognition from Dying Light: The Beast [8] - Marketing services revenue increased by 21% year-on-year to CNY 36 billion, supported by ad spend growth [13] Market Data and Key Metrics Changes - Combined monthly active users (MAU) of Weixin and WeChat reached 1.4 billion, showing growth both year-on-year and quarter-on-quarter [4] - Music subscription revenue increased by 17% year-on-year, with subscribers growing to 126 million [7] - The mobile launch of Valorant resulted in over 50 million combined monthly active users in October [10] Company Strategy and Development Direction - The company is focusing on strategic investments in AI, enhancing capabilities in ad targeting and game engagement [3] - The Hunyuan foundation model is being upgraded to improve its capabilities in imagery and 3D generation [3] - The company aims to continue acquiring game studios and bringing self-developed games to global markets [22] Management's Comments on Operating Environment and Future Outlook - Management noted that the gaming business growth rate is expected to decelerate closer to underlying trends in the upcoming quarters [22] - The macroeconomic environment is gradually improving, which may positively impact consumer spending and payment services [65] - Management expressed confidence in the ongoing improvements in AI capabilities and their integration into Weixin [34] Other Important Information - The company reported a free cash flow of CNY 58.5 billion, largely stable year-on-year [19] - The net cash position increased to CNY 102.4 billion, up 37% quarter-on-quarter [19] Q&A Session Summary Question: What has driven the growth in international gaming business? - The growth rate was boosted by the consolidation of newly acquired studios and upfront revenue recognition from Dying Light: The Beast [22] Question: Can you elaborate on the Hunyuan team upgrades? - The company is hiring top talent and improving the Hunyuan architecture to enhance AI capabilities [27] Question: How does the AI Marketing Plus solution benefit advertisers? - The solution allows advertisers to automate targeting and bidding, leading to improved returns on investment [29] Question: What is the outlook for advertising revenue growth? - The growth is expected to continue, supported by AI capabilities and improving consumer spending [45] Question: How does the company view its investment strategy in the current market? - The company is actively recycling its portfolio and investing in emerging growth opportunities, particularly in AI startups [55]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was CNY 193 billion, representing a 15% year-on-year increase [3][16] - Gross profit increased to CNY 109 billion, up 22% year-on-year [3][16] - Non-IFRS operating profit reached CNY 73 billion, an 18% year-on-year increase [3][16] - Non-IFRS net profit attributable to equity holders was CNY 71 billion, also up 18% year-on-year [4][16] - Overall gross margin improved to 56%, up 3 percentage points year-on-year [18] Business Line Data and Key Metrics Changes - Value-added services (VAS) accounted for 50% of total revenue, with social networks at 17%, domestic games at 22%, and international games at 11% [6] - Marketing services contributed 19% to total revenue, while fintech and business services made up 30% [6] - Domestic games revenue grew by 15% year-on-year, driven by titles like Delta Force and Honor of Kings [7] - International games revenue surged by 43% year-on-year, attributed to upfront revenue recognition from Dying Light: The Beast and consolidation of acquired studios [8][12] Market Data and Key Metrics Changes - Combined monthly active users (MAU) of Weixin and WeChat reached 1.4 billion, showing growth year-on-year and quarter-on-quarter [4] - Music subscription revenue increased by 17% year-on-year, with music subscribers growing to 126 million [7] - Marketing services revenue rose by 21% year-on-year to CNY 36 billion, supported by ad spend growth across major categories [13] Company Strategy and Development Direction - The company is focusing on strategic investments in AI, enhancing capabilities in ad targeting and game engagement [3] - The Hunyuan foundation model is being upgraded to improve its capabilities in imagery and 3D generation, aiming for industry leadership [3] - The company plans to continue acquiring game studios and bringing self-developed games to global markets [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the international gaming business but noted a potential deceleration in growth rates [22] - The macroeconomic environment is gradually improving, which could positively impact consumer spending and fintech services [65] - Management highlighted that AI capabilities are expected to drive revenue growth and improve operational efficiency [36] Other Important Information - The company reported a free cash flow of CNY 58.5 billion, largely stable year-on-year, with a net cash position of CNY 102.4 billion [19] - R&D expenses rose by 28% year-on-year, reflecting increased investment in AI initiatives [18] Q&A Session Summary Question: What has driven the growth in international gaming? - The growth rate was boosted by the consolidation of newly acquired studios and upfront revenue recognition from Dying Light: The Beast, but is expected to decelerate [22] Question: Can you elaborate on the Hunyuan team upgrades? - The company is hiring top talent and improving infrastructure to enhance the Hunyuan model's capabilities [28] Question: How does the AI Marketing Plus solution benefit advertisers? - The solution allows for automated bidding, which has shown positive early results in terms of ROI for advertisers [76] Question: What is the outlook for advertising revenue growth? - The growth is expected to continue, supported by improved consumer spending and AI capabilities [45] Question: How does the company view its relationship with Apple? - The company has a constructive relationship with Apple and is working to enhance the mini game ecosystem [44] Question: What are the trends in consumer loans and cloud revenue? - Consumer loans are stable due to conservative underwriting, while cloud revenue growth is constrained by AI chip availability [67]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was CNY 193 billion, up 15% year-on-year [4] - Gross profit increased to CNY 109 billion, reflecting a 22% year-on-year growth [4] - Non-IFRS operating profit rose to CNY 73 billion, an 18% increase year-on-year [4] - Non-IFRS net profit attributable to equity holders was CNY 71 billion, also up 18% year-on-year [5] - Overall gross margin improved to 56%, up 3 percentage points year-on-year [18] Business Line Data and Key Metrics Changes - Value-added services (VAS) revenue was CNY 96 billion, up 16% year-on-year, contributing 50% of total revenue [6] - Social networks revenue increased by 5% year-on-year to CNY 32 billion, driven by video accounts and music subscriptions [7] - Domestic games revenue grew by 15% year-on-year, primarily due to titles like Delta Force and Honor of Kings [7] - International games revenue surged by 43% year-on-year, attributed to upfront revenue recognition from new titles [8] - Marketing services revenue increased by 21% year-on-year to CNY 36 billion, supported by ad spend growth [12] Market Data and Key Metrics Changes - Combined monthly active users (MAU) of Weixin and WeChat reached 1.4 billion, showing growth both year-on-year and quarter-on-quarter [5] - Music subscription revenue increased by 17% year-on-year, with subscribers growing to 126 million [7] - The mobile launch of Valorant resulted in a doubling of combined monthly active users to over 50 million in October [10] Company Strategy and Development Direction - The company is focusing on strategic investments in AI, enhancing capabilities in ad targeting and game engagement [4] - The Hunyuan foundation model is being upgraded, with improvements in imagery and 3D generation models [4] - The company aims to grow Yuanbao adoption and develop agentic AI capabilities within Weixin [4][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the international gaming business, although a deceleration in growth rates is expected [23] - The macroeconomic environment is gradually improving, which could positively impact consumer spending and payment volumes [66] - Management highlighted that AI capabilities are expected to drive future growth in advertising revenue [49] Other Important Information - The company reported a net cash position of CNY 102.4 billion, up 37% quarter-on-quarter [20] - Operating expenses increased, with R&D expenses rising by 28% year-on-year due to AI investments [18] Q&A Session Summary Question: What has driven the growth in international gaming? - The growth was supported by the consolidation of newly acquired studios and upfront revenue recognition from Dying Light: The Beast [23] Question: Can you elaborate on the Hunyuan team upgrades? - The company is hiring top talent and improving the Hunyuan architecture to enhance AI capabilities [30] Question: How does the AI Marketing Plus solution benefit advertisers? - The solution allows advertisers to automate targeting and bidding, leading to superior returns [33] Question: What is the outlook for advertising revenue growth? - The growth is expected to continue, driven by AI capabilities and improving consumer spending [49] Question: How does the company view its relationship with Apple? - The company has a constructive relationship with Apple and is working to enhance the mini game ecosystem [48] Question: What are the trends in consumer loans and cloud revenue? - Consumer loans are stable, and cloud revenue is expected to grow, although AI chip availability may constrain growth [68]

2025 Third Quarter Results Presentation November 13, 2025 1 Cautionary Note This presentation may contain forward-looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities, challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the "Company" or "Tencent") and its group companies. These forward-looking statements are based on information currently available to Tencent and are stated here on the basis of the ...

Core Insights - Tencent Holdings reported a domestic market game revenue of RMB 42.8 billion for Q3 2025, representing a year-on-year growth of 15% [1] - The international market game revenue reached RMB 20.8 billion, showing a year-on-year increase of 43%, or 42% when calculated at fixed exchange rates [1] Summary by Category Domestic Market Performance - The domestic game revenue for Tencent in Q3 2025 was RMB 42.8 billion, which is a 15% increase compared to the previous year [1] International Market Performance - Tencent's international game revenue for the same period was RMB 20.8 billion, reflecting a significant year-on-year growth of 43% [1] - When adjusted for fixed exchange rates, the growth rate for international revenue stands at 42% [1]

Core Insights - Tencent Holdings reported a revenue of 95.9 billion yuan from its value-added services business in the third quarter, representing a year-on-year growth of 16% [1] Revenue Breakdown - Domestic gaming revenue reached 42.8 billion yuan, showing a year-on-year increase of 15% [1] - International gaming revenue amounted to 20.8 billion yuan, with a significant year-on-year growth of 43% [1] - Social network revenue was recorded at 32.3 billion yuan, reflecting a year-on-year growth of 5% [1]

Core Viewpoint - Tencent Holdings reported a significant increase in revenue and net profit for the third quarter, indicating strong financial performance compared to the previous year [1] Financial Performance - Revenue for the third quarter reached 192.87 billion yuan, up from 167.19 billion yuan in the same period last year, representing a year-on-year growth of approximately 15.5% [1] - Net profit for the third quarter was 63.13 billion yuan, showcasing robust profitability [1]

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 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]