【腾讯控股：第三季度营收1928.7亿元 同比增15%】智通财经11月13日电，腾讯控股在港交所公告称， 第三季度营收1928.7亿元，同比增15%，预估1888亿元，上年同期1671.93亿元；第三季度净利润631.3 亿元，预估558.8亿元。 转自：智通财经 ...

11月13日，腾讯控股在财报中披露，2025年第三季度的自由现金流为人民币585亿元，反映经营活动所 产生的现金净额人民币853亿元，部分被资本开支付款人民币200亿元（主要用于支持公司的AI相关举 措）、媒体内容付款人民币49亿元及租赁负债付款人民币19亿元所抵销。 ...

人民财讯11月13日电，腾讯控股公告，2025年第三季度营业收入1928.69亿元，同比增长15%；公司权 益持有人应占盈利631.33亿元，同比增长19%。前三季度营业收入5573.95亿元，同比增长14%；公司权 益持有人应占盈利1665.82亿元，同比增长17%。 ...

Core Insights - Tencent reported a third-quarter revenue growth of 15% [1] - The growth was driven by strong gaming demand and expanding AI-driven services [1] Company Performance - Tencent's revenue growth indicates a positive trend in the company's financial performance [1] - The strong demand for gaming suggests a robust market for Tencent's gaming products [1] Industry Trends - The expansion of AI-driven services reflects a growing trend in the technology sector, particularly in integrating AI into existing business models [1] - The gaming industry continues to show resilience and growth potential, contributing significantly to Tencent's overall revenue [1]

Core Insights - Tencent Holdings reported Q3 2025 revenue of 192.9 billion yuan, a 15% year-on-year increase [1] - Profit attributable to equity holders reached 63.1 billion yuan, up 19% year-on-year [1] - Non-IFRS profit attributable to equity holders was 70.6 billion yuan, reflecting an 18% year-on-year growth [1] Business Performance - Revenue from value-added services in Q3 was 95.9 billion yuan, a 16% increase year-on-year [1] - Domestic gaming revenue was 42.8 billion yuan, growing 15% year-on-year, while international gaming revenue surged to 20.8 billion yuan, a 43% increase [1] - Social network revenue reached 32.3 billion yuan, up 5% year-on-year [1] - Marketing services revenue for the quarter was 36.2 billion yuan, reflecting a 21% year-on-year growth [1] - Financial technology and enterprise services revenue amounted to 58.2 billion yuan, a 10% increase year-on-year [1] User Metrics - As of September 30, 2025, the combined monthly active accounts for WeChat and Weixin reached 1.414 billion, a 2% year-on-year increase [2] - QQ mobile terminal monthly active accounts were 517 million, showing an 8% year-on-year decline [2] - The number of registered accounts for paid value-added services remained stable at 26.5 million [2]

腾讯控股第三季度营收1,928.7亿元人民币，预估1,888亿元人民币。 来源：滚动播报 ...

腾讯控股第三季度营收1,928.7亿元人民币，预估1,888亿元人民币；第三季度净利润631.3亿元人民币， 预估558.8亿元人民币。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Financial Performance - Revenue for Q3 2025 reached RMB 192.869 billion, a 15% increase year-over-year from RMB 167.193 billion in Q3 2024[3] - Gross profit for Q3 2025 was RMB 108.798 billion, reflecting a 22% year-over-year growth compared to RMB 88.828 billion in Q3 2024[3] - Operating profit for Q3 2025 increased by 19% to RMB 63.554 billion, up from RMB 53.333 billion in Q3 2024[3] - Net profit for Q3 2025 was RMB 64.943 billion, a 20% increase from RMB 53.983 billion in Q3 2024[3] - The company achieved a 14% revenue growth for the nine months ending September 30, 2025, with total revenue of RMB 557.395 billion compared to RMB 487.811 billion in the same period of 2024[5] - The company's net profit attributable to equity holders for Q3 2025 was RMB 63.13 billion, a 19% increase from RMB 55.63 billion in Q3 2024[18] - The company reported a net profit of RMB 64,943 million for Q3 2025, compared to RMB 53,983 million in Q3 2024, reflecting a year-over-year increase of 20.3%[37] - The company reported a total revenue of RMB 557.40 billion for the nine months ended September 30, 2025, up from RMB 487.81 billion for the same period in 2024, indicating a growth of approximately 14.2%[54] User Engagement - Monthly active accounts for WeChat and WeChat combined reached 1.414 billion, a 2% increase year-over-year[6] - The number of mobile active accounts for QQ decreased by 8% to 517 million compared to 562 million in Q3 2024[6] - The average number of Tencent Video subscribers reached 114 million, maintaining its leading position in the long video market[8] Revenue Breakdown - Value-added services revenue grew 16% year-over-year to RMB 95.86 billion, contributing 50% to total revenue, with domestic game revenue increasing 15% to RMB 42.8 billion[13] - Marketing services revenue increased 21% year-over-year to RMB 36.24 billion, accounting for 19% of total revenue, driven by higher ad exposure and AI-driven ad targeting[13] - Financial technology and enterprise services revenue rose 10% year-over-year to RMB 58.17 billion, representing 30% of total revenue, supported by growth in commercial payment activities[14] Cost and Expenses - Sales and marketing expenses rose 22% year-over-year to RMB 11.5 billion, primarily due to increased promotional efforts for AI-native applications and games[17] - General and administrative expenses rose by 7% quarter-on-quarter to RMB 34.2 billion, attributed to increased R&D spending, including investments in AI initiatives[25] - Employee benefits expenses for the three months ended September 30, 2025, amounted to RMB 32.39 billion, compared to RMB 29.64 billion in the same period of 2024, marking an increase of about 9.3%[55] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period stood at RMB 102.4 billion, up from RMB 74.6 billion in the previous quarter[26] - The net cash position increased to RMB 102,422 million as of September 30, 2025, compared to RMB 74,592 million as of June 30, 2025, primarily due to generated free cash flow[33] - The free cash flow for Q3 2025 was RMB 58,500 million, reflecting net cash generated from operating activities of RMB 85,300 million[34] Investments and Acquisitions - The company completed the acquisition of 100% of a gaming company for approximately $1.2 billion (around RMB 8.8 billion) as of September 30, 2025[90] - The company plans to continue investing in AI-related initiatives, with capital expenditures of RMB 20,000 million in Q3 2025[34] - The company has completed a strategic acquisition of a smaller tech firm for $200 million to bolster its product offerings[103] Shareholder Returns - The proposed final dividend for the year ending December 31, 2024, is HKD 4.50 per share, an increase from HKD 3.40 per share in 2023, totaling approximately HKD 40.966 billion for 2024[72] - The company repurchased a total of 35,360,000 shares at a total cost of approximately HKD 21.12 billion during the three months ended September 30, 2025[94] Future Outlook - The company has set a future revenue guidance of $1.5 billion for the next quarter, indicating a projected growth of 25%[103] - Overall, the company remains optimistic about future growth, citing strong demand in the market and innovative product pipeline[102] Financial Position - The total assets of the company as of September 30, 2025, were RMB 2,073,272 million, an increase from RMB 1,780,995 million as of December 31, 2024[38] - Total equity attributable to the company's equity holders increased to RMB 1,172,080 million as of September 30, 2025, up from RMB 973,548 million as of December 31, 2024, representing a growth of 20.4%[39] - Total liabilities amounted to RMB 812,757 million, compared to RMB 727,099 million, indicating an increase of 11.7%[39] Taxation - The effective tax rate for the company in mainland China is generally 25%, with certain subsidiaries qualifying for a reduced rate of 15% as high-tech enterprises[63] - The income tax expense for the three months ending September 30, 2025, was RMB 9.785 billion, an increase from RMB 8.900 billion in 2024, while for the nine months, it rose to RMB 34.853 billion from RMB 33.237 billion[67] Employee and Governance - The company employed 115,076 employees as of September 30, 2025, compared to 108,823 employees a year earlier[95] - The board will continue to review the existing governance structure and make necessary changes as appropriate[97]

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) is expected to show robust performance in Q3, with total revenue projected to grow by 14% year-on-year to 190 billion RMB, and adjusted EBIT expected to rise by 21% to 74.1 billion RMB [1] Revenue Breakdown - Online gaming business is anticipated to grow by 18% year-on-year [1] - Online advertising revenue is expected to increase by 20%, driven by technological upgrades and transformation [1] - Business services revenue is projected to grow by over 20% year-on-year [1] Future Outlook - The growth momentum from online gaming, advertising, and cloud services is expected to continue into Q4 of this year [1] - Tencent is identified as the largest beneficiary of artificial intelligence applications [1] Profit Forecast - The company has raised its adjusted net profit forecasts for the next two years by 0.8% each [1] - The rating of "highly confident to outperform the market" is reiterated, with a target price set at 740 HKD [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) is expected to deliver robust performance in Q3, with total revenue projected to grow by 14% year-on-year to 190 billion RMB, and adjusted EBIT expected to rise by 21% to 74.1 billion RMB [1] Revenue Breakdown - Online gaming revenue is anticipated to increase by 18% year-on-year [1] - Online advertising revenue is expected to grow by 20%, driven by technological upgrades and transformation [1] - Business services revenue is projected to rise by over 20% year-on-year [1] Future Outlook - The growth momentum from online gaming, advertising, and cloud services is expected to continue into Q4 of this year [1] - Tencent is identified as a major beneficiary of artificial intelligence applications [1] Profit Forecast - The firm has raised its adjusted net profit forecasts for Tencent for the next two years by 0.8% each [1] - The rating of "highly confident to outperform the market" is reiterated, with a target price set at 740 HKD [1]