Ge Long Hui·2025-10-18 19:27Core Viewpoint - Tencent is expected to report a revenue of 1,888 billion yuan for Q3 2025, representing a year-on-year growth of 13% driven by strong performance in online advertising, gaming, and fintech sectors [1][6]. Group 1: Gaming Performance - The online gaming revenue is projected to reach 603 billion yuan in Q3 2025, with a year-on-year increase of 16%. The success of "Delta Force" and stable growth from existing games like "Honor of Kings" and "Peacekeeper Elite" contribute to this growth [1][2]. - "Delta Force" has achieved significant success in overseas markets, topping download charts in multiple regions [2]. - The introduction of user-generated content (UGC) features in "Peacekeeper Elite" has further enhanced user engagement, with daily active users surpassing 33 million [1]. Group 2: Advertising Services - Tencent's marketing services revenue is expected to be 357 billion yuan in Q3 2025, reflecting a 19% year-on-year growth. This growth is supported by the release of more advertising inventory and advancements in AI technology [3]. - The integration of AI in advertising has improved user targeting and ad matching, enhancing overall advertising effectiveness [3]. Group 3: Financial Technology and Enterprise Services - Financial technology and enterprise services revenue is anticipated to reach 584 billion yuan, with a year-on-year growth of 10%. The growth is primarily driven by payment services and the expansion of e-commerce commissions through WeChat [4]. - The "Fenfu" service has begun testing new features, indicating ongoing innovation in financial services [5]. Group 4: AI Integration - Tencent's AI initiatives are expanding across various sectors, including social media, content consumption, and life services, with the recent launch of the Hunyuan Image 3.0 model achieving top rankings among global models [5]. - The integration of AI is expected to enhance profitability in high-margin businesses, particularly in advertising [6]. Group 5: Future Outlook - The company is projected to achieve adjusted net profits of 2,593 billion yuan, 2,979 billion yuan, and 3,374 billion yuan for the years 2025 to 2027, with a slight upward adjustment of 1% for each year [5]. - Tencent's ecosystem continues to leverage its user base and diverse scenarios, positioning it as a strong player in the AI era [5].