Zhi Tong Cai Jing·2025-11-13 08:56Core Insights - Tencent Holdings reported a solid growth in revenue and profit for Q3 2025, with total revenue reaching 1928.69 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1] - The company's net profit attributable to equity holders was 631.33 billion RMB, reflecting a year-on-year growth of 19% and a quarter-on-quarter growth of 13% [1] Revenue Breakdown - The value-added services segment saw a revenue increase of 16% year-on-year, totaling 959 billion RMB, driven by new game releases and growth in established titles [2] - Domestic game revenue was 428 billion RMB, up 15% year-on-year, while international game revenue surged by 43% to 208 billion RMB, primarily due to contributions from Supercell games and new studio acquisitions [2] - Social network revenue grew by 5% to 323 billion RMB, supported by increased income from live streaming services and music subscriptions [2] Marketing and Financial Services - Marketing services revenue increased by 21% year-on-year to 362 billion RMB, attributed to higher ad exposure and improved user engagement [2] - Financial technology and enterprise services revenue rose by 10% to 582 billion RMB, with growth driven by commercial payment activities and cloud service demand [3] Overall Performance - For the first nine months of 2025, Tencent achieved a total revenue of 5573.95 billion RMB, a 14% increase year-on-year, with a net profit of 1665.82 billion RMB, reflecting a 17% growth [3] - As of September 30, 2025, WeChat and QQ reported active user numbers of 1.414 billion and 517 million respectively, with Tencent Video and Tencent Music maintaining leading positions in their respective markets [3] Strategic Investments - The company’s strategic investments in AI have enhanced precision in advertising and user engagement in gaming, while also improving efficiency in programming and video production [4] - Tencent is continuously upgrading its foundational models and technology architecture, with advancements in image and 3D generation models [4]