Zhi Tong Cai Jing·2025-11-13 08:54Core Insights - Tencent Holdings reported Q3 2025 revenue of 192.87 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1] - Gross profit for the same period was 108.80 billion RMB, reflecting a year-on-year growth of 22% and a quarter-on-quarter growth of 4% [1] - Net profit attributable to equity holders was 63.13 billion RMB, up 19% year-on-year and 13% quarter-on-quarter [1] Revenue Breakdown - Value-added services revenue for Q3 2025 grew 16% year-on-year to 95.90 billion RMB, driven by new game releases and growth in established titles [1] - Domestic game revenue reached 42.80 billion RMB, a 15% increase year-on-year, supported by recent game launches and expansions [1] - International game revenue surged 43% year-on-year to 20.80 billion RMB, primarily due to growth from Supercell games and contributions from newly acquired studios [1] Marketing and Financial Services - Marketing services revenue increased 21% year-on-year to 36.20 billion RMB, attributed to higher ad exposure and improved user engagement [2] - Financial technology and enterprise services revenue rose 10% year-on-year to 58.20 billion RMB, with growth driven by commercial payment activities and cloud services [2] User Engagement Metrics - 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 26.50 million, reflecting a 0.4% quarter-on-quarter growth [3] Strategic Investments - Tencent's strategic investments in AI have enhanced advertising precision and user engagement in gaming, contributing to overall business health [3] - The company is continuously upgrading its mixed foundation model team and technology architecture, achieving industry-leading standards in image and 3D generation models [3]