TENCENT(HK:00700) Xin Lang Cai Jing·2025-11-13 09:37Group 1 - Tencent Holdings reported revenue of 192.87 billion yuan, a 15% year-on-year increase from 167.19 billion yuan, with a net profit of 63.13 billion yuan and earnings per share of 6.779 yuan [1] - Domestic gaming revenue reached 42.8 billion yuan, up 15% year-on-year, driven by new games like "Delta Action" and sustained growth from long-term products such as "Honor of Kings" and "Peacekeeper Elite" [1] - International gaming revenue was 20.8 billion yuan, a 43% year-on-year increase (42% at constant exchange rates), supported by strong performance from Supercell games and new releases [1] Group 2 - Financial technology and enterprise services revenue amounted to 58.2 billion yuan, a 10% year-on-year increase, with growth in commercial payment activities and consumer loan services [1] - General and administrative expenses rose 18% year-on-year to 34.2 billion yuan, primarily due to increased R&D spending, especially in AI-related projects [2] - Tencent has made advancements in its mixed-language model, enhancing complex reasoning capabilities, particularly in programming, mathematics, and science [2] Group 3 - As of the end of September, WeChat had 1.41 billion monthly active users, a 2% year-on-year increase [3] - Investors are increasingly viewing Tencent as a safer investment amid concerns over potential AI bubbles and rising concentration in tech stocks [3] - Despite a 59% increase in Tencent's stock price this year, its earnings-based valuation remains significantly discounted compared to global tech peers like Amazon and Nintendo [3] Group 4 - Analysts suggest that Tencent's advertising business could be another highlight, benefiting from AI-driven system upgrades that allow more ads to be displayed on video accounts [3][4] - There is an expectation that if Tencent exceeds market expectations again, it would not be surprising, as the market has not fully accounted for the profit growth potential from AI [4]