TENCENT(HK:00700) Xin Lang Cai Jing·2025-11-13 09:44Core Viewpoint - Tencent Holdings reported a Q3 2025 revenue of 192.87 billion yuan, a 15% year-on-year increase, exceeding previous expectations and demonstrating steady growth while avoiding large-scale investments in AI infrastructure [1] Financial Performance - The company's Q3 revenue reached 192.87 billion yuan, reflecting a 15% increase compared to the previous year [1] - Free cash flow for the quarter was 58.5 billion yuan, while capital expenditures amounted to 20 billion yuan, primarily supporting AI strategic initiatives [1] AI Strategy - Tencent is adopting a more cautious approach to AI development and investment, focusing on integrating AI technology into its core profitable services, including the WeChat social media platform and game publishing [1] - The significant capital expenditure indicates Tencent's ongoing commitment to enhancing its AI capabilities and confidence in future growth [1] Gaming Business - In the third quarter, domestic game revenue was 42.8 billion yuan, marking a 15% year-on-year increase, driven by the success of newly released games like "Delta Operation" and the growth of established titles such as "Honor of Kings" and "Peacekeeper Elite" [1] - The expansion of "Valorant" from PC to mobile platforms contributed to the revenue growth in the gaming sector [1]