TENCENT(HK:00700) Zhong Guo Ji Jin Bao·2025-11-13 09:49Group 1: Financial Performance - The company's Q3 revenue reached RMB 192.87 billion, exceeding market expectations of RMB 188.8 billion, with a net profit of RMB 63.13 billion, significantly surpassing the forecast of RMB 55.88 billion, showing a quarter-on-quarter increase of 13% and a year-on-year increase of 19% [2][4]. - Basic earnings per share increased by 21% year-on-year to RMB 6.95, while diluted earnings per share rose by 20% to RMB 6.78 [4][10]. Group 2: Business Segments - Value-added services revenue grew by 16% year-on-year to RMB 95.86 billion, with domestic game revenue at RMB 42.8 billion, up 15%, and international game revenue at RMB 20.8 billion, up 43% [5][11]. - Marketing services revenue increased by 21% year-on-year to RMB 36.24 billion, driven by higher ad exposure and AI-driven ad targeting [5][8]. - Financial technology and enterprise services revenue rose by 10% year-on-year to RMB 58.17 billion, benefiting from increased commercial payment activities and consumer loan services [5][8]. Group 3: User Engagement - As of September 30, 2025, the combined monthly active accounts for WeChat reached 1.414 billion, a 2% increase year-on-year, while QQ's mobile monthly active accounts decreased by 8% to 517 million [9][10]. - The number of paid value-added service subscribers remained stable at 265 million [10]. Group 4: AI Developments - General and administrative expenses increased by 18% year-on-year to RMB 34.2 billion, primarily due to increased R&D spending, especially on AI initiatives [12]. - The company has enhanced its AI capabilities, leading to improved advertising targeting and user engagement in gaming and other sectors [12][13]. Group 5: Executive Insights - The CEO highlighted solid revenue and profit growth in Q3 2025, reflecting healthy trends in gaming, marketing services, and financial technology [13].