TENCENT(HK:00700) Zhong Zheng Wang·2025-11-13 12:09Core Insights - Tencent reported a total revenue of 636 billion yuan from its online gaming business in Q3 2025, with domestic market revenue at 428 billion yuan, reflecting a 15% year-on-year growth, while international market revenue reached 208 billion yuan, showing a 43% increase [1][2] Domestic Market Performance - The growth in the domestic market was primarily driven by the revenue contributions from newly released games such as "Delta Action" and the sustained performance of evergreen titles like "Honor of Kings" and "Peacekeeper Elite" [1] - "Delta Action" ranked among the top three in industry revenue for the quarter, with over 30 million daily active users reported in September [1] - "Honor of Kings" surpassed 139 million daily active users in October, benefiting from the S41 season activities launched during the National Day holiday [1] International Market Performance - Tencent's overseas gaming revenue growth was attributed to increased income from Supercell's games, contributions from acquired game studios, and strong sales of the newly released "Dying Light: The Beast" [2] - Supercell's titles, including "Brawl Stars" and "Clash Royale," saw significant increases in active users and revenue, with "Clash Royale" achieving a new high in daily revenue in September, exceeding 750 million yuan, marking a 360% year-on-year growth [2] - The new 3A title "Dying Light: The Beast," developed by Techland, quickly topped the global Steam sales chart after its release, contributing to Tencent's overseas revenue growth [2] Competitive Strength of Domestic Products - Tencent's self-developed products demonstrated strong competitiveness in overseas markets, with "Honor of Kings" announcing over 260 million global monthly active users during its 10th anniversary celebration [2] - "Delta Action" was launched on PS5 and XBOX platforms in August, becoming the first domestically developed cross-platform shooting game released globally [2]