TENCENT(HK:00700) Mei Ri Jing Ji Xin Wen·2025-11-14 02:48Core Insights - Tencent's gaming business achieved over 20 billion yuan in international market revenue for the first time in Q3 2025, driven by strategic positioning in the shooting game sector and a "light integration" global strategy [2] - The overall revenue for Tencent's online gaming segment reached 636 billion yuan, marking a double-digit year-on-year growth [2] International Market Performance - International gaming revenue was 208 billion yuan, reflecting a 43% year-on-year increase, while domestic gaming revenue was 428 billion yuan, with a 15% year-on-year growth [2] - The growth in international markets is attributed to a "long-term strategic layout" that is now yielding results [5] - Key contributors to overseas revenue include stable earnings from mature studios, the release of acquired teams' capacities, and breakthroughs in self-developed products [6] Key Studio Contributions - Supercell, a Finnish studio under Tencent, continues to generate stable revenue with games like "Brawl Stars" and "Clash Royale," which have seen user and revenue growth [6] - Tencent's acquisition of Polish studio Techland has resulted in the successful launch of the AAA title "Dying Light 2," which quickly topped global sales charts [7] - Funcom, acquired in 2020, achieved over 1 million sales for "Dune: Awakening" within two weeks of its release [8] - Grinding Gear Games, acquired in 2018, has maintained strong performance with "Path of Exile 2," topping Steam's sales charts for eight consecutive weeks [9] Domestic Market Dynamics - Tencent's gaming business in the domestic market grew by 15%, driven by a combination of evergreen games and new product launches, particularly in the shooting genre [10] - Major titles like "Honor of Kings" and "Peacekeeper Elite" continue to perform well, with "Honor of Kings" achieving over 139 million daily active users [10] - New releases such as "Valorant: Agent's Awakening" and "Delta Force" have also shown strong user engagement and revenue performance [10] Competitive Landscape and Future Strategy - The global shooting game market is projected to reach $72.68 billion in 2024, with a compound annual growth rate of 13% from 2025 to 2032 [13] - Tencent is building a differentiated matrix in the shooting genre, with titles catering to various gameplay styles and user demographics [13] - The company aims to continue its global expansion by seeking partnerships with high-quality overseas game studios while promoting Chinese-developed games in international markets [13]