广告、游戏双线爆发！AI正为腾讯打开全新的变现空间

Core Insights - Tencent's Q3 2025 performance was strong, exceeding market expectations, with AI becoming a core growth engine driving significant increases in advertising revenue and enhancing cloud business capabilities [1][2] - The report from Goldman Sachs highlighted that AI is no longer a distant prospect but is generating tangible revenue and profits for Tencent, reshaping the company's growth trajectory [1][2] Financial Performance - Tencent's revenue grew by 15% year-on-year, surpassing expectations, while adjusted operating profit increased by 18% to 72.6 billion RMB, aligning closely with forecasts [2] - The overall gross margin reached 56.4%, up 3.3 percentage points year-on-year, driven by a shift towards higher-margin businesses [4] Business Segments - Advertising revenue increased by 21% year-on-year to 36.2 billion RMB, fueled by strong demand in various platforms and the introduction of the AIM+ automated advertising solution [6] - The gaming segment saw a remarkable 23% year-on-year growth, with total revenue reaching 63.6 billion RMB, driven by both domestic and international markets [6] Capital Expenditure - Capital expenditure unexpectedly declined to 13 billion RMB in Q3 from 19.1 billion RMB in Q2, raising concerns about Tencent's commitment to AI infrastructure investments [5][7] - Despite the decrease, Goldman Sachs believes that external AI and cloud services will remain significant growth areas for Tencent, supported by increasing enterprise demand [7] Stock Buyback - Tencent continued its substantial stock buyback program, executing a buyback of 19.2 billion HKD in Q3, reinforcing management's confidence in the current stock price [7]