腾讯高管详解三季报：AI投入转向研发，游戏出海寻求增长

Core Viewpoint - Tencent Holdings reported strong financial results for Q3 2025, with revenue of approximately 192.87 billion yuan, a year-on-year increase of 15%, and operating profit of about 63.55 billion yuan, also up 19% [1] Financial Performance - Revenue for Q3 2025 was approximately 192.87 billion yuan, a 15% increase year-on-year [1] - Operating profit reached about 63.55 billion yuan, reflecting a 19% year-on-year growth [1] - Net profit attributable to equity holders was approximately 63.13 billion yuan, also up 19% year-on-year [1] - Non-IFRS operating profit was about 72.57 billion yuan, a year-on-year increase of 18% [1] - Non-IFRS net profit attributable to equity holders was approximately 70.55 billion yuan, reflecting an 18% year-on-year growth [1] Capital Expenditure - Capital expenditure for Q3 2025 was approximately 12.98 billion yuan, showing a decrease compared to the same period last year [3] - The company expects total capital expenditure for 2025 to be below previous expectations but higher than 2024 levels [4] - Management indicated that changes in capital expenditure reflect AI chip supply variations rather than a shift in AI strategy [4] AI Investment - Tencent emphasized R&D spending for AI, with general and administrative expenses rising 18% to 34.2 billion yuan, primarily due to increased R&D costs [4] - R&D investment reached 22.8 billion yuan, a 28% year-on-year increase [4] - Management believes Tencent is not falling behind in AI competition and plans to enhance hybrid capabilities [2][4] Gaming Revenue - International gaming revenue surpassed 20 billion yuan for the first time, reaching 20.8 billion yuan, a 43% year-on-year increase [7] - Domestic gaming revenue was 42.8 billion yuan, reflecting a 15% year-on-year growth [7] - The growth in international gaming revenue is attributed to increased income from Supercell games and new game releases [7] User Engagement and Applications - As of September 30, the combined monthly active accounts for WeChat and WeChat reached approximately 1.414 billion [6] - Tencent's AI applications on WeChat include Yuanbao AI, AI search, and responses in public account comment sections [6] - The company aims to integrate AI applications with its existing ecosystem, particularly through WeChat [5]