TENCENT(HK:00700) Ge Long Hui·2025-11-14 07:40Core Insights - Tencent's total revenue and adjusted net profit for Q3 increased by 15% and 18% year-on-year, reaching 192.9 billion and 70.6 billion respectively, exceeding expectations by 1.5% and 4.5% [1] Group 1: Financial Performance - The standout performance came from online gaming, which grew by 23% year-on-year, driven by the success of new titles such as "Delta Operation" and "Valorant Mobile," along with growth from established games like "Honor of Kings," "Peacekeeper Elite," and "Clash of Clans" [1] - Marketing services accelerated to a year-on-year growth of 21%, primarily due to increased user engagement, ad load volume, and AI targeting technology [1] - The fintech and enterprise services segment rebounded, supported by cloud services and e-commerce transactions [1] Group 2: Future Outlook - The company is expected to maintain steady revenue growth due to its rich game portfolio, more AI advertising tools, and growth in small shop businesses [1] - Tencent anticipates significant upgrades to its next-generation mixed Yuan model and plans to continuously enhance AI features and virtual currency services within WeChat [1] - The firm maintains a "highly confident outperform" rating with a target price of 740 HKD [1]