Ge Long Hui·2025-11-16 03:49Group 1: Financial Performance - In Q3 2025, Tencent achieved revenue of 192.9 billion yuan, a year-on-year increase of 15.4% [1] - Adjusted operating profit was 72.6 billion yuan, up 18.4% year-on-year, with an adjusted operating profit margin of 37.6%, an increase of 1.0 percentage points [1] - Adjusted net profit reached 70.6 billion yuan, reflecting an 18.0% year-on-year growth, with an adjusted net profit margin of 36.6%, up 0.8 percentage points [1] Group 2: Revenue Breakdown - Value-added services revenue in Q3 2025 was 95.9 billion yuan, a year-on-year increase of 15.9%, with a gross margin of 61.2%, up 3.7 percentage points [2] - Domestic and overseas game revenues were 42.8 billion yuan and 20.8 billion yuan, respectively, showing year-on-year growth of 14.7% and 43.4% [2] - Social network revenue was 32.3 billion yuan, up 4.4% year-on-year, driven by growth in video live streaming, music subscription services, and mini-game platform service fees [2] Group 3: AI and Marketing Services - Marketing services revenue in Q3 2025 was 36.2 billion yuan, a year-on-year increase of 20.8%, benefiting from improved user engagement and ad loading rates [3] - The introduction of the Tencent Advertising AIM+ product matrix supports advertisers in automatic targeting, bidding, and placement optimization [3] - The company’s mixed Yuan image generation model ranks first globally among text-to-image models [3] Group 4: Capital Expenditure and R&D - R&D expenditure was 22.8 billion yuan, with a research spending rate of 11.8%, an increase of 1.1 percentage points year-on-year [1] - Capital expenditure was 13 billion yuan, down 24.0% year-on-year, while cash flow capital expenditures increased by 66.7% to 20 billion yuan [1]