智通财经网·2025-11-17 01:46Core Viewpoint - Tencent Holdings is expected to see Non-IFRS net profit growth of 17.0%, 11.9%, and 10.3% for the years 2025-2027, reaching 260.6 billion, 291.5 billion, and 321.5 billion respectively, with a maintained "Buy" rating [1] Group 1: Financial Performance - In Q3 2025, Tencent achieved revenue of 192.9 billion (up 15.4% year-on-year, exceeding consensus expectations by 2.15%), with a gross margin of 56.4% (exceeding expectations by 0.19 percentage points) [2] - Non-IFRS net profit reached 70.55 billion (up 18.0% year-on-year, exceeding consensus expectations by 6.9%) [2] - The profit from associates and joint ventures was 7.85 billion, surpassing the expected 6.23 billion [2] Group 2: Gaming Revenue - Gaming revenue totaled 63.6 billion (up 22.8% year-on-year, exceeding expectations by 5.2%), with domestic market revenue at 42.8 billion (up 14.8%, exceeding expectations by 1.3%) [3] - International market revenue was 20.8 billion (up 43.4%, exceeding expectations by 14.8%), driven by increased revenue from "Clash Royale," contributions from acquired game studios, and strong sales of the console game "Dying Light: Stay Human" [3] Group 3: Advertising and Other Services - Advertising revenue reached 36.24 billion (up 20.8% year-on-year, exceeding expectations by 1.8%), supported by increased ad spending across major industries and improved user engagement [4] - The gross margin for advertising was 56.7% (exceeding expectations by 0.5 percentage points), while the gross margin for financial technology and enterprise services was 50.2% (below expectations by 1.4 percentage points) [4]