Ge Long Hui·2025-11-17 05:38Core Viewpoint - Tencent's performance in the last quarter exceeded expectations, with a year-on-year revenue growth of 15%, surpassing the forecast by 4% [1] Revenue Breakdown - Revenue from gaming grew by 23% - Social networking revenue increased by 4% - Marketing services revenue rose by 21% - Financial technology and enterprise services revenue grew by 10% [1] Profitability Metrics - Gross profit increased by 22%, outpacing revenue growth - Gross margin improved to 56.4% due to contributions from domestic gaming, video accounts, and WeChat search, along with ongoing optimization of cloud service costs [1] Earnings Performance - Adjusted earnings per share grew by 19%, exceeding the forecast by 6% [1] Future Outlook - The company is expected to maintain stable revenue and profit growth - Estimated capital expenditure for the year is projected to rise to approximately 80 billion [1] - Target price has been raised from 700 HKD to 729 HKD, with a "buy" rating maintained [1]