Zhi Tong Cai Jing·2025-11-17 06:35Core Insights - Tencent's Q3 2025 performance shows strong growth in both revenue and profit, driven by overseas gaming and marketing services [1] - The company continues to leverage AI technology to enhance advertising and e-commerce operations, improving efficiency and creating new opportunities [2] - The gaming segment exhibits robust performance from both new and existing titles, with a rich pipeline for future growth [3] Financial Performance - In Q3 2025, Tencent achieved revenue of 192.9 billion yuan (up 15% year-on-year, up 5% quarter-on-quarter) and net profit attributable to shareholders of 63.1 billion yuan (up 19% year-on-year, up 13% quarter-on-quarter) [1] - Non-IFRS net profit was 70.6 billion yuan (up 18% year-on-year, up 12% quarter-on-quarter) [1] - The gross margin increased by 3 percentage points year-on-year to 56%, driven by high-margin self-developed games and services [1] Business Segments - Value-added services revenue reached 95.9 billion yuan (up 16% year-on-year), with domestic gaming revenue at 42.8 billion yuan (up 15% year-on-year) and overseas gaming revenue at 20.8 billion yuan (up 43% year-on-year) [1] - Marketing services revenue was 36.2 billion yuan (up 21% year-on-year), benefiting from increased user engagement and AI-driven improvements in advertising efficiency [1] - Financial technology services revenue was 58.2 billion yuan (up 10% year-on-year), driven by growth in commercial payments and AI-related services [1] AI Technology Development - The company is continuously upgrading its AI models, with its latest image generation model ranking first globally as of November 12 [2] - New advertising products enhance marketing ROI and support small and medium-sized advertisers [2] - AI integration in e-commerce is boosting transaction volumes on platforms like WeChat [2] Gaming Performance - New games like "Delta Force" and "Valorant" are performing well, with "Valorant" achieving over 50 million monthly active users in China [3] - Established titles like "Honor of Kings" continue to show strong user engagement, with daily active users surpassing 139 million [3] - Upcoming game launches, including "Honor of Kings World" and "Honor of Kings Chess," are expected to drive further business growth [3]