Ge Long Hui·2025-11-17 19:50Core Viewpoint - Tencent reported a revenue of 192.9 billion yuan for Q3 2025, representing a year-on-year growth of 15.4%, driven primarily by advertising and gaming businesses [1][4] Revenue Growth - The company's network gaming revenue reached 63.6 billion yuan, up 23% year-on-year, with domestic market revenue increasing by 15% to 42.8 billion yuan and international market revenue growing by 43% to 20.8 billion yuan [2][6] - Marketing services revenue grew to 36.2 billion yuan, a 21% increase year-on-year, benefiting from eCPM price growth and enhanced user engagement [2][6] Profitability - Adjusted operating profit for Q3 2025 was 72.6 billion yuan, reflecting an 18% year-on-year increase, with a comprehensive gross margin of 56%, up 3 percentage points [1][4] - The gross margins for value-added services, online advertising, and financial technology & enterprise services improved by 4 percentage points each [1][4] Investment in R&D - R&D expenses reached a record high of 22.8 billion yuan, a 28% year-on-year increase, indicating the company's commitment to AI talent and technology [1][4] Capital Expenditure - Capital expenditure (Capex) for Q3 2025 was 13 billion yuan, down 24% year-on-year, primarily due to chip supply constraints [1][4] Future Outlook - The company maintains a "better than market" rating, with projected adjusted net profits of 262.6 billion yuan, 301.3 billion yuan, and 345.4 billion yuan for 2025-2027, reflecting a slight upward revision [7]