Ge Long Hui·2025-11-26 03:58Financial Performance - In Q3 2025, Tencent achieved revenue of 192,869 million, a year-on-year increase of 15% [1] - For the first three quarters, revenue reached 557,395 million, reflecting a 14% year-on-year growth [1] - By segment, value-added services revenue was 95,860 million, up 16% year-on-year; marketing services revenue was 36,242 million, growing 21%, making it the fastest-growing segment; financial technology and enterprise services revenue was 58,174 million, increasing by 10% [1] - The company's overall gross margin rose to 56%, with operating profit at 63,555 million, a 19% year-on-year increase, resulting in an operating profit margin of 33% [1] - Net profit attributable to shareholders was 63,133 million, up 19% year-on-year, while non-IFRS net profit attributable to shareholders was 70,549 million, reflecting an 18% year-on-year growth [1] Business Development - Marketing services revenue was 36,200 million, with a year-on-year increase of 21%, maintaining double-digit growth for 12 consecutive quarters, driven by video accounts and AI-powered targeting and bidding optimization [1] - Value-added services revenue reached 95,900 million, up 16% year-on-year, with overall gaming revenue increasing by 23% (domestic revenue at 42,800 million, up 15%; overseas revenue at 20,800 million, up 43%) [1] - The positive impact of normalized licensing and a reduction in Apple's commission on WeChat mini-games to 15% contributed to stable growth, supported by evergreen products, international expansion, and AI-enabled operations [1] Profit Forecast - Revenue is projected to be 726,283 million in 2025, with operating profit expected to be 220,183 million, corresponding to PE ratios of 23.29, 20.34, and 18.05 for 2025-2027 [2]