Ge Long Hui·2025-11-27 19:57Core Viewpoint - Tencent's Q3 performance exceeded market expectations, with significant growth in revenue, gross profit, and adjusted net profit, driven by strong performance in its gaming, marketing, and fintech segments [1][2][3]. Group 1: Q3 Financial Performance - Tencent reported Q3 revenue of 192.87 billion yuan, a year-over-year increase of 15% and a quarter-over-quarter increase of 5%, surpassing the consensus estimate of 188.8 billion yuan [1]. - Gross profit reached 108.8 billion yuan, up 22% year-over-year and 4% quarter-over-quarter, also exceeding the expected 106.39 billion yuan [1]. - Adjusted net profit was 70.55 billion yuan, reflecting an 18% year-over-year increase and a 12% quarter-over-quarter increase, beating the consensus estimate of 65.97 billion yuan by 6.9% [1]. Group 2: Value-Added Services (VAS) - Domestic gaming revenue was 42.8 billion yuan, a 15% year-over-year increase, driven by stable contributions from games like "Delta Action" and "Honor of Kings" [2]. - International gaming revenue reached 20.8 billion yuan, a 43% year-over-year increase, exceeding expectations due to growth from Supercell games and strong sales of new titles [2]. Group 3: Marketing Business - Marketing revenue for Q3 was 36.2 billion yuan, a 21% year-over-year increase, surpassing the expected 35.6 billion yuan, driven by AI-enhanced advertising platforms [2]. - The introduction of Tencent's advertising AIM+ improved targeting and bidding capabilities, leading to increased ad exposure and advertiser investment [2]. Group 4: Fintech Performance - Fintech revenue was 58.2 billion yuan, a 10% year-over-year increase, supported by growth in commercial payment activities and consumer loan services [3]. - AI service demand contributed to revenue growth, with significant improvements in the capabilities of Tencent's AI models [3]. Group 5: Future Outlook - The company projects non-IFRS net profits of 257.02 billion yuan, 290.51 billion yuan, and 319.01 billion yuan for 2025, 2026, and 2027 respectively, indicating stable growth in gaming and advertising sectors [3].