Xin Lang Cai Jing·2025-12-02 12:04Core Viewpoint - Tencent Holdings is expected to report mixed results for Q4, with revenue forecasts showing a slight decline to moderate growth, while net profit forecasts indicate a significant potential drop [1] Revenue Forecast - The predicted revenue for Q4 ranges from 168.88 billion to 198.20 billion RMB, reflecting a year-on-year change of -2.1% to 14.9% [1][2] - The average revenue forecast is approximately 193.31 billion RMB, indicating a 12.1% increase [2] Net Profit Forecast - The expected net profit for Q4 is between 30.63 billion and 67.16 billion RMB, with a year-on-year change of -40.3% to 30.8% [1][2] - Adjusted net profit is forecasted to be between 51.07 billion and 76.46 billion RMB, with a year-on-year change of -7.7% to 38.2% [1][2] Business Performance Insights - Tencent's third-quarter performance exceeded expectations, with revenue and gross profit both showing year-on-year growth [4] - The value-added services segment saw a 15% increase in domestic game revenue and a 43% increase in overseas game revenue, with gross margin rising by 4 percentage points to 61% [5] - The marketing business experienced a 21% revenue growth, driven by AI tools and increased user engagement [5] - Financial technology revenue grew by 10%, supported by rising demand for AI services [6] AI Investment Impact - Tencent's AI initiatives, particularly the "Hunyuan" model, ranked first globally in text-to-image models, enhancing AI capabilities [7] - The company is expected to continue benefiting from AI-driven improvements in advertising and user engagement, contributing to stable revenue growth in the coming years [7]