Ge Long Hui·2025-12-11 04:14Group 1 - The company achieved revenue of 28.36 billion yuan in Q3 2025, a year-on-year increase of 8.2%, but below Bloomberg's consensus estimate of 29.22 billion yuan [1] - The gross profit margin increased by 1.2 percentage points to 64.1%, while the operating profit margin rose by 1.0 percentage point to 28.3% [1] - GAAP net profit attributable to shareholders was 8.79 billion yuan, a year-on-year increase of 31.8%, and Non-GAAP net profit was 9.50 billion yuan, a year-on-year increase of 26.7%, slightly below Bloomberg's consensus estimate of 9.51 billion yuan [1] Group 2 - Revenue from games and related value-added services grew by 11.8% year-on-year to 23.33 billion yuan, driven by new and existing game products [2] - The mobile gaming business benefited from record revenues from "Dream of Dreams" and "Yanyun," with a year-on-year revenue increase of 6.6% [2] - Deferred revenue increased by 25.3% year-on-year to 19.47 billion yuan, indicating a profit release in the upcoming quarters [2] Group 3 - The company reported Q3 revenue of 1.96 billion yuan for Cloud Music, a year-on-year decline of 1.8%, with a gross profit margin of 35.4% [3] - The company aims for a revenue CAGR of 12.9% and a Non-GAAP net profit CAGR of 15.5% from 2025 to 2027 [3] - The target price is set at 165.00 USD/256.74 HKD, with a buy rating, indicating potential upside compared to current stock prices [3]