TENCENT(HK:00700) 3 6 Ke·2025-12-17 09:29Core Insights - Tencent Games continues to demonstrate growth potential, achieving a Q3 revenue of 192.87 billion yuan, a 15% year-on-year increase, with gaming revenue reaching 63.6 billion yuan, up 22.8% [1] - The strategic shift towards "returning to large DAU games and focusing on evergreen game series" has shown positive results, but challenges remain in self-developed efficiency and innovation [1] Group 1: Organizational Adjustments - Tencent Games has undergone three major structural adjustments to align with its 2025 strategy, moving from an internal competition model to a more streamlined approach [2] - The restructuring includes consolidating multiple studios into a "4+2" model, focusing on specific game genres and enhancing operational clarity [2][4] - New game releases in 2025 include "Delta Force" and "Valorant," with "Delta Force" performing exceptionally well in the market [4][6] Group 2: Game Performance and Market Strategy - "Delta Force" has achieved over 4 billion yuan in annual revenue since its launch, indicating strong market demand for FPS games [6] - Tencent's new game "NBA All-Star" has successfully attracted basketball fans through its official NBA licensing, maintaining a top position in the iOS sports game rankings [8] - The company is focusing on a "GaaS" (Game as a Service) model, extending this approach to PC games, which has contributed to the success of several titles [10][12] Group 3: International Expansion and Revenue Growth - Tencent's international market revenue grew by 43% year-on-year in Q3 2025, marking the highest growth rate since the segment began reporting separately [14] - The company is investing in global IPs and local studios to enhance its international presence, successfully integrating domestic operational models with global strategies [12][14] - The strategy of validating game concepts in the domestic market before global rollout has reduced risks and strengthened Tencent's competitive position [16] Group 4: Competitive Landscape and Challenges - Despite maintaining a leading position, Tencent faces increasing competition from companies like NetEase, which holds a 28% market share and has a strong portfolio of new games [17] - The gaming market is experiencing a shift towards "de-fan culture," which may affect player loyalty and retention, as users are less emotionally attached to individual games [19] - Tencent's reliance on established titles like "Honor of Kings" for revenue and the dependency on external IPs for international growth present potential vulnerabilities [22]