腾讯新老游戏一齐增长，AI加速融入微信

Core Viewpoint - Tencent aims to integrate AI capabilities into its ecosystem, with a vision for WeChat to eventually launch an AI agent that understands user needs and can perform various tasks within its ecosystem [15]. Financial Performance - In Q3 2025, Tencent reported a total revenue growth of 15% year-on-year, with gross profit increasing by 22% and operating profit rising by 18% according to non-IFRS standards [4]. - All three main business segments showed double-digit growth: Value-added services grew by 16% to RMB 95.9 billion; Marketing services increased by 21% to RMB 36.2 billion; and FinTech and Business Services rose by 10% to RMB 58.2 billion [4]. Gaming Sector - Tencent's gaming revenue experienced a high growth rate of 23%, with domestic market growth at 15% and international market growth at 43% [5]. - The success of new games like "Delta Action" and the sustained performance of long-standing titles such as "Honor of Kings" contributed to this growth [5][11]. - "Delta Action" is positioned to become a leading title in the Chinese gaming market, with plans for platformization to enhance user-generated content and expand gameplay [9][10]. Advertising and AI Integration - The advertising business saw a 21% revenue growth, driven by increased ad loading rates and AI-driven ad targeting [13]. - Tencent launched AIMarketingPlus, an automated advertising solution that enhances marketing ROI for advertisers [13]. - AI services are also boosting enterprise service revenue, with significant growth attributed to increased demand for AI solutions [13][14]. Future Outlook and Capital Expenditure - Tencent's ideal blueprint includes the development of an AI agent within WeChat, leveraging its extensive ecosystem to serve as an ideal assistant for users [15]. - Capital expenditures are expected to decrease in 2025 compared to previous guidance but will remain higher than in 2024 [16].