21世纪经济报道·2026-03-18 09:14Core Viewpoint - Tencent Holdings reported a strong financial performance for Q4 2025, with revenue and net profit exceeding expectations, indicating robust growth in various business segments [1][2]. Financial Performance - Q4 2025 revenue reached RMB 194.37 billion, a 13% year-on-year increase, slightly above the forecast of RMB 194.07 billion [1][2]. - Net profit for Q4 was RMB 58.26 billion, surpassing the expected RMB 55.05 billion, with an adjusted net profit of RMB 64.69 billion, reflecting a 17% year-on-year growth [1][2]. - The total revenue for the year 2025 was RMB 751.8 billion, with a projected increase to RMB 834.2 billion in 2026 [6]. Business Segment Performance - Domestic gaming revenue for 2025 was RMB 164.2 billion, up 18% year-on-year, while international gaming revenue grew by 33% to RMB 77.4 billion [3]. - Social network revenue increased by 5% to RMB 127.7 billion, and marketing services revenue rose by 19% to RMB 145 billion, driven by higher ad prices and exposure [3]. - Financial technology and enterprise services revenue grew by 8% to RMB 229.4 billion [3]. Cash Flow and Share Buyback - As of December 31, 2025, Tencent's net cash was RMB 107.1 billion, up from RMB 102.4 billion on September 30, 2025, primarily due to free cash flow generation [3]. - The company repurchased approximately 153.4 million shares for a total cost of around HKD 80 billion, which were subsequently canceled [3]. Dividend Announcement - The board of Tencent Holdings proposed a final dividend of HKD 5.30 per share for the fiscal year 2025, an increase from the previous HKD 4.50 [4]. Market Performance - Tencent's stock closed at HKD 550.5, reflecting a slight increase of 0.09%, with a market capitalization of HKD 501.3 billion [5].