11月13日下午消息，腾讯控股（HKEX：00700）今日发布了截至9月30日的2025年第三季度财报，财报 显示，腾讯第三季度营收为1929亿元，同比增长15%。经营利润（Non-IFRS）725.7亿元，同比增长 18%， 金融科技及企业服务业务第三季度收入582亿元，同比增长10%，金融科技服务增长主要受益于商家支 付活动及消费贷款服务的收入增加。企业服务收入同比增长十几个百分点，受益于云服务的收入增长以 及由于微信小店交易额扩大而带动商家技术服务费收入增长。 三季度，腾讯研发投入同比增长28%达228亿元，创单季历史新高。截至季度末，腾讯在全球主要国家 和地区专利申请公开总数超过9.1万件，专利授权数量超过5 万件。 社交网络收入323亿元，同比增长5%，得益于视频号直播服务输入、音乐付费会员及小游戏平台服务费 的增长。 营销服务业务第三季第收入362亿元，同比增长21%，该增长乃由于广告曝光量的提升，这得益于用户 参与度及广告加载率的提高，以及AI驱动的广告定向所带动的eCPM增长，本季度所有主要行业的广告 主投放均有所增长。 腾讯第三季度增值服务业务收入959亿元，同比增长16%。网络游戏业务总收 ...

Group 1 - Tencent Holdings reported revenue of 192.87 billion yuan, a 15% year-on-year increase from 167.19 billion yuan, with a net profit of 63.13 billion yuan and earnings per share of 6.779 yuan [1] - Domestic gaming revenue reached 42.8 billion yuan, up 15% year-on-year, driven by new games like "Delta Action" and sustained growth from long-term products such as "Honor of Kings" and "Peacekeeper Elite" [1] - International gaming revenue was 20.8 billion yuan, a 43% year-on-year increase (42% at constant exchange rates), supported by strong performance from Supercell games and new releases [1] Group 2 - Financial technology and enterprise services revenue amounted to 58.2 billion yuan, a 10% year-on-year increase, with growth in commercial payment activities and consumer loan services [1] - General and administrative expenses rose 18% year-on-year to 34.2 billion yuan, primarily due to increased R&D spending, especially in AI-related projects [2] - Tencent has made advancements in its mixed-language model, enhancing complex reasoning capabilities, particularly in programming, mathematics, and science [2] Group 3 - As of the end of September, WeChat had 1.41 billion monthly active users, a 2% year-on-year increase [3] - Investors are increasingly viewing Tencent as a safer investment amid concerns over potential AI bubbles and rising concentration in tech stocks [3] - Despite a 59% increase in Tencent's stock price this year, its earnings-based valuation remains significantly discounted compared to global tech peers like Amazon and Nintendo [3] Group 4 - Analysts suggest that Tencent's advertising business could be another highlight, benefiting from AI-driven system upgrades that allow more ads to be displayed on video accounts [3][4] - There is an expectation that if Tencent exceeds market expectations again, it would not be surprising, as the market has not fully accounted for the profit growth potential from AI [4]

来源：证券时报e公司 人民财讯11月13日电，腾讯控股发布的第三季度财报显示，公司增值服务业务2025年第三季度的收入为 959亿元，同比增长16%。本土市场游戏收入为428亿元，同比增长15%，主要得益于近期发布的《三角 洲行动》等多款游戏的收入贡献，《王者荣耀》与《和平精英》等长青游戏的收入增长，以及《无畏契 约》从个人电脑端至移动端的拓展。国际市场游戏收入为208亿元，同比增长43%(按固定汇率计算为 42%)，主要得益于Supercell旗下游戏的收入增长，近期收购的游戏工作室的收入贡献，以及新发布的个 人电脑及主机游戏《消逝的光芒：困兽》的销量表现。 ...

「十年磨一剑」经常被人们用作潜心钻研、努力练习、最后王者归来的比喻。而就在今天，一台「十年磨一剑」的游戏机震动了整个游戏市场——倒不是 因为性能配置有多高，而是发布这台游戏机的厂商，有一个玩家熟悉到不能再熟悉的名字：Steam。 11 月 13 日，Valve 公司正式公布新一代 Steam Machine，这是一台性能比肩 PS5，但体积只有一半大的游戏机。 图｜Steam 图｜TheVerge 只不过，这款内置了 GTX Titan 的小主机最后没能进入量产，而 Valve 后续与外星人（Alienware）合作的 Alienware Alpha 主机也反响平平。直到 2022 年 的 Steam Deck 问世，Valve 才算真的在游戏硬件市场站稳了脚跟。 然而，就在 Valve 站稳脚跟后短短两年，它就带着 Steam Machine 杀回来了，并且这次很可能会成功。 简单来说，本次 Valve 总共发布了三款硬件： 如果你长期关注游戏机市场，那么对 Steam Machine 这个名字可能会有点印象。早在十年前，Valve 就曾经推出过一款名为 Steam Machine 的游戏机： 边长 15c ...

格隆汇11月13日｜腾讯：2025年第三季度增值服务业务收入同比增长16%至959亿元。本土市场游戏收 入428亿元，同比增长15%，主要得益于近期发布的《三角洲行动》等多款游戏的收入贡献，《王者荣 耀》与《和平精英》等长青游戏的收入增长，以及《无畏契约》从个人电脑端至移动端的拓展。国际市 场游戏收入208亿元，同比增长43%（按固定汇率计算为42%），主要得益于Supercell旗下游戏的收入增 长，近期收购的游戏工作室的收入贡献，以及新发布的个人电脑及主机游戏《消逝的光芒：困兽》的销 量表现。社交网络收入同比增长5%至323亿元，得益于视频号直播服务收入、音乐付费会员收入及小游 戏平台服务费的增长。 ...

证券之星消息，11月13日游戏板块较上一交易日上涨1.27%，世纪华通领涨。当日上证指数报收于4029.5，上涨0.73%。深证成指报收于 13476.52，上涨1.78%。游戏板块个股涨跌见下表： | | | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002602 | 世纪华通 | 19.17 | 3.57% | 340.71万 | | 64.93 Z | | 002919 | 名臣健康 | 20.64 | 3.41% | 9.96万 | | 2.04亿 | | 300299 | 富春股份 | 6.92 | 2.52% | 44.97万 | | 3.07亿 | | 002425 | ST凯文 | 4.29 | 1.66% | 15.09万 | | 6453.01万 | | 300052 | ST中青宝 | 13.03 | 1.48% | 8.80万 | | 1.14亿 | | 300043 | 量辉娱乐 | 6.19 | 1.48% | 43.21万 | | 2.66亿 ...

今年9月，广州乐牛旗下《Huntopia》在全球发布，很快便跻身美国Google Play游戏畅销榜TOP100，此后长期保持在RPG品类畅销榜前20名。 作为广州买量派的典型代表，乐牛向来深谙闷声发财之道，直到前几年因在游戏直播买量领域表现相当亮眼，才逐步打开了行业知名度。这家公司成立至 今10余年，据官网介绍已发展到800人左右的规模。过去其专注于国内市场，通过成熟的买量打法实现多款产品年流水过亿；最近几年出海步伐则明显加 快，并于今年取得了较大突破。 年初乐牛以一款《I9》强势攻入韩国RPG市场，一度霸占该品类TOP2，仅次于本土王牌《天堂M》。靠着这款产品，公司的出海收入暴涨110%，首度进 入SensorTower中国发行商全球收入榜TOP30。 继《I9》在韩国成功突围之后，如今乐牛又跑出了《Huntopia》——根据SensorTower，该产品的月收入已突破2500万元，上线不到2个月，预估营收累计 超过3400万元。 《Huntopia》在美国GooglePlay RPG畅销榜排名 起初你可能会以为《Huntopia》是一款帕鲁like游戏。其从宣传截图到简介都反复提及捉宠元素，包括游戏的日 ...

Core Insights - Tencent reported a third-quarter revenue growth of 15% [1] - The growth was driven by strong gaming demand and expanding AI-driven services [1] Company Performance - Tencent's revenue growth indicates a positive trend in the company's financial performance [1] - The strong demand for gaming suggests a robust market for Tencent's gaming products [1] Industry Trends - The expansion of AI-driven services reflects a growing trend in the technology sector, particularly in integrating AI into existing business models [1] - The gaming industry continues to show resilience and growth potential, contributing significantly to Tencent's overall revenue [1]

Core Insights - Sea's VIP membership program has shown strong early growth, with a 75% increase in quarterly membership registrations, indicating positive user engagement and retention efforts [1][8] - The company believes it can achieve high GMV penetration rates similar to other regions, despite being in the early stages of market development [1][8] - Sea's growth in Southeast Asia has exceeded previous expectations, with market share increasing faster than the overall market growth [1][4] E-commerce Business Growth - The company projects over 25% growth in e-commerce for 2025, driven by current market momentum and competitive landscape [2] - Despite an increase in commission rates, e-commerce profit margins fell to 0.6% this quarter, with investments focused on logistics and fulfillment capabilities [2] - Buyer frequency increased by 12% year-over-year, and monthly active buyers grew by 15%, reflecting the effectiveness of investments in user engagement [2] Market Expansion Strategy - Sea adopts a selective approach to new market expansions, with a focus on Argentina to leverage existing cross-border infrastructure and operational experience [3] - The decision to gradually cease cross-border operations in Chile and Colombia aims to concentrate resources on key business priorities aligned with long-term strategies [3] Competitive Landscape - The competitive landscape in Southeast Asia remains stable, with no significant changes in market dynamics or competitor behavior [5] - The company does not foresee substantial threats from competitors transitioning to shelf models, as the nature of their platforms differs [5] Logistics and Fulfillment - Over half of the orders are fulfilled through SPX, with continuous improvements in delivery costs and times contributing to growth [6] - Average delivery times in Brazil have decreased by 2 days year-over-year, enhancing service efficiency [6] Gaming Segment Outlook - Following a successful 2025, the company remains optimistic about the growth of "Free Fire" in 2026, with plans for new IP collaborations and game releases [7] AI Integration - The company is excited about AI's potential to create value but will focus on application rather than large-scale capital expenditures [10] - Key applications of AI include improving ad conversion, enhancing product discovery, and increasing customer service efficiency through AI chatbots [10]

东方证券研报指出，完美世界25Q3营收为17.3亿元（yoy+31%）。主要系《诛仙世界》端游贡献增长。 毛利率为64.8%（yoy+13.1pct），主要系影视毛利率提升。Q3归母净利润为1.6亿，去年同期为-2.1亿， 主要系端游贡献增量。《诛仙2》、《P5X》海外贡献Q3游戏增量，期待26H1《异环》上线。近期广电 新政，认为将驱动长剧市场回暖，我们预期公司在新政基础上开启的新项目需要至少1-2个季度才能体 现。公司核心游戏《异环》预期26年上线贡献增量，预测公司25~27年归母净利润为7.80/15.71/16.07亿 （25~27原值为8.27/15.64/18.06亿，根据游戏的进度调整收入、毛利率、费率假设，从而调整盈利预 测）。维持可比公司26年20倍PE，给予目标价16.20元，维持"增持"评级。 ...