Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 800 HKD, indicating a potential upside of 22% from the current price of 656 HKD [2][4][19]. Core Insights - Tencent's 3Q25 revenue reached 192.9 billion RMB, a year-on-year increase of 15%, exceeding market expectations by 2%. The adjusted net profit was 70.6 billion RMB, up 18% year-on-year, also slightly above market forecasts [1][2]. - The growth in international gaming revenue was robust, increasing by 43% year-on-year to 20.8 billion RMB, driven by Supercell games and new studio acquisitions. Domestic gaming revenue also grew by 15% to 42.8 billion RMB, supported by the successful launch of new games [1][2]. - The advertising revenue for 3Q25 was 35.8 billion RMB, reflecting a 20% year-on-year growth, with stable growth in capital expenditures at 12.9 billion RMB [2]. Financial Performance Summary - For FY25E, the projected revenue is 754.4 billion RMB, with an adjusted net profit forecast of 271.4 billion RMB, representing a growth rate of 27.6% [4][10]. - The gross margin for 3Q25 was reported at 56.4%, a year-on-year increase of 3.3 percentage points, while the adjusted net profit margin reached a new high of 36.6% [1][2]. - The report anticipates continued growth in revenue and profitability, with a projected operating profit of 248.3 billion RMB for FY25E [10].