研究员：张伦可/陈淑媛 事项： 近期，腾讯举办投资者会议，管理层分享海外云、海外游戏、AI 赋能最新动态。 国信互联网观点： 海外云业务：基础设施先行，全球基础设施加速扩容，形成深耕亚洲、发力中东、辐射欧美格局。腾讯 云采取"基础设施先行"策略，在亚洲、中东、欧美加速数据中心布局，目前已覆盖全球22 个地区。其 核心优势在于技术领先（如媒体云、音视频传输、Fintech 场景）与深度本地化服务。通过成功迁移印 尼GoTo、泰国正大集团等标杆客户，证明了其以"高性价比"和优化架构（如提升响应速度、本地IDC 部署）切入市场的能力。海外竞争相对温和，腾讯主攻聚焦在SaaS 和PaaS 业务，海外客户主要包含中 企出海、本地互联网企业等。面对芯片供应等问题，腾讯优先保障内部模型训练芯片储备，同时利用 CPU 资源支撑推理场景需求。除此以外，很多海外客户自身拥有GPU 资源，腾讯帮助客户更好地利用 这些资源。 机构：国信证券 目前，东南亚云市场还在IaaS 层迁移上云的阶段。海外云市场参与者包括国际头部云厂商与国内同 行，腾讯云以"高性价比"和本地化服务为切入点，避开单纯价格战。面对芯片供应等问题，腾讯云聚焦 Paa ...

| 排名 | 公司 | | 开发者账号 | 主要应用 | 排名趋势 | | --- | --- | --- | --- | --- | --- | | | 山 字号跳动 | 字节跳动 | 10 | | ▶ 0 | | 2 | | 欢聚集团 (NASDAQ:YY) | 36 | | ▶ 0 | | | | 美图(HK:01357) | 11 | | - 1 | | 4 | | 睿琪软件 | 10 | | ~ 1 | | 5 | | 赤子城科技(HK:09911) | 23 | | 42 | | 6 | | TP-LINK | 5 | | ▼ 1 | | 7 | INTSIC | 合合信息 (SH:688615) | 9 | | ▼ 1 | | 8 | iOIY | 爱奇艺(NASDAQ:IQ) | 22 | | -2 | | 9 | | 畅读科技 | 11 | | ▼1 | | 10 | 可以上 | 行吟科技 | 2 | | ▼ 1 | | 11 | Tencent | 腾讯 (HK:00700) | 151 | | ▶ 0 | | 12 | | 点众科技 | 5 | 起出 | ▶ 0 | | 13 | InS ...

Core Insights - The article highlights the ongoing trend of Chinese gaming companies successfully expanding into overseas markets, with large firms optimizing classic titles and smaller firms innovating to break through [2][10] - The "Evergreen List" and "Potential Evergreen List" are introduced, showcasing games that have maintained strong performance in international markets [2][10] Group 1: Evergreen Games - In November, 26 games made it to the "Evergreen List," an increase of 3 titles from October, with notable entries including "Gossip Harbor," "PUBG MOBILE," and "Puzzles & Survival" [2][9] - The total estimated revenue for these 26 games in November reached approximately $299 million, equivalent to about 2.11 billion yuan, with 9 games exceeding $10 million in revenue [2][9][10] Group 2: Potential Evergreen Games - The "Potential Evergreen List" features 14 games, with a decrease of 4 titles from October, indicating a competitive landscape [2][10] - "Whiteout Survival" led the list with an estimated revenue of $86.21 million (approximately 609 million yuan) in November, followed by "崩坏:星穹铁道" and "Top Heroes," each surpassing $20 million [10][11] Group 3: Industry Trends and Support - The gaming industry faces challenges due to global economic pressures, but there are supportive policies from various cities in China aimed at facilitating game exports [11] - The adoption of AI technologies is helping to reduce costs and improve efficiency in game development and marketing strategies, providing a more sustainable path for Chinese games in international markets [11]

Group 1: Core Insights - The overseas business segments of major Chinese internet companies have become "profit dark horses," with Alibaba's international digital commerce turning profitable, Meituan's Keeta achieving monthly profitability in Hong Kong, and Tencent's overseas gaming revenue surging by 43% year-on-year [1] - As domestic internet traffic growth reaches diminishing returns, going overseas has become a necessary strategy for companies, evolving from "go overseas or go home" to "no core capabilities, no overseas expansion" [1] Group 2: Cross-Border E-commerce - Alibaba's international retail business reported revenue of 28.068 billion yuan, a 10% year-on-year increase, driven by growth from AliExpress and other international operations [2] - The international wholesale business generated 6.731 billion yuan, an 11% increase year-on-year, attributed to growth in value-added services related to cross-border business [2] - Temu's gross merchandise volume (GMV) growth is primarily due to rapid penetration in the European (30-40% share, 60-70% year-on-year growth) and Latin American markets (over 15% share), while growth in North America is slowing [2][3] Group 3: Local Lifestyle Services - Meituan's Keeta achieved its first monthly profitability in Hong Kong, marking a significant milestone in its overseas expansion [4] - Keeta is expanding in the Middle East and Brazil, utilizing AI algorithms and big data to optimize delivery routes and improve efficiency [4][5] - The competitive landscape in Brazil is intense, with Didi and Uber also expanding their food delivery services, indicating a battle for market share [6] Group 4: Entertainment Sector - Tencent's international gaming revenue reached 20.8 billion yuan, a 43% year-on-year increase, driven by successful titles like "Clash Royale" and "PUBG MOBILE" [7] - NetEase's overseas strategy is undergoing significant adjustments, with the closure of several overseas studios despite some successful game launches [8] Group 5: Mobile Phones - Xiaomi's smartphone revenue declined by 3.1% year-on-year to 46 billion yuan, attributed to a decrease in average selling price (ASP) [9] - Xiaomi's overseas internet service revenue reached a record high of 3.3 billion yuan, growing by 19.1% year-on-year, with a notable increase in the share of high-margin overseas market revenue [10] - The competition in the African market between Xiaomi and Transsion is intensifying, leading to price wars [10] Group 6: Conclusion - The third-quarter financial reports indicate a shift in Chinese internet companies' overseas strategies, moving from reliance on policy advantages and low prices to focusing on supply chain capabilities, AI technology, localization, and compliance management [12] - The transformation represents an upgrade from being participants in the global value chain to integrators, with challenges such as geopolitical compliance risks and cultural differences remaining significant [13]

Core Insights - The company reported Q3 2025 revenue of 192.9 billion yuan, a year-on-year increase of 15%, exceeding Bloomberg consensus expectations of 188.8 billion yuan [1] - Non-IFRS net profit attributable to the parent company reached 70.6 billion yuan, up 18.0% year-on-year, also surpassing Bloomberg consensus [1] - Overall gross margin improved to 56%, up 2.6 percentage points year-on-year, with various business segments showing increased margins [1] Revenue Breakdown - Domestic and international gaming revenue exceeded expectations, with total online gaming revenue at 63.6 billion yuan, a year-on-year increase of 22.8% [2] - Domestic gaming market revenue was 42.8 billion yuan, up 15% year-on-year, benefiting from the success of "Delta Action" and growth in evergreen games [2] - International gaming market revenue reached 20.8 billion yuan, a 43% increase year-on-year, driven by growth from Supercell games and "PUBG MOBILE" [2] Advertising and AI Impact - Advertising revenue grew to 36.2 billion yuan, up 21% year-on-year, benefiting from increased ad exposure and AI-driven ECPM growth [2] - The company enhanced AI applications in advertising creation, delivery, recommendation, and performance analysis, leading to improved click-through and conversion rates [2] Profit Forecast and Investment Rating - The company is expected to maintain strong performance with adjusted net profit forecasts of 255.5 billion yuan, 285.8 billion yuan, and 318.2 billion yuan for 2025-2027 [3] - Corresponding PE ratios (Non-IFRS) are projected at 21, 19, and 17 times for 2025-2027 [3] - The company maintains a "buy" rating due to its solid business barriers and strong ecosystem across gaming, social platforms, advertising, and fintech [3]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3][39] Core Views - The company continues to release strong performance and possesses significant business barriers. The integration of AI is enhancing the company's gaming and advertising business, leading to continuous breakthroughs in models and applications [3][39] - The overall ecosystem of the company remains robust, with revenue growth in online gaming, social platforms, advertising, and fintech [3][39] Summary by Sections 1. Revenue and Profit Performance - In Q3 2025, the company achieved total revenue of 192.9 billion yuan, a year-on-year increase of 15%, exceeding Bloomberg's consensus estimate of 188.8 billion yuan. Non-IFRS net profit reached 70.6 billion yuan, up 18% year-on-year, also surpassing expectations [9][14] - The overall gross margin for Q3 was 56%, an increase of 2.6 percentage points year-on-year [36] 1.1 Online Gaming Revenue - Q3 2025 online gaming revenue was 63.6 billion yuan, a year-on-year increase of 22.8%. Domestic gaming revenue was 42.8 billion yuan, up 15%, exceeding expectations [19][20] 1.2 Social Network Revenue - Q3 2025 social network revenue was 32.3 billion yuan, a year-on-year increase of 4.5%, driven by growth in mini-game platform service fees and paid membership revenues [23] 1.3 Advertising Revenue - Q3 2025 advertising revenue was 36.2 billion yuan, a year-on-year increase of 21%, benefiting from increased ad exposure and AI-driven improvements in ad effectiveness [25] 1.4 Fintech and Enterprise Services Revenue - Q3 2025 fintech and enterprise services revenue was 58.2 billion yuan, a year-on-year increase of 9.6%, supported by growth in consumer loan services and business payment activities [27] 2. User Engagement Metrics - The combined monthly active users (MAU) of WeChat reached 400 million, a year-on-year increase of 2%. QQ's mobile MAU was 517 million, down 8% year-on-year [30] 3. Margin Improvements - All business segments saw improvements in gross margins, with the advertising business achieving a gross margin of 57%, up 4.0 percentage points year-on-year [36] 4. AI Investment Impact - Increased investment in AI has led to higher sales and management expenses, with sales expenses rising to 11.5 billion yuan, up 22% year-on-year [37] 5. Earnings Forecast and Valuation - The report forecasts adjusted net profits of 255.5 billion yuan, 285.8 billion yuan, and 318.2 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 21, 19, and 17 times [39]

Core Insights - The popularity of Chinese mobile games in overseas markets remains strong, with major companies relying on classic sequels to maintain their positions, while smaller developers are breaking through in niche segments with innovative gameplay [1] Group 1: Evergreen Games - In October, 23 mobile games made it to the "Evergreen List," with a total estimated overseas revenue of approximately $332 million, equivalent to about 2.363 billion yuan [7] - The top three games on the "Evergreen List" are "Gossip Harbor," "Genshin Impact," and "PUBG MOBILE," with estimated revenues of $56.71 million (approximately 404 million yuan), $40.65 million (approximately 290 million yuan), and $32.31 million (approximately 230 million yuan) respectively [7][8] - The number of games on the "Evergreen List" decreased by 2 compared to the end of Q3, while the "Potential Evergreen List" saw an increase of 3 games, totaling 18 [1] Group 2: Potential Evergreen Games - The "Potential Evergreen List" includes 18 games, with Century Games having the highest representation with 3 titles, while Tencent and miHoYo each have 2 [8] - "Whiteout Survival" from Century Games led the estimated revenue for October at $81.93 million (approximately 584 million yuan), surpassing "Gossip Harbor" [9] - Other notable games on the "Potential Evergreen List" include "Top Heroes," "Dark War: Survival," and "Honkai: Star Rail," each exceeding $20 million in estimated revenue [9] Group 3: Industry Trends - Chinese game developers are increasingly showcasing maturity and stability in their globalization efforts, focusing on innovative gameplay and content expression [10] - The industry is adopting more diverse commercialization strategies, including refined operations and localized marketing approaches [10]

Core Insights - Saudi Arabia has significantly invested in the gaming industry, with over $70 billion spent in the past five years, indicating a strong commitment to becoming a major player in the global gaming market [3][5][12] - The acquisition of Electronic Arts (EA) by a Saudi investment consortium marks a pivotal moment in the country's gaming ambitions, as it seeks to expand its influence and cultural output through gaming [1][14] - The Saudi Public Investment Fund (PIF) has established a dedicated gaming subsidiary, Savvy Games Group (SGG), with an initial capital reserve of approximately $38 billion, focusing on global gaming investments and acquisitions [9][12] Investment and Acquisition Strategy - In 2020, Saudi Arabia began its aggressive investment strategy in gaming, highlighted by the acquisition of a 51% stake in SNK, a prominent game developer [8][9] - SGG has made substantial investments in various gaming companies, including a $30 billion acquisition of a 5.01% stake in Nintendo, positioning itself as a significant player in the gaming industry [9][10] - The recent acquisition of EA, along with investments in companies like Scopely and partnerships with major gaming firms, showcases Saudi Arabia's ambition to dominate the gaming landscape [14][26] Cultural and Economic Impact - The Gamers8 esports event in Riyadh, with a prize pool of $45 million, reflects Saudi Arabia's growing influence in the esports sector, surpassing traditional gaming events like the League of Legends World Championship [12][14] - The gaming market in Saudi Arabia is projected to generate approximately $1.19 billion in revenue in 2024, with expectations to grow to $1.64 billion by 2028, indicating a robust growth trajectory [18][19] - The region's gaming players exhibit high spending potential, with an average payment capability of $46, aligning with the global trend of increasing gaming consumption [18][30] Future Prospects and Challenges - Saudi Arabia aims to attract global gaming talent and companies, offering incentives for developers to establish operations in the country, which could enhance its gaming ecosystem [21][22] - Despite significant financial investments, the challenge remains for Saudi Arabia to cultivate original game development and creativity, as it currently lacks influential homegrown titles [25][30] - The ongoing global trend of layoffs in the gaming industry presents an opportunity for Saudi Arabia to recruit talent and enhance its gaming capabilities [19][31]

Industry Trends - The September mobile game overseas revenue ranking was released, with Point Cloud Interactive's "Whiteout Survival" and "Kingshot" taking the top two spots [2] - Tencent and Ubisoft jointly established a new studio, Vantage Studios, which will be responsible for the development and operation of core IPs such as "Assassin's Creed" [3] - Century Games, a subsidiary of Century Huatong, rose from 7th to 1st place in the global Top 50 mobile game companies ranking [4] Company Developments - The actual controller and chairman of Dianhun Network, Hu Jianping, completed a reduction of 4.8692 million shares, cashing out 101 million yuan, with a total reduction exceeding 200 million yuan in six months [5][6] - Tencent subsidiary Funcom announced a round of layoffs and restructuring as it transitions from game development to long-term operations [7] - NetEase's MMO studio, Fantastic Pixel Castle, led by veteran producer Greg Street, is facing significant operational crises and potential layoffs [10] Compliance and Regulatory Issues - Discord confirmed that approximately 70,000 users' identity information and photos may have been leaked due to a hacker attack on a third-party supplier [11] Mergers and Acquisitions - EA announced it will be acquired in an all-cash transaction by a consortium led by Saudi Arabia's Public Investment Fund, with a total price of approximately 55 billion USD [12] - Microsoft reaffirmed its commitment to the development of the next-generation Xbox console amid rumors of cancellation [13] Esports Highlights - LCK team BFX won the Asian Invitational Championship by defeating DK with a score of 3:2 [14] - The 2026 Esports World Cup announced its main event projects, including popular titles like League of Legends and DOTA2 [15]

Core Insights - The Chinese mobile gaming market has experienced significant ranking shifts among publishers in September, with over half of the top 30 publishers showing changes in their rankings [1][7] - Tencent remains the top publisher, but its growth momentum has weakened, while Point Cloud Interactive has solidified its second position with strong performances from its titles [2][6] - MiHoYo has made a notable comeback, rising to fifth place due to a 33% revenue increase driven by the 5th anniversary of "Genshin Impact" [4][5] Headline Publishers Consolidating Advantage - Tencent continues to lead the revenue rankings but has seen a slowdown in growth for its major titles, with "PUBG MOBILE" showing a decline in performance [2][3] - Point Cloud Interactive has strengthened its position with two blockbuster titles, "Whiteout Survival" and "Kingshot," achieving significant revenue growth [2][3] - The competition among top publishers is intensifying, with Point Cloud Interactive's innovative user engagement strategies further widening the gap with competitors [3][6] Mid-Tier Publishers Seeking Breakthroughs - MiHoYo's revenue surged by 33% in September, allowing it to reclaim a top position in the rankings, driven by successful updates and events for "Genshin Impact" [4][5] - Giant Network's reliance on a single title led to a drop in its ranking, highlighting the risks associated with a lack of diversified offerings [4][5] - Newcomer Mu Tong Technology has made significant strides, propelled by the success of "ACECRAFT," which saw a 527% increase in overseas revenue [5][6] Emerging Players Accelerating Rise - The ranking changes reflect a strategic competition among publishers in terms of game genres, operational strategies, and IP utilization [6][7] - Point Cloud Interactive focuses on strategy and survival genres, while Mu Tong Technology differentiates itself in the shooting game sector [6][7] - The importance of continuous content updates is underscored by MiHoYo's and Point Cloud Interactive's successful user engagement efforts [7] Industry Trends and Observations - The competitive landscape in the mobile gaming sector indicates a clear survival strategy, with top publishers leveraging dual-hit strategies while others face volatility due to reliance on single products [7] - The global revenue share of Chinese publishers in the top 100 mobile game publishers increased to 36.1% in September, reflecting the industry's vitality amid ranking shifts [7]