Investment Rating - The investment rating for Tencent Holdings is "Buy" [7] Core Insights - The company's gaming business is expected to grow robustly driven by a new product cycle, while the video account advertising business remains highly prosperous, likely becoming a major source of revenue growth [1][2] - In Q3 2025, Tencent's online gaming revenue (excluding social) reached 636 billion yuan, a year-on-year increase of 23%. Domestic market revenue was 428 billion yuan, up 15%, exceeding Bloomberg's consensus estimate of 423 billion yuan, primarily due to the contribution from "Delta Operation" and continued revenue growth from existing games [1] - International market revenue was 208 billion yuan, a 43% year-on-year increase, surpassing Bloomberg's consensus estimate of 181 billion yuan, driven by record highs in daily active users and revenue for "Clash Royale" and growth from "PUBG: MOBILE" [1] - The introduction of a 15% commission agreement between Apple and Tencent regarding WeChat mini-game payments is expected to open up payment opportunities in the long term, despite short-term challenges in commission avoidance methods [3] - The company's marketing services revenue in Q3 2025 was 362 billion yuan, a 20.8% year-on-year increase, driven by improvements in eCPM and expansion of advertising inventory [4] Financial Forecasts - Projected revenues for Tencent from 2025 to 2027 are 748.76 billion yuan, 835.25 billion yuan, and 921.90 billion yuan, with year-on-year growth rates of 13%, 12%, and 10% respectively [5] - Adjusted net profits for the same period are forecasted to be 266.16 billion yuan, 293.21 billion yuan, and 321.51 billion yuan, with growth rates of 20%, 10%, and 10% respectively [5] - The valuation method applied suggests a target price of 794.73 HKD per share for 2026, indicating a potential upside of 30% [5]