文 | 新声Pro，作者 | 张嘉琦 生态的战略价值再一次被长视频平台强调，并进入到更具体的实践阶段。 生态建设是宏大命题，也是长视频平台在商业故事上的终局，但这一长期愿景今年在各家平台的战略表 述和业务布局中都体现得更为明显。 一方面，由于行业整体增速放缓，平台需要寻找新的增长路径；另一方面，经过多年积累而形成的IP资 源库，为其打通线上线下生态提供了核心资产。同时，在业务维度上，IP储备和产业纵深能力，也是长 视频与短视频平台竞争的差异化关键。因此，生态构建既是长视频平台应对现实挑战的方向，也是平台 基于自身优势所推进的战略升级。 具体来看，尽管目标一致，但各平台基于各自的资源优势与战略考量，在这条路径上展现了不同的侧重 与特点。 腾讯 在刚结束不久的2026腾讯视频V视界大会上，腾讯公司副总裁、腾讯在线视频董事长孙忠怀提出，「单 打独斗的时代已经过去，真正的壁垒是生态。」基于「用户需要优质内容、品牌需要有温度的沟通」两 个核心需求，腾讯视频的生态，建立在其扎实的IP储备和多个「产业生态」的基础上。 首先是以IP为核心铺开内容版图，将单一项目培养成具备持续性和广泛性的长期资产，以对抗文娱内容 的生命周期。 ...

| | | | 不受雷仪 | | | | --- | --- | --- | --- | --- | --- | | | | | 截至下列日期止三個月 | | | | | 二零二五年 | 二零二四年 | | 二零二五年 | | | | 九月三十日 九月三十日 同比變動 | | | 六月三十日 | 環比變動 | | | | | (人民幣百萬元,另有指明者除外) | | | | 收入 | 192,869 | 167.193 | 15% | 184.504 | રેજી | | 毛利 | 108.798 | 88.828 | 22% | 105.013 | 4% | | 經營盈利 | 63.554 | 53.333 | 19% | 60.104 | 6% | | 期內盈利 | 64.943 | 53.983 | 20% | 56.044 | 16% | | 本公司權益持有人應佔盈利 | 63.133 | 53.230 | 19% | 55.628 | 13% | | 每股盈利(每股人民幣元) | | | | | | | 一基本 | 6.952 | 5.762 | 21% | 6.115 | 14% | | 一覆薄 ...

Core Viewpoint - iQIYI's third-quarter financial results for 2025 show a decline in total revenue and an increase in net loss, indicating challenges in the long video industry amid rising competition from short video platforms [1][2]. Financial Performance - Total revenue for iQIYI in Q3 2025 was 6.68 billion RMB, a decrease of 8% year-over-year [1][2]. - Net loss attributable to iQIYI was 248.93 million RMB, widening from a loss of 133.71 million RMB in the same quarter last year [1][2]. - Membership service revenue was 4.21 billion RMB, down 4% year-over-year, while online advertising revenue fell by 7% to 1.24 billion RMB [2]. Industry Trends - The long video industry is facing significant challenges, with a collective downturn in performance during what is typically a peak season [3]. - Competitors like Tencent Video reported stagnant membership numbers, indicating a broader trend of stagnation in user growth across major platforms [4]. - The rise of short video platforms, such as Hongguo, which surpassed traditional long video platforms in active user numbers, reflects a shift in consumer content consumption habits [6]. Content Strategy - iQIYI is adapting its content strategy by enhancing its app offerings to include both long videos and free short dramas, aiming to capture a wider audience [12]. - Other platforms are also pivoting towards short content, with Tencent Video and Mango TV making similar adjustments to their content strategies [14]. User Experience Concerns - Frequent changes in membership rules and increased advertising have led to user dissatisfaction, with complaints about reduced user rights and increased costs [14][15]. - The tightening of device usage restrictions has sparked controversy, as users feel pressured to upgrade their membership levels [15]. Long-term Outlook - The long video platforms are nearing a saturation point in membership growth, necessitating a focus on content quality to retain users and drive future growth [16].

Core Insights - The long video industry is facing significant challenges due to the rise of short dramas, impacting traditional viewership and revenue streams [1][2] - iQIYI reported a total revenue of 6.68 billion RMB for Q3, a year-on-year decrease of 8%, with a net loss of 248.9 million RMB compared to a loss of 229.4 million RMB in the same period last year [1] - The company is focusing on cost control, achieving a 3% reduction in total costs, with content costs at 4.04 billion RMB [1] Revenue Breakdown - Membership service revenue decreased to 4.21 billion RMB, while online advertising revenue fell to 1.24 billion RMB, both showing a year-on-year decline due to a lighter content lineup compared to the previous year [1] - Content distribution revenue dropped by 21% to 640 million RMB, although box office revenue from iQIYI-produced films showed strong growth, with "Catching the Wind" grossing over 1.2 billion RMB [1] Industry Trends - The long video sector, including major players like Tencent and iQIYI, is experiencing stagnant membership growth, with Tencent's membership remaining at 114 million [2] - The industry is undergoing rapid changes, with a significant reduction in the number of new series and films being produced, as short video content captures user attention [2] Strategic Initiatives - iQIYI is investing in new business lines, including overseas markets and offline experiences, with ongoing development of theme parks in cities like Yangzhou and Kaifeng [3] - Both iQIYI and Tencent are pivoting towards short dramas to attract users, with Tencent launching a vertical short drama script collaboration platform [2] Challenges and Innovations - The industry faces new challenges from AI, with iQIYI collaborating with companies like Google and ByteDance to explore AI-driven content creation [3] - Tencent has established an AI film expression studio to integrate AI throughout the content production process [3]

Core Insights - The company reported Q3 2025 results with revenue of 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [1] - Gross profit reached 108.8 billion yuan, up 23% year-on-year and 4% quarter-on-quarter, also above the consensus estimate of 106.4 billion yuan [1] - Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, reflecting an 18% year-on-year increase and a 2% quarter-on-quarter increase, surpassing the consensus forecast of 66 billion yuan [1] Business Segments Summary Online Gaming - Q3 2025 revenue from online gaming was 63.6 billion yuan, exceeding the consensus estimate of 60.4 billion yuan, with a year-on-year growth of 23% [1] - Domestic revenue grew 15% to 42.8 billion yuan, driven by the success of "Delta Operation" launched in September 2024, along with revenue growth from established titles like "Honor of Kings" and "Peacekeeper Elite" [1] - International gaming revenue surged 43% to 20.8 billion yuan, supported by growth from Supercell games and the recent acquisition of a game studio [1] Social Networking - Q3 2025 revenue from social networking was 32.3 billion yuan, a year-on-year increase of 5%, slightly below the consensus estimate of 32.8 billion yuan [2] - Growth was primarily driven by increases in music subscription services, video live streaming, and mini-game platform service fees [2] - Tencent Music's online music subscription business performed well, with paid users rising to 125.7 million, a 5.6% year-on-year increase [2] Marketing Services - Q3 2025 revenue from marketing services was 36.2 billion yuan, exceeding the consensus estimate of 35.6 billion yuan, with a year-on-year growth of 21% [2] - Growth was attributed to increased ad exposure, improved user engagement, and AI-driven optimization of ad placements [2] Financial Technology and Enterprise Services - Q3 2025 revenue from financial technology and enterprise services was 58.2 billion yuan, slightly above the consensus estimate of 58.1 billion yuan, with a year-on-year growth of 10% [2] - Financial technology revenue saw modest growth driven by commercial payments and consumer loans, while enterprise services benefited from increased demand for AI-related services [2] Operational Performance and Profitability - The company achieved a gross profit of 108.8 billion yuan in Q3 2025, a 23% year-on-year increase, supported by high-margin businesses and improved cost efficiency in cloud services [3] - Gross margin reached 56.4%, up 3.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [3] - Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, with a year-on-year increase of 18% [3] AI Developments - The company is actively expanding its AI capabilities across various sectors, including enhancing AI features in WeChat and integrating AI into enterprise WeChat [4] - AI is being utilized in game content creation and marketing strategies for popular titles [4] - The company is also enhancing AI applications in advertising, particularly in product recommendations and ad placement systems [4] Investment Outlook - The company maintains a "strong buy" investment rating, supported by robust core business performance and significant improvements in AI-driven efficiencies across various business lines [5] - Revenue projections for 2025-2027 are expected to reach 753.5 billion, 832.5 billion, and 907.7 billion yuan, with adjusted net profits of 260.2 billion, 293.6 billion, and 325.4 billion yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [46] Core Insights - Tencent's Q3 2025 revenue reached 192.9 billion RMB, a year-over-year increase of 15% and a quarter-over-quarter increase of 5% [9][17] - The company's operating profit was 63.6 billion RMB, up 19% year-over-year and 6% quarter-over-quarter [9][17] - Net profit attributable to shareholders was 63.1 billion RMB, also reflecting a 19% year-over-year increase and a 13% quarter-over-quarter increase [9][17] - Non-IFRS operating profit and net profit both grew by 18% year-over-year, reaching 72.6 billion RMB and 70.6 billion RMB respectively [9][17] Summary by Sections 1. Operational Data - WeChat's monthly active users (MAU) reached 1.414 billion, growing 2.3% year-over-year and 0.2% quarter-over-quarter [10] - QQ's smart terminal MAU continued to decline year-over-year [10] - Paid value-added service accounts reached 265 million, stable compared to the previous year [10] 2. Overall Performance - Gross margin improved to 56.4%, up 3.28 percentage points year-over-year [21] - Non-IFRS operating profit and net profit both increased by 18% year-over-year [17][21] 3. Value-Added Services - Game revenue grew by 23% year-over-year, with domestic and international markets increasing by 15% and 43% respectively [29] - Tencent Video maintained a leading position with 114 million video subscribers [29] - Online music service revenue increased by 27.2% year-over-year to 6.97 billion RMB [29] 4. Marketing Services - Marketing services revenue grew by 21% year-over-year to 36.2 billion RMB [38] - AI applications enhanced advertising click-through and conversion rates [38] 5. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year to 58.2 billion RMB [41] - The average payment transaction amount increased, and the business maintained the lowest bad debt ratio in the industry [41] 6. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are 753.9 billion, 847.4 billion, and 931.4 billion RMB respectively [42] - Non-IFRS net profit forecasts for the same period are 260 billion, 298.9 billion, and 338.1 billion RMB [42] - The target market value for Tencent in 2025 is set at 6.6 trillion RMB, corresponding to a target price of 791 HKD [42]

Core Viewpoint - Tencent's Q3 financial report is described as "stunning," with revenue reaching 192.87 billion yuan, a year-on-year increase of 15%, and operating profit (Non-IFRS) of 72.57 billion yuan, up 18% year-on-year [3]. Financial Performance - Goldman Sachs highlighted Tencent as the "only large internet company" to show year-on-year profit growth in its Q3 performance forecast for Chinese internet companies [4]. - Tencent's capital expenditure was reported at 12.98 billion yuan, down from 19.107 billion yuan in the same period last year, indicating a strategic shift towards revenue growth rather than excessive capital spending [5]. - The Q3 report revealed that 20 billion yuan of capital expenditure was allocated for AI-related initiatives, which was not included in the quarterly capital expenditure statistics, suggesting an actual increase in capital spending when considering these payments [6]. Research and Development - Tencent's R&D expenditure for Q3 was 22.82 billion yuan, a significant increase of 32% from 17.277 billion yuan in the previous year, reflecting the company's commitment to investing in key areas [7]. Business Growth - Despite a reduction in AI capital expenditure, Tencent's business performance remained strong, with value-added services revenue growing 16% to 95.86 billion yuan, marketing services revenue increasing 21% to 36.24 billion yuan, and financial technology and enterprise services revenue rising 10% to 58.17 billion yuan [7]. - The marketing services segment has maintained double-digit growth for twelve consecutive quarters, indicating a robust performance driven by AI enhancements in advertising [8]. AI Integration and Ecosystem - Tencent's AI capabilities have improved significantly, with over 30 new models launched in the past year, enhancing the company's ability to offer AI solutions across various industries [11]. - The AI product "Yuanbao" has seen accelerated development and integration within Tencent's ecosystem, successfully connecting with multiple core applications such as QQ Music and Tencent Video [14]. - The user engagement with Yuanbao has increased, with daily active users reaching the top three among domestic AI-native applications, showcasing the strategic value of Tencent's AI initiatives [15].

Core Insights - Tencent's Q3 2025 financial report shows significant growth across all major metrics, with revenue increasing by 15% to 192.87 billion, net profit rising by 19% to 63.133 billion, and operating profit (Non-IFRS) up by 18% to 72.57 billion [2][3] AI Strategy - AI has become a central focus for Tencent, enhancing efficiency in various sectors such as advertising, gaming, and video production, with strategic investments leading to improved user engagement and operational efficiency [2][5] - The integration of AI into Tencent's ecosystem is evident, with features like "search and listen" in QQ Music and "AI minutes" in Tencent Meeting, indicating a shift towards a more interconnected AI-driven environment [5][6] Advertising Revenue - AI has significantly contributed to Tencent's advertising revenue, with marketing services income increasing by 21% to 36.24 billion, driven by AI-enhanced advertising technologies that improved ECPM (effective cost per thousand impressions) [6][8] - The click-through rates for AI-driven ads have reportedly increased to 3.0%, showcasing the potential for further growth in advertising effectiveness [8] WeChat Ecosystem - WeChat's monthly active accounts grew by 2% to 1.414 billion, with WeChat Mini Programs and WeChat Stores driving commercial monetization [9][10] - WeChat Stores have seen a significant increase in active sellers and transaction volumes, with monthly sales doubling and the number of new sellers growing by 35% [10] ToB Business Growth - Tencent's ToB (business-to-business) services grew by 10% to 58.17 billion, supported by increased revenue from consumer loans, commercial payments, and enterprise services [14][16] - The financial technology segment, which includes payment and wealth management services, is closely tied to consumer spending trends, indicating potential for future growth as market conditions improve [16] Gaming Performance - Tencent's gaming revenue rose by 22.8% to 63.6 billion, with strong performance from established titles like "Honor of Kings" and "Peacekeeper Elite" [22][23] - The international gaming segment saw a remarkable 43% increase in revenue to 20.8 billion, driven by successful acquisitions and the performance of new titles [27][28] Future Prospects - Tencent is preparing for future growth with several new game launches in the pipeline, including "Honor of Kings World" and "Under the Human," which are expected to contribute to long-term development [28]

Core Viewpoint - Tencent's Q3 2025 financial report highlights the significant role of AI in driving growth across various business segments, with all three major performance indicators showing double-digit increases, indicating a robust financial performance and strategic pivot towards AI integration [5][6][10]. Financial Performance - Tencent's revenue reached 192.87 billion yuan, a year-on-year increase of 15%, marking a historical high [5]. - Net profit grew by 19% to 63.133 billion yuan, while operating profit (Non-IFRS) increased by 18% to 72.57 billion yuan [5]. - The overall gross profit rose by 22% to 108.8 billion yuan, leading to a gross margin of 56% [6]. AI Integration and Business Growth - AI has become a central theme in Tencent's strategy, enhancing efficiency in advertising, gaming, and content creation [5][10]. - The AI-driven advertising technology contributed to a 21% increase in marketing service revenue, reaching 36.24 billion yuan, with half of this growth attributed to improvements in effective cost per thousand impressions (ECPM) [10][12]. - The daily active users of Tencent's AI product "Yuanbao" have surged, indicating a positive feedback loop between AI investment and high-quality growth [8]. WeChat Ecosystem Expansion - WeChat's monthly active user count grew by 2% to 1.414 billion, with WeChat Mini Stores driving significant growth in e-commerce [12][13]. - WeChat Mini Stores saw a 100% increase in monthly sales, with new merchants joining the platform growing by 35% [12]. - The integration of WeChat with overseas markets has also expanded, with a 34% increase in overseas transactions using WeChat Pay [13]. Gaming Business Performance - Tencent's gaming revenue increased by 22.8% to 63.6 billion yuan, with strong contributions from both domestic and international markets [26][30]. - The domestic gaming revenue grew by 15% to 42.8 billion yuan, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [27]. - International gaming revenue surged by 43% to 20.8 billion yuan, attributed to successful titles from acquired studios and revitalized existing games [30][32]. ToB Business Growth - Tencent's ToB (business-to-business) revenue grew by 10% to 58.17 billion yuan, maintaining double-digit growth for two consecutive quarters [19]. - The growth in ToB revenue is primarily driven by increased demand for financial technology services, including payment and wealth management [19]. R&D Investment - Tencent's R&D expenditure reached 22.82 billion yuan, a year-on-year increase of 28%, reflecting the company's commitment to advancing its AI capabilities [23].

Core Insights - Tencent's Q3 financial report exceeded market expectations with nearly 200 billion in revenue and an 18% profit growth, alleviating investor concerns about competition, advertising, and AI investments [1][2][4] Group 1: Financial Performance - Total revenue for Q3 reached 192.87 billion yuan, a 15% year-on-year increase, while non-IFRS profit surged to 70.55 billion yuan, marking an 18% increase [2][4] - For the first three quarters, non-IFRS profit reached 194.93 billion yuan, doubling compared to the same period in 2021, indicating a strong profit growth trajectory [4] - The profit growth rate of 18% outpaced the revenue growth rate of 15%, showcasing a positive cycle of increasing revenue and profit [4][19] Group 2: User Engagement - WeChat and WeChat combined monthly active users reached 1.414 billion, a 2% year-on-year increase, demonstrating strong user retention [5][6] - The platform has evolved beyond a messaging tool, with features like WeChat Shops and mini-programs enhancing its commercial value [7][8] Group 3: Gaming Business - Tencent's gaming revenue for Q3 was 63.6 billion yuan, with domestic revenue at 42.8 billion yuan (up 15%) and overseas revenue at 20.8 billion yuan (up 43%) [9][10] - Key titles like "Honor of Kings" and "Peacekeeper Elite" continue to perform well, while new releases like "Delta Force" have also contributed significantly to revenue [10][11][12] Group 4: Diversified Business Growth - Other business segments, including value-added services and marketing services, also showed steady growth, contributing to a diversified revenue base [13][14][16] - Marketing services revenue increased by 21%, driven by improved ad loading rates and AI targeting technology [16] Group 5: Profitability and Cost Management - Gross profit reached 108.8 billion yuan, with a gross margin increase from 53% to 56%, reflecting improved profitability across business lines [19][20] - Cost control measures have been effective, with significant investments directed towards AI and gaming, ensuring long-term value creation [20] Group 6: Investment and Cash Flow - Tencent's investment strategy has shifted towards a more controlled approach, with the fair value of listed investments reaching 800.8 billion yuan [21] - Deferred revenue stood at 125.89 billion yuan, providing a stable revenue outlook for future quarters [22] Group 7: Valuation and Long-term Outlook - Tencent's current market valuation suggests a price-to-earnings ratio of 18.45, indicating a potentially undervalued position given its robust growth [25] - The company is focusing on high-quality growth and long-term value, moving away from aggressive expansion strategies [26][27]