VAS and ad — Within VAS, online games revs. +24% yoy to Rmb59.5bn and social network revs +7% yoy to Rmb32.6bn. Total deferred revs. were +15% yoy and +20% qoq to Rmb127.4bn, with current deferred revs. +16% yoy and +23% qoq. Total VAS sub was +3% yoy to 268mn with video at 117mn and music at 123mn. Total capex came in at Rmb27.5bn, up +91% yoy and -25% qoq . CITI'S TAKE 1Q25 total revs were Rmb180.0bn (+13% yoy, +4% q/q and +2.5%/+2.5% vs Citi/BBG consensus of Rmb175.6bn/Rmb175.6bn. Segment breakdown: 1) t ...

May 14, 2025 09:24 AM GMT Tencent Holdings Ltd. | Asia Pacific 1Q25: All round beat Reaction to earnings Exhibit 1: 1Q results review | (Rmb mn) | | | Actual | 1Q25 | | | | --- | --- | --- | --- | --- | --- | --- | | Income Statement | 1Q24 | 4Q24 | 1Q25 | YoY | Consensus | vs. Cons (%) | | VAS | 78,629 | 79,022 | 92,133 | 17.2% | 87,441 | 5.4% | | - Online games | 48,100 | 49,200 | 59,500 | 23.7% | 55,315 | 7.6% | | Domestic games | 34,500 | 33,200 | 42,900 | 24.3% | 39,804 | 7.8% | | International games | ...