腾讯控股-2025 年第三季度展望：各业务板块增长态势保持良好

October 20, 2025 08:03 PM GMT Tencent Holdings Ltd. | Asia Pacific 3Q25 Preview: Growth Intact across All Business Segments We forecast revenue and non-IFRS OP to grow 13% and 18%, with potential upside from games/ads and continued margin expansion. We also focus on capex guidance, Hunyuan progress, AI adoption, and 2C applications. Reiterate OW and Top Pick, best 2C AI applications play. Key Takeaways VAS revenue +13% YoY, within which online games +18%: This is driven by 13% and 30% growth in domestic and ...