腾讯控股- 2025 年第三季度营收超预期；资本支出表现保守

November 13, 2025 09:40 AM GMT Tencent Holdings Ltd. | Asia Pacific 3Q25: Revenue Beat; Shy on Capex Reaction to earnings Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Exhibit 1: 3Q25 results review | (Rmb mn) | | | | 3Q25 | Mse | | 3Q25 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Income Statement | 3Q24 82,695 | 2Q25 | 3 ...