TCEHY

Tencent 3Q25: Solid Overall Performance, with New Executives from OAI Driving Positive Changes

FUNDA·2025年11月12日

3Q solid: games strong, ads >20% YoY; exec from OAI boosts AI push; watch WeChat Agent by Lunar New Year.

We continue to track Tencent’s performance; you can click the links below for our past reports.

Gaming

Quarterly gaming growth remains strong:

  • Domestically, Honor of Kings sustained robust momentum during its anniversary period, and Delta Force maintained stable in-app purchase revenue

  • Overseas gaming revenue continues to outpace domestic growth—this pattern is likely to persist through FY2025

Advertising

  • Advertising growth is likely to remain above 20% YoY this quarter, with no material slowdown in client spending compared with the previous quarter.

  • WeChat Channels continues to drive incremental growth, with both ad placements and tipping revenue accelerating. However, user-side metrics for Channels warrant ongoing monitoring.

  • E-commerce GMV via WeChat Channels maintains high double-digit growth, though the service model is still evolving.

  • AI-driven advertising initiatives are progressing steadily, contributing an estimated 1–2% incremental revenue uplift per quarter since early 2025.

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