Tencent Holdings (00700) announced its financial results for the third quarter of 2025, achieving revenue of RMB192.869 billion, a 15% year-on-year increase and a 5% quarter-on-quarter growth. Gross profit stood at RMB108.798 billion, up 22% YoY and 4% QoQ. Profit attributable to equity holders reached RMB63.133 billion, marking a 19% YoY and 13% QoQ rise. Non-IFRS profit attributable to equity holders amounted to RMB70.551 billion, reflecting an 18% YoY and 12% QoQ increase. Basic earnings per share were RMB6.952.

The value-added services segment reported revenue of RMB95.9 billion in Q3 2025, up 16% YoY. Domestic games revenue grew 15% YoY to RMB42.8 billion, driven by contributions from newly launched titles like *Delta Force*, sustained growth from evergreen games such as *Honor of Kings* and *Peacekeeper Elite*, and the expansion of *Valorant* from PC to mobile. International games revenue surged 43% YoY (42% at constant exchange rates) to RMB20.8 billion, benefiting from revenue growth in Supercell’s games, contributions from recently acquired studios, and strong sales of the new PC and console game *Dying Light: Beasts of Prey*.

Social networks revenue rose 5% YoY to RMB32.3 billion, supported by growth in livestreaming services on Video Accounts, music subscription revenue, and mini-game platform service fees.

Marketing services revenue increased 21% YoY to RMB36.2 billion, driven by higher ad impressions due to improved user engagement, increased ad load rates, and AI-powered ad targeting boosting eCPM. Ad spending rose across all major industries.

FinTech and business services revenue grew 10% YoY to RMB58.2 billion. FinTech services revenue expanded at a high single-digit percentage, fueled by commercial payment activities and consumer lending services. Business services revenue rose by double digits, supported by cloud services growth (including rising demand for AI-related services) and higher merchant technology service fees due to increased transaction volumes on WeChat Mini Shops.

For the first nine months of 2025, revenue totaled RMB557.395 billion, up 14% YoY, with gross profit at RMB314.304 billion (+22% YoY). Profit attributable to equity holders reached RMB166.582 billion (+17% YoY), while non-IFRS profit attributable to equity holders was RMB194.932 billion (+16% YoY). Basic EPS stood at RMB18.316.

As of September 30, 2025, combined MAUs for WeChat and WeChat reached 1.414 billion (+2% YoY, +0.2% QoQ), while QQ mobile MAUs were 517 million. Paid subscriptions for value-added services hit 265 million (+0.4% QoQ). Tencent Video maintained its leadership in long-form video with 114 million subscribers, and Tencent Music led the music streaming market with 126 million subscribers.

Tencent’s solid Q3 performance reflects healthy trends across gaming, marketing services, and FinTech. Strategic AI investments have enhanced ad targeting, gaming engagement, and operational efficiency in programming, gaming, and video production. The company continues to upgrade its Hunyuan foundational model, with its image and 3D generation capabilities now industry-leading. Further advancements are expected as Hunyuan’s capabilities expand, driving AI adoption and smart agent development within WeChat.