Caitong Securities Maintains "Overweight" Rating on Tencent (00700) with 3Q25 Earnings Beating Expectations

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Yesterday

Caitong Securities issued a research report projecting Tencent Holdings' (00700) Non-IFRS net profit attributable to shareholders to grow by 17.0%, 11.9%, and 10.3% year-on-year in 2025–2027, reaching RMB 260.6 billion, RMB 291.5 billion, and RMB 321.5 billion, respectively. The current share price implies a forward P/E ratio of 21.0x, 18.8x, and 17.0x for 2025–2027. The firm reiterated an "Overweight" rating.

Key takeaways from Caitong Securities:

**Earnings Beat Expectations, Higher Sales & R&D Expense Ratios** In 3Q25, Tencent reported revenue of RMB 192.9 billion (+15.4% YoY, 2.15% above consensus), with a gross margin of 56.4% (0.19 ppts above consensus). Sales and R&D expense ratios stood at 5.9% (0.6 ppts above consensus) and 11.8% (0.9 ppts above consensus), respectively. However, profits from associates/joint ventures surged to RMB 7.85 billion (62.3% above consensus), driving Non-IFRS net profit to RMB 70.55 billion (+18.0% YoY, 6.9% above consensus).

**Overseas Gaming Revenue Up Over 40%, Strong Performance in Evergreen Titles** Gaming revenue reached RMB 63.6 billion (+22.8% YoY, 5.2% above consensus), with domestic market revenue at RMB 42.8 billion (+14.8% YoY, 1.3% above consensus), driven by titles like *Delta Force*, *Peacekeeper Elite*, and *Honor of Kings*. International gaming revenue rose 43.4% YoY to RMB 20.8 billion (14.8% above consensus), fueled by *Clash Royale*, contributions from acquired studios, and strong sales of the console game *Dying Light: Be the Zombie*.

**Ad Revenue & Gross Margin Exceed Expectations; FinTech & Business Services Margin Lags** Ad revenue grew 20.8% YoY to RMB 36.24 billion (1.8% above consensus), supported by increased ad spending across key sectors, higher user engagement, improved ad load rates, and AI-driven targeting boosting eCPM. The segment’s gross margin was 56.7% (0.5 ppts above consensus). However, FinTech & Business Services gross margin came in at 50.2% (1.4 ppts below consensus).

**Risk Factors:** Tighter regulatory oversight in gaming, slower ad revenue growth due to weak macroeconomic recovery, intensifying competition, and uncertainties in investment returns.

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The current share price implies a forward P/E ratio of 21.0x, 18.8x, and 17.0x for 2025–2027. The firm reiterated an \"Overweight\" rating.</p>\n<p>Key takeaways from Caitong Securities:</p>\n<p>**Earnings Beat Expectations, Higher Sales & R&D Expense Ratios**  \nIn 3Q25, Tencent reported revenue of RMB 192.9 billion (+15.4% YoY, 2.15% above consensus), with a gross margin of 56.4% (0.19 ppts above consensus). Sales and R&D expense ratios stood at 5.9% (0.6 ppts above consensus) and 11.8% (0.9 ppts above consensus), respectively. However, profits from associates/joint ventures surged to RMB 7.85 billion (62.3% above consensus), driving Non-IFRS net profit to RMB 70.55 billion (+18.0% YoY, 6.9% above consensus).</p>\n<p>**Overseas Gaming Revenue Up Over 40%, Strong Performance in Evergreen Titles**  \nGaming revenue reached RMB 63.6 billion (+22.8% YoY, 5.2% above consensus), with domestic market revenue at RMB 42.8 billion (+14.8% YoY, 1.3% above consensus), driven by titles like *Delta Force*, *Peacekeeper Elite*, and *Honor of Kings*. International gaming revenue rose 43.4% YoY to RMB 20.8 billion (14.8% above consensus), fueled by *Clash Royale*, contributions from acquired studios, and strong sales of the console game *Dying Light: Be the Zombie*.</p>\n<p>**Ad Revenue & Gross Margin Exceed Expectations; FinTech & Business Services Margin Lags**  \nAd revenue grew 20.8% YoY to RMB 36.24 billion (1.8% above consensus), supported by increased ad spending across key sectors, higher user engagement, improved ad load rates, and AI-driven targeting boosting eCPM. The segment’s gross margin was 56.7% (0.5 ppts above consensus). However, FinTech & Business Services gross margin came in at 50.2% (1.4 ppts below consensus).</p>\n<p>**Risk Factors:**  \nTighter regulatory oversight in gaming, slower ad revenue growth due to weak macroeconomic recovery, intensifying competition, and uncertainties in investment returns.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Caitong Securities Maintains \"Overweight\" Rating on Tencent (00700) with 3Q25 Earnings Beating Expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCaitong Securities Maintains \"Overweight\" Rating on Tencent (00700) with 3Q25 Earnings Beating Expectations\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2025-11-17 09:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Caitong Securities issued a research report projecting Tencent Holdings' (00700) Non-IFRS net profit attributable to shareholders to grow by 17.0%, 11.9%, and 10.3% year-on-year in 2025–2027, reaching RMB 260.6 billion, RMB 291.5 billion, and RMB 321.5 billion, respectively. The current share price implies a forward P/E ratio of 21.0x, 18.8x, and 17.0x for 2025–2027. The firm reiterated an \"Overweight\" rating.</p>\n<p>Key takeaways from Caitong Securities:</p>\n<p>**Earnings Beat Expectations, Higher Sales & R&D Expense Ratios**  \nIn 3Q25, Tencent reported revenue of RMB 192.9 billion (+15.4% YoY, 2.15% above consensus), with a gross margin of 56.4% (0.19 ppts above consensus). Sales and R&D expense ratios stood at 5.9% (0.6 ppts above consensus) and 11.8% (0.9 ppts above consensus), respectively. However, profits from associates/joint ventures surged to RMB 7.85 billion (62.3% above consensus), driving Non-IFRS net profit to RMB 70.55 billion (+18.0% YoY, 6.9% above consensus).</p>\n<p>**Overseas Gaming Revenue Up Over 40%, Strong Performance in Evergreen Titles**  \nGaming revenue reached RMB 63.6 billion (+22.8% YoY, 5.2% above consensus), with domestic market revenue at RMB 42.8 billion (+14.8% YoY, 1.3% above consensus), driven by titles like *Delta Force*, *Peacekeeper Elite*, and *Honor of Kings*. International gaming revenue rose 43.4% YoY to RMB 20.8 billion (14.8% above consensus), fueled by *Clash Royale*, contributions from acquired studios, and strong sales of the console game *Dying Light: Be the Zombie*.</p>\n<p>**Ad Revenue & Gross Margin Exceed Expectations; FinTech & Business Services Margin Lags**  \nAd revenue grew 20.8% YoY to RMB 36.24 billion (1.8% above consensus), supported by increased ad spending across key sectors, higher user engagement, improved ad load rates, and AI-driven targeting boosting eCPM. The segment’s gross margin was 56.7% (0.5 ppts above consensus). However, FinTech & Business Services gross margin came in at 50.2% (1.4 ppts below consensus).</p>\n<p>**Risk Factors:**  \nTighter regulatory oversight in gaming, slower ad revenue growth due to weak macroeconomic recovery, intensifying competition, and uncertainties in investment returns.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B543WZ88.USD","symbol_name":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","start_time":0,"source_url":"","article_id":"1159193044","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1159193044","pubTimestamp":1763343988,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Caitong Securities issued a research report projecting Tencent Holdings' (00700) Non-IFRS net profit attributable to shareholders to grow by 17.0%, 11.9%, and 10.3% year-on-year in 2025–2027,...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"601108":"财通证券","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","IE0008368742.USD":"首域中国增长基金I Acc","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","BK1095":"互动媒体与服务","BK1608":"元宇宙概念","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","HTCD.SI":"Tencent HK SDR 10to1","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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The current share price implies a forward P/E ratio of 21.0x, 18.8x, and 17.0x for 2025–2027. The firm reiterated an \"Overweight\" rating.\nKey takeaways from Caitong Securities:\n**Earnings Beat Expectations, Higher Sales & R&D Expense Ratios**  \nIn 3Q25, Tencent reported revenue of RMB 192.9 billion (+15.4% YoY, 2.15% above consensus), with a gross margin of 56.4% (0.19 ppts above consensus). Sales and R&D expense ratios stood at 5.9% (0.6 ppts above consensus) and 11.8% (0.9 ppts above consensus), respectively. However, profits from associates/joint ventures surged to RMB 7.85 billion (62.3% above consensus), driving Non-IFRS net profit to RMB 70.55 billion (+18.0% YoY, 6.9% above consensus).\n**Overseas Gaming Revenue Up Over 40%, Strong Performance in Evergreen Titles**  \nGaming revenue reached RMB 63.6 billion (+22.8% YoY, 5.2% above consensus), with domestic market revenue at RMB 42.8 billion (+14.8% YoY, 1.3% above consensus), driven by titles like *Delta Force*, *Peacekeeper Elite*, and *Honor of Kings*. International gaming revenue rose 43.4% YoY to RMB 20.8 billion (14.8% above consensus), fueled by *Clash Royale*, contributions from acquired studios, and strong sales of the console game *Dying Light: Be the Zombie*.\n**Ad Revenue & Gross Margin Exceed Expectations; FinTech & Business Services Margin Lags**  \nAd revenue grew 20.8% YoY to RMB 36.24 billion (1.8% above consensus), supported by increased ad spending across key sectors, higher user engagement, improved ad load rates, and AI-driven targeting boosting eCPM. The segment’s gross margin was 56.7% (0.5 ppts above consensus). However, FinTech & Business Services gross margin came in at 50.2% (1.4 ppts below consensus).\n**Risk Factors:**  \nTighter regulatory oversight in gaming, slower ad revenue growth due to weak macroeconomic recovery, intensifying competition, and uncertainties in investment returns.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}