On March 18, Tencent Holdings released its financial results for the fourth quarter and full year of 2025. The report indicates that Tencent's gaming business revenue reached 241.6 billion yuan in 2025, representing a year-on-year increase of 22%. Of this, domestic market gaming revenue grew 18% annually to 164.2 billion yuan. International gaming revenue surpassed the $10 billion milestone, rising 33% year-on-year to a record high.

In the fourth quarter specifically, domestic gaming revenue increased 15% year-on-year to 38.2 billion yuan, driven mainly by revenue growth from "Delta Action" and "Valorant" (on PC and mobile), as well as incremental contributions from "Wuthering Waves." International gaming revenue rose 32% year-on-year to 21.1 billion yuan, primarily due to revenue growth from games under Supercell and "PUBG Mobile," alongside overseas incremental contributions from "Wuthering Waves."

When asked about whether Tencent would maintain its gaming investments in the United States, President Martin Lau stated that the company has been engaged in constructive communication with U.S. regulators for an extended period, and the overall situation is developing positively. He described the risks as relatively controllable, noting that gaming is far less sensitive than social media. Lau also emphasized that the U.S. companies Tencent has invested in remain founder-led, independently operated, and self-driven. While certain procedures must be followed for gaming operations in the U.S., he added that other overseas markets continue to welcome Tencent’s investments in local gaming firms.