On November 13, several leading Chinese tech companies released their Q3 2025 financial reports, drawing significant market attention.

TENCENT (00700.HK), JD-SW (09618), Semiconductor Manufacturing International Corporation (688981), and BILIBILI-W (09626) delivered mixed results. While TENCENT, SMIC, and BILIBILI-W reported robust revenue and net profit growth, JD-SW faced profit pressure despite revenue expansion. These results collectively highlight China's tech sector transformation driven by AI adoption, overseas expansion, and consumption recovery.

Following the earnings releases, JD-SW and BILIBILI-W saw their U.S.-listed shares surge in pre-market trading, with JD-SW up over 4% and BILIBILI-W jumping more than 6%. Alibaba also gained over 4% amid reports of its secret "Qianwen" AI assistant project, positioning it as a ChatGPT competitor.

**TENCENT: AI Integration Deepens, International Gaming Breaks Records** TENCENT reported Q3 revenue of RMB 192.87 billion (+15% YoY) and operating profit (Non-IFRS) of RMB 72.57 billion (+18% YoY). For the first three quarters, revenue reached RMB 557.395 billion (+14% YoY) with net profit attributable to shareholders at RMB 166.582 billion (+17% YoY).

Key achievements include: - AI ecosystem expansion with Yuanbao integrated across WeChat, Tencent Meeting, and other core products - International gaming revenue surpassing RMB 20 billion for the first time - Diversified growth across segments: Value-added services (+16%), marketing services (+21%), and fintech/enterprise services (+10%)

CEO Pony Ma emphasized strategic AI investments driving efficiency in advertising, gaming, and content creation, noting industry-leading capabilities in image/3D generation models.

**JD-SW: Revenue Growth Offset by Profit Squeeze** JD-SW posted Q3 revenue of RMB 299.1 billion (+14.9% YoY), beating expectations, but net profit plunged 54.7% to RMB 5.3 billion due to heavy new business investments. Core retail remained strong with FMCG sales growing 18.8% (4x industry average) and apparel sales expanding 8x faster than the sector. Marketing expenses surged 110.5% to RMB 21.1 billion, primarily for JD Fresh (food delivery) promotions. Service revenue grew 30.8%, hitting a record 24.4% of total revenue.

CEO Sandy Xu highlighted surpassing 700 million annual active users in October while maintaining category leadership.

**SMIC: Profitability Improves Amid Semiconductor Recovery** China's top chipmaker SMIC reported Q3 revenue of RMB 17.162 billion (+9.9% YoY) with net profit jumping 43.1% to RMB 1.51 billion. For the first nine months, revenue grew 18.2% to RMB 49.51 billion with net profit up 41.1% to RMB 3.81 billion. The improvement stemmed from higher wafer shipments and product mix optimization, reflecting broader semiconductor demand recovery.

**BILIBILI-W: Record User Metrics Drive Sustained Profitability** BILIBILI-W achieved Q3 revenue of RMB 7.69 billion (+5% YoY) with adjusted net profit skyrocketing 233% to RMB 786 million. Advertising revenue grew 23% to RMB 2.57 billion, while gross margin improved to 36.7%. The platform turned profitable with net income of RMB 469 million versus a year-ago loss. User metrics hit all-time highs: DAU (+9% to 117 million), MAU (+8% to 376 million), and paying users (+17% to 35 million), with average daily usage reaching 112 minutes.

All financial data and company statements are sourced from official earnings releases.