今晚腾讯出了财报。很多人来跟我讨论，无非两条 ：1.腾讯的收入，利润。2. 腾讯的capex。第一条。腾讯3Q25营业收入1929亿元，同比增长15.4%，超预期2%。调整后归母净利润706亿元，同比增长18.0%，超预期7%。VAS和广告业务表现突出，海外游戏收入大超预期。第二条。capex预期内的下滑。25年前三季度capex为595.66亿元，同比+48.24%；25Q3资本开支为...
Source Link今晚腾讯出了财报。很多人来跟我讨论，无非两条 ：1.腾讯的收入，利润。2. 腾讯的capex。第一条。腾讯3Q25营业收入1929亿元，同比增长15.4%，超预期2%。调整后归母净利润706亿元，同比增长18.0%，超预期7%。VAS和广告业务表现突出，海外游戏收入大超预期。第二条。capex预期内的下滑。25年前三季度capex为595.66亿元，同比+48.24%；25Q3资本开支为...
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