11月14日，野村发报告指，腾讯控股(00700.HK)公布亮眼2025年第三季业绩。收入同比增长15%，较彭博预期高2.2%，主要受在线游戏业务表现强劲推动；毛利率同比提升3.3个百分点至56.4%，高于市场预期的56.3%，受惠于高毛利服务收入占比提高。
然而，腾讯经调整营运利润率扩大1个百分点至37.6%，低于市场预期的38.2%，原因是营销及研发费用分别同比增长22%及28%，高于该行预期的10%及19%。经调整每股盈利同比增19%至7.58元人民币，较市场预期高出6.5%，主要受惠于非经营性收入提升。野村指，腾讯季度亮点是在线游戏业务，尤其是国际游戏业务，其在线游戏收入增长23%，高于该行预测的4%。维持目标价757港元及“买入”评级。
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