国信证券:腾讯广告增长强劲 《三角洲行动》流水快速爬升

国信证券
Nov 16, 2025

收入同比增长15%,经调整利润同比增长18%。2025Q3,腾讯实现营收1929亿元,同比增长15.4%。主要增长由广告和游戏业务贡献。经调整经营利润25Q3 为726 亿元,同比增长18%。Non-IFRS 归母净利润706 亿元,同比增长18%;经营利润率提升主要来自于收入组合中高毛利率业务占比提升,各项业务高质量发展。25Q3,公司综合毛利率56%,同比提升3pct。其中,增值服务/网络广告...

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