Tencent Holdings Ltd · HKEX:700
Tencent — Q3 2025 Earnings Presentation
23 slides from Tencent's earnings presentation, Nov 13, 2025
Slide 1: 2025 Third Quarter Results Presentation
2025 Third Quarter Results Presentation November 13, 2025 1
Slide 2: Cautionary Note
Cautionary Note This presentation may contain forward-looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities, challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the “Company” or “Tencent”) an
Slide 3: 1. Overview
1. Overview 3
Slide 4: Financial Highlights
Financial Highlights In billion RMB 3Q2025 3Q2024 YoY 2Q2025 QoQ Total Revenue 192.9 167.2 +15% 184.5 +5% Value-added Services 95.9 82.7 +16% 91.4 +5% Social Networks 32.3 30.9 +5% 32.2 +0.2% Domestic Games1 42.8 37.3 +15% 40.4 +6% International Games 20.8 14.5 +43% 18.8 +11% Marketing Services 36.2
Slide 5: Key Services Update
Key Services Update Weixin & WeChat • #1 mobile community China • MAU at 1,414m • #1 by users and revenue QQ Global Games • Mobile devices MAU at • #1 by revenue 517m Video • #1 by paid subscriptions Mobile Payment Music Digital • #1 by MAU & DAU • #1 by paid subscriptions Content FinTech Literature
Slide 6: 2. Business Review
无法显示该图片。 2. Business Review
Slide 7: Revenue
Revenue Revenue Growth (YoY %) -2% +0.5% +11% +11% +10% +7% +6% +8% +8% +11% +13% +15% +15% Revenue by Segment (billion RMB) 192.9 184.5 1% 180.0 172.4 1% 1% 167.2 1% 159.5 161.1 1% 154.6 155.2 1% 30% 150.0 149.2 1% 1% 1% 30% 145.0 1% 30% 140.1 1% 1% 33% 1% 32% 33% 31% 32% 34% 35% 32% 32% 33% 19% 18
Slide 8: Gross Profit
Gross Profit Gross Profit Growth (YoY %) -1% +7% +19% +22% +23% +25% +23% +21% +16% +17% +20% +22% +22% Gross Profit by Segment (billion RMB) 108.8 105.0 100.5 88.8 90.7 27% 83.9 85.9 28% 27% 76.5 77.6 29% 29% 70.8 28% 68.2 28% 62.0 19% 61.9 28% 31% 20% 18% 25% 26% 24% 26% 18% 22% 17% 19% 13% 18% 17
Slide 9: Value-added Services
Value-added Services In billion RMB Social Networks +16% +5% • Revenue was up 5% YoY, driven by increased revenue from Video Accounts YoY QoQ live streaming service, music subscriptions and Mini Games platform service fees 95.9 95.9 91.4 • Music subscription revenue increased 17% YoY, boosted by gro
Slide 10: Communications & Social Networks
Communications & Social Networks Weixin Order and Card page More vibrant transaction ecosystem, driving continued rapid growth in GMV • Enhanced merchandise recommendation with foundation model capabilities to deepen understanding of user interests based on content consumption within Weixin ecosyste
Slide 11: Domestic Games
Domestic Games HoK Delta Force VALORANT Franchise • Gross receipts grew YoY in 3Q25, • Ranked among top 3 games industry- • Mobile version released on Aug 19 benefitting from collaborations with wide by gross receipts in 3Q251 and became China's most successful China Literature IPs, Lord of the • Ac
Slide 12: International Games
International Games • Released new auto-chess mode Merge Tactics and extended Trophy Road achievement system, driving higher player engagement • Monthly DAU and gross receipts in Sep achieved all-time highs since launch in Clash Royale 2016. Gross receipts increased more than 400% YoY in 3Q25 • Gros
Slide 13: Marketing Services
Marketing Services In billion RMB Overall +21% +1% • Revenue increased 21% YoY, underpinned by ad spend growth in all major YoY QoQ categories • Impressions grew YoY as we enhanced engagement as well as increased ad load across Video Accounts, Mini Programs and Weixin Search • Average eCPM increased
Slide 14: FinTech and Business Services
FinTech and Business Services In billion RMB FinTech Services +10% +5% • Revenue grew by high single-digit % YoY, primarily driven by commercial YoY QoQ payment services and consumer loan services • For commercial payment volume, YoY growth was higher than previous quarter. Online TPV grew robustly,
Slide 15: 3. Financial Review
无法显示该图片。 3. Financial Review
Slide 16: Income Statement
Income Statement In billion RMB 3Q2025 3Q2024 YoY 2Q2025 QoQ Revenue 192.9 167.2 +15% 184.5 +5% COPS (84.1) (78.4) +7% (79.5) +6% Gross profit 108.8 88.8 +22% 105.0 +4% Operating expenses (45.7) (38.5) +19% (41.3) +11% Other gains (losses), net 0.5 3.0 -84% (3.6) N/A Operating profit 63.6 53.3 +19%
Slide 17: Non-IFRS Adjustments
Non-IFRS Adjustments Net (gains)/ Amortisation Impairment IFRS losses from Others4 Non-IFRS In billion RMB SBC of intangible provisions/ SSV & CPP3 Tax effects YoY change QoQ change 3Q2025 investee 3Q2025 assets (reversals)2 companies1 Operating profit 63.6 7.2 - 1.6 - 0.2 - - 72.6 +18% +5% Share of
Slide 18: Gross Margins
Gross Margins 55.8 56.9 56.4 52.6 53.3 53.1 52.6 49.5 50.0 45.5 47.5 44.2 42.6 Overall Gross Margin (%) 59.6 60.4 61.2 55.5 57.3 57.0 57.5 55.9 53.9 54.0 53.7 51.7 49.8 Value-added Services (%) 56.8 54.8 55.6 57.7 55.5 57.6 56.7 52.3 53.0 46.3 48.9 44.2 41.7 Marketing Services (%) 50.3 52.1 50.2 45.
Slide 19: Operating Expenses
Operating Expenses S&M R&D G&A (excl. R&D) in billion RMB in billion RMB in billion RMB +22% +22% +28% +13% +2% -2% YoY QoQ YoY QoQ YoY QoQ 22.8 22.8 11.5 11.5 20.3 11.6 17.9 11.2 11.4 11.4 9.4 9.4 3Q24 3Q25 2Q25 3Q25 3Q24 3Q25 2Q25 3Q25 3Q24 3Q25 2Q25 3Q25 Non-IFRS Non-IFRS Non-IFRS 3Q25 S&M grew b
Slide 20: Non-IFRS Operating Margin
Non-IFRS Operating Margin 38.5 37.5 37.6 36.8 36.3 36.6 34.5 33.4 30.9 31.7 30.0 27.3 25.1 (%) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 20
Slide 21: CAPEX, FCF and Cash Position
CAPEX, FCF and Cash Position In billion RMB 3Q2025 3Q2024 YoY 2Q2025 QoQ Operating CAPEX 12.0 14.7 -18% 17.9 -33% Non-operating CAPEX 1.0 2.4 -59% 1.2 -19% Total CAPEX 13.0 17.1 -24% 19.1 -32% Operating Cash Flow 85.3 78.1 +9% 74.4 +15% Less: CAPEX Paid (20.0) (12.0) +67% (22.9) -12% Payments for me
Slide 22: 4. Q&A
无法显示该图片。 4. Q&A
Slide 23: Thank you!
无法显示该图片。 Tencent Holdings Limited 2025 Third Quarter Results Presentation Thank you! https://www.tencent.com/ir