Tencent Holdings Ltd · HKEX:700
Tencent — Q2 2025 Earnings Presentation
23 slides from Tencent's earnings presentation, Aug 13, 2025
Slide 1: 2025 Second Quarter Results Presentation
2025 Second Quarter Results Presentation August 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 2Q2025 2Q2024 YoY 1Q2025 QoQ Total Revenue 184.5 161.1 +15% 180.0 +2% Value-added Services 91.4 78.8 +16% 92.1 -0.8% Social Networks 32.2 30.3 +6% 32.6 -1% Domestic Games1 40.4 34.6 +17% 42.9 -6% International Games 18.8 13.9 +35% 16.6 +13% Marketing Services2 35.
Slide 5: Key Services Update
Key Services Update Weixin & WeChat • #1 mobile community China • MAU at 1,411m • #1 by users and revenue QQ Global • Mobile devices MAU at Games • #1 by revenue 532m 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
1. Overview 2. Business Review
Slide 7: Revenue
Revenue Revenue Growth (YoY %) -3% -2% +0.5% +11% +11% +10% +7% +6% +8% +8% +11% +13% +15% Revenue by Segment (billion RMB) 180.0 184.5 1% 172.4 1% 167.2 1% 159.5 161.1 1% 154.6 155.2 1% 150.0 149.2 1% 145.0 1% 1% 30% 1% 1% 30% 140.1 134.0 1% 33% 1% 32% 1% 33% 31% 32% 34% 35% 32% 32% 33% 32% 18% 19%
Slide 8: Gross Profit
Gross Profit Gross Profit Growth (YoY %) -8% -1% +7% +19% +22% +23% +25% +23% +21% +16% +17% +20% +22% Gross Profit by Segment (billion RMB) 105.0 100.5 88.8 90.7 83.9 85.9 28% 27% 76.5 77.6 29% 29% 70.8 28% 68.2 28% 62.0 61.9 28% 31% 20% 57.9 18% 25% 26% 24% 26% 18% 22% 17% 19% 24% 13% 18% 17% 22%
Slide 9: Value-added Services
Value-added Services In billion RMB Social Networks +16% -0.8% • Revenue was up 6% YoY, driven by increased revenue from app-based YoY QoQ games item sales, Video Accounts live streaming service and music 91.4 92.1 91.4 subscriptions • Music subscription revenue increased 17% YoY, supported by growt
Slide 10: Communications & Social Networks
Communications & Social Networks Mini Programs Mini Shops • GMV facilitated by Mini Programs grew by teens % YoY in • Allowed brands and merchants to port SKU library from Mini 2Q25, benefitting from improved support for use cases Programs to Mini Shops and unify loyalty programs across two especial
Slide 11: Domestic Games
Domestic Games Delta Force Peacekeeper Elite • Leveraging the game’s advanced architecture • Average DAU grew over 30% and modular design, we added new features YoY in 2Q25, driven largely by such as underwater combat and dynamic the rising popularity of extraction weather system, enabling monthly a
Slide 12: International Games
International Games • Players increasingly participating in UGC-powered World of Wonder sandbox • Monthly gross receipts achieved record high in April on appealing ancient PUBG Mobile Egyptian-themed outfits • Released more frequent content updates, optimised the reward system and hosted more commun
Slide 13: Marketing Services
Marketing Services Overall In billion RMB • Revenue grew 20% YoY, benefitting from AI-powered adtech upgrades, and more closed-loop advertising activity +20% +12% • We expanded AI capabilities in ad creation, placement, recommendation and YoY QoQ performance analysis, enhancing CTRs, conversions and
Slide 14: FinTech and Business Services
FinTech and Business Services In billion RMB FinTech Services +10% +1% • Revenue growth increased to high single-digit % YoY, primarily driven by YoY QoQ commercial payment services and consumer loan services • Growth in commercial payment volume turned positive YoY, as decline in value per transact
Slide 15: 3. Financial Review
无法显示该图片。 3. Financial Review
Slide 16: Income Statement
Income Statement In billion RMB 2Q2025 2Q2024 YoY 1Q2025 QoQ Revenue 184.5 161.1 +15% 180.0 +2% COPS (79.5) (75.2) +6% (79.5) stable Gross profit 105.0 85.9 +22% 100.5 4% Operating expenses (41.3) (36.7) +13% (41.5) -0.5% Other gains (losses), net (3.6) 1.5 N/A (1.4) +156% Operating profit 60.1 50.7
Slide 17: Non-IFRS Adjustments
Non-IFRS Adjustments Net (gains)/ Amortisation Impairment IFRS losses from Non-IFRS In billion RMB SBC of intangible provisions/ SSV & CPP3 Tax effects YoY change QoQ change 2Q2025 investee 2Q2025 assets (reversals)2 companies1 Operating profit 60.1 7.4 - 1.5 - 0.2 - 69.2 +18% -0.1% Share of profit
Slide 18: Gross Margins
Gross Margins 55.8 56.9 52.6 53.3 53.1 52.6 49.5 50.0 45.5 47.5 43.2 44.2 42.6 Overall Gross Margin (%) 59.6 60.4 55.5 57.3 57.0 57.5 55.9 53.9 54.0 53.7 50.6 51.7 49.8 Value-added Services (%) 56.8 54.8 55.6 57.7 55.5 57.6 52.3 53.0 46.3 48.9 44.2 41.7 40.6 Marketing Services (%) 50.3 52.1 45.6 47.
Slide 19: Operating Expenses
Operating Expenses S&M R&D G&A (excl. R&D) in billion RMB in billion RMB in billion RMB +3% +20% +17% +7% +14% -21% YoY QoQ YoY QoQ YoY QoQ 20.3 20.3 18.9 17.3 14.7 9.2 9.4 9.4 11.6 11.6 7.9 10.2 2Q24 2Q25 1Q25 2Q25 2Q24 2Q25 1Q25 2Q25 2Q24 2Q25 1Q25 2Q25 Non-IFRS Non-IFRS Non-IFRS 2Q25 S&M grew by
Slide 20: Non-IFRS Operating Margin
Non-IFRS Operating Margin 38.5 36.8 37.5 36.3 36.6 34.5 33.4 31.7 30.0 30.9 27.3 25.2 25.1 (%) 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 20
Slide 21: CAPEX, FCF and Cash Position
CAPEX, FCF and Cash Position In billion RMB 2Q2025 2Q2024 YoY 1Q2025 QoQ Operating CAPEX 17.9 7.2 +149% 26.4 -32% Non-operating CAPEX 1.2 1.5 -20% 1.1 +13% Total CAPEX 19.1 8.7 +119% 27.5 -30% Operating Cash Flow 74.4 54.1 +37% 76.9 -3% Less: CAPEX Paid (22.9) (5.9) +286% (23.0) -0.8% Payments for m
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 Second Quarter Results Presentation Thank you! https://www.tencent.com/ir