Tencent 3Q25: Solid Overall Performance, with New Executives from OAI Driving Positive Changes

We continue to track Tencent’s performance; you can click the links below for our past reports.

Quarterly gaming growth remains strong:

Domestically, Honor of Kings sustained robust momentum during its anniversary period, and Delta Force maintained stable in-app purchase revenue
Overseas gaming revenue continues to outpace domestic growth—this pattern is likely to persist through FY2025

Advertising growth is likely to remain above 20% YoY this quarter, with no material slowdown in client spending compared with the previous quarter.
WeChat Channels continues to drive incremental growth, with both ad placements and tipping revenue accelerating. However, user-side metrics for Channels warrant ongoing monitoring.
E-commerce GMV via WeChat Channels maintains high double-digit growth, though the service model is still evolving.
AI-driven advertising initiatives are progressing steadily, contributing an estimated 1–2% incremental revenue uplift per quarter since early 2025.

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