TENCENT: AI-Driven Growth with Stable Gaming and Ad Performance, Q4 Revenue Forecast at 168.89~198.21 Billion Yuan

Deep News12-02 20:02

1. What are the Q4 performance expectations for TENCENT? As of December 2, 2025, according to quarterly performance forecast data: - Expected Q4 revenue is projected at 168.89~198.21 billion yuan, representing a year-on-year change of -2.1%~14.9%. - Expected Q4 net profit is forecasted at 30.63~67.16 billion yuan, with a YoY change of -40.3%~30.8%. - Adjusted net profit is estimated at 51.07~76.46 billion yuan, reflecting a YoY change of -7.7%~38.2%. Investors should monitor whether actual results exceed expectations upon the earnings release.

2. Latest sell-side views on TENCENT: **Hua'an Securities** highlights: - TENCENT's Q3 performance exceeded expectations, with revenue and gross profit both growing YoY. - Value-added services saw a significant gross margin improvement, reaching 61% (+4pp YoY). - Domestic gaming remained stable, while overseas gaming revenue surged 43% YoY. - Advertising revenue rose 21% YoY, driven by AI tools and user growth. - Fintech revenue grew 10% YoY, supported by AI service demand. - AI investments yielded strong results, with Hunyuan AI ranking first globally in text-to-image models.

**Haitong International Securities** notes: - Q3 2025 revenue beat expectations, rising 15% YoY and 5% QoQ to 192.9 billion yuan. - Gaming performed strongly in both domestic and international markets, with FY26E gaming revenue expected to grow 10% YoY. - Advertising is projected for steady growth, backed by AI and traffic expansion. - Fintech and enterprise services may slow due to GPU prioritization for internal use, but consumer loans, mini-program e-commerce, and overseas cloud expansion will sustain growth. - Margin fluctuations are possible due to capex volatility, though AI and high-margin business investments will partially offset cost pressures.

**Risk Warning**: The data and cases provided are for reference only and should not be considered as future investment guidance. Stock investments carry risks, including market volatility, corporate performance, and policy factors. Investors should conduct thorough research and make decisions based on their risk tolerance.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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