---
title: "HSBC Research: Tencent's gaming and advertising business outlook is stable, with a strong start for \"Crossfire\""
description: "HSBC's research report indicates that Tencent's gaming and advertising business outlook is robust, especially with a strong start for \"Crossfire,\" and the risk of market erosion is low. Tencent is exp"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/272793118.md"
published_at: "2026-01-16T06:10:19.000Z"
---

# HSBC Research: Tencent's gaming and advertising business outlook is stable, with a strong start for "Crossfire"

> HSBC's research report indicates that Tencent's gaming and advertising business outlook is robust, especially with a strong start for "Crossfire," and the risk of market erosion is low. Tencent is expected to disclose its fourth-quarter results on March 18, with revenue and non-International Financial Reporting Standards operating profit projected to grow by 13% and 16%, respectively. Revenue from the domestic market and international gaming business is expected to increase by 14% and 25%. The bank maintains a "Buy" rating on Tencent, with a target price of 770 yuan, and has lowered its non-IFRS net profit forecasts for 2025 to 2027 by 1% to 2%

HSBC Research published a report indicating that Tencent (00700.HK) has a consistently strong outlook for its gaming and advertising businesses. The launch of "CrossFire" has been strong, and the risk of market erosion when new versions are released is low. Additionally, progress has been made in artificial intelligence technology in recruitment and organizational restructuring, with a large user base remaining a core competitive advantage.

Furthermore, Tencent will disclose its fourth fiscal quarter results on March 18. The bank expects Tencent's revenue and non-International Financial Reporting Standards (non-IFRS) operating profit to grow by 13% and 16% year-on-year, with domestic market and international gaming business revenue expected to grow by 14% and 25% year-on-year, respectively. Strong performance in PC is likely to drive the gross margin of value-added services to exceed expectations; marketing services revenue is expected to increase by 18%; and financial technology and enterprise services revenue is expected to grow by 9%.

The bank maintains a "Buy" rating on Tencent, with a target price of 770 yuan, and has lowered its non-IFRS net profit forecasts for 2025 to 2027 by 1% to 2%. (ha/)

### Related Stocks

- [TCEHY.US - Tencent](https://longbridge.com/en/quote/TCEHY.US.md)
- [TCTZF.US - Tencent Holdings Limited](https://longbridge.com/en/quote/TCTZF.US.md)
- [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 腾讯被错杀了？ | 伯恩斯坦认为，腾讯股价下跌，主要受 AI 模型开发进度落后和游戏行业 AI 颠覆担忧的双重打击。目前腾讯以 14-15 倍 2027 年预期市盈率交易，接近 2022-2023 年行业面临游戏审批停滞和疫情封控时的低谷水平。尽管腾讯在聊天机 | [Link](https://longbridge.com/en/news/275903716.md) |
| 元宝能否成为腾讯的 “新中枢” | 重要试验田。 | [Link](https://longbridge.com/en/news/274456388.md) |
| 中国大模型 “春节档” 打响！等待消费级 AI 出 “爆款” | 2025 年 DeepSeek 的春节突袭战术已成为行业教科书。2026 年所有人都学会了这一招。字节、阿里、智谱及 DeepSeek“春节档” 密集发布旗舰模型，竞争焦点从单纯的模型性能转向 “效率” 与 “智能体” 落地。分析指，若 D | [Link](https://longbridge.com/en/news/275684474.md) |
| 市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业 | 市场监管总局于 2 月 13 日约谈了阿里巴巴、抖音、百度、腾讯、京东、美团和淘宝闪购等平台企业，要求它们遵守相关法律法规，落实主体责任，规范促销行为，并杜绝 “内卷式” 竞争，以维护公平竞争市场环境，促进平台经济的创新与健康发展。 | [Link](https://longbridge.com/en/news/275975190.md) |
| 游戏业务遇冷，网易 Q4 营收、盈利双双不及预期 \| 财报见闻 | 网易第四季度业绩不及预期：调整后每股收益 10.95 元，低于预估的 14.07 元；营收 275.5 亿元亦未达预期。游戏业务收入 219.7 亿元，增长显疲软。管理层强调 AI 已深度融入游戏开发全流程，成为 “基础能力”。公司维持股东 | [Link](https://longbridge.com/en/news/275582885.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.