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Leidi News, Lei Jianping, April 9
Tencent (stock code: &#34;700&#34;) recently released its annual report for the year ending 2025. The report shows that Tencent's executive director is founder and CEO Ma Huateng, non-executive directors include Jacobus Petrus (Koos) Bekker and Charles St Leger Searle; independent non-executive directors include Li Dongsheng, Ian Charles Stone, Yang Shaoxin, Ke Yang, and Zhang Xiulan.
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As of December 31, 2025, Tencent's equity structure
As of December 31, 2025, Ma Huateng holds 804,859,700 shares, with an 8.82% equity stake; Tencent's major shareholder, Naspers Group's Dutch subsidiary Prosus, holds 22.8% through MIH.
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As of December 31, 2025, Tencent's equity structure
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As of December 31, 2024, Tencent's equity structure
A comparison reveals that Prosus's shareholding ratio decreased by 1.21 percentage points in 2025, with a slower reduction compared to the previous two years, still making it Tencent's core shareholder, while Ma Huateng's shareholding ratio increased by 0.1 percentage points.
Tencent's board of directors recently announced a dividend of HKD 5.30 per share (HKD 4.50 per share in 2024), with the proposed dividend expected to be distributed on June 1, 2026, to shareholders listed on the company's register as of May 20, 2026. Based on the current total share capital, the total dividend amount is estimated to be approximately HKD 48.6 billion (about RMB 42.6 billion)
Based on this calculation, Ma Huateng will receive a dividend of HKD 4.24 billion, and Prosus will receive a dividend of HKD 11.74 billion.
Spent HKD 80 billion on buybacks, down HKD 32 billion year-on-year
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In 2025, Tencent repurchased approximately 153.4 million shares at a total cost of about HKD 80 billion on the Hong Kong Stock Exchange.
In 2024, Tencent spent a total of HKD 112 billion on buybacks, repurchasing a total of 307,238,500 shares, which is a decrease of HKD 32 billion compared to 2024.
This is mainly because Tencent's stock price was generally on a continuous upward trend in 2025; only when Tencent's stock price was relatively declining or consolidating did Tencent increase its buyback efforts.
Annual revenue of HKD 751.8 billion
Tencent's revenues for 2023, 2024, and 2025 were HKD 609 billion, HKD 660.257 billion, and HKD 751.766 billion, respectively; gross profits were HKD 293.1 billion, HKD 349.246 billion, and HKD 422.593 billion, respectively.
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Tencent's operating profits for 2023, 2024, and 2025 were HKD 160 billion, HKD 208.1 billion, and HKD 241.562 billion, respectively; adjusted operating profits were HKD 191.886 billion, HKD 237.8 billion, and HKD 280.656 billion, respectively.
Tencent's profits for 2023, 2024, and 2025 were HKD 118.048 billion, HKD 196.5 billion, and HKD 229.8 billion, respectively; adjusted net profits were HKD 157.688 billion, HKD 222.7 billion, and HKD 259.6 billion, respectively.
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Tencent's EBITDA for 2025 is HKD 310.767 billion, and adjusted EBITDA is HKD 336.427 billion.
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As of December 31, 2025, Tencent's total assets amounted to CNY 2,038.986 billion, total liabilities were CNY 797.921 billion, and total equity was CNY 1,241.065 billion.
Tencent Q4 revenue reached CNY 194.4 billion, a year-on-year increase of 13%.
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Tencent's revenue for the fourth quarter of 2025 was CNY 194.4 billion, up 13% from CNY 172.446 billion in the same period last year.
In the fourth quarter of 2025, Tencent's value-added services revenue was CNY 89.9 billion, a year-on-year increase of 14%.
Tencent's value-added services revenue includes income from games and social networks, with game revenue further divided into domestic market game revenue and international market game revenue.
Tencent is increasing its investment in AI and exploring new growth opportunities. The company continues to advance around large model capabilities and AI product matrices: Hongyuan 3.0 will be released in April, and the &#34;Little Lobster&#34; series Agents such as WorkBuddy and QClaw are being launched successively, with user activity for AI applications like Yuanbao, ima, QQ Browser, and Sogou Input Method continuously improving.
Pony Ma stated in Tencent's conference call that the &#34;Lobster&#34; applications can bring AI into various rich scenarios, rather than being completely concentrated in ChatBot as in the past, allowing Tencent's resources to be better utilized and enabling joint efforts across various fronts, which also inspires the WeChat agent currently under development.
&#34;The mini-programs in the WeChat ecosystem have always been decentralized, and similar concepts can be integrated into future 'Lobster' applications. Service providers are particularly afraid of being short-circuited or channeled, so Tencent must also consider this demand when designing the ecosystem.&#34;
Pony Ma believes that in the future, Tencent's &#34;farming lobsters&#34; will need to combine centralization and decentralization. &#34;This is a longer-term consideration, and everyone may need to be a bit patient; this cannot be rushed out.&#34;
Tencent Q4 game revenue reached CNY 59.3 billion, a year-on-year increase of 21%.
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Tencent's game revenue for the fourth quarter of 2025 was CNY 59.3 billion, up 21% from CNY 49.2 billion in the same period last year.
Among them, Tencent's domestic market game revenue for the fourth quarter of 2025 was CNY 38.2 billion, a year-on-year increase of 15%, benefiting from revenue growth from the &#34;Delta Action&#34; and &#34;Valorant&#34; series (both PC and mobile) as well as incremental revenue contributions from &#34;Mingchao.&#34;
In the fourth quarter of 2025, Tencent's international market game revenue was 21.1 billion yuan, a year-on-year increase of 32% (31% at constant exchange rates), mainly benefiting from revenue growth from games under Supercell and PUBG MOBILE, as well as incremental revenue contributions from Aito.
In the fourth quarter of 2025, Tencent's social network revenue was 30.6 billion yuan, a year-on-year increase of 3%, reflecting growth in revenue from video account live streaming services and music paid membership.
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In the fourth quarter of 2025, Tencent's marketing services revenue was 41.1 billion yuan, an increase of 17% compared to 35 billion yuan in the same period last year, accounting for 21% of total revenue.
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In the fourth quarter of 2025, Tencent's financial technology and enterprise services revenue was 60.8 billion yuan, an increase of 8% compared to 56.125 billion yuan in the same period last year, accounting for 31% of total revenue.
The growth in Tencent's financial technology service revenue was mainly due to increased revenue from wealth management services and commercial payment activities. The year-on-year growth rate of enterprise service revenue increased to 22%, benefiting from increased revenue from cloud services in domestic and overseas markets (including revenue from AI-related services), as well as growth in merchant technology service fees driven by the expansion of transaction volume in WeChat small stores.
Pony Ma, Chairman and CEO of Tencent, stated: &#34;In 2025, we maintained healthy growth, benefiting from AI technology enhancing our advertising targeting capabilities and player interactions in games, as well as accelerated growth in cloud business revenue achieving scalable profitability.&#34;
&#34;Our core business is resilient and generates ample cash flow, supporting our increased investment in AI, including recruiting top AI talent and upgrading AI infrastructure. The intelligence level of our Hunyuan 3.0 large language model continues to improve, and AI products such as Yuanbao, WorkBuddy, and QClaw are generating practical utility. These encouraging early signs indicate that our investment in AI will open up new opportunities for us. People enjoy consumption and entertainment while also finding satisfaction in creation and efficient work. Tencent is honored to provide comprehensive AI services to empower users, helping them excel in these areas.&#34;
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PROSF

PROSY

03033

KWEB

Tencent released its annual report for the year ending 2025, with founder Ma Huateng holding 8.82% of the shares and Prosus's stake reduced to 22.8%. The Tencent board announced a dividend of HKD 5.30 per share, with a total expected dividend of approximately HKD 48.6 billion. Ma Huateng will receive HKD 4.24 billion, while Prosus will receive HKD 11.74 billion. In 2025, Tencent repurchased approximately 153.4 million shares, with a repurchase amount of about HKD 80 billion, a decrease of HKD 32 billion compared to 2024. Annual revenue is HKD 751.8 billion

雷帝触网

Prosus N.V.

CSOP HS TECH

Krne Csi China Internet

Tencent

TENCENT

Tencent Holdings Limited

Tencent equity exposure: Ma Huateng holds 8.8% of shares and receives dividends of 4.2 billion; Prosus's shareholding decreases to 22.8%