Lotus Tech

The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article "Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness." 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...