--- title: "KaiYuan Securities: Maintain Tencent Holdings \"Buy\" rating as AI applications deepen, driving growth in both new and old games" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/266127251.md" description: "KaiYuan Securities released a research report, maintaining a \"Buy\" rating for Tencent Holdings Limited, expecting the net profit attributable to shareholders for 2025-2027 to be 226.4 billion, 256.2 billion, and 288.7 billion yuan respectively, with current stock prices corresponding to PE ratios of 23.7, 20.9, and 18.6 times. The report pointed out that Tencent's performance in the third quarter of 2025 is strong, with revenue and profit achieving double-digit growth, mainly driven by overseas games and marketing services. AI technology continues to empower advertising and e-commerce businesses, with both new and old products in the gaming sector performing well" datetime: "2025-11-17T06:34:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/266127251.md) - [en](https://longbridge.com/en/news/266127251.md) - [zh-HK](https://longbridge.com/zh-HK/news/266127251.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/266127251.md) | [English](https://longbridge.com/en/news/266127251.md) # KaiYuan Securities: Maintain Tencent Holdings "Buy" rating as AI applications deepen, driving growth in both new and old games According to the Zhitong Finance APP, Kaiyuan Securities released a research report stating that Tencent (00700) will perform strongly in the third quarter of 2025, with both revenue and profit achieving double-digit year-on-year growth, primarily driven by overseas games and marketing services. The company's AI technology continues to empower advertising and e-commerce businesses, improving efficiency and exploring new spaces; the gaming sector's new and existing products perform well, with a rich reserve, providing strong growth momentum for the future. The firm is optimistic about the growth driven by the deepening of gaming and AI strategies, maintaining the expected net profit attributable to shareholders for 2025-2027 at 226.4 billion, 256.2 billion, and 288.7 billion yuan respectively, with the current stock price corresponding to PE ratios of 23.7, 20.9, and 18.6 times, maintaining a "buy" rating. ## Key points from Kaiyuan Securities are as follows: **High growth in overseas games, optimistic about the deepening of new and old games and AI applications driving growth** The company achieved revenue of 192.9 billion yuan in Q3 2025 (up 15% year-on-year, up 5% quarter-on-quarter), with a net profit attributable to shareholders of 63.1 billion yuan (up 19% year-on-year, up 13% quarter-on-quarter), and Non-IFRS net profit attributable to shareholders of 70.6 billion yuan (up 18% year-on-year, up 12% quarter-on-quarter). By business segment, value-added service revenue was 95.9 billion yuan (up 16% year-on-year), of which domestic game revenue was 42.8 billion yuan (up 15% year-on-year), mainly due to the revenue growth of evergreen games like "Honor of Kings" and the contribution from the mobile game "Valorant," while overseas game revenue was 20.8 billion yuan (up 43% year-on-year), mainly due to the consolidation of newly acquired game studios and strong sales of "Dying Light: Stay Human." Social network revenue was 32.3 billion yuan (up 5% year-on-year). Marketing service revenue was 36.2 billion yuan (up 21% year-on-year), mainly driven by increased user engagement and ad loading rates leading to growth in ad exposure, as well as AI driving eCPM improvement. Financial technology service revenue was 58.2 billion yuan (up 10% year-on-year), mainly due to growth in commercial payment and consumer loan services, AI-related services for corporate clients, and WeChat mini-store technology services. Driven by high-margin businesses such as self-developed games, video accounts, and WeChat search, the Q3 gross margin increased by 3 percentage points year-on-year to 56%, with value-added/marketing/financial technology services increasing by 4/4/2 percentage points year-on-year respectively. **AI technology continues to iterate, empowering advertising, e-commerce, and other businesses** The company continues to upgrade the team and technical architecture of the mixed Yuan model. As of November 12, the mixed image generation model ranks first globally in the LMArena text-to-image model. In the advertising field, the newly launched intelligent delivery product matrix Tencent Advertising AIM+ supports advertisers in automatically configuring targeting, bidding, and placements, optimizing ad creativity, improving marketing ROI, and expanding the business of small and medium advertisers. In the e-commerce sector, AI enhances product recommendation capabilities, promoting growth in WeChat mini-store transaction volume. WeChat, which carries a powerful ecosystem of communication, social, content, e-commerce, and payment, has integrated Yuanbao AI functions into scenarios such as search and public account comment areas, and is expected to transform into a "super" intelligent agent through deep integration of AI, enhancing user interaction depth and opening up business space. **New and old games perform well, with heavyweight games being launched one after another** New games perform well, with "Delta Force" ranking among the top three in industry revenue in Q3, and "Valorant" mobile version's monthly active users in the domestic market exceeding 50 million. Old games demonstrate longevity, with "Honor of Kings" daily active users exceeding 139 million in 2025, and "Clash Royale" achieving record highs in daily active users and revenue in September "Honor of Kings World" is expected to be publicly launched in the spring of 2026, and "Honor of Kings Chess" is set to begin large-scale testing in December. The launch of major IP derivative games may drive business growth. **Risk Warning** The launch timing or performance of new games may be below expectations, and the commercialization process of video accounts may not meet expectations, etc ### 相關股票 - [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-HK/quote/TCTZF.US.md) - [Tencent (TCEHY.US)](https://longbridge.com/zh-HK/quote/TCEHY.US.md) - [TENCENT (00700.HK)](https://longbridge.com/zh-HK/quote/00700.HK.md) ## 相關資訊與研究 - [Insig AI Plans Growth Drive and Eyes Nasdaq Dual Listing](https://longbridge.com/zh-HK/news/281311983.md) - [Feiyu Technology Unit Enters Game Business Cooperation Agreement with Tencent Subsidiary](https://longbridge.com/zh-HK/news/281529384.md) - [MedPal AI Wins Strong Shareholder Backing at AGM as It Expands AI Health Platform](https://longbridge.com/zh-HK/news/281501359.md) - [East Side Games Group Shifts From Aggressive Growth to Profitability After Challenging 2025](https://longbridge.com/zh-HK/news/281274674.md) - [SoundHound AI (SOUN) vs. BigBear.ai (BBAI): Which Small-Cap AI Stock Has More Upside?](https://longbridge.com/zh-HK/news/281681518.md)