Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Stock Codes: 700 (HKD counter) and 80700 (RMB counter)) ANNOUNCEMENT OF THE RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2025 The Board is pleased to announce the unaudited consolidated results of the Group for the three and nine months ended 30 September 2025. The Interim Financial Information of the Group has been reviewed by the Auditor in accordance with International Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity ” issued by the International Auditing and Assurance Standards Board, and by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Unaudited Three months ended 30 September 2025 30 September 2024 Year- on-year change 30 June 2025 Quarter- on-quarter change (RMB in millions, unless specified) Revenues 192,869 167,193 15% 184,504 5% Gross profit 108,798 88,828 22% 105,013 4% Operating profit 63,554 53,333 19% 60,104 6% Profit for the period 64,943 53,983 20% 56,044 16% Profit attributable to equity holders of the Company 63,133 53,230 19% 55,628 13% EPS (RMB per share) – basic 6.952 5.762 21% 6.115 14% – diluted 6.779 5.644 20% 5.996 13% Non-IFRS operating profit 72,570 61,274 18% 69,248 5% Non-IFRS profit attributable to equity holders of the Company 70,551 59,813 18% 63,052 12% Non-IFRS EPS (RMB per share) – basic 7.769 6.475 20% 6.931 12% – diluted 7.575 6.340 19% 6.793 12%
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2 Unaudited Nine months ended 30 September 2025 30 September 2024 Year- on-year change (RMB in millions, unless specified) Revenues 557,395 487,811 14% Gross profit 314,304 258,593 22% Operating profit 181,224 156,621 16% Profit for the period 170,712 145,000 18% Profit attributable to equity holders of the Company 166,582 142,749 17% EPS (RMB per share) – basic 18.316 15.346 19% – diluted 17.882 15.008 19% Non-IFRS operating profit 211,138 178,336 18% Non-IFRS profit attributable to equity holders of the Company 194,932 167,391 16% Non-IFRS EPS (RMB per share) – basic 21.433 17.995 19% – diluted 20.918 17.601 19%
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3 OPERATING INFORMATION As at 30 September 2025 As at 30 September 2024 Year- on-year change As at 30 June 2025 Quarter- on-quarter change (in millions, unless specified) Combined MAU of Weixin and WeChat 1,414 1,382 2% 1,411 0.2% Mobile device MAU of QQ 517 562 -8% 532 -3% Fee-based VAS subscriptions# 265 265 stable 264 0.4% # Average daily number of subscriptions during the quarter BUSINESS REVIEW AND OUTLOOK During the third quarter of 2025, we achieved solid revenue and earnings growth, reflecting healthy trends across games, marketing services, and fintech and business services. Our strategic investments in AI are benefitting us in business areas such as ad targeting and game engagement, as well as in efficiency enhancement areas such as coding, and game and video production. We are upgrading the team and architecture of our HunYuan foundation model, whose image and 3D generation models are now industry leading. As HunYuan ’s capabilities continue to improve, our investment in growing Yuanbao adoption, and our effort in developing agentic AI capabilities within Weixin, will gain further traction. Below are some highlights from our key products and services for the reporting quarter: h For Mini Shops, we are systematically building a more vibrant transaction ecosystem, resulting in continued rapid growth in GMV. For example, we used foundation model capabilities to better understand user interests and thus improve merchandise recommendations. h We enhanced AI features in Weixin to provide new services to users and to promote greater usage of Yuanbao with encouraging results.
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4 h For our domestic games, Delta Force ranked among the top 3 games industry-wide by gross receipts during the quarter 1. VALORANT MOBILE has become China ’s most successful mobile game launch year-to-date 2. h For our international games, Clash Royale ’s monthly DAU and gross receipts achieved all-time highs in September 2025. Newly released game, Dying Light: The Beast, has attained a “Very Positive” average user review score on Steam 3. h Tencent Video maintained its lead in the long-form video industry with 114 million 4 subscriptions, and Tencent Music similarly maintained its lead in the music streaming industry with 126 million 5 subscriptions. h We introduced our automated ad campaign solution, AIM+, under which advertisers can automate targeting, bidding and placement, as well as optimise ad creation, improving their return on marketing investment. h Commercial payment volume grew at a faster rate than during the second quarter, as online payment volume grew robustly while offline payment volume trend improved, particularly in the retail and transportation categories. h We enhanced HunYuan Large Language Model ’s complex reasoning capabilities, especially in coding, mathematics, and science. HunYuan image generation model is ranked first globally among text-to-image models by LMArena 6. 1 Company data and Sensor Tower 2 QuestMobile and Sensor Tower, by first month DAU and gross receipts of new releases, for 1 January to 12 November 2025 3 87% positive player review as of 12 November 2025 4 The average daily number of subscriptions for the third quarter of 2025 5 The average number of subscriptions as of the last day of each month during the third quarter of 2025 6 As of 12 November 2025
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5 MANAGEMENT DISCUSSION AND ANALYSIS Third Quarter of 2025 Compared to Third Quarter of 2024 The following table sets forth the comparative figures for the third quarter of 2025 and the third quarter of 2024: Unaudited Three months ended 30 September 2025 30 September 2024 (RMB in millions) Revenues 192,869 167,193 Cost of revenues (84,071) (78,365) Gross profit 108,798 88,828 Selling and marketing expenses (11,468) (9,411) General and administrative expenses (34,259) (29,058) Other gains/(losses), net 483 2,974 Operating profit 63,554 53,333 Net gains/(losses) from investments and others 2,820 3,066 Interest income 4,256 3,996 Finance costs (3,756) (3,531) Share of profit/(loss) of associates and joint ventures, net 7,854 6,019 Profit before income tax 74,728 62,883 Income tax expense (9,785) (8,900) Profit for the period 64,943 53,983 Attributable to: Equity holders of the Company 63,133 53,230 Non-controlling interests 1,810 753 64,943 53,983 Non-IFRS operating profit 72,570 61,274 Non-IFRS profit attributable to equity holders of the Company 70,551 59,813
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6 Revenues . Revenues increased by 15% year-on-year to RMB192.9 billion for the third quarter of 2025. The following table sets forth revenues of the Group and its segments for the third quarter of 2025 and the third quarter of 2024. Unaudited Three months ended 30 September 2025 30 September 2024 Year- on-year change 30 September 2025 30 September 2024 Revenues % of total revenues (RMB in millions, unless specified) VAS 95,860 82,695 16% 50% 49% Marketing Services 36,242 29,993 21% 19% 18% FinTech and Business Services 58,174 53,089 10% 30% 32% Others 2,593 1,416 83% 1% 1% The Group 192,869 167,193 15% 100% 100% – Revenues from VAS increased by 16% year-on-year to RMB95.9 billion for the third quarter of 2025. Domestic Games revenues were RMB42.8 billion, up 15% year-on-year, primarily reflecting contributions from recently released games such as Delta Force, growth in revenues from evergreen games such as Honour of Kings and Peacekeeper Elite, and the expansion of VALORANT from PC to mobile. International Games revenues were RMB20.8 billion, representing a 43% year-on-year increase (42% on a constant-currency basis), mainly due to higher revenues from Supercell ’s games, contributions from recently acquired game studios, and copy sales of newly released PC and console game Dying Light: The Beast. Social Networks revenues rose by 5% year- on-year to RMB32.3 billion, due to growth in Video Accounts live streaming revenue, music subscription revenue and Mini Games platform service fees. – Revenues from Marketing Services were RMB36.2 billion for the third quarter of 2025, up 21% year-on-year. The growth was due to higher ad impressions, benefitting from increased user engagement and ad load, coupled with higher eCPMs, driven by AI-powered ad targeting. Advertising spending increased across all major industry categories during the quarter.
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7 – Revenues from FinTech and Business Services rose by 10% year-on-year to RMB58.2 billion for the third quarter of 2025. FinTech Services revenues grew at a high single-digit percentage rate year-on-year, primarily due to higher revenues from commercial payment activities and consumer loan services. Business Services revenues grew at a teens percentage rate year-on-year, reflecting higher cloud services revenues, including those driven by increased enterprise customer demand for AI-related services, and higher eCommerce technology service fees arising from growth in Mini Shops GMV. Gross profit . Gross profit for the third quarter of 2025 rose by 22% year-on-year to RMB108.8 billion, primarily due to increased contributions from high-margin revenue streams, including certain internally developed games, Video Accounts and Weixin Search marketing services, as well as improved cost efficiency in our cloud services. Gross margin was 56%, up from 53% in the same period last year. The following table sets forth gross profit and gross margin of the Group and its segments for the third quarter of 2025 and the third quarter of 2024. Unaudited Three months ended 30 September 2025 30 September 2024 Year- on-year change 30 September 2025 30 September 2024 Gross profit Gross margin (RMB in millions, unless specified) VAS 58,623 47,513 23% 61% 57% Marketing Services 20,551 15,894 29% 57% 53% FinTech and Business Services 29,210 25,377 15% 50% 48% Others 414 44 NM 16% 3% The Group 108,798 88,828 22% 56% 53% – Gross profit for VAS grew by 23% year-on-year to RMB58.6 billion, primarily driven by increased contributions from certain internally developed high-margin games. Gross margin rose to 61%, up from 57% in the same period last year. – Gross profit for Marketing Services was RMB20.6 billion, an increase of 29% year-on-year, reflecting higher contributions from high-margin revenue streams, including marketing services within Video Accounts and Weixin Search. Gross margin was 57%, up from 53% in the same period last year.
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8 – Gross profit for FinTech and Business Services rose by 15% year-on-year to RMB29.2 billion, supported by an improved revenue mix within FinTech Services and enhanced cost efficiency in our cloud services. Gross margin increased to 50%, up from 48% in the same period last year. Selling and marketing expenses . Selling and marketing expenses rose by 22% year-on-year to RMB11.5 billion in the third quarter of 2025, primarily due to increased promotional efforts to support the growth of our AI-native applications and games. General and administrative expenses . General and administrative expenses were RMB34.2 billion for the third quarter of 2025, up 18% year-on-year, primarily driven by increased R&D expenses, particularly those related to our AI initiatives. Interest income . Interest income was RMB4.3 billion for the third quarter of 2025, up 7% year-on-year driven by growth in cash reserves. Finance costs . Finance costs increased by 6% year-on-year to RMB3.8 billion for the third quarter of 2025, due to foreign exchange movements and higher interest expenses. Share of profit/(loss) of associates and joint ventures, net . We recorded share of profits of associates and joint ventures of RMB7.8 billion for the third quarter of 2025, compared with share of profits of RMB6.0 billion in the same period last year. Non-IFRS share of profits of associates and joint ventures was RMB10.3 billion, compared with share of profits of RMB8.5 billion in the prior year period, driven by associate company-specific factors, including business growth and improved operational efficiency. Income tax expense . Income tax expense increased by 10% year-on-year to RMB9.8 billion for the third quarter of 2025, mainly driven by operating profit growth. Profit attributable to equity holders of the Company . Profit attributable to equity holders of the Company increased by 19% year-on-year to RMB63.1 billion for the third quarter of 2025. Non-IFRS profit attributable to equity holders of the Company increased by 18% year-on-year to RMB70.6 billion for the third quarter of 2025.
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9 Third Quarter of 2025 Compared to Second Quarter of 2025 The following table sets forth the comparative figures for the third quarter of 2025 and the second quarter of 2025: Unaudited Three months ended 30 September 2025 30 June 2025 (RMB in millions) Revenues 192,869 184,504 Cost of revenues (84,071) (79,491) Gross profit 108,798 105,013 Selling and marketing expenses (11,468) (9,410) General and administrative expenses (34,259) (31,921) Other gains/(losses), net 483 (3,578) Operating profit 63,554 60,104 Net gains/(losses) from investments and others 2,820 2,638 Interest income 4,256 4,121 Finance costs (3,756) (3,941) Share of profit/(loss) of associates and joint ventures, net 7,854 4,473 Profit before income tax 74,728 67,395 Income tax expense (9,785) (11,351) Profit for the period 64,943 56,044 Attributable to: Equity holders of the Company 63,133 55,628 Non-controlling interests 1,810 416 64,943 56,044 Non-IFRS operating profit 72,570 69,248 Non-IFRS profit attributable to equity holders of the Company 70,551 63,052
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10 Revenues . Revenues for the third quarter of 2025 increased by 5% quarter-on-quarter to RMB192.9 billion. – Revenues from VAS rose by 5% quarter-on-quarter to RMB95.9 billion. Domestic Games revenues were RMB42.8 billion, up 6% quarter-on-quarter, reflecting growth in revenues from games including Delta Force, Peacekeeper Elite and Honour of Kings. International Games revenues were RMB20.8 billion, up 11% quarter-on-quarter, driven by games including Clash Royale and PUBG MOBILE, as well as newly released Dying Light: The Beast. Social Networks revenues were RMB32.3 billion, broadly stable quarter-on-quarter. – Revenues from Marketing Services increased by 1% quarter-on-quarter to RMB36.2 billion, reflecting revenue growth in Video Accounts and Mini Programs, partially offset by seasonally lower eCommerce advertising spending during the third quarter. – Revenues from FinTech and Business Services increased by 5% quarter-on-quarter to RMB58.2 billion, mainly driven by higher revenues from commercial payment activities. Gross profit . Gross profit was RMB108.8 billion for the third quarter of 2025, up 4% quarter-on-quarter. Gross margin was 56%, compared with 57% in the previous quarter. – Gross profit for VAS rose by 6% quarter-on-quarter to RMB58.6 billion, driven by growth in high-margin revenues from certain internally developed games. Gross margin was 61%, up from 60% in the previous quarter. – Gross profit for Marketing Services was RMB20.6 billion, broadly stable quarter-on-quarter. Gross margin was 57%, compared with 58% in the previous quarter. – Gross profit for FinTech and Business Services was RMB29.2 billion, up 1% quarter-on-quarter. Gross margin was 50%, compared with 52% in the previous quarter.
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11 Selling and marketing expenses. Selling and marketing expenses rose by 22% quarter-on-quarter to RMB11.5 billion for the third quarter of 2025, primarily due to increased promotional efforts to support the growth of our games and AI-native applications. General and administrative expenses . General and administrative expenses increased by 7% quarter-on-quarter to RMB34.2 billion for the third quarter of 2025, driven by increased R&D expenses, including those associated with our AI initiatives. Share of profit/(loss) of associates and joint ventures, net . We recorded share of profits of associates and joint ventures of RMB7.8 billion for the third quarter of 2025, compared with share of profits of RMB4.5 billion for the previous quarter. Non-IFRS share of profits of associates and joint ventures was RMB10.3 billion for the third quarter of 2025, compared with share of profits of RMB6.3 billion for the previous quarter. Profit attributable to equity holders of the Company . Profit attributable to equity holders of the Company increased by 13% quarter-on-quarter to RMB63.1 billion for the third quarter of 2025. Non-IFRS profit attributable to equity holders of the Company increased by 12% quarter-on-quarter to RMB70.6 billion for the third quarter of 2025.
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12 Other Financial Information Unaudited Unaudited Three months ended Nine months ended 30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024 (RMB in millions, unless specified) EBITDA (a) 80,357 79,467 64,397 233,641 192,393 Adjusted EBITDA (a) 86,698 85,122 69,656 253,379 207,433 Adjusted EBITDA margin (b) 45% 46% 42% 45% 43% Interest and related expenses 3,206 3,541 3,145 10,133 9,107 Net cash (c) 102,422 74,592 95,462 102,422 95,462 Capital expenditures (d) 12,983 19,107 17,094 59,566 40,182 Note: (a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses. (b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues. (c) Net cash represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, including highly liquid investment products held for treasury purposes, minus borrowings and notes payable. (d) Capital expenditures primarily consist of investments in IT infrastructure (including computer equipment, components, and software), data centres, land use rights, office premises and intellectual properties (excluding media content).
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13 The following table reconciles our operating profit to our EBITDA and Adjusted EBITDA for the periods presented: Unaudited Unaudited Three months ended Nine months ended 30 September 30 June 30 September 30 September 30 September 2025 2025 2024 2025 2024 (RMB in millions, unless specified) Operating profit 63,554 60,104 53,333 181,224 156,621 Adjustments: Other (gains)/losses, net (483) 3,578 (2,974) 4,492 (5,489) Depreciation of property, plant and equipment and investment properties 7,297 6,076 5,183 18,668 15,330 Depreciation of right-of-use assets 1,511 1,575 1,549 4,581 4,596 Amortisation of intangible assets and land use rights 8,478 8,134 7,306 24,676 21,335 EBITDA 80,357 79,467 64,397 233,641 192,393 Equity-settled share-based compensation 6,341 5,655 5,259 19,738 15,040 Adjusted EBITDA 86,698 85,122 69,656 253,379 207,433 Non-IFRS Financial Measures To supplement the consolidated results of the Group prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this announcement. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group ’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies. The Company ’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group ’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group ’s major associates based on available published financials of the relevant major associates, or estimates made by the Company ’s management based on available information, certain expectations, assumptions and premises.
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14 The following tables set forth the reconciliations of the Group ’s non-IFRS financial measures for the third quarter of 2025 and 2024, the second quarter of 2025, as well as the first nine months of 2025 and 2024 to the nearest measures prepared in accordance with IFRS: Unaudited three months ended 30 September 2025 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Others Income tax effects Non-IFRS (a) (b) (c) (d) (e) (f) (g) (RMB in millions, unless specified) Operating profit 63,554 7,188 – 1,622 – 206 – – 72,570 Share of profit/(loss) of associates and joint ventures, net 7,854 909 (555) 1,755 (1) – 360 – 10,322 Profit for the period 64,943 8,097 1,703 3,377 (4,798) 321 360 (1,207) 72,796 Profit attributable to equity holders 63,133 7,905 1,730 3,003 (4,805) 321 360 (1,096) 70,551 EPS (RMB per share) – basic 6.952 7.769 – diluted 6.779 7.575 Operating margin 33% 38% Unaudited three months ended 30 June 2025 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Income tax effects Non-IFRS (a) (b) (c) (d) (e) (g) (RMB in millions, unless specified) Operating profit 60,104 7,361 – 1,614 – 169 – 69,248 Share of profit/(loss) of associates and joint ventures, net 4,473 903 (798) 1,544 226 – – 6,348 Profit for the period 56,044 8,264 (2,396) 3,158 (372) 751 (683) 64,766 Profit attributable to equity holders 55,628 8,071 (3,192) 2,848 (405) 751 (649) 63,052 EPS (RMB per share) – basic 6.115 6.931 – diluted 5.996 6.793 Operating margin 33% 38%
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15 Unaudited three months ended 30 September 2024 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Income tax effects Non-IFRS (a) (b) (c) (d) (e) (g) (RMB in millions, unless specified) Operating profit 53,333 6,377 – 1,324 – 240 – 61,274 Share of profit/(loss) of associates and joint ventures, net 6,019 985 60 1,433 12 – – 8,509 Profit for the period 53,983 7,362 (6,610) 2,757 3,788 304 (653) 60,931 Profit attributable to equity holders 53,230 7,180 (6,664) 2,591 3,766 304 (594) 59,813 EPS (RMB per share) – basic 5.762 6.475 – diluted 5.644 6.340 Operating margin 32% 37% Unaudited nine months ended 30 September 2025 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Others Income tax effects Non-IFRS (a) (b) (c) (d) (e) (f) (g) (RMB in millions, unless specified) Operating profit 181,224 24,649 – 4,751 – 514 – – 211,138 Share of profit/(loss) of associates and joint ventures, net 16,908 2,780 (1,242) 5,012 492 – 360 – 24,310 Profit for the period 170,712 27,429 (724) 9,763 (5,859) 1,232 360 (2,659) 200,254 Profit attributable to equity holders 166,582 26,809 (381) 8,705 (5,929) 1,232 360 (2,446) 194,932 EPS (RMB per share) – basic 18.316 21.433 – diluted 17.882 20.918 Operating margin 33% 38%
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16 Unaudited nine months ended 30 September 2024 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Others Income tax effects Non-IFRS (a) (b) (c) (d) (e) (f) (g) (RMB in millions, unless specified) Operating profit 156,621 17,284 – 3,878 – 550 3 – 178,336 Share of profit/(loss) of associates and joint ventures, net 15,923 3,420 (490) 4,302 731 – – – 23,886 Profit for the period 145,000 20,704 (11,758) 8,180 8,876 1,461 3 (1,749) 170,717 Profit attributable to equity holders 142,749 20,196 (11,839) 7,598 8,799 1,461 3 (1,576) 167,391 EPS (RMB per share) – basic 15.346 17.995 – diluted 15.008 17.601 Operating margin 32% 37% Note: (a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies ’ share-based incentive plans which can be acquired by the Group, and other incentives (b) Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies (c) Amortisation of intangible assets resulting from acquisitions (d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions (e) Mainly including donations and expenses incurred for the Group ’s SSV & CPP initiatives (f) Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies (g) Income tax effects of non-IFRS adjustments
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17 Liquidity and Financial Resources Our cash and debt positions as at 30 September 2025 and 30 June 2025 were as follows: Unaudited Unaudited 30 September 2025 30 June 2025 (RMB in millions) Cash and cash equivalents 159,982 182,057 Term deposits and others 333,366 286,350 Borrowings (252,889) (261,597) Notes payable (138,037) (132,218) Net cash 102,422 74,592 As at 30 September 2025, the Group had net cash of RMB102.4 billion, compared with net cash of RMB74.6 billion as at 30 June 2025. The sequential increase was mainly driven by free cash flow generation, partially offset by cash used for share repurchases of RMB19.2 billion. Free cash flow for the third quarter of 2025 was RMB58.5 billion, reflecting net cash generated from operating activities of RMB85.3 billion, partially offset by payments for capital expenditures of RMB20.0 billion (primarily to support our AI initiatives), as well as payments for media content of RMB4.9 billion and lease liabilities of RMB1.9 billion. As at 30 September 2025, the fair value of our shareholdings 7 in listed investee companies (excluding subsidiaries) was RMB800.8 billion, compared with RMB714.3 billion as at 30 June 2025. The carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB345.2 billion as at 30 September 2025, compared with RMB342.3 billion as at 30 June 2025. 7 Including those held via special purpose vehicles, on an attributable basis
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18 FINANCIAL INFORMATION CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2025 Unaudited Unaudited Three months ended 30 September Nine months ended 30 September 2025 2024 2025 2024 Note RMB’Million RMB’Million RMB’Million RMB’Million Revenues Value-added Services 95,860 82,695 279,361 240,146 Marketing Services 36,242 29,993 103,857 86,370 FinTech and Business Services 58,174 53,089 168,617 155,831 Others 2,593 1,416 5,560 5,464 2 192,869 167,193 557,395 487,811 Cost of revenues 3 (84,071) (78,365) (243,091) (229,218) Gross profit 108,798 88,828 314,304 258,593 Selling and marketing expenses 3 (11,468) (9,411) (28,744) (26,103) General and administrative expenses 3 (34,259) (29,058) (99,844) (81,358) Other gains/(losses), net 483 2,974 (4,492) 5,489 Operating profit 63,554 53,333 181,224 156,621 Net gains/(losses) from investments and others 4 2,820 3,066 6,865 3,068 Interest income 4,256 3,996 12,125 12,094 Finance costs (3,756) (3,531) (11,557) (9,469) Share of profit/(loss) of associates and joint ventures, net 7,854 6,019 16,908 15,923 Profit before income tax 74,728 62,883 205,565 178,237 Income tax expense 5 (9,785) (8,900) (34,853) (33,237) Profit for the period 64,943 53,983 170,712 145,000 Attributable to: Equity holders of the Company 63,133 53,230 166,582 142,749 Non-controlling interests 1,810 753 4,130 2,251 64,943 53,983 170,712 145,000 Earnings per share for profit attributable to equity holders of the Company (in RMB per share) – basic 6(a) 6.952 5.762 18.316 15.346 – diluted 6(b) 6.779 5.644 17.882 15.008
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19 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2025 Unaudited Unaudited Three months ended 30 September Nine months ended 30 September 2025 2024 2025 2024 RMB’Million RMB’Million RMB’Million RMB’Million Profit for the period 64,943 53,983 170,712 145,000 Other comprehensive income, net of tax: Items that may be subsequently reclassified to profit or loss Share of other comprehensive income of associates and joint ventures (722) 155 (64) (43) Transfer of share of other comprehensive income to profit or loss upon disposal and deemed disposal of associates and joint ventures (92) – (95) (13) Net (losses)/gains from changes in fair value of financial assets at fair value through other comprehensive income (18) 20 3 42 Transfer to profit or loss upon disposal of financial assets at fair value through other comprehensive income (5) – (4) 1 Currency translation differences (3,895) (2,909) 1,722 (7,080) Net movement in reserves for hedges 308 (880) (68) (2,583) Items that will not be subsequently reclassified to profit or loss Share of other comprehensive income of associates and joint ventures 12 52 503 (447) Net gains from changes in fair value of financial assets at fair value through other comprehensive income 17,479 33,578 111,521 75,401 Currency translation differences (966) (153) (364) (465) Net movement in reserves for hedges (14) 19 (68) 19 12,087 29,882 113,086 64,832 Total comprehensive income for the period 77,030 83,865 283,798 209,832 Attributable to: Equity holders of the Company 76,499 82,179 275,113 205,555 Non-controlling interests 531 1,686 8,685 4,277 77,030 83,865 283,798 209,832
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20 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 Unaudited Audited 30 September 2025 31 December 2024 Note RMB’Million RMB’Million ASSETS Non-current assets Property, plant and equipment 140,463 80,185 Land use rights 22,489 23,117 Right-of-use assets 16,680 17,679 Construction in progress 9,542 12,302 Investment properties 955 801 Intangible assets 212,459 196,127 Investments in associates 8 321,278 290,343 Investments in joint ventures 6,708 7,072 Financial assets at fair value through profit or loss 9 208,447 204,999 Financial assets at fair value through other comprehensive income 10 417,503 302,360 Prepayments, deposits and other assets 24,556 42,828 Other financial assets 1,411 1,076 Deferred income tax assets 29,943 28,325 Term deposits 78,685 77,601 1,491,119 1,284,815 Current assets Inventories 550 440 Accounts receivable 11 52,357 48,203 Prepayments, deposits and other assets 103,016 101,044 Other financial assets 4,525 4,750 Financial assets at fair value through profit or loss 9 23,742 9,568 Financial assets at fair value through other comprehensive income 10 8,256 3,345 Term deposits 226,146 192,977 Restricted cash 3,579 3,334 Cash and cash equivalents 159,982 132,519 582,153 496,180 Total assets 2,073,272 1,780,995
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21 Unaudited Audited 30 September 2025 31 December 2024 Note RMB’Million RMB’Million EQUITY Equity attributable to equity holders of the Company Share capital – – Share premium 57,750 43,079 Treasury shares (2,514) (3,597) Shares held for share award schemes (7,182) (5,093) Other reserves 158,719 47,129 Retained earnings 965,307 892,030 1,172,080 973,548 Non-controlling interests 88,435 80,348 Total equity 1,260,515 1,053,896 LIABILITIES Non-current liabilities Borrowings 14 200,696 146,521 Notes payable 15 127,382 130,586 Long-term payables 11,750 10,201 Other financial liabilities 5,358 4,203 Deferred income tax liabilities 21,416 18,546 Lease liabilities 13,069 13,897 Deferred revenue 3,852 6,236 383,523 330,190 Current liabilities Accounts payable 13 128,749 118,712 Other payables and accruals 83,354 84,032 Borrowings 14 52,193 52,885 Notes payable 15 10,655 8,623 Current income tax liabilities 17,222 16,586 Other tax liabilities 4,601 4,038 Other financial liabilities 5,121 6,336 Lease liabilities 5,300 5,600 Deferred revenue 122,039 100,097 429,234 396,909 Total liabilities 812,757 727,099 Total equity and liabilities 2,073,272 1,780,995
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22 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 Unaudited Attributable to equity holders of the Company Share capital Share premium Treasury shares Shares held for share award schemes Other reserves Retained earnings Total Non- controlling interests Total equity RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Balance at 1 January 2025 – 43,079 (3,597) (5,093) 47,129 892,030 973,548 80,348 1,053,896 Comprehensive income Profit for the period – – – – – 166,582 166,582 4,130 170,712 Other comprehensive income, net of tax: – share of other comprehensive income of associates and joint ventures – – – – 513 – 513 (74) 439 – transfer of share of other comprehensive income to profit or loss upon disposal and deemed disposal of associates and joint ventures – – – – (94) – (94) (1) (95) – net gains from changes in fair value of financial assets at fair value through other comprehensive income – – – – 107,807 – 107,807 3,717 111,524 – transfer to profit or loss upon disposal of financial assets at fair value through other comprehensive income – – – – (4) – (4) – (4) – currency translation differences – – – – 445 – 445 913 1,358 – net movement in reserves for hedges – – – – (136) – (136) – (136) Total comprehensive income for the period – – – – 108,531 166,582 275,113 8,685 283,798 Transfer of losses on disposal and deemed disposal of financial instruments to retained earnings, net of tax – – – – 375 (375) – – – Transfer of share of other comprehensive income to retained earnings upon disposal and deemed disposal of associates and joint ventures – – – – (8) 8 – – – Share of other changes in net assets of associates and joint ventures – – – – 2,651 – 2,651 – 2,651 Transfer of share of other changes in net assets of associates and joint ventures to profit or loss upon disposal and deemed disposal – – – – 3 – 3 – 3 Transactions with equity holders Capital injections – – – – – – – 141 141 Employee share option schemes: – value of employee services – 1,204 – – 45 – 1,249 38 1,287 – proceeds from shares issued, net of withholding individual income tax – 1,550 – – – – 1,550 – 1,550 Employee share award schemes: – value of employee services – 14,486 – – 3,655 – 18,141 298 18,439 – shares purchased/withheld for share award schemes – – – (4,658) – – (4,658) – (4,658) – vesting of awarded shares – (2,569) – 2,569 – – – – – Tax benefit from share-based payments – – – – 805 – 805 – 805 Repurchase and cancellation of shares – – 3,597 – – (53,988) (50,391) – (50,391) Repurchase of shares (to be cancelled) – – (2,514) – – – (2,514) – (2,514) Cash dividends – – – – – (37,665) (37,665) (2,319) (39,984) Non-controlling interests arising from business combinations – – – – – – – 567 567 Acquisition of additional equity interests in non wholly-owned subsidiaries – – – – 367 – 367 (1,956) (1,589) Dilution of interests in subsidiaries – – – – (1,321) – (1,321) 2,033 712 Disposal of subsidiaries – – – – – – – (7) (7) Others – – – – (3,513) (1,285) (4,798) 607 (4,191) Total transactions with equity holders in their capacity as equity holders for the period – 14,671 1,083 (2,089) 38 (92,938) (79,235) (598) (79,833) Balance at 30 September 2025 – 57,750 (2,514) (7,182) 158,719 965,307 1,172,080 88,435 1,260,515
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23 Unaudited Attributable to equity holders of the Company Share capital Share premium Treasury shares Shares held for share award schemes Other reserves Retained earnings Total Non- controlling interests Total equity RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Balance at 1 January 2024 – 37,989 (4,740) (5,350) (33,219) 813,911 808,591 65,090 873,681 Comprehensive income Profit for the period – – – – – 142,749 142,749 2,251 145,000 Other comprehensive income, net of tax: – share of other comprehensive income of associates and joint ventures – – – – (473) – (473) (17) (490) – transfer of share of other comprehensive income to profit or loss upon disposal and deemed disposal of associates and joint ventures – – – – (13) – (13) – (13) – net gains from changes in fair value of financial assets at fair value through other comprehensive income – – – – 72,902 – 72,902 2,541 75,443 – transfer to profit or loss upon disposal of financial assets at fair value through other comprehensive income – – – – 1 – 1 – 1 – currency translation differences – – – – (7,064) – (7,064) (481) (7,545) – net movement in reserves for hedges – – – – (2,547) – (2,547) (17) (2,564) Total comprehensive income for the period – – – – 62,806 142,749 205,555 4,277 209,832 Transfer of gains on disposal and deemed disposal of financial instruments to retained earnings, net of tax – – – – (3,338) 3,104 (234) – (234) Transfer of share of other comprehensive income to retained earnings upon disposal and deemed disposal of associates and joint ventures – – – – (15) 15 – – – Share of other changes in net assets of associates and joint ventures – – – – 3,115 – 3,115 – 3,115 Transfer of share of other changes in net assets of associates and joint ventures to profit or loss upon disposal and deemed disposal – – – – (529) – (529) – (529) Transactions with equity holders Employee share option schemes: – value of employee services – 1,621 – – 35 – 1,656 30 1,686 – proceeds from shares issued, net of withholding individual income tax – 1,380 – – – – 1,380 – 1,380 Employee share award schemes: – value of employee services – 11,926 – – 1,155 – 13,081 265 13,346 – shares purchased/withheld for share award schemes – – – (3,209) – – (3,209) – (3,209) – vesting of awarded shares – (3,276) – 3,276 – – – – – Tax benefit from share-based payments – – – – 12 – 12 – 12 Profit appropriations to statutory reserves – – – – 14 (14) – – – Appropriations of risk reserve for material money market funds – – – – 225 (225) – – – Repurchase and cancellation of shares – (13,681) 4,740 – – (68,797) (77,738) – (77,738) Repurchase of shares (to be cancelled) – – (2,571) – – – (2,571) – (2,571) Cash dividends – – – – – (28,924) (28,924) (2,121) (31,045) Non-controlling interests arising from business combinations – – – – – – – 204 204 Acquisition of additional equity interests in non wholly-owned subsidiaries – – – – (4,640) – (4,640) (2,291) (6,931) Dilution of interests in subsidiaries – – – – (1,700) – (1,700) 1,527 (173) Disposal of subsidiaries – – – – – – – 11 11 Changes in put option liabilities in respect of non-controlling interests – – – – (174) – (174) – (174) Recognition of put option liabilities arising from business combinations – – – – (5) – (5) – (5) Transfer of equity interests of subsidiaries to non-controlling interests – 1,242 – 307 (2,629) – (1,080) 929 (151) Total transactions with equity holders in their capacity as equity holders for the period – (788) 2,169 374 (7,707) (97,960) (103,912) (1,446) (105,358) Balance at 30 September 2024 – 37,201 (2,571) (4,976) 21,113 861,819 912,586 67,921 980,507
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24 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 Unaudited Nine months ended 30 September 2025 2024 RMB’Million RMB’Million Net cash flows generated from operating activities 236,577 204,475 Net cash flows used in investing activities (147,914) (79,243) Net cash flows used in financing activities (60,748) (151,330) Net increase/(decrease) in cash and cash equivalents 27,915 (26,098) Cash and cash equivalents at beginning of the period 132,519 172,320 Exchange losses on cash and cash equivalents (452) (754) Cash and cash equivalents at end of the period 159,982 145,468
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25 NOTES TO THE INTERIM FINANCIAL INFORMATION 1 General information, basis of preparation and presentation The Company was incorporated in the Cayman Islands with limited liability. The shares of the Company have been listed on the Main Board of the Stock Exchange since 16 June 2004. The Company is an investment holding company. The Group is principally engaged in the provision of VAS, Marketing Services and FinTech and Business Services. The Interim Financial Information is presented in RMB, unless otherwise stated. The Interim Financial Information has not been audited but has been reviewed by the Auditor. The Interim Financial Information has been prepared in accordance with IAS 34 “Interim Financial Reporting” issued by the International Accounting Standards Board and should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2024, which have been prepared in accordance with IFRS Accounting Standards, as set out in the 2024 annual report of the Company (the “2024 Financial Statements ”). Except as described below, the accounting policies and methods of computation used in the preparation of the Interim Financial Information are generally consistent with those used in the 2024 Financial Statements in all material aspects, which have been prepared in accordance with IFRS Accounting Standards under the historical cost convention, as modified by the revaluation of FVPL, FVOCI, certain other financial assets and liabilities, which are carried at fair values. Taxes on income for the interim period are accrued using the estimated tax rates that would be applicable to expected total annual assessable profit. The following amendments to standards have been adopted by the Group for the first time for the financial year beginning on 1 January 2025: Amendments to IAS 21 Lack of Exchangeability The adoption of these amendments to standards does not have significant impact on the Interim Financial Information of the Group. 2 Segment information and revenues The Group has the following reportable segments for the three and nine months ended 30 September 2025 and 2024: – VAS; – Marketing Services; – FinTech and Business Services; and – Others.
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26 The “Others” business segment consists of the financials of investment in, production of and distribution of, films and television programmes for third parties, copyrights licensing, merchandise sales and various other activities. There were no material inter-segment sales during the three and nine months ended 30 September 2025 and 2024. The revenues from external customers reported to the chief operating decision-makers are measured in a manner consistent with that applied in the condensed consolidated income statement. The segment information provided to the chief operating decision-makers for the reportable segments for the three and nine months ended 30 September 2025 and 2024 is as follows: Unaudited Three months ended 30 September 2025 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 95,860 36,242 58,174 2,593 192,869 Gross profit 58,623 20,551 29,210 414 108,798 Cost of revenues Depreciation 1,512 2,185 1,835 4 5,536 Amortisation 4,705 2,296 35 618 7,654 Unaudited Three months ended 30 September 2024 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 82,695 29,993 53,089 1,416 167,193 Gross profit 47,513 15,894 25,377 44 88,828 Cost of revenues Depreciation 1,304 1,644 1,814 14 4,776 Amortisation 4,191 1,980 38 347 6,556
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27 Unaudited Nine months ended 30 September 2025 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 279,361 103,857 168,617 5,560 557,395 Gross profit 168,757 58,830 85,759 958 314,304 Cost of revenues Depreciation 4,280 5,997 5,355 23 15,655 Amortisation 13,867 6,775 105 1,575 22,322 Unaudited Nine months ended 30 September 2024 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 240,146 86,370 155,831 5,464 487,811 Gross profit 137,500 47,035 73,241 817 258,593 Cost of revenues Depreciation 3,927 4,981 5,653 41 14,602 Amortisation 12,157 5,461 114 1,437 19,169
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28 3 Expenses by nature Unaudited Three months ended 30 September Unaudited Nine months ended 30 September 2025 2024 2025 2024 RMB’Million RMB’Million RMB’Million RMB’Million Transaction costs (a) 34,907 34,451 101,987 101,214 Employee benefits expenses (b) 32,386 29,636 97,365 83,985 Content costs (excluding amortisation of intangible assets) 17,964 17,232 50,903 49,525 Depreciation of property, plant and equipment, investment properties and right-of-use assets 8,808 6,732 23,249 19,926 Promotion and advertising expenses 8,642 6,659 20,425 18,013 Bandwidth and server custody fees (excluding depreciation of right-of-use assets) 8,623 6,745 22,891 19,560 Amortisation of intangible assets (c) 8,426 7,272 24,546 21,254 Note: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs. (b) During the three and nine months ended 30 September 2025, the Group had incurred expenses for the purpose of R&D of approximately RMB22,822 million and RMB61,983 million, respectively (three and nine months ended 30 September 2024: RMB17,890 million and RMB50,845 million, respectively), which mainly comprised employee benefits expenses of approximately RMB16,720 million and RMB46,898 million, respectively (three and nine months ended 30 September 2024: RMB14,500 million and RMB41,668 million, respectively). No significant development expenditures had been capitalised for the three and nine months ended 30 September 2025 and 2024. During the three and nine months ended 30 September 2025, employee benefits expenses included share-based compensation expenses of approximately RMB7,188 million and RMB24,649 million, respectively (three and nine months ended 30 September 2024: RMB6,377 million and RMB17,284 million, respectively), which contained those incurred for employees related to SSV & CPP initiatives of approximately RMB18 million and RMB51 million, respectively (three and nine months ended 30 September 2024: RMB16 million and RMB46 million, respectively).
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29 (c) Amortisation charges of intangible assets are mainly in respect of media content including long-form video and music content, game licences, and other content. During the three and nine months ended 30 September 2025, amortisation of media content was approximately RMB7,728 million and RMB22,510 million, respectively (three and nine months ended 30 September 2024: RMB6,584 million and RMB19,286 million, respectively). During the three and nine months ended 30 September 2025, amortisation of intangible assets included amortisation of intangible assets arising from acquisitions of approximately RMB1,622 million and RMB4,751 million, respectively (three and nine months ended 30 September 2024: RMB1,324 million and RMB3,878 million, respectively). (d) During the three and nine months ended 30 September 2025, expenses incurred which were related to SSV & CPP initiatives (excluding share-based compensation expenses) were approximately RMB206 million and RMB514 million, respectively (three and nine months ended 30 September 2024: RMB240 million and RMB550 million, respectively). 4 Net gains/(losses) from investments and others Unaudited Three months ended 30 September Unaudited Nine months ended 30 September 2025 2024 2025 2024 RMB’Million RMB’Million RMB’Million RMB’Million Net gains on disposals and deemed disposals of investee companies (a) 3,359 2,401 3,610 10,621 Net fair value (losses)/gains on FVPL ((b) and Note 9) (5,234) 3,788 (3,856) 1,565 Other net fair value (losses)/gains (c) (222) 572 187 (576) Impairment reversals/(provisions) for investments in associates (Note 8(b)) 4,800 (3,679) 5,155 (7,831) Impairment (provisions)/reversals for investments in joint ventures and others (3) – 1,506 (147) Impairment provisions for goodwill and other intangible assets arising from acquisitions – (97) (310) (167) Donations (d) (350) (105) (1,048) (1,277) Dividend income 443 105 1,451 629 Others 27 81 170 251 2,820 3,066 6,865 3,068
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30 Note: (a) The net disposal and deemed disposal gains of approximately RMB3,610 million recognised during the nine months ended 30 September 2025 comprised the following: – aggregate net gains of approximately RMB2,056 million (nine months ended 30 September 2024: RMB2,335 million) on disposals and partial disposals of investee companies of the Group; – aggregate net gains of approximately RMB2,569 million (nine months ended 30 September 2024: RMB4,523 million) on deemed disposals of investee companies of the Group; and – aggregate net losses of approximately RMB1,015 million (nine months ended 30 September 2024: net gains of approximately RMB3,763 million) (Note 8) on dilution of the Group ’s equity interests in certain associates due to new equity interests being issued by these associates. (b) During the three and nine months ended 30 September 2025, the net fair value losses on FVPL mainly comprised net losses of approximately RMB5,375 million and RMB4,417 million, respectively, as a result of changes in valuations of certain investee companies (three and nine months ended 30 September 2024: net gains of approximately RMB3,681 million and RMB1,216 million, respectively). (c) During the three and nine months ended 30 September 2025, the other net fair value (losses)/gains mainly included net losses of approximately RMB242 million and net gains of approximately RMB289 million on other investment-related financial assets and liabilities, respectively (three and nine months ended 30 September 2024: net gains of approximately RMB588 million and net losses of approximately RMB569 million, respectively). (d) During the three and nine months ended 30 September 2025, donations mainly included approximately RMB115 million and RMB718 million for SSV & CPP initiatives of the Group, respectively (three and nine months ended 30 September 2024: RMB64 million and RMB911 million, respectively).
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31 5 Income tax expense Income tax expense is recognised based on management ’s best knowledge of the income tax rates expected for the financial year. (a) Cayman Islands and British Virgin Islands corporate income tax The Group was not subject to any taxation in the Cayman Islands and the British Virgin Islands for the three and nine months ended 30 September 2025 and 2024. (b) Hong Kong profits tax Hong Kong profits tax had been provided for at the rate of 16.5% on the estimated assessable profits for the three and nine months ended 30 September 2025 and 2024. (c) PRC CIT PRC CIT had been provided for at applicable tax rates under the relevant regulations of the PRC after considering the available preferential tax benefits from refunds and allowances, and on the estimated assessable profits of entities within the Group established in the Mainland of China for the three and nine months ended 30 September 2025 and 2024. The general PRC CIT rate was 25% for the three and nine months ended 30 September 2025 and 2024. Certain subsidiaries of the Company in the Mainland of China were approved as High and New Technology Enterprise, and they were subject to a preferential corporate income tax rate of 15% for the three and nine months ended 30 September 2025 and 2024. In addition, certain subsidiaries of the Company were entitled to other tax concessions, mainly including the preferential tax rate of 15% applicable to some subsidiaries located in certain areas of the Mainland of China upon fulfillment of certain requirements of the respective local governments. (d) Corporate income tax in other jurisdictions Income tax on profits arising from other jurisdictions, including the North America, Europe, Asia and South America, had been calculated on the estimated assessable profits for the three and nine months ended 30 September 2025 and 2024 at the respective rates prevailing in the relevant jurisdictions, which were not higher than 39%.
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32 (e) Withholding tax According to applicable tax regulations prevailing in the Mainland of China, dividends distributed by a company established in the Mainland of China to a foreign investor with respect to profit derived after 1 January 2008 are generally subject to a 10% withholding tax. If a foreign investor is incorporated in Hong Kong, under the double taxation arrangement between the Mainland of China and Hong Kong, the relevant withholding tax rate applicable to such foreign investor will be reduced from 10% to 5% subject to the fulfillment of certain conditions. Dividends distributed from certain jurisdictions that the Group ’s entities operate in are also subject to withholding tax at respective applicable tax rates. The income tax expense of the Group for the three and nine months ended 30 September 2025 and 2024 is analysed as follows: Unaudited Three months ended 30 September Unaudited Nine months ended 30 September 2025 2024 2025 2024 RMB’Million RMB’Million RMB’Million RMB’Million Current income tax 6,407 7,052 31,120 28,235 Deferred income tax 3,378 1,848 3,733 5,002 9,785 8,900 34,853 33,237 6 Earnings per share (a) Basic Basic EPS is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue (excluding shares held for share award schemes and treasury shares) during the period. Unaudited Three months ended 30 September Unaudited Nine months ended 30 September 2025 2024 2025 2024 Profit attributable to equity holders of the Company (RMB ’Million) 63,133 53,230 166,582 142,749 Weighted average number of ordinary shares in issue excluding shares held for share award schemes and treasury shares (million shares) 9,081 9,238 9,095 9,302 Basic EPS (RMB per share) 6.952 5.762 18.316 15.346
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33 (b) Diluted The share options and awarded shares granted by the Company have potential dilutive effect on the EPS. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding by the assumption of the conversion of all potential dilutive ordinary shares arising from share options and awarded shares granted by the Company (collectively forming the denominator for computing the diluted EPS), which is determined under the treasury stock method. In addition, the profit attributable to equity holders of the Company (numerator) has been adjusted by the effect of the share-based awards granted by the Company ’s non wholly-owned subsidiaries and associates, excluding those which have anti-dilutive effect on the Group ’s diluted EPS. Unaudited Three months ended 30 September Unaudited Nine months ended 30 September 2025 2024 2025 2024 Profit attributable to equity holders of the Company (RMB ’Million) 63,133 53,230 166,582 142,749 Dilution effect arising from share-based awards granted by non wholly-owned subsidiaries and associates (RMB ’Million) (547) (401) (1,134) (1,108) Profit attributable to equity holders of the Company for the calculation of diluted EPS (RMB ’Million) 62,586 52,829 165,448 141,641 Weighted average number of ordinary shares in issue excluding shares held for share award schemes and treasury shares (million shares) 9,081 9,238 9,095 9,302 Adjustments for share options and awarded shares (million shares) 151 122 157 136 Weighted average number of ordinary shares for the calculation of diluted EPS (million shares) 9,232 9,360 9,252 9,438 Diluted EPS (RMB per share) 6.779 5.644 17.882 15.008 7 Dividends A final dividend in respect of the year ended 31 December 2024 of HKD4.50 per share (2023: HKD3.40 per share) was proposed pursuant to a resolution passed by the Board on 19 March 2025 and approved by the shareholders at the 2025 AGM. Such dividend amounted to approximately HKD40,966 million (2024: HKD31,743 million) was paid during the nine months ended 30 September 2025. The Board did not declare any interim dividend for the nine months ended 30 September 2025 and 2024.
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34 8 Investments in associates Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million Investments in associates – Listed entities (Note) 173,852 149,557 – Unlisted entities 147,426 140,786 321,278 290,343 Note: As at 30 September 2025, the fair value of the investments in associates consisting of directly and indirectly held listed equity interests was approximately RMB406,378 million (31 December 2024: RMB280,088 million). Movement of investments in associates is analysed as follows: Unaudited Nine months ended 30 September 2025 2024 RMB’Million RMB’Million At beginning of period 290,343 253,696 Additions (a) 14,724 2,242 Transfers (1,722) 1,062 Dilution (losses)/gains on deemed disposals (Note 4(a)) (1,015) 3,763 Share of profit/(loss) of associates, net 16,510 15,530 Share of other comprehensive income of associates 435 (491) Share of other changes in net assets of associates 2,645 3,106 Dividends (3,683) (2,181) Disposals (1,563) (2,274) Impairment reversals/(provisions), net ((b) and Note 4) 5,155 (7,831) Currency translation differences (551) (565) At end of period 321,278 266,057 Note: (a) During the nine months ended 30 September 2025, the Group ’s additions mainly comprised new investments and additional investments in ordinary shares of certain investee companies.
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35 (b) During the nine months ended 30 September 2025, an aggregate impairment reversal of approximately RMB5,155 million (nine months ended 30 September 2024: an aggregate impairment provision of approximately RMB7,831 million) had been recognised for investments in associates, and the majority of these investments’ recoverable amounts were determined using fair value less costs of disposal. 9 Financial assets at fair value through profit or loss FVPL include the following: Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million Included in non-current assets: Investments in listed entities 7,878 8,655 Investments in unlisted entities 179,059 178,824 Treasury investments and others 21,510 17,520 208,447 204,999 Included in current assets: Treasury investments and others 23,742 9,568 232,189 214,567 Movement of FVPL is analysed as follows: Unaudited Nine months ended 30 September 2025 2024 RMB’Million RMB’Million At beginning of period 214,567 226,048 Additions and transfers (a) 106,943 37,938 Changes in fair value (Note 4) (3,856) 1,565 Disposals and others (84,496) (45,075) Currency translation differences (969) (1,503) At end of period 232,189 218,973 Note: (a) During the nine months ended 30 September 2025, the Group ’s additions and transfers substantially represented additions to treasury investments.
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36 10 Financial assets at fair value through other comprehensive income FVOCI include the following: Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million Included in non-current assets: Equity investments in listed entities 395,667 285,134 Equity investments in unlisted entities 17,212 13,963 Treasury investments 4,624 3,263 417,503 302,360 Included in current assets: Treasury investments 8,256 3,345 425,759 305,705 Movement of FVOCI is analysed as follows: Unaudited Nine months ended 30 September 2025 2024 RMB’Million RMB’Million At beginning of period 305,705 213,951 Additions and transfers (a) 61,217 14,925 Changes in fair value 115,326 75,330 Disposals (53,960) (16,396) Currency translation differences (2,529) (2,046) At end of period 425,759 285,764 Note: (a) During the nine months ended 30 September 2025, the Group ’s additions and transfers mainly comprised additions to treasury investments and new and additional investments in certain investee companies.
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37 11 Accounts receivable Accounts receivable and their ageing analysis, based on recognition date, are as follows: Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million 0 ~ 30 days 27,129 26,156 31 ~ 60 days 12,765 12,273 61 ~ 90 days 6,831 6,056 Over 90 days 5,632 3,718 52,357 48,203 Accounts receivable balances as at 30 September 2025 and 31 December 2024 mainly represented amounts due from marketing services customers and agents, FinTech and cloud customers, content production related customers, and third party platform providers. Some marketing services customers and agents are usually granted with a credit period within 30 to 90 days immediately following the month-end in which the relevant obligations under the relevant contracted orders are delivered. Third party platform providers usually settle the amounts due by them within 60 days. Other customers, mainly including content production related customers and FinTech and cloud customers, are usually granted with a credit period within 90 days. 12 Share-based payments (a) Share option schemes The Company had one share option scheme which remained valid and effective during the nine months ended 30 September 2025, namely, the 2023 Share Option Scheme. The Board may, at its discretion, grant options to any qualifying participant to subscribe for shares of the Company, subject to the terms and conditions stipulated therein. The exercise price must be in compliance with the requirements under the Listing Rules. In addition, the option vesting period is determined by the Board provided that it is not later than the last day of a 10-year period after the date of grant of options. The Post-IPO Option Scheme II expired on 16 May 2017 and no further options could be granted under this scheme, but the options granted prior to such expiry continued to be valid and exercisable in accordance with the provisions of the scheme. The Company allowed certain of the grantees under the Post-IPO Option Scheme II and the 2023 Share Option Scheme to surrender their rights to receive a portion of the underlying shares (with equivalent fair value) to set off against the exercise consideration and/or individual income tax payable when they exercised their options. As at 30 September 2025, the Company did not have any outstanding share options exercisable under any share option scheme other than the 2023 Share Option Scheme.
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38 Movements in the number of share options outstanding and their related weighted average exercise prices are as follows: Unaudited 2023 Share Option Scheme Average exercise price Number of options At 1 January 2025 HKD349.18 109,221,125 Granted HKD532.09 7,260,747 Exercised HKD346.87 (36,464,897) Lapsed/forfeited HKD376.49 (372,743) At 30 September 2025 HKD366.78 79,644,232 Exercisable as at 30 September 2025 HKD361.89 53,043,233 Unaudited Post-IPO Option Scheme II 2023 Share Option Scheme Total Average exercise price Number of options Average exercise price Number of options Number of options At 1 January 2024 HKD185.65 17,318,327 HKD353.11 105,292,749 122,611,076 Granted – – HKD297.91 11,632,870 11,632,870 Exercised HKD185.65 (17,208,952) HKD257.20 (4,318,029) (21,526,981) Lapsed/forfeited/waived HKD185.65 (109,375) HKD461.90 (1,647,242) (1,756,617) At 30 September 2024 – – HKD349.44 110,960,348 110,960,348 Exercisable as at 30 September 2024 – – HKD355.49 78,557,306 78,557,306 During the nine months ended 30 September 2025 and 2024, no options were granted to any director of the Company.
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39 (b) Share award scheme As at 30 September 2025, the Company had one effective share award scheme, being the 2023 Share Award Scheme (effective since 17 May 2023), which was administered by an independent trustee appointed by the Group. The vesting period of the awarded shares is determined by the Board. Movements in the number of awarded shares for the nine months ended 30 September 2025 and 2024 are as follows: Unaudited Number of awarded shares Nine months ended 30 September 2025 2024 At beginning of period 125,329,046 132,989,249 Granted 41,462,029 62,017,026 Vested and transferred (44,362,588) (61,052,918) Lapsed/forfeited (3,967,542) (5,261,832) At end of period 118,460,945 128,691,525 Vested but not transferred as at end of period 5,751 24,416 During the nine months ended 30 September 2025, 59,280 awarded shares were granted to five independent non-executive directors of the Company (nine months ended 30 September 2024: 105,760 awarded shares were granted to five independent non-executive directors of the Company). 13 Accounts payable Accounts payable and their ageing analysis, based on invoice date, are as follows: Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million 0 ~ 30 days 114,027 107,893 31 ~ 60 days 9,852 8,264 61 ~ 90 days 3,004 842 Over 90 days 1,866 1,713 128,749 118,712
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40 14 Borrowings Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million Included in non-current liabilities: Non-current portion of long-term RMB bank borrowings, unsecured (a) 133,340 48,655 Non-current portion of long-term USD bank borrowings, unsecured (a) 47,252 92,012 Non-current portion of long-term HKD bank borrowings, unsecured (a) 11,343 5,837 Non-current portion of long-term EUR bank borrowings, unsecured (a) 8,752 – Non-current portion of long-term JPY bank borrowings, unsecured (a) 8 14 Non-current portion of long-term EUR bank borrowings, secured (a) 1 3 200,696 146,521 Included in current liabilities: RMB bank borrowings, unsecured (b) 38,882 28,039 HKD bank borrowings, unsecured (b) 11,394 – RMB bank borrowings, secured (b) 100 – USD bank borrowings, unsecured (b) – 20,487 Current portion of long-term USD bank borrowings, unsecured (a) 1,776 4,313 Current portion of long-term RMB bank borrowings, unsecured (a) 30 28 Current portion of long-term JPY bank borrowings, unsecured (a) 9 12 Current portion of long-term EUR bank borrowings, secured (a) 2 3 Current portion of long-term EUR bank borrowings, unsecured (a) – 3 52,193 52,885 252,889 199,406
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41 Note: (a) The aggregate principal amounts of long-term bank borrowings and applicable interest rates are as follows: Unaudited Audited 30 September 2025 31 December 2024 Amount (Million) Interest rate (per annum) Amount (Million) Interest rate (per annum) RMB bank borrowings RMB72,569 2.52% ~ 3.00% RMB48,683 2.55% ~ 3.90% RMB bank borrowings RMB60,801 1-year LPR - 0.65% ~ + 0.15% – – USD bank borrowings USD6,900 SOFR + CAS + 0.80% USD13,400 SOFR + CAS + 0.80% JPY bank borrowings JPY175 0.11% ~ 1.73% JPY334 0.11% ~ 1.73% JPY bank borrowings JPY165 TIBOR + 1.70% JPY246 TIBOR + 1.70% EUR bank borrowings EUR1,050 EURIBOR + 0.70% ~ 0.75% – – EUR bank borrowings – – EUR1 1.00% ~ 2.10% HKD bank borrowings HKD12,402 HIBOR + 0.25% ~ 0.60% HKD6,202 HIBOR + 0.25% (b) The aggregate principal amounts of short-term bank borrowings and applicable interest rates are as follows: Unaudited Audited 30 September 2025 31 December 2024 Amount (Million) Interest rate (per annum) Amount (Million) Interest rate (per annum) RMB bank borrowings RMB39,144 0.70% ~ 4.00% RMB28,088 0.61% ~ 2.82% HKD bank borrowings HKD12,480 HIBOR + 0.15% – – USD bank borrowings – – USD2,850 SOFR + 0.30% ~ 0.50%
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42 15 Notes payable Unaudited Audited 30 September 2025 31 December 2024 RMB’Million RMB’Million Included in non-current liabilities: Non-current portion of long-term USD notes payable 118,464 130,586 Non-current portion of long-term RMB notes payable 8,918 – 127,382 130,586 Included in current liabilities: Current portion of long-term USD notes payable 10,655 8,623 138,037 139,209 Note: The aggregate principal amounts of notes payable and applicable interest rates are as follows: Unaudited 30 September 2025 Audited 31 December 2024 Amount (Million) Interest rate (per annum) Amount (Million) Interest rate (per annum) USD notes payable USD18,250 1.810% ~ 4.700% USD19,450 1.375% ~ 4.700% RMB notes payable RMB9,000 2.100% ~ 3.100% – – All of these notes payable issued by the Group were unsecured.
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43 In September 2025, the Company issued three tranches of senior notes under the Global Medium Term Note Programme with an aggregate principal amount of RMB9 billion as set out below: Amount Interest rate Due in (RMB’Million) (per annum) September 2030 Notes 2,000 2.10% 2030 September 2035 Notes 6,000 2.50% 2035 2055 Notes 1,000 3.10% 2055 9,000 During the nine months ended 30 September 2025, a tranche of notes payable issued in February 2015 with an aggregate principal amount of USD900 million, and a tranche of notes payable issued in September 2020 with an aggregate principal amount of USD300 million, respectively, reached their maturities and were repaid in full by the Group. 16 Business combinations During the nine months ended 30 September 2025, the Group completed the acquisition of a game company by acquiring 100% of its equity interest at a cash consideration of approximately USD1.2 billion (equivalent to approximately RMB8.8 billion), which was accounted for as a subsidiary of the Group upon the completion of the transaction. The fair value of total identifiable net assets (including identifiable intangible assets) was approximately RMB3.6 billion. Goodwill of approximately RMB5.2 billion was recognised as a result of the transaction. It was mainly attributable to the operating synergies and economies of scale expected to be derived from combining the operations. None of the goodwill was expected to be deductible for income tax purpose. The Group’s revenue and results for the nine months ended 30 September 2025 would not be materially different should the acquisition had occurred on 1 January 2025. The related transaction costs of the transaction recognised in the Group ’s consolidated income statement were not material. 17 Subsequent events There were no material subsequent events during the period from 1 October 2025 to the approval date of the Interim Financial Information by the Board on 13 November 2025.
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44 OTHER INFORMATION Purchase, Sale or Redemption of the Company ’s Listed Securities During the three months ended 30 September 2025, the Company repurchased a total of 35,360,000 shares on the Stock Exchange for an aggregate consideration of approximately HKD21.1 billion before expenses. The repurchased shares were subsequently cancelled. The repurchase was effected for the enhancement of shareholder value in the long term. Details of the shares repurchased are as follows: Purchase consideration per share Month of purchase in the three months ended 30 September 2025 No. of shares purchased Highest price paid Lowest price paid Aggregate consideration paid HKD HKD HKD July 7,017,000 508.00 493.00 3,502,921,791.30 August 9,191,000 620.00 583.00 5,506,079,135.80 September 19,152,000 666.50 591.00 12,112,814,316.40 Total 35,360,000 21,121,815,243.50 Save as disclosed above and in the “Financial Information ” section, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company ’s listed securities during the three months ended 30 September 2025. Employee and Remuneration Policies As at 30 September 2025, the Group had 115,076 employees (30 September 2024: 108,823). The number of employees employed by the Group varies from time to time depending on needs and employees are remunerated based on industry practice. The remuneration policy and package of the Group ’s employees are periodically reviewed. Apart from pension funds and in-house training programmes, discretionary bonuses, share awards and share options may be awarded to employees according to the assessment of individual performance. The total remuneration cost incurred by the Group for the three months ended 30 September 2025 was RMB32.4 billion (for the three months ended 30 September 2024: RMB29.6 billion).
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45 Audit Committee The Audit Committee, together with the Auditor, has reviewed the Group ’s unaudited Interim Financial Information for the three and nine months ended 30 September 2025. The Audit Committee has also reviewed the accounting principles and practices adopted by the Group and discussed auditing, risk management, internal control and financial reporting matters. Compliance with the Corporate Governance Code Save as disclosed in the 2025 interim report and the corporate governance report in the 2024 annual report of the Company, none of the directors of the Company is aware of any information which would reasonably indicate that the Company has not complied with the code provisions as set out in the CG Code during the period from 1 July 2025 to 30 September 2025. As to the deviation from code provisions B.2.2 (regarding the retirement and re-election of directors) and C.2.1 (regarding the segregation of the roles of chairman and chief executive) of the CG Code, the Board will continue to review the current structure from time to time and shall make necessary changes when appropriate and inform the shareholders accordingly.
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46 APPRECIATION On behalf of the Board, I would like to thank our professional staff and management team for their unwavering dedication and continuous innovation in driving the Company ’s success and resilience. I would also like to extend our sincere gratitude to our shareholders and stakeholders for their steadfast support and trust in the Company. We remain committed to our core principle of “Value for User, Tech for Good ” and continue to deliver meaningful impact through technology. We will continue to drive innovation, adapt to the evolving needs of our communities, and contribute to a more inclusive and sustainable future for all. By Order of the Board Ma Huateng Chairman Hong Kong, 13 November 2025 As at the date of this announcement, the directors of the Company are: Executive Director: Ma Huateng; Non-Executive Directors: Jacobus Petrus (Koos) Bekker and Charles St Leger Searle; and Independent Non-Executive Directors: Li Dong Sheng, Ian Charles Stone, Yang Siu Shun, Ke Yang and Zhang Xiulan. This announcement contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this announcement. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this announcement should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.
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47 DEFINITION In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings: Term Definition “2023 Share Award Scheme ” the share award scheme adopted by the Company on 17 May 2023, as amended from time to time “2023 Share Option Scheme ” the share option scheme adopted by the Company on 17 May 2023, as amended from time to time “2025 AGM” the annual general meeting of the Company held on 14 May 2025 “AI” artificial intelligence “Audit Committee” the audit committee of the Company “Auditor” PricewaterhouseCoopers, the auditor of the Company “Board” the board of directors of the Company “CAS” credit adjustment spread, which is a fixed spread adjustment incorporated to bridge the gap between LIBOR and SOFR in order to minimise the economic impact of the transfer from a LIBOR-based debt to a SOFR-based debt “CG Code” the Corporate Governance Code as set out in Appendix C1 to the Listing Rules “Company” Tencent Holdings Limited, a limited liability company organised and existing under the laws of the Cayman Islands and the shares of which are listed on the Stock Exchange “DAU” daily active user accounts “Domestic Games” for the purpose of preparing financial and operating information, Domestic Games refers to our games business in the PRC, excluding Hong Kong, the Macao Special Administrative Region and Taiwan, China
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48 Term Definition “EBITDA” earnings before interest, tax, depreciation and amortisation “eCPM” effective cost per mille “EPS” earnings per share “EUR” the lawful currency of the European Union “EURIBOR” Euro Interbank Offered Rate “FinTech” financial technology “FVOCI” financial assets at fair value through other comprehensive income “FVPL” financial assets at fair value through profit or loss “GMV” gross merchandise value “Group” the Company and its subsidiaries “HIBOR” Hong Kong InterBank Offered Rate “HKD” the lawful currency of Hong Kong “Hong Kong” the Hong Kong Special Administrative Region, the PRC “IAS” International Accounting Standards “IFRS” or “IFRS Accounting Standards ” International Financial Reporting Standards as issued by the International Accounting Standards Board “Interim Financial Information ” the condensed consolidated interim financial statements for the nine months ended 30 September 2025 “International Games ” for the purpose of preparing financial and operating information, International Games refers to our games business other than our Domestic Games business
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49 Term Definition “IPO” initial public offering “IT” information technology “JPY” the lawful currency of Japan “LIBOR” London InterBank Offered Rate “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange “LPR” Loan Prime Rate “MAU” monthly active user accounts “PC” personal computer “Post-IPO Option Scheme II ” the Post-IPO Share Option Scheme adopted by the Company on 16 May 2007 “PRC” or “China” the People’s Republic of China “PRC CIT” PRC corporate income tax as defined in the “Corporate Income Tax Law of the People ’s Republic of China ” “PUBG” PlayerUnknown’s Battlegrounds “R&D” research and development “RMB” the lawful currency of the PRC “SOFR” Secured Overnight Financing Rate “SSV & CPP” Sustainable Social Value and Common Prosperity Programmes “Stock Exchange” The Stock Exchange of Hong Kong Limited
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50 Term Definition “Supercell” Supercell Oy, a non wholly-owned subsidiary of the Company which is a private company incorporated in Finland “Tencent Music” Tencent Music Entertainment Group, a non wholly-owned subsidiary of the Company which is incorporated in the Cayman Islands with limited liability and the shares of which are listed on the New York Stock Exchange and the Stock Exchange “TIBOR” Tokyo InterBank Offered Rate “United States” the United States of America “USD” the lawful currency of the United States “VAS” value-added services