Tencent
ConvictionContext
Diversified consumer-internet platform: value-added services (games + social subscriptions), marketing services (advertising), and fintech & business services (payments, wealth-management, cloud), amplified by a large strategic equity-investment portfolio.
Revenue
RMB 751.8B FY2025~US$104B), +14% YoYRev growth
+14% FY2025+9% YoY Q1 2026 (+11% adj. for later Spring Festival VAS timingGross margin
~56% FY2025gross profit RMB 422.6B on 751.8B rev); ~57% Q1 2026 (RMB 111.3B on 196.5BOp margin
~32% IFRS / 37% non-IFRS FY2025operating profit RMB 241.6B IFRS, RMB 280.7B non-IFRSCapex intensity
~10-11% of revenueFY2025 capex RMB 79.2B, +3% YoY, ~US$11B); management guides a substantial 2026 capex increase, so intensity likely risesMarket cap
~US$520BHK$4.06T as of 2026-07-06; HKEX 0700, USD via ~7.8 HKD/USDThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Tencent
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.