2024-11-13 Tencent Holdings Limited (TCEHY) Q2 2024 Earnings Call Transcript

Tencent Holdings Limited (OTCPK:TCEHY) Q3 2024 Earnings Conference Call November 13, 2024 7:00 AM ET

腾讯控股有限公司 (OTCPK:TCEHY) 2024 年第三季度收益电话会议 2024 年 11 月 13 日上午 7:00 ET

Company Participants 公司参与者

Wendy Huang - Investor Relations

Wendy Huang - 投资者关系

Pony Ma - Chairman and Chief Executive Officer

马化腾 - 董事会主席兼首席执行官

Martin Lau - President 刘炽平 - 总裁

James Mitchell - Chief Strategy Officer

詹姆斯·米切尔 - 首席战略官

John Lo - Chief Financial Officer

约翰·洛 - 首席财务官

Conference Call Participants

电话会议参与者

Kenneth Fong - UBS

Alicia Yap - Citibank

Ronald Keung - Goldman Sachs

Ronald Keung - 高盛

Miranda Zhuang - Bank of America

Miranda Zhuang - 美国银行

Alex Yao - JPMorgan

Charlene Liu - HSBC Charlene Liu - 汇丰银行

John Choi - Daiwa

Thomas Chong - Jefferies

Yang Bai - CICC 杨白 - 中金公司

Jialong Shi - Nomura

Operator 操作员

Good day, and good evening. Thank you for standing by. Welcome to Tencent Holdings Limited 2024 Third Quarter Results Announcement Webinar. I'm Wendy Huang from Tencent IR team. [Operator Instructions] And please be advised that today's webinar is being recorded.

大家好，晚上好。感谢您的支持。欢迎参加腾讯控股有限公司 2024 年第三季度业绩发布会网络研讨会。我是腾讯投资者关系团队的黄文迪。[操作员说明] 请注意，今天的网络研讨会正在录音。

Before we start the presentation, we would like to remind you that it includes forward-looking statements, which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of Tencent.

在我们开始演示之前，我们想提醒您，其中包括前瞻性声明，这些声明受到许多风险和不确定性的影响，并且由于各种原因可能在未来无法实现。有关一般市场状况的信息来自腾讯以外的各种来源。

This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to, but not as a substitute for, measures of the group's financial performance prepared in accordance with IFRS. For a detailed discussion of risk factors and non-IFRS measures, please refer to our disclosure documents on the IR section of our website.

本次演示还包含一些未经审计的非 IFRS 财务指标，这些指标应作为对集团根据 IFRS 编制的财务业绩指标的补充，而不是替代。有关风险因素和非 IFRS 指标的详细讨论，请参阅我们网站 IR 部分的披露文件。

Now let me introduce the management team on webinar tonight. Our Chairman and CEO, Pony Ma, will kick off with a short overview. President, Martin Lau, and Chief Strategy Officer, James Mitchell, will provide a business review. Chief Financial Officer, John Lo, will conclude with financial discussion before we open the floor for questions.

现在让我介绍今晚网络研讨会的管理团队。我们的董事长兼首席执行官马化腾将首先进行简短的概述。总裁刘炽平和首席战略官詹姆斯·米切尔将提供业务回顾。首席财务官罗硕瀚将在我们开放提问环节之前进行财务讨论。

I will now pass it to for Pony.

我现在将它传给 Pony。

Pony Ma

Thank you, Wendy. Good evening. Thank you, everyone, for joining us.

谢谢你，温迪。晚上好。谢谢大家加入我们。

During the third quarter of 2024, we delivered robust revenue growth in our Games business. Underpinned by consistent performance of evergreen games globally and contribution from new games with evergreen potential.

在2024年第三季度，我们的游戏业务实现了强劲的收入增长。这得益于全球范围内经久不衰的游戏表现，以及具有长期潜力的新游戏的贡献。

We upgrade our e-commerce strategy around mini shops to create a unified and trustworthy transaction experience spanning the entire Weixin ecosystem. We are increasingly seeing a tangible benefit of deploying AI across our products and operations, including marketing services and cloud. And we'll continue investing in AI technology, tools and solutions that assist users and partners.

我们围绕小商店升级了电商策略，以创建贯穿整个微信生态系统的统一且值得信赖的交易体验。我们越来越多地看到人工智能在我们产品和运营中带来的实际收益，包括在营销服务和云计算领域的应用。我们将继续投资于人工智能技术、工具和解决方案，以帮助用户和合作伙伴实现更高的价值。

Looking at our financial numbers for the quarter. Total revenue was RMB 167 million up 8% year-on-year and 4% quarter-on-quarter. Gross profit was RMB 89 billion, up 16% year-on-year and 3% quarter-on-quarter. Non-IFRS operating profit was RMB 61 billion, up 19% quarter-on-quarter and 5% quarter-on-quarter.

接下来看一下我们本季度的财务数据。总收入为人民币1670亿元，同比增长8%，环比增长4%。毛利润为人民币890亿元，同比增长16%，环比增长3%。非国际财务报告准则（Non-IFRS）经营利润为人民币610亿元，同比增长19%，环比增长5%。

Turning to our key services. For communications and social networks, combined MAU operation and WeChat grew year-on-year and quarter-on-quarter to 1.38 billion. Mobile MAU of QQ resumed year-on-year growth to 562 million. For digital content, we reinforce our leadership in music and long-form video streaming, where Tencent Music and Tencent Video grew subscriptions year-on-year.

接下来是我们的关键业务表现。在通讯和社交网络方面，微信及合并MAU（每月活跃用户）同比和环比增长至13.8亿。QQ的移动端MAU恢复了同比增长，达到5.62亿。在数字内容方面，我们巩固了在音乐和长视频流媒体领域的领导地位，腾讯音乐和腾讯视频的订阅数实现了同比增长。

For interactive entertainment, we successfully launched DnF mobile and Delta Force, both have potential to become evergreen titles. For cloud, we improved our traction in international markets, leveraging our competitive pricing and domain expertise in areas such as games and live streaming.

在互动娱乐方面，我们成功推出了《地下城与勇士手游》（DnF Mobile）和《三角洲特种部队》（Delta Force），这两款游戏都具有成为长期热门产品的潜力。在云计算方面，我们在国际市场上提升了竞争力，得益于有竞争力的定价和在游戏及直播等领域的专业知识。

I will now hand over to Martin and James for business review.

接下来，我将把时间交给Martin和James进行业务回顾。

Martin Lau

Thank you, Pony, and good morning, good evening to everybody.

谢谢你，Pony，大家早上好，晚上好。

For the third quarter of 2024, our total revenue was up 8% year-on-year. VAS represented 49% of our total revenue, within which social networks subsegment was 18%. Domestic games subsegment was 22% and international games was 9%. Marketing Services was 18% of total revenue, and FinTech and Business Services was 32% of our total revenue.

2024年第三季度，我们的总收入同比增长8%。增值服务（VAS）占我们总收入的49%，其中社交网络子板块占18%，国内游戏子板块占22%，国际游戏子板块占9%。营销服务占总收入的18%，金融科技及企业服务占总收入的32%。

Moving on to gross profit. Our overall gross profit growth was 16% year-on-year in the third quarter, primarily driven by growth in high-margin revenue streams from domestic games, video accounts and Weixin Search.

接下来是毛利润。本季度我们的总体毛利润同比增长16%，主要得益于来自高毛利率收入来源的增长，包括国内游戏、视频号以及微信搜索。

Improved profitability of our cloud services also contributed to overall gross profit growth. By segment, VAS gross profit increased 13% year-on-year to RMB 48 billion, representing 53% of our total gross profit. Marketing Services gross profit increased 18% year-on-year to RMB 16 billion contributing 18% of total gross profit.

云服务盈利能力的改善也对整体毛利润增长做出了贡献。从各业务板块来看，增值服务毛利润同比增长13%至人民币480亿元，占总毛利润的53%；营销服务毛利润同比增长18%至人民币160亿元，占总毛利润的18%；金融科技及企业服务毛利润同比增长19%至人民币250亿元，占总毛利润的29%。

用板块分类隐藏了游戏的收入占比，应该是最大的板块。

And FinTech and Business Services gross profit increased 19% year-on-year to RMB 25 billion, contributing 29% of total gross profit. For value-added services, the segment revenue was RMB 83 billion, up 9% year-on-year. Social networks revenue was up 4% year-on-year to RMB 31 billion, driven by increased revenue from music subscriptions, app-based game item sales and Mini Games platform service fees, which was offset partially by decreased revenue from music and games related live streaming services. Music subscription revenue increased 20% year-on-year, primarily driven by a 16% year-on-year growth in subscriptions to 119 million. TME enhanced recommendation algorithms and reached content offerings and upgraded audio quality during the period.

金融科技和商业服务的毛利同比增长 19%至人民币 250 亿元，占总毛利的 29%。增值服务方面，该板块收入为人民币 830 亿元，同比增长 9%。社交网络收入同比增长 4%至人民币 310 亿元，主要受音乐订阅、基于应用的游戏道具销售和小游戏平台服务费收入增加的推动，但部分被音乐和游戏相关直播服务收入的减少所抵消。音乐订阅收入同比增长 20%，主要由于订阅量同比增长 16%至 1.19 亿。TME 在此期间增强了推荐算法，丰富了内容供应，并升级了音频质量。

Long-form video subscription revenue increased 4% year-on-year. Video subscriptions grew 6% year-on-year to 116 million, benefiting from popular animated and drama series. Our exclusive drama series, She and Her Girls, became the highest rated domestic drama series industry-wide since 2015 per review aggregator site, Douban. Our domestic revenue, games revenues grew 14% year-on-year to RMB 37 billion, reflecting growth from Honour of Kings and Peacekeeper Elite as well as a record-setting performance from VALORANT and full quarter contribution of DnF Mobile.

长视频订阅收入同比增长 4%。视频订阅同比增长 6%至 1.16 亿，受益于热门动画和电视剧。我们的独家电视剧《她和她的女孩们》成为自 2015 年以来全行业最高评分的国产电视剧，根据评论聚合网站豆瓣的数据。我们的国内收入，游戏收入同比增长 14%至 370 亿元，反映了《王者荣耀》和《和平精英》的增长，以及《VALORANT》的创纪录表现和《地下城与勇士》手游的完整季度贡献。

International games revenue increased 9% year-on-year or 11% in constant currency terms to RMB 15 billion. The growth was driven by robust performance of PUBG Mobile and Brawl Stars. Revenue growth of international games substantially lagged gross receipt growth as improved retention rates for certain titles led to elongation of the revenue deferral period.

国际游戏收入同比增长9%，以固定汇率计算增长11%，达到人民币150亿元。增长主要得益于《绝地求生：刺激战场》（PUBG Mobile）和《荒野乱斗》（Brawl Stars）的强劲表现。然而，国际游戏收入的增长显著低于毛收入的增长，因为某些游戏的留存率提高，导致收入递延期的延长。

Now moving on to communications and social network. Within the segment on the key products, Mini Programs has emerged as an increasingly powerful platform for users to connect with merchants and content providers. Mini Programs facilitated over RMB 2 trillion of transaction GMV in the third quarter, benefiting from better coverage and solutions for use cases, including food ordering, electric vehicle charging and medical services.

接下来是通讯和社交网络板块。在这一板块的关键产品中，小程序已成为用户与商家和内容提供商联系的重要平台。第三季度，小程序促成了超过人民币2万亿元的交易总额（GMV），得益于更广泛的覆盖和针对各种应用场景的解决方案，包括餐饮外卖、电动汽车充电和医疗服务。

On the content side, we enriched our content offering beyond Mini Games with increasingly popular Mini Dramas. Mini Shops now serves as our platform for indexed and standardized merchandise where merchants can operate store fronts similar to those in e-commerce marketplaces while leveraging Weixin social interactions, content services and payment capabilities.

在内容方面，我们丰富了小程序的内容供应，除了小游戏外，还加入了日益受欢迎的小剧集。现在，小商店成为了我们平台化和标准化商品的服务平台，商家可以在这里运营类似于电商市场的店铺，同时利用微信的社交互动、内容服务和支付能力。

For consumers, we enhanced the user interface for order tracking, extended return periods and provide express return services. For merchants, we lowered entry barriers with simplified onboarding exercises and enabled shoppable SKU level links across official accounts, Mini Programs, Weixin Search and video accounts. Recently, we introduced a standalone merchant-facing app for Mini Shops merchants to facilitate their store operation and management.

针对消费者，我们优化了订单追踪的用户界面，延长了退货周期，并提供了快速退货服务。针对商家，我们通过简化入驻流程降低了入驻门槛，并在公众号、小程序、微信搜索和视频号等平台上实现了商品SKU级别的可购物链接。近期，我们还推出了一个独立的面向商家的应用程序，以便帮助小商店商家更好地进行店铺运营和管理。

As Pony mentioned earlier, QQ mobile device MAU returned to year-on-year growth in the third quarter of 2024. Over the past few years, the QQ team has comprehensively upgraded the platform's back-end infrastructure and added and popularized new functionalities such as Tencent channels, resulting in this meaningful achievement.

正如 Pony 早些时候提到的，QQ 移动设备 MAU 在 2024 年第三季度恢复了同比增长。在过去的几年里，QQ 团队全面升级了平台的后端基础设施，并新增和普及了腾讯频道等新功能，取得了这一有意义的成就。

So with that, I'll pass on to James.

那么，我就交给詹姆斯。

James Mitchell

Thank you, Martin. 谢谢你，马丁。

Moving to domestic games. Our flagship evergreen games achieved healthy gross results growth -- gross receipts growth as a result of proactive adjustments that we made earlier this year. Honour of Kings grew its gross receipts year-on-year in the third quarter, benefiting from a Chinese Valentine-themed event in collaboration with the Tencent Comics IP, Fox Spirit Matchmaker, as well as the top-tier martial arts-theme outfit. Peacekeeper Elite continued its recent rebound and grew gross receipts at a double-digit percentage rate year-on-year in the third quarter driven by items tied into the Neon Genesis Evangelion anime as an upgradable outfit inspired a Chinese ink-painting.

接下来谈谈国内游戏。我们的旗舰长期热门游戏实现了健康的收入增长，这得益于我们今年早些时候进行的积极调整。《王者荣耀》在第三季度实现了收入的同比增长，受益于与腾讯动漫IP《狐妖小红娘》合作的中国情人节主题活动，以及顶级武侠主题的装备更新。《和平精英》继续回升，第三季度实现了两位数的收入增长，得益于与《新世纪福音战士》动漫合作推出的道具和灵感来源于中国水墨画的可升级装备。

Among our other evergreen games, 8-year-old game, Naruto Mobile achieved a historical high of over 10 million quarterly average DAU. Naruto Mobile grew gross receipts robustly year-on-year, reflecting higher paying user penetration for season passes. VALORANT captured share in the reviving PC game market and was our largest PC game by gross receipts and revenue in the third quarter.

在其他经久不衰的游戏中，已有8年历史的《火影忍者手游》达到了历史新高，季度日均活跃用户数（DAU）超过了1000万。《火影忍者手游》的收入也实现了强劲的同比增长，反映了季票的付费用户渗透率上升。《无畏契约》（VALORANT）在复苏中的PC游戏市场中占据了份额，成为我们第三季度收入和毛收入最高的PC游戏。

For the first time, a Chinese team, namely Edward Gaming, won the Global championships in the VALORANT Champions tournament attracting new players and boosting sales of e-sports themed items driving quarterly average DAU and gross receipts to record high levels.

值得注意的是，中国战队——Edward Gaming在《无畏契约》全球锦标赛中首次获得冠军，这吸引了新玩家并促进了电竞主题道具的销售，使得季度日均活跃用户数和毛收入创下了新高。

We launched a pair of new games that are also demonstrating evergreen potential. DnF Mobile ranked second by gross receipts among all mobile games in the third quarter. While the fourth quarter will be a consolidation period for DnF mobile, we will release some major content update for Chinese New Year intended to further enhance user engagement and monetization.

我们还推出了两款展示长期潜力的新游戏。《地下城与勇士手游》在第三季度按毛收入排名所有手游的第二位。尽管第四季度将是《地下城与勇士手游》的内容整合期，我们计划在春节期间推出重要内容更新，进一步提升用户参与度和变现。

Delta Force developed internally by Timi Studio represents the first time we have created a first-person action game for simultaneous release on mobile and PC as well as for domestic and international markets. We launched Delta Force in China in September, and the game is achieving good average user daily time spent and player retention rates with several million DAUs, will add a content-centric campaign mode and launched Delta Force in international markets in the coming months.

由天美工作室开发的《三角洲特种部队》是我们首次同时推出的第一人称动作游戏，涵盖移动端和PC端，同时在国内和国际市场发售。我们在9月在中国推出了《三角洲特种部队》，该游戏取得了良好的用户日均时长和玩家留存率，日均活跃用户数（DAU）已达数百万，接下来将新增以内容为中心的战役模式，并将在未来几个月推出国际市场。

Among our international games, PUBG Mobile grew gross receipts by double-digit percentage year-on-year to a record high in the third quarter. Egyptian-themed outfits became one of the most popular costumes in the game and Lamborghini branded car costumes monetized well, too. Brawl Starts continues to rank among the top three mobile games by DAU across the industry and international markets.

在国际游戏方面，《绝地求生：刺激战场》在第三季度毛收入实现了两位数的同比增长，创下了历史新高。游戏中的埃及主题服装成为最受欢迎的服饰之一，而兰博基尼品牌的汽车服饰也表现良好。《荒野乱斗》继续在全球范围内的DAU排名中位列前三。

Gross receipts grew several times year-on-year, driven by the limited time Mega Boxes event and an IP collaboration with SpongeBob Squarepants. For VALORANT, gross receipts increased over 30% year-on-year in the third quarter, benefiting from the launch of a console version and eSports themed weapon items. We extended VALORANT to PlayStation and Xbox in early August in North America, Europe, Japan and Brazil, expanding the game's user base.

在第三季度，《荒野乱斗》的毛收入同比增长了几倍，主要得益于限时的超级箱子活动以及与《海绵宝宝》的IP合作。《无畏契约》的毛收入同比增长超过30%，受益于控制台版本的发布和电竞主题武器道具的推出。我们在8月初将《无畏契约》扩展至北美、欧洲、日本和巴西的PlayStation和Xbox平台，进一步扩大了用户基础。

Turning to our next revenue segment, which we have renamed from Online Advertising to Marketing Services to better represent the breadth of our promotional and marketing solutions. Our Marketing Services revenue grew 17% year-on-year. Strength in games and e-commerce categories outweighed weakness in real estate and food and beverage.

接下来是我们的下一收入板块，我们将“在线广告”更名为“营销服务”，以更好地代表我们全面的推广和营销解决方案。我们的营销服务收入同比增长17%。游戏和电商类别的强势表现抵消了房地产和食品饮料行业的疲软。

The Paris Olympics somewhat cushioned industry-wide weakness in brand ad revenue during the third quarter but this positive factor will be absent in the fourth quarter. We leveraged our foundation model, Tencent Hunyuan to facilitate tagging and categorization of content and ad materials. And we upgraded our machine learning platforms to deliver more accurate ad targeting.

巴黎奥运会在一定程度上缓解了第三季度整体品牌广告收入的下滑，但这一积极因素将在第四季度缺失。我们利用我们的基础模型——腾讯混元来促进内容和广告材料的标记和分类，并升级了机器学习平台以提供更精确的广告定位。

By property, video accounts marketing services revenue increased over 60% year-on-year. As we systematically strengthen transaction capabilities in Weixin, advertisers increasingly utilize our marketing tools to boost their exposure and drive sales conversion. Mini Programs marketing services revenue grew robustly year-on-year as our Mini Games and Mini Dramas provided high-value rewarded video ad inventory and generated incremental closed-loop demand.

按产品来看，视频号的营销服务收入同比增长超过60%。随着我们在微信中系统性增强交易功能，广告主越来越多地利用我们的营销工具来提升曝光度并推动销售转化。小程序的营销服务收入同比强劲增长，我们的小程序游戏和小剧集提供了高价值的奖励视频广告库存，推动了闭环需求的增长。

And for Weixin Search, we utilized large language model capabilities to facilitate understanding of complex queries and content, enhancing the relevance of search results. Commercial queries increased and click-through rate improved, and our search revenue more than doubled year-on-year.

在微信搜索方面，我们利用大语言模型的能力促进了对复杂查询和内容的理解，提升了搜索结果的相关性。商业查询增加，点击率提高，搜索收入同比增长超过一倍。

Looking at FinTech and Business Services. Segment revenue was RMB 53 billion, up 2% year-on-year. FinTech services revenue in aggregate remained largely stable year-on-year, with a decrease in payment revenue offset by an increase in bulk management services revenue. The number of commercial payment transactions continue to increase at a healthy rate. but average value per transaction declined. For wealth management, both the number of users and aggregated customer assets increased year-on-year.

再来看金融科技及企业服务。该板块的收入为人民币530亿元，同比增长2%。金融科技服务的总体收入同比基本保持稳定，支付收入的下降被大宗管理服务收入的增长所抵消。商业支付交易数量继续以健康的速度增长，但每笔交易的平均金额有所下降。在财富管理方面，用户数量和客户资产总额同比增长。

Turning to Business Services. Revenue grew year-on-year in the third quarter, benefiting from higher class services revenue and increased technology service fees generated from rising e-commerce transaction volumes. Business Services gross profit rose significantly year-on-year due to the increased contribution from higher-margin revenue streams as well as improved efficiency. Our cloud revenue from GPUs primarily used for AI grew swiftly year-on-year and now represents a teens percentage of our infrastructure as a services revenue.

企业服务方面，收入在第三季度实现同比增长，得益于更高的类服务收入和来自上升的电商交易量带来的技术服务费用增加。由于高毛利率收入来源的增加以及效率的提升，企业服务毛利润同比大幅增长。我们在AI领域主要使用的GPU云服务收入同比增长迅速，现在占据了我们基础设施服务收入的青少年比例。

We released Tencent Hunyuan Turbo, which utilizes a heterogeneous mixture of experts architecture, doubling our training and inference efficiency and halving inference cost versus its predecessor Hunyuan Pro. SuperCLUE ranked Hunyuan Turbo first for general capabilities among domestic peers.

我们发布了腾讯混元Turbo，它采用了异构专家混合架构，使训练和推理效率翻倍，推理成本比其前身混元Pro减少了一半。SuperCLUE在国内同行中排名混元Turbo的通用能力第一。

Last week, we made the Hunyuan large model in the Hunyuan 3D generation models available on an open-source basis. Our international cloud revenue increased significantly year-on-year. We leveraged domain expertise in areas such as games and live streaming and competitive pricing to win international customers.

上周，我们将混元大模型和混元3D生成模型以开源形式发布。我们的国际云收入同比显著增长，凭借在游戏和直播等领域的专业知识以及具有竞争力的定价，我们赢得了更多国际客户。

And with that, I'll pass to John for the financial review.

接下来，我将把时间交给约翰进行财务审查。

John Lo

Thank you, James. 谢谢你，詹姆斯。

For the third quarter of 2024, total revenue was RMB 167.2 billion, up 8% year-on-year. Gross profit was RMB 88.8 billion, up 16% year-on-year. Operating profit was RMB 53.3 billion, up 20% year-on-year. Interest income was RMB 4 billion, up 14% year-on-year, driven by growth in cash reserves.

在2024年第三季度，我们的总收入为人民币1672亿元，同比增长8%。毛利润为人民币888亿元，同比增长16%。经营利润为人民币533亿元，同比增长20%。利息收入为人民币40亿元，同比增长14%，主要受现金储备增长的推动。

Finance costs were RMB 3.5 billion, up 27% year-on-year due to exchange loss this quarter compared to gains in the same period last year. Share profit of associates and JV was RMB 6 billion compared to RMB 2.1 billion in the same period last year.

财务费用为人民币35亿元，同比增长27%，这主要是由于本季度的汇兑损失，而去年同期为汇兑收益。联营公司和合资企业的利润份额为人民币60亿元，相较去年同期的人民币21亿元。

On a non-IFRS basis, share of profit was RMB 8.5 billion, up from RMB 4.8 billion last year due to strong financial performances from several associates as a result of company-specific factors, including new content release and improved operating efficiencies.

按非国际财务报告准则（Non-IFRS），联营公司和合资企业的利润份额为人民币85亿元，同比增长了72%，这是由于多家联营公司强劲的财务表现，得益于公司特定的因素，包括新内容发布和运营效率的提升。

Income tax expense declined by 19% year-on-year to RMB 8.9 billion, primarily due to higher withholding tax provision in the same quarter last year. Our domestic corporate income tax in the third quarter of 2024 increased year-on-year. On non-IFRS financial figures. Operating profit was RMB 61.3 billion, up 19% year-on-year. Net profit attributable to equity holders was RMB 59.8 billion, up 33% year-on-year.

所得税费用同比下降19%，为人民币89亿元，主要是由于去年同期较高的预提代扣税款。2024年第三季度我们国内的企业所得税有所增长。按非国际财务报告准则，经营利润为人民币613亿元，同比增长19%。归属于普通股股东的净利润为人民币598亿元，同比增长33%。

The difference in year-on-year growth rates between operating profit and net profit was due to higher non-IFRS share of profits from associates and JV, which increased to RMB 8.5 billion this quarter from RMB 4.8 billion, same quarter last year as well as lower income tax due to previously mentioned high base impact. Diluted EPS was RMB 6.34 , up 36% year-on-year, outpacing non-IFRS net profit growth due to reduced share count from share buybacks. For the third quarter of 2024, our weighted average number of shares for calculating diluted EPS decreased by 2.5% year-on-year.

经营利润与净利润之间的年增长率差异，主要是由于联营公司和合资企业的非国际财务报告准则利润份额同比大幅增长，从去年同期的人民币48亿元增至本季度的人民币85亿元，同时所得税费用的减少也影响了这一差异。摊薄每股收益（EPS）为人民币6.34元，同比增长36%，超出非国际财务报告准则净利润的增长，原因是股票回购导致的总股本减少。2024年第三季度，用于计算摊薄每股收益的加权平均股数同比减少了2.5%。

Moving on to gross margins. Overall gross margin was 53%, up four percentage points year-on-year. By segment, value-added services gross margin was 57%, up two percentage points year-on-year due to a higher mix of higher margin gain revenue margin improvement in music and long-form video businesses as well as low mix of low-margin live streaming revenue. Marketing Services gross margin increased to 53%, up one percentage points year-on-year primarily driven by growth in high-margin video accounts and Weixin share revenues.

接下来是毛利率。整体毛利率为53%，同比增长了4个百分点。各个板块来看，增值服务毛利率为57%，同比增长了2个百分点，主要是由于高毛利游戏收入的比例提升，以及音乐和长视频业务的毛利率改善，同时低毛利直播收入的比例下降。营销服务毛利率为53%，同比增长了1个百分点，主要是受视频号和微信广告收入增长的推动。

FinTech and Business Services gross margin increased to 48%, up 7 percentage points year-on-year. This was driven by enhanced cost efficiency in our cloud businesses, revenue growth from wealth management services and e-commerce technology service fees and the improved monetization of WeCom and other business services.

金融科技及企业服务毛利率为48%，同比增长了7个百分点。这得益于我们云业务的成本效率提升、财富管理服务和电商技术服务费用收入的增长，以及WeCom和其他企业服务的盈利能力改善。

On third quarter operating expenses, selling and marketing expenses were RMB 9.4 billion, up 19% year-on-year due to increased promotional efforts to support new games in domestic and international markets. Selling and marketing expenses represented 6% of revenues compared to 5% in the same quarter last year. R&D expenses were RMB 17.9 billion, up 9% year-on-year, driven by our investment in strategy areas including AI.

关于第三季度的经营费用，销售和营销费用为人民币94亿元，同比增长19%，主要是由于支持国内外新游戏推广的营销支出增加。销售和营销费用占收入的6%，相比去年同期的5%有所上升。研发费用为人民币179亿元，同比增长9%，主要由于我们在人工智能等战略领域的投资。

G&A expenses, excluding R&D were RMB 11.2 billion up 14% year-on-year due to higher staff costs, including costs associated with performance-based reward at certain overseas subsidiaries. At quarter end, we had approximately 109,000 employees, up about 3% year-on-year and also up 3% quarter-on-quarter as the third quarter is the annual college recruitment season. Non-IFRS operating margin was 37%, up three percentage points year-on-year, largely in line with gross margin expansion.

行政和一般费用（不包括研发费用）为人民币112亿元，同比增长14%，这主要是由于员工成本增加，包括某些海外子公司基于业绩的奖励成本。季度末，我们的员工人数约为10.9万人，同比增长约3%，环比增长3%，因为第三季度是每年一次的大学招聘季节。非国际财务报告准则的经营利润率为37%，同比增长了3个百分点，基本与毛利率扩张一致。

To conclude, I will highlight some key cash flow and balance sheet metrics. Operating CapEx was RMB 14.7 billion, up 122% year-on-year driven by investment in GPU service. Nonoperating CapEx was RMB 2.4 billion, up 74% year-on-year driven by CIP. As a result, new CapEx was RMB 17.1 billion, up 114% year-on-year. Free cash flow was RMB 58.5 billion, up 14% year-on-year primarily due to higher gross receipts from games.

最后，我将总结一些关键的现金流和资产负债表指标。经营性资本支出为人民币147亿元，同比增长122%，主要是由于对GPU服务的投资。非经营性资本支出为人民币24亿元，同比增长74%，主要是由于CIP（建设中的项目）支出的增加。总体新增资本支出为人民币171亿元，同比增长114%。自由现金流为人民币585亿元，同比增长14%，主要得益于游戏收入的增长。

On a Q-on-Q basis, free cash flow increased by 45%, driven by higher games receipts received and timing differences in the settlement of certain accounts payables. Net cash position was RMB 95.5 billion, up 33% year on-quarter, primarily driven by free cash flow generation partially offset by cash used for our share repurchases. Thank you.

环比来看，自由现金流增长了45%，这是由于游戏收入的增加以及某些应付账款结算的时间差异所致。净现金位置为人民币955亿元，环比增长33%，主要受自由现金流生成的推动，部分被用于股票回购所抵消。

Question-and-Answer Session

问答环节

Wendy Huang

Thank you, John. We shall now open the floor for questions. Our first question comes from Kenneth Fong from UBS.

谢谢你，约翰。我们现在开始提问环节。我们的第一个问题来自瑞银的 Kenneth Fong。

Kenneth Fong

Hi good evening management. Thank you for taking my question. I have two questions. First is on mobile games. This year, we have a few major hit in China gaming market. In mobile, we have our Q3 successful Dungeon and Fighter. In PC Black Myth Wukong, which we have an equity stake has been a big hit. In Mini Games, Whiteout Survival, we started as our top mini program, Mini Games and now being a top 10 grossing in China, after turning into an app-based game. So in light of that, can management share with us the implication, and insights for the industry? And how would these events, or major hit games actually shape, our game strategy going forward?

大家晚上好，感谢管理层接受我的提问。我有两个问题。首先是关于手游的。今年，我们在中国游戏市场上有几款大热的游戏。手游方面，第三季度的《地下城与勇士》表现非常成功。PC端的《黑神话：悟空》也取得了巨大成功，而我们对其有股权投资。在小程序方面，《Whiteout Survival》从我们的顶级小游戏小程序起步，现在已经成为中国收入前十的游戏。所以，鉴于此，能否请管理层与我们分享这些现象的行业影响和洞察？这些重大成功的游戏会如何影响我们未来的游戏战略？

And my second question is on e-commerce. I noticed that we upgrade our - into our Weixin Mini Shop to enhance our e-commerce offering. Can management share more with us this initiative, including the positioning versus before? And how should we think about its potential? It is fair to say that we shouldn't think about this TAM from a live streaming e-commerce, but actually the whole e-commerce space has a much higher term. And how should we think about his role versus minimum program, which the GMV has hit RMB2 trillion last quarter? Thank you.

我的第二个问题是关于电商的。我注意到我们在升级微信小商店以增强电商功能。能否请管理层详细介绍这个举措，包括它与之前的定位有什么不同？我们应该如何看待它的潜力？是否可以理解为我们不应仅仅把这个市场视为直播电商，而应该将其视为一个更广泛的电商领域，其潜力更大？另外，微信小程序在上一季度已经实现了2万亿元的GMV，我们应该如何看待微信小商店与小程序之间的角色关系？

James Mitchell

Hi Kenneth, I'll take the question on games. So it is true to say and gratifying to say that in recent months, the success of in a certain games made in China worldwide, has become increasingly evident, whether that's a Black Myth Wukong or a Whiteout Survival, or the ongoing strength of PUBG Mobile. And I think that is a structural trend facilitated by the fact that the Chinese studios.

嗨，Kenneth，我来回答关于游戏的问题。可以说，令人欣慰的是，最近几个月，中国制作的某些游戏在全球的成功变得越来越明显，无论是《黑神话：悟空》还是《白色生存》，或者是《PUBG Mobile》的持续强势。我认为这是由中国工作室的事实所促成的结构性趋势。

Are operating in a large home market that adopts new trends, such as virtual item business models such as mobile platform relatively quickly. Also, they benefit from a very substantial engineering workforce that means, they can allocate substantial headcount to games, both developing and operating games. And then the workforces are very willing to embrace new tools.

在一个采用新趋势的大型本土市场中运营，例如虚拟商品商业模式，如移动平台相对较快。此外，他们受益于非常庞大的工程团队，这意味着他们可以将大量人力分配到游戏的开发和运营中。而且这些员工非常愿意接受新工具。

And this year, in Unreal Engine 5, which powers Black Myth Wukong, because there's been a particularly notable example of the benefit of utilizing these new technologies. So what does that mean for - in a Tencent strategy. We believe that whether internationally or domestically, the scarce resource in the industry is really evergreen games. And on the one hand, the ability to release new games that becomes hits, it is increasingly challenging.

今年，在支持《黑神话：悟空》的虚幻引擎 5 中，有一个特别显著的例子展示了利用这些新技术的好处。那么这对腾讯的战略意味着什么呢？我们相信，无论是在国际上还是国内，行业中稀缺的资源实际上是常青游戏。一方面，推出成为热门的新游戏的能力越来越具有挑战性。

On the other hand, for games that are hit then with the right investment in care, the opportunity to render them Evergreen, is more attractive than it's ever been before. And how do we turn that observation into a strategy. The strategy is to really play to different studio strengths. Within Tencent, we have a number of very capable proven studios. Many of them are particularly good at player-versus-player gameplay based games.

另一方面，对于那些已经成为热销游戏的作品，在正确的投资和维护下，将它们打造成长青游戏，比以往任何时候都更具吸引力。如何将这一观察转化为战略？我们的战略是充分发挥不同工作室的优势。在腾讯内部，我们拥有多个非常有能力的工作室，许多工作室在玩家对战类（PvP）游戏方面尤其擅长。

And they continue to double down on their strengths. In outside Tencent, there are studios that are particularly good at content-based story-driven games, such as Black Myth Wukong. There are studios that are particularly good at strategy games, such as Whiteout Survival. And for those studios, we seek to invest in them, which we have done with both to deepen and increase our investments in relationship with them sometimes to publish their games.

因此他们将继续加大对这些优势的投入。在腾讯之外，有些工作室在内容驱动型的故事游戏方面尤为出色，例如《黑神话：悟空》。也有些工作室擅长策略类游戏，比如《Whiteout Survival》。对于这些工作室，我们会通过投资和深化合作关系来加强与他们的合作，有时甚至会参与发行他们的游戏。

And so, we believe that, that strategy is the right strategy, leveraging both in-house studios, and our investments in partnerships with external studios, for each studio to focus on what it does best.

因此，我们相信，这一战略是正确的——既利用腾讯内部的工作室，又通过投资和与外部工作室的合作，帮助每个工作室专注于其最擅长的领域。

Martin Lau

So Kenneth on your second question, in terms of Weixin Mini shops, as we introduced in our prepared remarks, the purpose of the Weixin Mini shop is actually to create and develop, a unified and trustworthy e-commerce platform within Weixin. And this platform features a standardized and impacted merchandisers. And these products would become atomic data structure within Weixin, to represent product information.

关于你的第二个问题，Kenneth，关于微信小商店的部分，正如我们在准备发言中提到的，微信小商店的目的是在微信内创建和发展一个统一且值得信赖的电商平台。这个平台具有标准化的商品展示，并且这些商品会成为微信内的原子数据结构，用来表示商品信息。

And at the same time, the merchants are going to be verified, and subject to quality monitoring. So what does it mean, right? With this upgrade, what we believe is that the shopping experience for consumers would improve, as there is a better quality assurance on the products, and they also enjoy better shopping experience, such as order tracking express return, because now we know what kind of products have they bought and from with merchants that they have bought from - bought.

同时，商家也会经过认证，并且受到质量监控。这意味着什么呢？通过这次升级，我们相信消费者的购物体验会得到改善，因为商品的质量得到了更好的保障，同时消费者也能享受到更好的购物体验，例如订单追踪、快速退货等。因为现在我们知道消费者购买了什么样的商品，以及他们是从哪些商家那里购买的。

And for the merchants, they would actually enjoy better transaction support as we discussed. And more importantly and most importantly, access to new traffic and customers. This overall, any shop experience will be incorporated into the Weixin ecosystem. And as a result, it would actually enjoy new traffic streams, such as it will have magnified access, to our communication and social traffic, such as chat, group chat and moments as well, as our media properties such as official accounts, media programs, search, video accounts and over time, recommendation engine.

对于商家来说，他们将享受更好的交易支持，正如我们之前所讨论的，最重要的是，商家将获得更多的流量和客户。整体来说，任何店铺的体验都会被纳入微信生态系统。因此，商家将享受到新的流量来源，比如通过聊天、群聊和朋友圈等社交流量，还包括我们的媒体资源，比如公众号、视频号、微信搜索等，以及随着时间推移，推荐引擎等。

将推荐引擎纳入微信是早晚的事，腾讯的优势是有时间也有空间。

So the whole idea is that when we know what products are being sold by what merchants, then we are more comfortable in providing access to traffic to our consumers in the Weixin ecosystem. And that actually would create the flying wheel on the attraction for merchants. In terms of the potential, we are actually very excited about the long-term potential of this e-commerce ecosystem.

所以，整体的想法是，当我们知道哪些商家卖什么样的产品时，我们就更放心地为微信生态中的消费者提供流量访问。这实际上会创造一个良性循环，吸引更多商家。至于潜力，我们对这个电商生态系统的长期潜力感到非常兴奋。

And the reference point, as you said, is like Mini Programs, right? So within Mini Programs, there are already a lot of transactions. When we mentioned about RMB2 trillion transaction, a lot of it is actually on services. So they are not really on physical merchandise. But even if you look at the physical merchandise, there is actually a pretty significant GMV already that merchants are selling to their customers.

正如你提到的，微信小商店的参照点其实是小程序。小程序内已经有很多交易。当我们提到2万亿元交易量时，其中很多实际上是服务类交易，而非实体商品。但即便是实体商品，也已经有相当可观的GMV，商家正在将商品销售给他们的客户。

But if you look at how these merchants are generating these transactions, right, they are primarily selling these products to customers, which they have already known, right? So when merchants have got their physical shops, and they would actually ask their customers to purchase through WeChat Pay. And with that, they would activate sometimes a Mini Program.

但如果我们观察这些商家是如何生成这些交易的，可以发现他们主要是将商品卖给已经认识的客户。当商家有了自己的实体店时，他们通常会要求客户通过微信支付进行购买，然后激活一个小程序。

And from that point onward, if the customers actually want to revisit the store, they can actually go back to the Mini Program, and generate the transaction. But within these transactions, we actually don't know what's happening, what kind of products are being sold, and the merchants actually do not really have new ways, of getting access to new customers.

从那时起，如果客户想要再次访问商店，他们可以通过小程序重新生成交易。然而，在这些交易中，我们并不知道具体发生了什么，卖了什么商品，而商家也没有新的方式去接触到新客户。

But if they feature the product within the Weixin Mini shops, right, then they can actually get access to all the traffic that, I mentioned within communication and social and within our media properties, including video accounts. So that's why we felt it's actually a better experience for merchants than the Mini Program infrastructure. And another case in point, I would point out is that if you look at video accounts, right, video - before video accounts was introduced as a standardized product format within Weixin.

但如果商家在微信小商店中展示商品，那么他们将能够获得我刚才提到的社交和媒体流量，包括视频号等。这就是我们觉得微信小商店为商家提供的体验，比传统的小程序基础设施更好。另一个例子是视频号。在视频号作为微信内标准化的产品格式推出之前，微信生态内已经有大量非标准化的短视频内容在分享。

What happened is there was already a lot of non-standardized short video being shared within the ecosystem of Weixin. But once video accounts was introduced, and once the video format was actually standardized with good traffic support then the video accounts traffic actually grew very significantly. And that's why we felt if we can actually provide a standardized, well-protected, trustworthy transaction environment within Weixin, then we can actually have a good potential of building our transaction volume.

但是一旦视频号推出，并且视频格式标准化并得到了强大的流量支持，视频号的流量就大幅增长。因此，我们认为，如果我们能够在微信内提供一个标准化、受保护且值得信赖的交易环境，那么我们有很好的潜力来提升我们的交易量。

微信的护城河还是很宽的。

Kenneth Fong

Thank you Martin and James and congrats on a strong quarter.

感谢马丁和詹姆斯，祝贺你们取得了一个强劲的季度。

Wendy Huang

Thank you, Kenneth. Next question will be from Citibank's Alicia Yap.

谢谢你，Kenneth。下一个问题来自花旗银行的 Alicia Yap。

Alicia Yap

Thank you, Wendy. Hi, good evening management. Thanks for taking my questions. Two questions. First is that related to Weixin search. You mentioned commercial queries and click-through rate grew year-over-year. Can management share some colors on, which industry advertisers started to utilize more of the commercial keyword to drive the traffic lead. And other than the so ISO [ph] feature within the Weixin app, is there any other entry point the advertiser can leverage on the search query. And also, will you ramp up the Gen AI chatbot, would that eventually embed with the commercial sponsor answer as well? Second question is related to international games. When you comment on elongating the deferred periods, is that only refer to certain big flagship titles that you have. Can you remind us the range of the deferred period for your international games? So -- and also judging from your comments about the decent gross receipt growth. It seems like international games revenue could see a more stable and more sustainable growth into next year or maybe the years after? Thank you.

谢谢，Wendy。晚上好，管理层，感谢你们接受我的提问。我有两个问题。第一个是关于微信搜索。你们提到商业查询和点击率同比增长。能否请管理层分享一些细节，哪些行业的广告主开始更多地利用商业关键词来引导流量？除了微信应用内的SO ISO功能外，广告主是否可以通过其他入口来利用搜索查询？另外，是否会加大生成式AI聊天机器人的投入，是否最终会将商业赞助答案嵌入其中？第二个问题是关于国际游戏。你们提到延长了收入递延期，这是否仅指某些大规模旗舰游戏？能否提醒我们国际游戏的递延期范围是什么？另外，根据你们关于收入增长的评论，国际游戏的收入是否可以在明年或未来几年实现更稳定、更可持续的增长？

James Mitchell

Thank you for the questions, Alicia. So on Weixin search then some of the larger advertisers are buying search keywords include our advertisers in financial services. Internet services, games, automobiles, local services, more recently luxury goods. In terms of other than the so ISO feature within Weixin, there are the entry points, then yes, we have multiple entry points, and we'll cultivate more whether that's within video accounts, Mini Programs elsewhere.

谢谢你的提问，Alicia。首先是关于微信搜索的问题。一些较大的广告主购买搜索关键词的行业包括金融服务、互联网服务、游戏、汽车、本地服务，最近还有奢侈品。除了微信应用中的SO ISO功能之外，广告主还有多个入口可以利用，且我们将继续开拓更多入口，这些入口可能包括视频号、小程序等。

And some of those entry points are more in the nature of search boxes, some are more response triggers in response to actions that the users have undertaken. And for example, Martin was talking about the standardization of SKUs that Mini Shops provide. And one of the sort of opportunities going forward is that as we have standardized cards on each product, then a consumer transaction, a consumer interaction can trigger a feed of commerce relevant information, displaying those cards on after the other in response to consumer intent.

这些入口有些以搜索框的形式呈现，有些则是作为用户执行特定操作后的响应触发。例如，Martin提到过小商店提供的SKU标准化。未来的一个机会是，随着我们在每个产品上实现标准化卡片，消费者的交易或互动可以触发一系列与商业相关的信息流，展示这些卡片，并根据消费者的意图进行排序。

And that feed would then also be powered effectively by a search technology. In terms of whether YongBao will embed commercial search results, the answer is no. for the current time, we're focused on making YongBao be as appealing and attractive to users as it can be and we're not focused on premature monetization. So that's on Weixin search. Moving to the international games, was the elongation for certain big flagship titles, yes. What is the deferral period for international games.

这个信息流将有效地由搜索技术驱动。关于生成式AI是否会嵌入商业搜索结果，目前的答案是否定的。现在，我们的重点是让生成式AI尽可能吸引用户，而不是过早地进行货币化。因此，这就是微信搜索方面的情况。

We have disclosed in the past that the deferral periods for domestic games are typically six to nine months. And for international games, the deferral periods are either similar or longer and in some cases, substantially longer. And then in terms of the outlook, for international games revenue growth, we are indeed constructive on the outlook given the business trends we're seeing from the existing games, given the deferred revenue backlog that's built out in the last few quarters, from those existing games, and then given the potential upside from new game releases. Thank you.

关于国际游戏的问题，延长收入递延期是针对某些大规模旗舰游戏，没错。至于国际游戏的递延期，我们曾披露过，国内游戏的递延期通常为6到9个月，而国际游戏的递延期通常是相似的，甚至在某些情况下会更长。在展望方面，关于国际游戏的收入增长，我们对未来的前景持建设性态度，原因在于我们从现有游戏中看到的业务趋势、过去几个季度积累的递延收入，以及新游戏发布所带来的潜在增量。谢谢。

Wendy Huang

We will take the next question from Goldman Sachs, Ronald Keung.

我们将接受高盛的下一个问题，Ronald Keung。

Ronald Keung

Thank you. Thank you. Pony, Martin, James, John and Wendy. I have two questions. Kicking off with the macro kind of related question. With the shift in More pro-growth domestic policies in September, and while we also see a more complex geopolitical environment ahead, just how are we positioning our business and strategies in face of domestic, which is policy opportunities, while the international environment is still evolving. And specifically on consumption, I just want to expand on how are we seeing any latest trends on marketing services, payment indicators with the recent Singles Day. And you mentioned a decline in average order value per transaction for payment. So any thoughts on potential inflection points in terms of the ticket size trends that is important for consumption trends? Thank you.

谢谢你，Pony，Martin，James，John和Wendy。我有两个问题。首先是关于宏观经济相关的问题。随着中国9月出台更多支持经济增长的政策，并且我们也看到未来更复杂的地缘政治环境，面对国内政策的机遇，以及国际环境的变化，我们是如何定位我们的业务和战略的？具体到消费方面，我想进一步了解在最近的“双十一”期间，我们在营销服务和支付指标上是否观察到一些新的趋势？你们提到支付交易的平均订单价值有所下降，那么关于消费趋势的票单大小变化，是否有潜在的拐点，能分享一些想法吗？谢谢。

Martin Lau

Okay. In terms of your first question, we do get encouraged by the recent policy by the Chinese government to stimulus - provide stimulus to the economy. And we felt this policy direction is very constructive. It's very timely, and the resolution is actually very strong. So that's why we are constructive on the longer-term economic outlook. We believe that the economic growth would eventually reaccelerate.

好的。关于您的第一个问题，我们确实受到中国政府最近出台的刺激经济政策的鼓舞。我们认为这一政策方向非常具有建设性。它非常及时，决心也非常强大。这就是为什么我们对长期经济前景持建设性态度。我们相信经济增长最终会重新加速。

Although the timing may be uncertain, and especially, it would take some time for the measures to be implemented, and additional time for the measures to take effect. So how do we position ourselves? I would say we would continue to do the right things, right? If you look at what we have been doing in the past few years, we have gone through a cycle of regulatory scrutiny and that was domestic primarily.

尽管时间可能不确定，尤其是措施的实施需要一些时间，措施生效还需要额外的时间。那么我们该如何定位自己呢？我会说我们会继续做正确的事情，对吗？如果你看看我们过去几年的所作所为，我们经历了一个监管审查的周期，这主要是国内的。

But then I think that principle can also be applied globally, which is we continue to do things that make us very compliant to all rules and regulations, not just to the word, but also to the spirit. And in a lot of cases, when we understand what, are the intentions of the regulators, we are able to be proactive in making changes to our products, and in conducted communication so that we would be not only just, sort of passively compliant but also actively compliant, to rules and regulations around the world.

但我认为这一原则也可以在全球范围内应用，即我们继续做使我们非常符合所有规则和法规的事情，不仅是字面上的，还包括精神上的。在很多情况下，当我们了解监管者的意图时，我们能够主动对我们的产品进行更改，并进行沟通，以便我们不仅仅是被动合规，而是积极合规于世界各地的规则和法规。

We continue to improve our products, and create user value. I think that's actually sort of very important for us. And in order to do that, we focus on the products and services that are meaningful. And instead of like spreading ourselves, very thinly across many different products. We want to make sure that we focus ourselves on the right products, and continue to create value for the users, as well as for our customers and for our partners.

我们不断改进我们的产品，并创造用户价值。我认为这对我们来说实际上非常重要。为了做到这一点，我们专注于有意义的产品和服务，而不是把自己分散在许多不同的产品上。我们希望确保自己专注于正确的产品，并继续为用户、客户和合作伙伴创造价值。

And at the same time, I think in just conducting ourselves internally, right? We continue to enforce and build a culture of excellence, and also a culture of focusing on cost efficiency. So that we are strong on our own self-discipline and prevent ourselves from spending too much, and getting into a lack of focus. So I think when we do these right things, right, no matter whether there's good times and bad times in macroeconomic conditions, and whether there will be some fluctuations in terms of regulatory attention.

同时，我认为在内部自我管理方面，对吧？我们继续加强和建立卓越文化，同时也注重成本效率文化。这样我们就能在自律方面保持强大，防止过度支出和注意力不集中。所以我认为当我们做这些正确的事情时，无论宏观经济条件是好是坏，以及监管关注是否会有一些波动。

We can actually continue to grow our business, and develop business in a consistent way. Now in terms of just looking at the macroeconomic environment right now, what we have seen is that there is an uptick in October after the policy got announced in terms of transaction value. And that's actually against a backdrop of a gradual decrease of year-on-year growth rate through the - each month in the third quarter.

实际上，我们可以继续发展我们的业务，并以一致的方式发展业务。就目前的宏观经济环境而言，我们看到的是，在政策宣布后，十月份的交易价值有所上升。这实际上是在第三季度每个月的同比增长率逐渐下降的背景下发生的。

So if you look at the trend, it was like month-on-month, year-on-year growth rate has been declining through the third quarter, until we hit October and there's an uptick. So I think that's the latest trend that we see. We believe, going forward, the economic recovery would take some time. But over the long run, we do believe it would definitely be reaccelerating, because we felt there is a very strong resolution by the government to revive the economy.

所以如果你看趋势，月环比、年同比增长率在第三季度一直在下降，直到十月份才出现回升。所以我认为这是我们看到的最新趋势。我们相信，未来经济复苏需要一些时间。但从长远来看，我们确实相信它会重新加速，因为我们感受到政府有非常强烈的决心来振兴经济。

And at the same time, there's actually positive structural factors in the economy including a very strong work ethics among workers in China, including a very deep engineering talent pool, including entrepreneurism among companies of all sizes, small, medium and large companies.

同时，经济中实际上存在积极的结构性因素，包括中国工人中非常强的职业道德，包括非常深厚的工程人才库，包括各类企业中的企业家精神，小型、中型和大型企业。

And also there is a vast and comprehensive supply chain in China, just to name a few. And that's why we felt over the longer run, right, we are optimistic about the economic revival in the macroeconomic environment.

而且在中国还有一个庞大而全面的供应链，仅举几例。这就是为什么从长远来看，我们对宏观经济环境中的经济复苏持乐观态度。

Wendy Huang

Thank you. We will take the next question from Bank of America, Miranda. Miranda. Your line is open.

谢谢。我们将接受来自美国银行的下一个问题，米兰达。米兰达，您的线路已打开。

Miranda Zhuang

Thanks. Good evening management. So first question, I want to follow up on the Weixin e-commerce business. So management has explained the rationale and the benefits of the Mini Shops and is optimistic about the e-commerce business over the long-term. If we zoom in into the near term, wondering what will be the next steps, and time line for the leasing e-commerce business in the upcoming quarters. Can management share about your focus areas of priorities, and the strategy to ramp the business in the near term? Especially against the backdrop and development where seems that, the overall short video on live streaming e-commerce market, is slowing down and traditional e-commerce market still has been intense competition. So against all these like near-term environment, and how will the Weixin e-commerce grow the scale and gain share in the market? And my second question, can I check with the management. If there will be any color, about the recent open up and cooperation with Taobao. What kind of benefits are we seeing? And how should we think about any potential future collaborations? Thank you.

谢谢，晚上好，管理层。我的第一个问题是关于微信电商业务的。管理层已经解释了微信小商店的逻辑和优势，并对电商业务的长期前景持乐观态度。如果我们把视角聚焦在近期，想了解一下在未来几个季度内，微信电商业务的下一步是什么？能否分享一下你们的重点领域、优先事项和在短期内推动业务发展的战略？尤其是在短视频和直播电商市场增速放缓，传统电商竞争依然激烈的背景下，微信电商如何在这些短期环境下扩大规模并争取市场份额？第二个问题是关于近期与淘宝的合作。能否请管理层分享一下具体的合作细节，看看我们从中得到了哪些收益？未来可能会有哪些潜在的合作机会？谢谢。

Martin Lau

So the short answer on the Mini Shop is that we will continue to improve the basic infrastructure, which is building this standardized and indexed and quality-assured transaction environment within Weixin. And there's actually a lot of functionalities that we need to build, right? And we - there's the infrastructure bid, there's actually the customer service and consumer experience needs to be improved, and there's also a lot of merchant tools that, we need to provide to merchants.

关于微信小商店，简短的回答是我们将继续改善基础设施，建立一个标准化、索引化和质量保证的交易环境在微信内。其实我们还需要构建很多功能。除了基础设施建设之外，我们还需要改善客户服务和消费者体验，并且提供许多商家工具给商家使用。

And once all this is done, then we will provide linkage of this infrastructure to the various traffic stores, right? If you look at the communication and social side, and on the media properties, we need to build a lot of these features and functionalities and product utilities. So I think that's essentially the focus. And what's the short-term target? I think the answer, is that we don't manage that from a short-term perspective. We felt if we can actually build all these products and features, and utilities then the growth would actually fall.

一旦这些工作完成，我们将会把这些基础设施与各种流量渠道连接起来。比如在社交和通讯领域以及媒体资源方面，我们需要开发许多这些功能、特性和产品工具。我认为这就是我们当前的重点。至于短期目标，我想回答的是，我们并不是从短期角度来管理这一业务。我们认为，如果能够建设好这些产品、功能和工具，增长自然会到来。

James Mitchell

Yes. So on the second question, so it's very early days, but we have seen good adoption of Weixin Pay within Taobao in October, and that's beneficial for us because that increases our overall e-commerce, TPV and therefore, revenue. And it's good news for Taobao because we believe that those customers, who are using Weixin Pay within Taobao, disproportionately customers who are new to Taobao and who are, therefore, particularly desirable customers.

关于第二个问题，虽然现在还处于早期阶段，但我们已经看到微信支付在淘宝中的应用情况良好，特别是在10月份，这对我们是有益的，因为它提升了我们整体的电商交易总额（TPV），从而也增加了收入。这对淘宝也是一个好消息，因为我们认为，使用微信支付的淘宝客户，尤其是新用户，他们是淘宝特别渴望吸引的客户。

瞎扯。

So we think that this is something that will take a long period of time to fully play out, but we're very happy with the initial steps and success. And we also believe that as it, becomes easier for Weixin Pay users to transact within Taobao then over time, it would also become more desirable for Taobao to advertise within Weixin. Thank you.

我们认为这将是一个长期的过程，但我们对初步的成果和进展感到非常满意。我们也相信，随着微信支付用户在淘宝内的交易变得更加便捷，未来淘宝在微信内进行广告投放的需求也会逐渐增加。谢谢。

Miranda Zhuang

Thanks management. 感谢管理层。

Wendy Huang

Thank you. We will take the next question from JPMorgan, Alex Yao.

谢谢。我们将接受来自摩根大通的下一个问题，Alex Yao。

Alex Yao

Hi, thank you guys for taking my question. My first question is about the newly launched game, Delta Force. Based on the IRS ranking the games monetization seem to be a little bit behind the curve despite of high use return and retention rates. Is the current situation more of a monetization timing strategy thing? Or is there a monetization design thing? And then the second question is regarding the payment revenue decline in this quarter. China retail space actually grew by low single digit in third quarter, but your payment revenue declined on a year-over-year basis. So the question is, is Tencent payment overly exposed to certain weak consumption categories? Thank you.

你好，谢谢你们接受我的提问。我有两个问题。第一个问题是关于新推出的游戏《三角洲特种部队》。根据IRS排名，这款游戏的盈利表现似乎稍微落后，尽管它的用户留存和回报率很高。请问目前这种情况更多的是一个盈利时机策略问题，还是有设计上的问题？第二个问题是关于本季度支付收入的下降。中国零售市场在第三季度增长了低个位数，但你们的支付收入同比下降。问题是，腾讯支付是否过度依赖某些消费疲软的领域？

James Mitchell

Great. So on Delta Force, Delta Force is a PVP multiplayer game and historically and currently, when we release PVP multiplayer games, we do tend to sort of front-load the user engagement, the user additions and then progressively monetize over time. That said, the monetization on Delta Force is actually good, much better than for some of our existing large-scale PVP multiplayer games when they launched.

关于《三角洲特种部队》，这是一款PVP多人在线游戏，历史上以及目前，当我们发布PVP多人游戏时，通常会先集中在用户参与和用户增加上，然后随着时间的推移逐步进行货币化。不过，《三角洲特种部队》的盈利表现其实相当不错，比我们一些现有的大型PVP多人游戏刚发布时的盈利表现还要好。

And the reason you don't see it in the data that you mentioned is because Delta Force is our first big game simultaneously launched on mobile and PC and four games that are simultaneously launched on mobile and PC, we can see from our investee companies, and we can see now with Delta Force that, while the majority of the users are on mobile the large majority of the revenue is generated on PC.

至于你提到的在数据中的表现，原因在于《三角洲特种部队》是我们首个在移动端和PC端同时发布的大型游戏。对于这种同时发布在移动端和PC端的游戏，我们可以从我们投资的公司中看到，像《三角洲特种部队》这样的游戏，虽然大多数用户是在移动端，但收入的主要来源还是来自PC端。

Which doesn't show up in the data sources you're looking at. But rest assured, Delta Force is actually monetizing quite well, and we're very happy with it both from a usage perspective, but also from a monetization perspective.

这些数据在你看到的统计中并没有显示出来。不过可以放心，《三角洲特种部队》的盈利情况非常好，我们对这款游戏的使用情况和盈利情况都非常满意。

Martin Lau

In terms of our payment revenue, and the comparison to the China retail spend, I would say, I think the implied question is like is there any issue with our payment franchise? And I think the way we look at it is actually we are quite comfortable with our payment franchise. And the discrepancy is actually, due to two points in our view. One is we throughout this year, we have been eliminating lower quality and, in particular, sometimes loss-making transaction volume. And that actually sort of, has an impact on our overall payment volume.

关于支付收入和中国零售支出的对比，我认为你的问题实际上是在问我们的支付业务是否存在问题。我们认为，我们对自己的支付业务非常有信心，差异主要是由两个因素造成的。第一，今年我们一直在剔除一些低质量的，特别是一些亏损的交易量，这对我们的整体支付量产生了一定影响。

有可能的瞎扯。

And the second thing is actually, we - when we look at our payment coverage, right, it doesn't represent all the retail purchases in China. It's actually gravitated towards smaller ticket everyday items. And as a result, right, we are much more focused on the number of transactions rather than the transaction volume or the revenue when we assess our payment franchise. And when we look at that number, right, the number of transactions, it actually grew around 10% year-on-year, which gives us comfort that our payment franchise, is actually still very strong.

第二点是，当我们看待我们的支付覆盖面时，实际上它并不代表中国所有的零售消费，而是更集中在小额日常消费品上。因此，我们在评估支付业务时，更关注交易数量，而不是交易金额或收入。事实上，我们的交易数量同比增长了大约10%，这让我们对支付业务的强劲表现感到非常有信心。

Wendy Huang

Thank you. We will move to the next question from HSBC, Charlene Liu.

谢谢。我们将转到汇丰银行的下一个问题，来自刘佳琳。

Charlene Liu

Thanks Wendy and thank you management team for the opportunity. The first question I wanted to ask, is about sort of outlook on earnings growth, because we have seen close to two years, of really strong margin expansion come through. Does Tencent have a more normalized earnings growth rate that, the company targets in the medium term. Or alternatively, is there a certain ratio that Tencent seeks to achieve between top line, and earnings growth, say, for example, no GP growth at 1.5 times of top line, et cetera? Secondly, do we have an updated budget for 2025 share buyback? Is it fair to assume that Tencent would do at least, the absolute amount that Tencent did in 2024. And how is the management thinking about shareholder return more generally, is buyback still the preferred form versus disposal of investments, investees and dividend?

谢谢，Wendy，也谢谢管理层给予的机会。我的第一个问题是关于盈利增长前景的。我们已经看到接近两年的强劲毛利率扩张。腾讯是否有一个中期目标的盈利增长率？或者说，腾讯是否有某个目标比例，来衡量收入增长与盈利增长之间的关系？例如，毛利增长是否应为收入增长的1.5倍等？第二个问题是，是否有2025年回购股份的最新预算？是否可以合理假设，腾讯2025年回购的绝对金额至少与2024年相同？管理层如何看待股东回报，是否回购股份仍然是首选形式，而不是出售投资、投资公司或分红？

Martin Lau

I think the quick answer is we don't have a target for - we can't share the target for earnings growth, right? But overall, the direction is that we are going to see some revenue growth even, under a pretty challenging macroeconomic environment. And so that's something, we have achieved. And we hope we can actually continue. And among the revenue drivers, right, there are some drivers which are high quality.

我认为简单的回答是我们没有目标——我们不能分享收益增长的目标，对吧？但总体而言，方向是即使在相当具有挑战性的宏观经济环境下，我们也会看到一些收入增长。这是我们已经实现的目标。我们希望能够继续下去。在收入驱动因素中，有一些是高质量的。

And as a result, hopefully, we can actually see some additional leverage from revenue growth to gross profit growth. And then, we hope we can actually achieve some operating leverage, when we get from gross profit to operating profit. So that's sort of the model that we strive to achieve. But of course, given how dynamic the situation is, how complicated the business, there will be sort of quarter-to-quarter fluctuations in all these factors, right? But the general direction is as such.

因此，希望我们实际上可以看到从收入增长到毛利增长的一些额外杠杆。然后，我们希望在从毛利到营业利润时能够实现一些经营杠杆。这就是我们努力实现的模型。当然，鉴于形势的动态性和业务的复杂性，所有这些因素都会有季度波动，对吧？但总体方向就是这样。

Now in terms of the 2025 share buyback, we would share our view basically for 2025 at our year-end earnings announcement. So we don't - we're not in a position to share at this point in time. When we look at 2024, we set the target was actually RMB100 billion. So far, we have already done slightly more than RMB90 billion, and we believe would actually exceed the RMB100 billion target this year.

关于 2025 年的股票回购，我们将在年终收益公告中分享我们对 2025 年的基本看法。所以我们现在不在这个时间点分享。当我们看 2024 年时，我们设定的目标实际上是人民币 1000 亿元。截至目前，我们已经完成了略高于人民币 900 亿元的回购，并且我们相信今年实际上会超过人民币 1000 亿元的目标。

And when we look at next year, right, the underlying factor is that we do want to share shareholder value with our shareholders. And we are in a good position to return cash to our shareholders because our business is actually generating significant cash flow. And at the same time, we had a very large investment portfolio, which is essentially at least self-funded, it would not be drawing any capital from our operating cash flow. And at times, it may actually sort of provide additional return if we want to distribute stock or if we do big divestments.

当我们展望明年时，基本因素是我们确实希望与股东分享股东价值。我们处于一个良好的位置，可以向股东返还现金，因为我们的业务实际上正在产生显著的现金流。同时，我们有一个非常大的投资组合，基本上至少是自筹资金，不会从我们的运营现金流中提取任何资本。有时，如果我们想分配股票或进行大规模剥离，它实际上可能会提供额外的回报。

And at the same time, if you look at CapEx, right, we believe we have a progressive CapEx plan, especially given that the development of a cloud business and the advent of AI, but at the same time, it's measured compared to a lot of the U.S. companies. So with these three factors in play that, we believe we'll be generating significant free cash flow next year that, we can engage in dividend and share buyback.

同时，考虑到资本支出，我们相信我们有一个逐步推进的资本支出计划，特别是在云业务和人工智能发展的背景下。但与许多美国公司相比，我们的资本支出是经过衡量的。因此，综合考虑这三项因素，我们相信明年将产生可观的自由现金流，以便我们可以进行分红和回购股份。

Charlene Liu

Thank you very much. 非常感谢。

Wendy Huang

Thank you. We will take the next question from Daiwa, John Choi.

谢谢。我们将接受来自大和证券的下一个问题，John Choi。

John Choi

Okay, thank you very much for taking my question and congratulations on a strong set of results. I have a question on AI. I think management mentioned that GPU-powered services accounts for teens for your IAS business. But can you kind of elaborate a bit more how do we foresee the AI-related revenue contribution for the business service going forward? And my second question is, could we have more color about your management strategy for monetizing by employing your Hunyuan element for different business lines and how we are able to see it? Thank you.

谢谢你们接受我的提问，并恭喜你们取得了强劲的业绩。我有一个关于人工智能的问题。我了解到管理层提到，GPU驱动的服务在你们的基础设施即服务（IAS）业务中占据了10%到19%的比例。能否进一步详细说明，我们如何预期AI相关收入在未来对企业服务的贡献？我的第二个问题是，能否请你们分享更多关于你们利用混元元素在不同业务线上实现盈利的管理战略？我们将如何能够看到这些成果？谢谢。

Martin Lau

Okay. Well, in terms of the tangible benefits of AI that, we have mentioned. I think that the most significant one right now, is actually around content recommendation and at targeting, because the AI in - the AI engine in those two use cases, are generating a significant amount of additional user time and at the same time, it's generating a higher incremental targeting rate, response rate for our apps.

好的。关于我们提到的人工智能的实际好处，我认为目前最显著的一个实际上是围绕内容推荐和广告定位，因为在这两个用例中，人工智能引擎正在产生大量的额外用户时间，同时也为我们的应用程序生成了更高的增量定位率和响应率。

And both of them actually are direct benefits to the business, and direct benefit to ad revenue. And both of the video accounts and our performance at revenue actually at scale. So if you add a certain percentage to that kind of number. It's significant. The IAS revenue is now in the teens generated by AI. But having said that, we think the amount of AI revenue is actually less than U.S. cloud companies.

这两者直接带来了商业效益，并且直接促进了广告收入。视频号和我们的表现广告收入在大规模运营中都得到了显著提升。因此，如果在这个数字上增加一定的百分比，影响是非常显著的。我们的基础设施即服务（IAS）收入中，现在有青少年比例是由AI驱动的，但值得指出的是，我们认为AI收入的比例实际上比美国的云公司要低。

And the main reason is because, number one, China doesn't really have an every big enterprise market. And if you look at the U.S., a lot of enterprises are actually sort of fitted in with AI and the - in testing out how AI can do for their business that, they're actually buying a lot of compute, which is not happening in China yet. There's a very big SaaS ecosystem in the U.S., which everybody is actually trying to add AI to their functionality, and thus charge the customers more.

主要原因是，首先，中国并没有真正拥有一个大型企业市场。而在美国，许多企业实际上都在尝试将人工智能融入他们的业务中，他们实际上购买了大量的计算资源，而这在中国还没有发生。美国有一个非常大的 SaaS 生态系统，每个人实际上都在尝试将人工智能添加到他们的功能中，从而向客户收取更多费用。

And that SaaS ecosystem is not really that vibrant in China. And thirdly, there are also fewer AI start-ups in China, which are actually buying a lot of compute. So as a result, the AI revenue in China on the cloud side, is somewhat sort of at scale for us, but I think it will not be exploding like in the U.S. And in terms of how AI would continue to propagate, through our different products and services, right now, I think I talk about the immediate scalable benefit, is actually on the content recommendation and ad side.

而且，SaaS 生态系统在中国并不是那么活跃。第三，中国的 AI 初创公司也较少，它们实际上购买了大量的计算能力。因此，在云端的 AI 收入在中国对我们来说是有一定规模的，但我认为不会像在美国那样爆炸式增长。至于 AI 如何继续通过我们的不同产品和服务传播，目前，我认为我谈到的直接可扩展的好处实际上是在内容推荐和广告方面。

比较务实的回答。

At the same time, it's actually a productivity tool that everybody is using on a frequent basis, for example, our Copilot is being used by our engineers across the board on a very frequent basis, and it's actually generating efficiency gains for our business. And different businesses, a lot of our products are actually testing our Hunyuan, and trying to incorporate AI into the - either the production process, right.

同时，它实际上是一个每个人经常使用的生产力工具，例如，我们的工程师非常频繁地使用我们的 Copilot，它实际上为我们的业务带来了效率提升。不同的企业，我们的许多产品实际上正在测试我们的混元，并尝试将 AI 融入生产过程。

So that they would gain efficiency or in the user experience use case so that it can actually make their user experience better. So I would say, right now, we are seeing more and more adoption among all our different products and services. It would take probably a few more quarters, for us to see some real use cases at scale. And at that time, we'll actually provide an update to all of you.

这样他们就能提高效率，或者在用户体验的使用案例中，实际上可以改善他们的用户体验。所以我会说，现在，我们看到我们所有不同的产品和服务中越来越多的采用。可能还需要几个季度，我们才能看到一些大规模的实际使用案例。到那时，我们会向大家提供更新。

Wendy Huang

Thank you. We will take the next question from Thomas Chong from Jefferies.

谢谢。接下来我们将由来自 Jefferies 的 Thomas Chong 提问。

Thomas Chong

Thanks management for taking my questions. My first question is back to the gaming business. I think recently, if we look into Southeast Asia, as well as the domestic market or even globally, we're actually seeing a shooting games, experience strong growth. And we also see PC is also experiencing a very good growth momentum. So I'm just wondering on a game preference-based perspective, are we actually seeing gamers are increasingly shifting to shooting games? And for domestic market, given the market is very big already. Should we expect that might be, kind of cannibalization among different games in our portfolio? And my second question is relating to our FinTech business. We have talked about wealth management, is experiencing a positive growth. I just want to get some color, with regard to our strategies in wealth management versus lending. Given that I think other fintech companies, are also talking about macro headwinds on the credit business. Should we expect our strategy, is focused on wealth management going forward? And lastly, it's more about our investees, any thoughts about unlocking the values of our investees, for our free cash flow is very strong enough in returning value to shareholders? Thank you.

谢谢管理层接受我的提问。我的第一个问题是关于游戏业务的。最近，我们看到在东南亚、国内市场，甚至全球范围内，射击类游戏经历了强劲的增长，并且PC端也展现了良好的增长势头。我想了解的是，从玩家偏好的角度来看，是否有越来越多的玩家转向射击类游戏？对于国内市场，鉴于市场已经非常庞大，是否应预期我们游戏组合中的不同游戏之间可能会存在一定的市场竞争或“自相残杀”现象？我的第二个问题是关于我们的金融科技业务。我们已经提到财富管理业务正在经历积极的增长。我想了解一下我们在财富管理与贷款业务方面的战略。鉴于其他金融科技公司也提到了信贷业务的宏观压力，我们是否应该预期未来我们的战略将更多聚焦于财富管理？最后一个问题是关于我们投资公司的价值释放，考虑到我们强劲的自由现金流，是否有计划将投资公司的价值释放回馈给股东？

James Mitchell

Hi Thomas, so on your first question around first-person shooter, first-person action games. We absolutely see that younger users in China disproportionately favor first-person action games versus older users. And there are certain first-person action games such as VALORANT and now Delta Force that are proving particularly appealing to that sort of 18 to 25-year-old age cohort. And we think that's a structural trend. And if you look at Western game markets, then first-person action is the sort of the super dominant genre.

你好，Thomas。关于你提到的第一人称射击游戏，我们确实看到年轻用户在中国更偏爱第一人称射击游戏，相比之下，年长的用户则偏向其他类型的游戏。像《无畏契约》（VALORANT）和《三角洲特种部队》（Delta Force）这类射击游戏，尤其受到18到25岁年龄段用户的欢迎。我们认为这是一个结构性趋势。如果你看看西方市场，第一人称射击游戏是最主流的游戏类型。

It's equivalent to drama series being a super dominant form of TV program within drama series, you have costume drama series, you have road maps, you have police procedural. And each of them is as big, or bigger than many standalone genres of TV programming such as documentaries. And so in the same way with our video games, first-person action is the dominant genre in the West, and it is the dominant genre now with younger players in China.

这就像电视剧中的戏剧类型一样，戏剧系列中有历史剧、警匪剧、悬疑剧等，每种类型都与其他类型的观众需求和喜好有很大的差异，因此它们之间并不会互相替代。在视频游戏中也是如此，第一人称射击游戏在西方市场占主导地位，现在在中国年轻玩家中也是如此。

And over time, it will become the dominant genre for the China market as a whole, which is good for us because we are disproportionately successful in first-person action games. Now as to whether new first-person action games like Delta Force, are cannibalizing existing games, then the answer is no. And I think that, that is because just as with drama series, you wouldn't expect a historical costume drama series to cannibalize a modern day suspense drama series, or police procedural drama series because there's so much difference between them in terms of user tastes.

随着时间推移，这将成为中国市场的主流类型，而这对我们来说是一个好消息，因为我们在第一人称射击游戏中尤其成功。至于像《三角洲特种部队》这样的新射击游戏是否会与现有游戏发生市场“自相残杀”的情况，答案是否定的。我认为这是因为，正如电视剧中的类型剧一样，你不会期待历史剧去与现代悬疑剧或警匪剧发生“自相残杀”，因为这些类型之间在用户口味上有太多的差异。

So with the first person action games, there are differences within the genre that are too big for any single game to transcend. So one important and technical difference, is long time to kill games versus short time to kill games. Another important technical difference, is hero based games versus class-based games. Another one is tactical games versus chaotic games another one, which is more obvious is realistic graphics versus cartoony graphics.

在第一人称射击游戏中，不同的游戏之间也有很大的差异，这使得任何单一游戏都无法轻易取代其他游戏。一个重要的技术差异是“长时间杀敌”的游戏与“短时间杀敌”的游戏；另一个重要的差异是“英雄类游戏”与“职业类游戏”；还有“战术类游戏”与“混乱类游戏”的区别；更明显的差异是“真实画面”与“卡通风格画面”。

And so while we have a multitude of successful first-person action games within Tencent in China, including Peacekeeper Elite, VALORANT, Delta Force, CrossFire, Call of Duty Mobile, Arena Breakout. They actually each occupy a unique niche along those axes that I just outlined. And that is why when we launch new first-person action games, we don't see the cannibalization that one might expect to see just, as if we launch a new costume drama series on Tencent Video, it doesn't cannibalize a police procedural, or a modern day contemporary drama series the way that one might expect it to.

因此，虽然腾讯在中国拥有多个成功的第一人称射击游戏，包括《和平精英》、《无畏契约》、《三角洲特种部队》、《穿越火线》、《使命召唤手游》和《Arena Breakout》，但它们实际上各自在上述维度上占据了独特的市场定位。这就是为什么我们在推出新的第一人称射击游戏时，不会看到预期中的“自相残杀”现象，正如我们在腾讯视频上推出新的历史剧时，不会与现代警匪剧或悬疑剧发生类似的情况。

Martin Lau

In terms of the payments and the wealth management service and lending, right, I would say the wealth management strength in the recent quarter is actually mostly driven by money market funds. And to some extent, this is countercyclical, right. When people spend, then they actually stable and when people don't spend, they actually save more. So that's sort of our countercyclical to some extent.

关于支付、财富管理服务和贷款业务，我想说，最近一个季度财富管理的增长主要是由货币市场基金推动的，某种程度上这是逆周期的。当人们消费时，他们的资金比较稳定；而当人们不消费时，他们则会更多储蓄。因此，这在某种程度上是逆周期的。

But overall, right, and there is a cyclical part, but there's also structural part, which is, over time, we actually want to gradually convert more and more people into buying not just money market funds, but also longer-term equity-based lines. And ETFs. So we are in the process of building those products and providing the conversion mechanism for people who have equity -- who have money market funds with us, right, to adopt additional investment products within our wealth management service.

但总体而言，这一部分既有周期性因素，也有结构性因素。从长期来看，我们实际上希望逐步将更多的客户从购买货币市场基金转向购买更长期的股票类产品、ETF等。因此，我们正在开发这些产品，并提供转换机制，让已经持有货币市场基金的客户，可以采用我们财富管理服务中的其他投资产品。

Now with respect to lending, it's true that we are getting more cautious recently in terms, of lending in order to control the credit exposure. I think overall, our credit exposure is still very well managed and/or very conservative, because we have always taken a conservative approach, and we selectively pick the better credit to lend to, and we have been all along the way controlling the scale, of our lending pretty proactively.

关于贷款业务，确实，最近我们在贷款方面变得更加谨慎，以控制信贷风险。我认为，总体而言，我们的信贷风险管理非常好，保持着非常保守的态度，因为我们一直采取保守的做法，选择优质的信贷对象进行贷款，并且一直在积极控制贷款规模。

But given the macroeconomic cycle right now, we are more cautious when the macroeconomic conditions improve, then we can actually be a little bit more aggressive in expanding our lending again. So it's kind of dynamic according, to where the economic conditions are.

但考虑到目前的宏观经济周期，我们在当前的经济环境下更为谨慎。当宏观经济条件改善时，我们就可以在扩展贷款方面采取更积极的态度。所以这其实是一个动态的过程，取决于经济条件的变化。

大量商业银行都在卖房子，这在每个人朋友圈都是肉眼可见的事实。

James Mitchell

And in terms of divestments, we do actively divest from our portfolio. We have been particularly actively divesting in the last couple of months as various markets have rallied aggressively. On rare situations, you can sort of track that through filings that we have to make, but most of the divestments that we conduct don't require filings. And the purpose of the divestments is to recycle capital.

关于资产剥离，我们确实积极地从我们的投资组合中剥离资产。特别是在过去几个月，由于各大市场的强劲反弹，我们进行了大量的资产剥离。在某些情况下，你可以通过我们需要提交的文件追踪到这些操作，但大多数我们进行的资产剥离并不需要公开披露。资产剥离的目的是为了回收资本。

剥离了一部分富途的股票，非常明智的决策。

Whether that be for new investments or for funding share buybacks or simply for increasing our ammunition for activity in the future, which you can see in the shape of the net cash position, having progressively improved through this year, despite the buybacks and dividends that we have done.

无论是用于新的投资，还是用于资金回购股份，或仅仅是为了增强未来活动的资本储备，这些都能从我们的净现金状况中看到，尽管我们进行了回购和分红，但我们的净现金状况在今年持续改善。

Wendy Huang

Thank you. We will take the next question from CICC, Bai Yang.

谢谢。我们将接受来自中金公司白杨的下一个问题。

Yang Bai 杨白

Thank you, management for taking my question. My question is about the game business. The IAG has made some internal adjustments could management share more details and the reason, about this adjustment and how do these adjustments, related to the overall trends in the gaming market and Tencent's current business situation?

谢谢管理层接受我的提问。我的问题是关于游戏业务的。IAG（互动娱乐事业群）最近进行了一些内部调整，能否请管理层分享更多细节和原因？这些调整与当前游戏市场的整体趋势和腾讯的业务现状有何关系？

Martin Lau

Well, if I'm correct in looking at what you're referring to, right, there are some recent media coverage on the adjustments. And then frankly, the adjustments were basically adjustments that we have already made quite some time ago. So these are adjustments that we've made to Honour of Kings team, which happened last year -- late last year and the adjustments that we have made to the Peacekeeper Elite team, which happened earlier this year.

如果我理解正确，你提到的调整是最近媒体的报道，实际上这些调整是我们早些时候已经做出的。具体来说，这是我们对《王者荣耀》团队在去年年底所做的调整，以及对《和平精英》团队在今年年初所做的调整。

And we have actually talked about these adjustments quite a few times on our earnings call. And when you look at the adjustments, they have been actually quite productive in the sense that both Honour of Kings and in particular, Peacekeeper Elite had actually registered good growth in this year. And the logic is really around our overall strategy on evergreen titles, right? So there is - yes, I think I believe that games have a life cycles and sometimes if the games are not performing well, then there's nothing you can do about it.

我们在财报电话会议中已经多次提到过这些调整。事实上，这些调整是非常有效的，尤其是《王者荣耀》和《和平精英》在今年都实现了不错的增长。这些调整的逻辑与我们整体的“长青游戏”战略密切相关。我们认为，游戏有生命周期，有时候如果一款游戏表现不好，我们无法做太多事情，但我们不认为《王者荣耀》或《和平精英》是这种情况。

We do not believe that's the case. We believe that no one game has reached a certain scale and has become eligible for becoming an evergreen title and especially when a game has a very large user base. Then it's not about the game itself. It's about sort of the team and the ideas behind the development and the ideas behind the operations. And community management. So that's why we make changes when games are not performing well.

我们认为，只要一款游戏达到一定的规模，尤其是当游戏拥有庞大的用户基础时，它就具备了成为“长青游戏”的潜力。这时候问题就不在于游戏本身，而是团队和背后的创意、开发理念、运营思路以及社区管理。因此，当游戏表现不佳时，我们会做出调整。

有意思的解释，大型科技企业能保持长盛也应该是这个两点。

And when we see a team that has run out of ideas, then we have to make some adjustments in order to restore the creativity, restore the activity, restore the innovation to the games. And when those adjustments are done, right, then the games get back to its evergreen status and get back into a growth mode. And -- so I think that's essentially what it is. And in terms of sort of going forward, we continue to be focused on sustaining and growing our evergreen titles as well as creating new games that has potential to become evergreen titles.

当我们看到一个团队缺乏创意时，我们需要进行一些调整，以恢复创意、活力和创新。经过这些调整后，游戏能够恢复长青状态，并进入增长模式。所以，这就是我们做这些调整的核心原因。展望未来，我们将继续专注于维持和发展我们的长青游戏，并创建新的游戏，这些游戏有潜力成为长青游戏。

And that means we will have to be much more focused on the games that we create, instead of creating many games, we create fewer games. And at the same time, we have to put behind each game a very strong positioning, very strong genre, very strong gameplay and a large production force and high production value so that we can exceed the expectation of the gamers.

这意味着我们将更加专注于我们创造的游戏，而不是生产很多游戏。与此同时，每款游戏都必须有强大的定位、明确的类型、精致的玩法以及强大的制作团队和高水平的制作价值，这样才能超越玩家的期望。

And become category-leading in the gaming market in order for us to really give the games a potential, to become evergreen title. And I think Delta Force is actually a good demonstration of that focus, and we'll have more of such high potential evergreen titles coming to the market in the future.

并在游戏市场中成为类别领先者，以便我们真正发挥游戏的潜力，成为常青游戏。我认为《三角洲特种部队》实际上很好地展示了这一重点，我们未来将有更多具有高潜力的常青游戏进入市场。

Yang Bai 杨白

Thank you. 谢谢。

Wendy Huang

Thank you. We will take the last question from Nomura, Shi Jialong.

谢谢。我们将接受来自野村的最后一个问题，施佳隆。

Jialong Shi

Good evening. Thanks management for taking my question and congratulations on a very solid quarter. So I have two questions. The first question is about the advertising business. Tencent advertising, Tencent ad business has performed much better than industry peers this year. Video account has been a driver for your overall app business among other drivers. So just wondering how should we think of the outlook, for your ad business? If we take a look at the two bigger short video peers of your video account, both of them generate a very big chunk, of ad revenue from e-commerce brands and merchants. So just wondering if it is fair to say e-commerce sector, will also be instrumental to fully unleash the potential of your video account ads? My second question regards the collaboration between WeChat and Taobao. What were the factors that have led to the collaboration? Are we going to see more collaborations, of this kind between Tencent, and other Internet platforms such as granting access, to our retail content for external search engine? Thank you.

晚上好，感谢管理层接受我的提问，恭喜你们取得了非常稳健的季度成绩。我有两个问题。第一个问题是关于广告业务的。今年腾讯广告业务的表现明显优于行业同行，视频号在推动整体应用业务方面也发挥了重要作用。我们如何看待广告业务的前景？如果我们看看你们视频号的两个较大的短视频同行，它们的广告收入很大一部分来自电商品牌和商家。那么，是否可以说电商行业也将是充分释放你们视频号广告潜力的重要因素？第二个问题是关于微信和淘宝的合作。是什么因素促成了这次合作？我们是否会看到更多类似的合作，比如将我们的零售内容授权给外部搜索引擎使用？谢谢。

James Mitchell

Thank you for the question. I'll take the advertising one. So in terms of the drivers for 2025, the overall macro environment would obviously be important accelerator or decelerator or neutral force for the aggregate advertising market. And that in turn will be a function primarily of consumer confidence. And consumer spending behavior.

感谢您的提问。我将回答广告方面的问题。因此，就 2025 年的驱动因素而言，整体宏观环境显然将是整体广告市场的重要加速器、减速器或中性力量。而这又主要取决于消费者信心和消费者支出行为。

Now within that overall environment, our relative performance will be a function of.

现在在整体环境中，我们的相对表现将取决于。

First of all, our advertising technology and our ability to utilize GPUs, utilize neural networks to continue boosting click-through rates from the current very low levels to higher levels that mechanically translates into more revenue. And then secondly, our deployment of specific inventories, in particular, video accounts, in particular, Weixin Search.

首先是我们的广告技术和利用GPU以及神经网络的能力，这将有助于持续提高点击率，从目前非常低的水平提升到更高的水平，这自然会转化为更多的收入。其次是我们特定库存的投放，尤其是视频号和微信搜索。

And with video accounts, we did moderately increase the ad load during the course of the third quarter, which contributed to the 60% plus year-on-year growth that we have disclosed, but the advertising load is still dramatically lower than those of peers in the low single-digit range. Going forward, we believe that we can continue to outgrow the industry as we take the ad load higher, without needing the e-commerce initiative to contribute.

在视频账户方面，我们在第三季度期间适度增加了广告负载，这促成了我们披露的 60%以上的同比增长，但广告负载仍然显著低于同行的低个位数范围。展望未来，我们相信可以在不需要电子商务计划贡献的情况下，通过提高广告负载继续超越行业增长。

Once the ad load reaches, let's say, two-third of where our peers are currently at, which with our peers in the mid-teens would be around 10% ad load versus the 3% or 4% we're at today, then I think it is fair to infer that being able to really tap into close loop, e-commerce, advertising, will be increasingly important. But as we look at our growth runway, that situation is still years away. And so, we will continue to outgrow the overall ad market.

当广告负载达到同行的三分之二时（同行在中位数十几的广告负载，大约是10%，而我们现在是3%或4%），我认为可以推测，能够真正打通闭环电商广告将变得越来越重要。但从目前来看，这种情况可能还需要几年时间才能实现，因此，我们将在未来几年内继续超越整体广告市场的增长。

But for a number of years, based on ad tech enhancements based on improving ad load in video account based on growth of Weixin Search. And then in order to sustain that market share gain beyond that point, it will be increasingly beneficial if we have cracked the code on closed-loop e-commerce activity with the Mini Stores that Martin talked about earlier.

主要依靠广告技术的提升、视频号广告负载的增长以及微信搜索的增长。为了在之后维持这一市场份额的增长，我们将越来越依赖于破解如何通过视频号小商店进行闭环电商广告的模式，正如Martin之前提到的。

Martin Lau

In terms of the cooperation with Taobao and I think the obvious thing is that it's actually beneficial to the users because it's convenient for them to click. And there's actually a benefit to us, because we can actually have bigger exposure of use case of our payment service. And it's also beneficial to our partner Taobao, which can allow them to convert their new users with high conversion rate and get more new users.

关于与淘宝的合作，我认为最显而易见的是，这对用户是有益的，因为它为用户提供了更便捷的点击方式。对我们来说也有好处，因为我们可以让支付服务有更大的曝光度。此外，这对我们的合作伙伴淘宝也有益，因为这使得他们能够以更高的转化率吸引新用户。

But the less obvious is actually how much work that actually had gone into making that happen, because the key thing is actually there's a lot of designs, and agreement that we need to do in order to make sure that the user experience, is actually well protected so that, for example, there's not going to be a lot of spending of our users, right? When you have merchants can share all kinds of different products. And there's incentive to create a lot of spending, then that's a problem.

但不那么显而易见的是，为了实现这一合作，实际上付出了大量的工作。关键在于，我们需要做很多设计和协议，确保用户体验得以保障。例如，我们不能让我们的用户过度消费。当商家展示各种不同的产品，并且有诱因促使大量消费时，那就会成为问题。

这种克制在字节、淘宝、拼多多都是不成立的，腾讯是不是说着玩玩的还有待观察。

So we actually need to design for that, and also sort of get our counterparty to agree to policing that. And for example, on compliance, right, we actually need to make sure that all the merchants are actually gone through a proper onboarding process in order, to be compliant. And that's something, which require work from our side, and our counterparty in order to make it to work.

所以我们实际上需要为此进行设计，并且还需要让我们的对手方同意对此进行监管。例如，在合规方面，我们实际上需要确保所有商家都经过适当的入驻流程，以便合规。这需要我们和对手方的共同努力才能实现。

And I think in the past, all these very complicated designs are very difficult to execute. But with the new environment with a more collaborative, and open environment of the different platforms, right? These hard work has been done. And as such, we can actually have these collaborations.

我认为在过去，所有这些非常复杂的设计都很难执行。但是在新的环境中，随着不同平台之间更加协作和开放的环境，这些艰苦的工作已经完成。因此，我们实际上可以进行这些合作。

So when we look at other collaborations, I think, we'll be very open-minded. But the bottom line is that, it has to make sense and be very good and safe for our users, and for our content partners in order for these collaborations to be done.

所以当我们考虑其他合作时，我认为我们会非常开放。但最重要的是，它必须对我们的用户和内容合作伙伴有意义、非常好且安全，以便进行这些合作。

Wendy Huang

Thank you. We are now ending the call. Thank you all for joining our results webinar. If you wish to check out our press release and other financial information, please visit the IR section of our company website at www.tencent.com. The replay of this webinar will also be available soon. Thank you and see you next quarter.

谢谢。我们现在结束通话。感谢大家参加我们的业绩网络研讨会。如果您希望查看我们的新闻稿和其他财务信息，请访问我们公司网站的投资者关系部分：www.tencent.com。本次网络研讨会的重播也将很快上线。谢谢，下季度再见。

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