| Digital content subscriptions (Tencent Video, Tencent Music) · Subscription media Long-form video and music streaming subscriptions inside Value-Added Services. | Leader The report states Tencent Video 'maintained its leading position in China's long-form video market with year-on-year growth in video subscribers' and Tencent Music 'extended its leading position in China's music streaming market with year-on-year growth in ARPU and subscribers'; fee-based VAS subscriptions averaged 267 million, up 2% year-on-year. | Moderate The stated basis is content and subscriber growth rather than any structural lock-in, and Social Networks revenue grew only 5% year-on-year to RMB127.7 billion - the slowest-growing line inside VAS. |
| Domestic Games · Online games - China PC and mobile games operated in China, including Honour of Kings, Peacekeeper Elite, Delta Force and the VALORANT franchise. | Leader Domestic Games revenue was RMB164.2 billion for 2025, up 18% year-on-year, which the report attributes to Delta Force plus 'evergreen games such as Honour of Kings and Peacekeeper Elite' and the VALORANT franchise. The report states no market share figure for games anywhere. | Deep The report defines evergreen games as titles 'surpassing average quarterly DAU of 5 million for mobile or 2 million for PC, and generating over RMB4 billion annual gross receipts', and names multiple Tencent titles sustaining that bar for years - a live-service scale threshold new entrants rarely clear. |
| FinTech and Business Services (Tencent Cloud, commercial payment) · Cloud and payments Commercial payment, wealth management and consumer loan services plus Tencent Cloud PaaS/SaaS and AI infrastructure. | Top 3 FinTech and Business Services revenue was RMB229.4 billion for 2025, up 8% year-on-year - the group's slowest-growing and lowest-margin segment at 31% of total revenue - with Business Services growing at a high-teens rate for the year and accelerating to 22% in the fourth quarter. No market share is disclosed. | Moderate The report says Tencent Cloud 'achieved profit at scale due to increased enterprise demand for AI workloads, higher contributions from market-leading PaaS and SaaS products, and optimised supply chain', and that FinTech growth came 'through deepened cooperation with licensed financial institutions' - a business run on third-party licences rather than its own. |
| International Games · Online games - international Games operated outside China, including Supercell titles, PUBG MOBILE and Wuthering Waves. | Top 3 International Games revenue was RMB77.4 billion for 2025, up 33% year-on-year (32% constant-currency), and the Chairman's Statement notes International Games revenue 'surpassed USD10 billion in the year'. No market share is disclosed. | Moderate Growth is attributed to specific franchises - 'higher revenues from Supercell's games and PUBG MOBILE, as well as incremental revenue contribution from Wuthering Waves' - i.e. title-level performance in an open global market, without the Weixin distribution advantage that protects the domestic business. |
| Marketing Services (Video Accounts, Weixin Search, closed-loop ads) · Digital advertising Advertising across Weixin, Video Accounts, Weixin Search and Tencent's other properties. | Top 3 Marketing Services revenue was RMB145.0 billion for 2025, up 19% year-on-year, with impression growth from 'greater user engagement with products including Video Accounts and Weixin Search'; Video Accounts' total user time spent increased over 20% year-on-year. The report discloses no advertising market share. | Deep Growth is credited to an upgraded adtech foundation model and the AIM+ automated campaign product delivering 'above-industry revenue growth', combined with closed-loop inventory that only exists because the transaction surfaces sit inside Weixin. |
| Weixin / WeChat · Messaging and super-app platform China's dominant messaging platform and the host surface for Mini Programs, Mini Shops, Mini Games, Video Accounts and Weixin Search. | Leader Combined MAU of Weixin and WeChat was 1,418 million at 31 December 2025, up 2% year-on-year from 1,385 million and 0.3% from 1,414 million a quarter earlier - a base still expanding at 1.4 billion accounts, against QQ's mobile MAU of 508 million which fell 3% year-on-year. | Deep The report describes third parties operating inside the platform rather than alongside it: closed-loop ads clicking through to 'Mini Programs, Mini Shops, or Mini Games', and Business Services revenue benefitting from 'higher eCommerce technology service fees, underpinned by growth in Mini Shops GMV'. |
