Tencent: Value-added service revenue increased by 17% year-on-year in the first quarter.

Tencent Holdings' financial report shows that the revenue of value-added services business in the first quarter of 2025 increased by 17% year-on-year to 92.1 billion yuan. The local market game revenue was 42.9 billion yuan, a 24% year-on-year increase compared to the low base of the same period last year, benefiting from the revenue growth of "Honor of Kings" and "Peacekeeper Elite", as well as the revenue contribution of recently released "Dungeon & Warriors: Origin" and "Delta Force" games. International market game revenue was 16.6 billion yuan, a 23% year-on-year increase, driven by the revenue growth of "Brawl Stars," "Clash Royale," and "PUBG MOBILE." Social network revenue increased by 7% year-on-year to 32.6 billion yuan, benefiting from the growth of virtual goods sales in mobile games, music subscription revenue, and fees from the mini-game platform.