# Who are Tencent Holdings Limited's customers? Who does Tencent Holdings Limited earn revenue from?
Canonical: https://valuechain.wiki/tencent-holdings-limited · Facet: customers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Tencent Holdings Limited discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### 게이머·구독자 (VAS: 게임·소셜) (high)
- metric: Amount ¥369.3B · FY2025 VAS
- note: The profit backbone and the axis where growth migrates from home to abroad — of FY2025 revenue RMB 369.3bn (+16%), international games (77.4bn, +33%) topped USD10bn for the first time, offsetting maturing domestic games (164.2bn, +18%). Newly launched Delta Force plus Supercell and PUBG Mobile IP drove it, while social (127.7bn, +5%) is buoyed modestly by Video Accounts and music subscriptions.
- [confirms] HKEX filing (EN, filing, published 2026-04-09) https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf: "VAS RMB 369.3bn (+16%); domestic games 164.2bn (+18%), intl 77.4bn (+33%), social 127.7bn (+5%)"
- [mentions] Goldman Sachs (EN, research, published 2026-03-20) https://news.futunn.com/en/post/74436597/goldman-sachs-tencent-00700-hk-valuation-has-bottomed-out-maintains: "Goldman Sachs maintains Buy, target HK$700; valuation seen bottomed"
- [confirms] NewsVision e (KO, news, published 2026-03-18) https://www.nvp.co.kr/news/articleView.html?idxno=317515: "Revenue RMB 751.766bn (+14%); international games surpassed USD10bn; gross margin 53%→56%"
- [confirms] CNBC (EN, news, published 2026-03-18) https://www.cnbc.com/2026/03/18/tencent-2025-annual-revenue-ai-investments.html: "Tencent FY2025 revenue beats estimates amid AI investment ramp"

### 위챗페이 상인·클라우드 고객 (핀테크·비즈니스) (high)
- metric: Amount ¥229.4B · FY2025 핀테크·비즈니스
- note: The inflection where cloud turned profitable at scale on top of WeChat Pay rails — revenue RMB 229.4bn (+8%) grows slowly overall, but Business Services accelerated to +22% in Q4. AI-related cloud demand is the re-acceleration trigger for this once-sluggish segment and the monetization path Tencent's AI capex is aimed at.
- [confirms] HKEX filing (EN, filing, published 2026-04-09) https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf: "FinTech & Business Services RMB 229.4bn (+8%); Business Services accelerated to +22% in Q4; cloud profitable at scale"
- [confirms] NewsVision e (KO, news, published 2026-03-18) https://www.nvp.co.kr/news/articleView.html?idxno=317515: "Cloud improved profitability via scale and cost efficiency"

### 광고주 (마케팅 서비스) (high)
- metric: Amount ¥145B · FY2025 마케팅서비스
- note: Marketing Services (advertising) FY2025 revenue RMB 145.0bn (+19%), driven by AI-powered ad targeting lifting pricing and impressions, and a rising share of closed-loop Video Accounts and Weixin Search inventory; ad load stays comparatively low.
- [confirms] HKEX filing (EN, filing, published 2026-04-09) https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf: "Marketing Services RMB 145.0bn (+19%) on AI-powered ad targeting"

Reverse side: https://valuechain.wiki/tencent-holdings-limited/suppliers.md · Ripple: https://valuechain.wiki/tencent-holdings-limited/ripple.md

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