Following the close of the Hong Kong stock market in the second quarter of 2026, Tencent released its financial report, which showed a total revenue of 204.8 billion yuan, marking an 11% year-on-year increase. Of this, revenue from the value-added services sector reached 98.4 billion yuan, up 8% year-on-year. Game revenue in the domestic market soared to 47.3 billion yuan, a significant 17% year-on-year jump, representing one of the highest quarterly revenues in nearly two years. Meanwhile, international market game revenue stood at 18.6 billion yuan, experiencing a slight 0.8% year-on-year decrease, though it saw a 4% growth at constant exchange rates. In the domestic gaming landscape, titles such as Delta Force, Valorant, Valorant: Neon Dawn, and Roco Kingdom: World played pivotal roles. Roco Kingdom: World emerged as a leader among new mobile games in the Chinese market, boasting the highest daily active users (DAU) and revenue figures. Both Delta Force and Valorant achieved record-high DAUs. Additionally, evergreen titles like Honor of Kings continued to demonstrate steady revenue growth. According to Sensor Tower data, Honor of Kings has amassed over 17.5 billion USD in global in-app purchase revenue, while Delta Force has surpassed 900 million USD. In overseas markets, the slight revenue decline was mainly attributed to exchange rate fluctuations and a decrease in revenue from certain Supercell products. However, Miniclip’s Arrows-Puzzle Escape became the most downloaded mobile game globally in Q2, driving robust advertising revenue and proving the viability of the overseas casual game publishing plus advertising monetization model. This model serves as a valuable complement to Supercell’s hardcore gaming products. Furthermore, the gross profit of the value-added services business reached 62.9 billion yuan, a 14% year-on-year increase, with the gross profit margin rising to 64%. This improvement was largely due to the increased revenue contributions from high-margin self-developed games. The core strengths of Tencent’s Q2 gaming business lie in the stability provided by evergreen titles, the adaptability brought by new hit games, and the successful lightweight model of overseas casual games. The 17% growth in the domestic market suggests that Tencent has paved the way for a return to high growth.