Tencent Holdings Ltd

TCEHY remains in a high-confidence Stage 2 advance with clean higher highs and higher lows supported by a confirmed Momentum Breakout and Devil’s Bargain pattern. The long-term trend is bullish, and medium-term bias is reinforced by strong volume and moving-average alignment. Short-term conditions favor immediate participation as price holds above the 9/20 EMAs with no exhaustion signals. Continued upside follow-through at current levels aligns with a continuation participation approach.

• ↑Q4 2025 revenue reached RMB194.4B (+13% YoY), gross profit RMB108.3B (+19%).
• ↑Domestic gaming revenue grew 24% YoY; Delta Force DAU hit 30M.
• ↓Free cash flow plunged 87% YoY to RMB4.5B, straining liquidity amid CapEx.