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Hy3

Tencent · v3 · since 2026-04-23 · 27× · last seen Jul 09, 2026

Momentum

Tencent Hy3 preview is an open-source language model with a Mixture-of-Experts (MoE) architecture, released and open-sourced on April 23, 2026. It features 295 billion total parameters with 21 billion active parameters per forward pass, plus 3.8 billion MTP layer parameters. The model supports a 256K token context window and offers three configurable reasoning modes (disabled, low, high). It is the first model trained on Tencent's rebuilt pre-training and reinforcement learning infrastructure and is available on Tencent Cloud TokenHub, OpenRouter, Hugging Face, ModelScope, and GitCode.

Momentum trend

11.04.10.07.

Features

Key Benchmark (%)	SWE-bench Verified: 74.4% \| Terminal-Bench 2.0: 54.4% \| BrowseComp: 67.1% \| WideSearch: 70.2% (all reported by Tencent Hy Team)
Context Window (Tokens)	256,000 tokens (256K); listed as 262,144 tokens at OpenRouter/API level
License	Tencent Hy Community License Agreement (custom; includes usage restrictions above >100M MAU and limitations on using model outputs to train other AI models)
Multimodality	Text-only (no native image/audio/video input); supports tool use/function calling and structured outputs
Platform	Tencent Cloud TokenHub (API), OpenRouter, Hugging Face (tencent/Hy3-preview), ModelScope, GitCode; self-hosting via vLLM and SGLang
Price per 1M Tokens	Input: $0.063/M tokens; Output: $0.21/M tokens (OpenRouter pricing). Tencent Cloud TokenHub: CNY 1.2/M input, CNY 4/M output (approx. $0.17-0.18 / $0.59)
Release Date	April 23, 2026

More products in this category: Frontier LLMs

Sources (27)

Company Analysis: Tencent

As of 27/06/2026

HOLDSynthszr Vote

HOLD is the most defensible data-driven stance without a verified current EUR price: fundamentals are strong (1Q 2026 revenue +9% YoY; non-IFRS net profit attributable to shareholders +11% YoY; FCF +20% YoY; net cash RMB146.9bn) and capital returns are meaningful (HKD7.6bn buybacks in 1Q plus continued repurchases disclosed in May–June 2026). (static.www.tencent.com) However, the key swing factor for the next 6–12 months is the balance between AI-related capex/opex and monetization, and that requires additional quarters of evidence; meanwhile, China regulatory risk (notably around games) remains a persistent valuation constraint. (static.www.tencent.com)

Summary

Tencent Holdings is a China-focused internet platform with three primary monetization engines: (1) Value-Added Services (VAS) led by domestic and international games plus social network services; (2) Marketing Services (performance and brand advertising across WeChat/Weixin ecosystem and other properties); and (3) FinTech & Business Services (payments, wealth management, and cloud/enterprise services). Its core competencies are distribution (WeChat/Weixin reach and mini-program ecosystem), content/IP and live-ops capabilities in games, and data/AI-driven ad targeting and product iteration. Market position remains structurally strong in China’s consumer internet: WeChat/Weixin is the central engagement layer for messaging, payments, content discovery and mini-program commerce, which supports durable traffic and monetization optionality. Competitive advantages are ecosystem lock-in (social graph + payments + mini-programs), scaled game publishing/development, and a large installed base for ad demand capture. In the most recent reported quarter (1Q 2026, reported May 13, 2026), Tencent delivered +9% YoY revenue growth to RMB196.5bn and +11% YoY non-IFRS net profit attributable to equity holders to RMB67.9bn. Non-IFRS operating margin was 38.5%, while operating margin excluding new AI products rose to 43.0% (vs 39.9% a year earlier), indicating that incremental AI investment is being funded from a higher-margin core. Free cash flow rose 20% YoY to RMB56.7bn and net cash increased to RMB146.9bn. Capital expenditure was RMB31.9bn (+16% YoY), consistent with stepped-up AI infrastructure investment. Tencent also continued sizable buybacks: it repurchased ~12.7m shares for ~HKD7.6bn during 1Q 2026, and disclosed additional buybacks in May–June 2026 at ~HKD500m per day on multiple dates. Valuation metrics vary by data vendor, but recent screens place Tencent’s trailing P/E in the mid-teens (roughly ~15–18x) as of June 2026. With a net-cash balance sheet and ongoing buybacks, the near-term setup is primarily driven by (a) sustainability of margin discipline while funding AI, (b) ad demand and gaming content cadence, and (c) China regulatory and macro conditions. Over the next 6–18 months, the base-case outlook is for mid-single to low-double-digit revenue growth with continued high cash generation, while AI-related capex and operating costs are the swing factor for margin trajectory and earnings revisions.

Key Takeaways

1Q 2026 showed resilient fundamentals: revenue +9% YoY, non-IFRS net profit attributable to shareholders +11% YoY, and free cash flow +20% YoY (RMB56.7bn). (static.www.tencent.com)
Core profitability improved when isolating new AI products: operating margin excluding new AI products increased to 43.0% (from 39.9% YoY), implying the legacy portfolio is still expanding profitability. (static.www.tencent.com)
Balance sheet strength is a key support: total cash RMB533.7bn and net cash RMB146.9bn at 1Q 2026 end. (static.www.tencent.com)
Capital allocation remains shareholder-friendly: ~HKD7.6bn buybacks in 1Q 2026 plus continued ~HKD500m-scale daily repurchases disclosed in May–June 2026. (static.www.tencent.com)
Valuation screens in June 2026 generally place Tencent at a mid-teens trailing P/E, leaving returns more dependent on earnings durability and cash conversion than multiple expansion. (macrotrends.net)

Action Ideas

BUY

Accumulate on the basis of (i) demonstrated cash generation (1Q 2026 FCF RMB56.7bn, +20% YoY), (ii) improving underlying margin profile excluding new AI products (43.0%), and (iii) ongoing buybacks that mechanically support per-share metrics. This is a data-driven quality/cash-flow allocation rather than a price-momentum call; execution evidence is already visible in 1Q 2026 results and disclosed repurchase activity.

Horizon: 12 mo.

HOLD

Maintain exposure if already positioned, emphasizing that the near-term debate is not solvency or liquidity (net cash RMB146.9bn) but the earnings mix between core monetization and incremental AI costs. A hold stance is appropriate if you require additional quarters to confirm that AI-driven capex/opex remains within a cash-flow envelope while revenue growth stays near recent levels (+9% YoY in 1Q 2026).

Horizon: 6 mo.

SELL

Reduce exposure if your mandate cannot tolerate China policy/regulatory tail risk or if you require high visibility on forward guidance (Tencent does not provide the same style of explicit quarterly revenue guidance as many US peers; investors rely heavily on reported trends and management commentary). A sell can be justified for portfolios with strict jurisdictional risk limits, despite strong cash generation, because the risk is structural rather than cyclical.

Horizon: 3 mo.

Contrarian Insights

• AI spend is not (yet) the dominant margin story: Tencent’s disclosure shows operating margin excluding new AI products rose to 43.0% in 1Q 2026, suggesting the core portfolio is still expanding profitability even while AI initiatives ramp. This contrasts with a common market narrative that AI investment necessarily implies broad margin deterioration. (static.www.tencent.com)
• Tencent Cloud’s profitability inflection is already documented (breakeven in 2024; RMB5bn adjusted operating profit in 2025) and management expects robust external cloud growth in 2026 while sustaining profitability. This is a less-discussed driver versus games/ads, but it can matter for consolidated mix and investor perception of ‘new growth’ quality. (static.www.tencent.com)

Hy3