In the latest version of WeChat released this month, the company integrated features such as online games, stickers and an in-app payment system, an attempt that shows its ambitions in monetizing the app in the future.

But that's just the beginning, Ma Yuan and Gu Xinyu from BOCOM International wrote in a report last week.

"Therefore, we do not factor in much revenue contribution from payments at the moment, as we believe Tencent is focusing on building up the ecosystem at the current stage."

"We believe WeChat has the potential and capability to develop its own e-commerce platform in the future," the BOCOM International report said.

Linus Yip, a Hong Kong-based strategist from First Shanghai Securities Ltd, believes the long-term prospects for e-commerce and social mobile platforms remain positive in China.

"Tencent's overall performance still stands out, and profits derived from its primary and related services are likely to be sustained in the future," said Yip. "We've heard bearish views on the shares in the market after gaining substantially over the year, but I believe the fundamentals of the company remain solid," Yip added.