FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2025年8月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | ...

Core Insights - The rise of AI search engines has become a focal point for major internet companies in China, with significant investments and product launches since the popularity of ChatGPT in late 2022 [1][3] - The AI search engine market has seen a substantial increase in active users, reaching 685 million monthly active users, with in-app AI plugins leading the growth at a compound annual growth rate of 74.5% in the first half of 2023 [1][3] - Companies like Tencent, Weibo, and Alibaba are reporting strong performance in their AI search initiatives, indicating a positive trend in user engagement and revenue growth [2][8] AI Search Market Dynamics - The competition in the AI search engine sector is intensifying, with various companies launching independent AI search products or integrating AI features into existing applications [1][3] - The top three applications in terms of user growth and engagement are QQ Browser's Qbot, Weibo's Smart Search, and Baidu Input Method, showcasing the effectiveness of AI-driven search solutions [3][4] User Engagement Metrics - QQ Browser's Qbot achieved a remarkable compound growth rate of 255.2% in June 2025, while Weibo's Smart Search and Baidu Input Method recorded growth rates of 41.7% and 14.3%, respectively [3][4] - In terms of average monthly usage, Quark's AI search led with 64.9 times per user, followed by Weibo's Smart Search at 36.6 times and Tencent News at 24.2 times [5][6] Financial Performance - Weibo reported a total revenue of $444.8 million and an adjusted operating profit of $161.8 million for Q2 2025, exceeding Wall Street expectations and leading to a significant increase in stock price [8] - The growth in user engagement with Weibo's Smart Search is expected to contribute positively to the company's performance in upcoming quarters, particularly during peak seasons [8] AI Search Features and Innovations - Weibo's Smart Search has introduced features like "Smart Search Analysis" and "Smart Search Follow-up," enhancing user experience and engagement [7][10] - The integration of AI search capabilities allows for more precise information retrieval, moving away from traditional search methods that often present redundant information [9][11] Future Prospects - Weibo's management indicated a focus on expanding user base before pursuing monetization strategies for Smart Search, with potential commercial tests planned for Q4 2025 [18] - The evolution of AI search is expected to lead to a new paradigm where search and service integration becomes a standard, as seen with Tencent's WeChat [18]

Group 1 - The "2025 China Top 500 Private Enterprises" list was released by the All-China Federation of Industry and Commerce, with JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. ranking in the top three [1][2] - The threshold for entering the top 500 private enterprises increased to 27.023 billion yuan, with a total operating income of 4.305 trillion yuan and a combined net profit of 180 billion yuan [1] - Total R&D expenses reached 113 billion yuan, with 1.1517 million R&D personnel and an average R&D expenditure intensity of 2.77% [1] Group 2 - A total of 6,379 enterprises with projected revenues exceeding 1 billion yuan participated in the survey, with the top 500 enterprises forming the "2025 China Top 500 Private Enterprises" [1] - The total tax contribution from these enterprises amounted to 1.27 trillion yuan, with 240 companies paying over 1 billion yuan in taxes, accounting for 48% of the top 500 [1]

Group 1: Financial Performance - The threshold for entering the top 500 private enterprises has increased to 27.023 billion yuan, with total revenue of the top 500 private enterprises reaching 4.305 trillion yuan [2] - There are 105 companies with revenue exceeding 100 billion yuan and 11 companies with revenue exceeding 500 billion yuan [2] - The total tax contribution of the top 500 private enterprises in 2024 reached 1.27 trillion yuan, with 24 companies contributing over 10 billion yuan in taxes [5] Group 2: Research and Development - The total R&D expenditure of the reported private enterprises reached 1.13 trillion yuan, with an average R&D intensity of 2.77% [2] - The number of effective patents held by the top 500 enterprises is 721,600, an increase of 8.23% from the previous year [3] - The top ten companies in R&D investment include Huawei, Tencent, Alibaba, BYD, Geely, Xiaomi, Ant Technology, Baidu, Meituan, and CATL, with internet companies dominating the list [4] Group 3: Employment Contribution - The top 500 private enterprises have created a total of 11.0912 million jobs, with an average of 22,200 jobs per company [5] - The top five industries for job creation among the top 500 private enterprises are automotive manufacturing, internet and related services, electrical machinery and equipment manufacturing, computer, communication and other electronic device manufacturing, and black metal smelting and rolling processing [5]

#民营企业500强腾讯纳税额排名第一#全国工商联8月28日发布的"2025民营企业500强"报告显示，民营 企业500强的纳税总额达1.27万亿元，其中纳税前三名分别是腾讯、荣盛控股、比亚迪。腾讯以592亿元 的纳税总额位列第一。据统计，2020年至2024年，腾讯累计纳税总额超过了2100亿，近五年平均增幅达 到20.1%。#2025中国民营企业500强发布# ...

Core Insights - Companies are increasingly relying on overseas markets for growth, with many reporting significant revenue increases from international operations [2][12][15] - The trend of globalization among Chinese companies is just beginning, with many exploring new markets and expanding their global presence [2][16] Internet Sector - Tencent reported a 15% year-on-year revenue growth to RMB 1,845 billion in Q2 2025, with international game revenue increasing by 35% [3] - Baidu's total revenue reached RMB 327 billion in Q2, with core revenue growing by 35% [9] E-commerce and Logistics - JD's Q2 2025 net revenue was RMB 3,567 billion, a 22.4% increase, but net profit decreased to RMB 62 billion from RMB 126 billion [4] - JD Logistics achieved a net revenue of RMB 515.6 billion in Q2, growing 16.6% [5] - Meituan's Q2 revenue was RMB 918 billion, an 11.7% increase, but adjusted net profit fell by 89% [7] Consumer Brands - Luckin Coffee's Q2 revenue was RMB 123.59 billion, up 47.1%, with a significant increase in store openings [10] - Pop Mart reported a 204.4% revenue growth in H1 2025, reaching RMB 138.763 billion, with strong performance in overseas markets [12] - Miniso's total revenue for H1 2025 was RMB 93.9 billion, a 21.1% increase, driven by growth in both domestic and international markets [13] New Energy and Automotive - CATL's H1 2025 revenue was RMB 1,788.86 billion, with overseas revenue accounting for 34.22% [16] - Geely's total revenue reached RMB 1,503 billion in H1 2025, with a 27% increase, and a significant rise in core profit [19][20] Summary of Overseas Expansion - Companies like JD and Pop Mart are expanding their overseas operations, with JD establishing warehouses in multiple countries and Pop Mart planning to open more stores globally [5][12] - The trend of increasing overseas revenue is evident across various sectors, indicating a shift towards a more globalized business model [2][18]

一、整体规模持续提升。2024年，民营企业500强入围门槛增至270.23亿元。营业收入总额达到43.05万亿元；户 均营业收入861.02亿元，较上年增长2.72%；营业收入超过千亿元的企业共105家，较上年增加8家；其中超过 5000亿元的企业有11家，较上年增加2家。资产总额共计51.15万亿元；户均资产1023.09亿元，增长2.62%。资产 总额超过千亿元的企业共97家，较上年增加8家；其中超过5000亿元的有16家，较上年增加1家。民营企业500强 中有29家企业入围今年的《财富》世界500强榜单。 民营企业500强中，有361家企业的营业收入较上年增长，其中，增幅超过5%的企业有237家，增幅超过10%的 企业有161家。营业收入超过千亿元的105家企业中，营业收入增幅超过5%的企业有64家，增幅超过10%的企业 有44家，增幅超过20%的企业有20家。有380家企业的资产较上年增加，其中，增幅超过5%的企业有262家，增 幅超过10%的企业有170家。资产超过千亿元的97家企业中，资产增幅超过5%的企业有53家，增幅超过10%的企 业有33家，增幅超过20%的企业有11家。 二、经营效益持续向 ...

Core Insights - The "2025 China Top 500 Private Enterprises" list was released by the All-China Federation of Industry and Commerce, with JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. ranking in the top three [1]. Group 1: Overall Performance - A total of 97 enterprises have total assets exceeding 100 billion yuan, an increase of 8 from the previous year [3]. - The average net profit per enterprise is 3.605 billion yuan, reflecting a growth of 6.48% [5]. - There are 70 enterprises with net profits exceeding 5 billion yuan, 34 with over 10 billion yuan, and 19 with over 20 billion yuan [5]. Group 2: Industry Trends - The top private enterprises are actively investing in strategic emerging industries, including new materials, new energy, next-generation information technology, high-end equipment manufacturing, and environmental protection [9]. - There is a notable shift towards digitalization and green transformation among these enterprises [9]. Group 3: Innovation and R&D - The total R&D expenditure reported by the top private enterprises amounts to 1.13 trillion yuan, with a total of 1.1517 million R&D personnel [12]. - The average R&D investment intensity is 2.77% [12]. Group 4: Corporate Governance and Social Contribution - 90% of the enterprises have established various forms of internal control and compliance institutions, and 76% have an A-level tax credit rating [15]. - The total tax contribution of the top private enterprises reached 1.27 trillion yuan, with 240 enterprises paying over 1 billion yuan in taxes [16]. - Employment generated by these enterprises totals 11.0912 million, with 72.8% actively participating in rural revitalization efforts [16].

Core Insights - The release of the DeepSeek series of open-source large models in early 2025 has sparked a development boom in the AI sector, transitioning from "proof of concept" to "large-scale commercialization" within just six months [1] - Despite the initial excitement, many AI applications, including DeepSeek, have seen a significant decline in download and active user metrics as the hype subsides [1][5] - DeepSeek's user engagement has dropped from a peak of 7.5% to 3%, indicating a potential loss of interest among casual users who were initially attracted by the hype [1][5] Group 1: DeepSeek's Journey - DeepSeek emerged as a significant player in the AI industry, comparable to the impact of the game "Black Myth: Wukong" in the gaming sector, achieving a peak daily download of over 3.88 million [6][8] - The product has become a symbol of China's technological innovation, but the increasing "symbolic" labeling has led to a blurred understanding of its actual capabilities among the general user base [8][10] - Following the peak in February, DeepSeek's download numbers have been in a steady decline, while its monthly active users have shown a slight increase, suggesting a retention of a core user base [10] Group 2: Market Dynamics and Competition - The AI application landscape is facing a "growth bottleneck," with major products struggling to maintain momentum after the initial surge [5] - Tencent's "Yuanbao" application capitalized on the AI trend by integrating with DeepSeek's model, achieving a 20-fold increase in daily active users from February to March [14][18] - However, the reliance on aggressive advertising for growth has proven unsustainable, leading to a decline in rankings and user retention challenges by April [14][18] Group 3: Beanbag's Position - ByteDance's "Beanbag" product, which was developed prior to the AI boom, has maintained a strong position in the market due to its early entry and backing from a popular social media platform [21][22] - The product has successfully innovated features to attract users, such as a "photo answering" function during the school season, and has seen consistent growth in active users despite market fluctuations [24][26] - ByteDance's significant investment in AI, with reports of capital expenditures reaching 800 billion RMB, underscores its commitment to maintaining a leading position in the AI application market [24][26]

Market Overview - The Hang Seng Technology Index (HSTECH) decreased by 1.66% as of August 28, 2025, with mixed performance among constituent stocks [3] - Ctrip Group-S (09961) and SMIC (00981) led gains, both up by 8.00%, while Meituan-W (03690) fell by 12.38% [3] - The Hang Seng Technology Index ETF (159742) dropped by 1.54%, with a latest price of 0.77 HKD [3] Trading Activity - The Hong Kong stock market recorded a total turnover of 371.38 billion HKD on August 27, 2025, with southbound funds net buying 15.371 billion HKD [3] - The ETF saw an intraday turnover of 14.53%, with a transaction volume of 458 million HKD, indicating active market participation [3] Institutional Insights - Future catalysts for the Hong Kong stock market include AI technology and new consumption trends, which are expected to drive market growth [4] - Continuous inflow of southbound funds is enhancing marginal pricing power, especially if domestic interest rates remain low [4] - The transition from loose monetary policy to loose credit in China, along with potential US interest rate cuts, could further support the Hong Kong market [4] ETF Performance - The latest size of the Hang Seng Technology Index ETF reached 3.157 billion HKD, with a total of 4.075 billion shares, marking a one-year high [5] - The ETF has seen a net inflow of 228 million HKD over the past three days, with a daily average net inflow of 75.882 million HKD [5] - The ETF's net asset value has increased by 36.12% over the past three years, with a maximum monthly return of 33.70% since inception [5] Tracking Accuracy - As of August 27, 2025, the Hang Seng Technology Index ETF has a tracking error of 0.047% over the past three years, the highest among comparable funds [6] Index Composition - The Hang Seng Technology Index comprises the top 30 Hong Kong-listed companies highly related to technology, with the top ten stocks accounting for 68.53% of the index [7]