格隆汇8月26日丨腾讯控股(00700.HK)发布公告，2025年8月26日耗资5.5亿港元回购89.9万股，回购价格 每股609.5-617.5港元。 腾讯控股(00700.HK)8月26日耗资5.5亿港元回购89.9万股 腾讯控股(00700.HK)8月25日耗资5.5亿港元回 购89.5万股 相关事件 ...

南方财经记者 陈思琦 吴佳楠 石恩泽 深圳报道 你是什么时候成为"深圳人"的？ 是拖着行李箱，在深圳北站看到那句"来了就是深圳人"标语时？是来深求职，住进应届毕业生15天免费公寓时？还是怀揣创业 想法，拿到免租办公场地钥匙时？ 深圳，一座少有"深圳人"的城市，亦是一座全都是"深圳人"的城市。 45年，数以千万计的人从四面八方来到深圳逐梦，从基建工程兵、"三来一补"打工潮，再到电子信息产业吸引大学生、工程 师、金融从业者涌入，再到如今的归国科学家、"北上"创业港青、高新技术人才，一次次的产业升级，带动了深圳一波波的人 口变迁。 深圳市统计局数据显示，1980年深圳常住人口33.29万人，人均地区生产总值仅835元；2024年人口规模发展为1798.95万人，人 均地区生产总值提升至20.57万元。 45年，深圳经济特区用GDP年均增长18.8%的奇迹，将"三来一补"的缝纫机声，谱写成驱动AI、机器人的代码雨。 深圳的"逐梦人"永远在路上——他们带着不同乡音，却共享一种精神基因：敢闯、敢试、敢为天下先。 荒滩上的弄潮儿 今年8月，A股"果链一哥"、市值超3000亿元的立讯精密向港交所递交上市申请。若顺利，立讯精密 ...

Market Performance - The Hang Seng Index fell by 304.99 points, a decrease of 1.18%, closing at 25,524.92 points [1] - The main board recorded a total turnover of 317.87 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 99.34 points, closing at 9,148.66 points, down 1.07% [1] - The Hang Seng Tech Index decreased by 42.85 points, closing at 5,782.24 points, a decline of 0.74% [1] Blue Chip Stocks - Tencent Holdings fell by 0.81%, closing at 609.5 HKD [1] - Hong Kong Exchanges and Clearing dropped by 1.6%, closing at 455.4 HKD [1] - China Mobile decreased by 0.33%, closing at 90.05 HKD [1] - HSBC Holdings declined by 1.28%, closing at 100.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 2.03%, closing at 36.62 HKD [1] - Sun Hung Kai Properties dropped by 2.19%, closing at 91.7 HKD [1] - Henderson Land Development decreased by 1.31%, closing at 27.14 HKD [1] Chinese Financial Stocks - Bank of China fell by 2.04%, closing at 4.33 HKD [1] - China Construction Bank decreased by 2.33%, closing at 7.55 HKD [1] - Industrial and Commercial Bank of China dropped by 1.52%, closing at 5.85 HKD [1] - Ping An Insurance fell by 2.05%, closing at 57.45 HKD [1] - China Life Insurance decreased by 0.24%, closing at 24.68 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation fell by 0.23%, closing at 4.39 HKD [1] - China National Petroleum Corporation decreased by 0.67%, closing at 7.43 HKD [1] - CNOOC Limited rose by 0.85%, closing at 18.99 HKD [1]

Group 1 - On August 26, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with a trading volume of 5.01 billion, SMIC (00981) with 3.86 billion, and Alibaba-W (09988) with 3.29 billion [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, the top three companies were Alibaba-W (09988) with a trading volume of 2.19 billion, SMIC (00981) with 1.95 billion, and Tencent Holdings (00700) with 1.81 billion [1] Group 2 - The top active companies in the Southbound Stock Connect (Hong Kong) included Yingfu Fund (02800) with a net buy of 4.997 billion, Alibaba-W (09988) with a net buy of 448 million, and Tencent Holdings (00700) with a net buy of 911 million [2] - In the Southbound Stock Connect (Shenzhen), Alibaba-W (09988) had a net buy of 897 million, while SMIC (00981) and Tencent Holdings (00700) had net sells of 275 million and 240 million respectively [2]

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26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 ...

Core Viewpoint - The article highlights the significant style drift observed in the public fund "Baoying Modern Service Industry Mixed Fund," which has deviated from its stated investment theme, focusing heavily on the pharmaceutical and technology sectors instead of modern services [1][10]. Fund Performance and Holdings - As of the end of Q2 2025, the fund's top ten holdings are predominantly in the pharmaceutical and technology sectors, with a notable concentration in stocks like Kelun-Bio and Tencent Holdings, indicating a high industry concentration [1][2]. - The fund has shown high volatility and elasticity, achieving a return of 64.73% since the beginning of 2025 and 73.28% over the past year, ranking well among peers. However, it has experienced declines in previous years, with losses of 11.91% in 2021, 9.32% in 2022, and 3.7% in 2024, indicating issues with performance sustainability [2][9]. Managerial Strategy and Style Drift - The style drift has been evident since the current fund manager, Yao Yi, took over in January 2023, with the first quarterly report showing a complete focus on healthcare stocks, which accounted for over 50% of the net value [5][7]. - Despite achieving a total return of 46.78% and an annualized return of 15.85% under Yao Yi's management, the strategy has not aligned with the fund's original service-oriented theme, raising concerns about the appropriateness of the investment approach [7][9]. Regulatory and Market Implications - The fund's deviation from its contractual investment behavior raises compliance issues and may lead to unexpected risks for investors due to misinterpretation of the fund's theme [9][10]. - The fund's total size is 295 million yuan, with institutional investors holding 20.29%, indicating some level of external oversight, but individual investors remain the primary stakeholders [9].

Core Insights - The Hong Kong stock market saw significant net inflows from northbound capital, totaling HKD 165.73 billion on August 26, with the Shanghai-Hong Kong Stock Connect contributing HKD 96.05 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 69.67 billion [1] Group 1: Stock Performance - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988) [1][5] - The most net sold stocks were SMIC (00981), Oriental Selection (01797), and Xiaomi Group-W (01810) [1][5] - The Tracker Fund of Hong Kong received a net inflow of HKD 50.04 billion, while SMIC experienced a net outflow of HKD 15.76 billion [2][3] Group 2: Sector Trends - Technology stocks, particularly Alibaba-W, Tencent (00700), and Meituan-W (03690), saw substantial net purchases of HKD 13.45 billion, HKD 6.7 billion, and HKD 4.09 billion respectively [5] - The approval of new regulations for internet platform pricing is expected to lead to more standardized pricing practices among e-commerce platforms, which may help maintain market shares [5] - The biotechnology sector is highlighted by the net purchase of HKD 1.25 billion in Innovent Biologics (01801), following the FDA's approval of a new drug trial [6] Group 3: Company-Specific Developments - Meituan (01357) was included in the MSCI China Index, which is expected to enhance its market visibility and investment appeal [5] - Xiaomi Group-W reported a 40% year-on-year increase in automotive revenue, although its smartphone business faced challenges with declining margins [7] - Oriental Selection's performance was mixed, with a 55% year-on-year drop in GMV, leading to a downgrade in its target price by Goldman Sachs [7]

Core Viewpoint - The article discusses the evolution of Shenzhen's urban landscape and its economic transformation over 45 years, highlighting the emergence of key districts and skyscrapers that symbolize the city's growth and innovation [1][3][20]. Group 1: Historical Development - The first skyscraper, the Guomao Building, was completed in 1985, symbolizing the rapid development of Shenzhen during the reform era, followed by the Diwang Building in 1995, which marked Shenzhen as "Asia's first" in terms of skyline [3][4]. - The early development of the Luohu district was crucial, as it became a hub for foreign investment and banking, establishing the foundation for Shenzhen's economic model [6][4]. Group 2: Economic Transformation - The concept of "headquarters economy" began to take shape in Shenzhen as the city transitioned from a manufacturing base to a center for management, finance, and R&D, especially after China's entry into the WTO in 2001 [6][4]. - The establishment of the Futian district in 1990 marked a significant shift, with major financial institutions like China Merchants Bank relocating there, further solidifying its status as the city's central business district [8][9]. Group 3: Technological Innovation - The rise of high-tech industries in the Shenzhen Bay area, with companies like Tencent and DJI leading the charge, reflects the city's shift towards a "Central Technology District" (CTD) model, emphasizing innovation and technology [11][12][17]. - By 2024, Shenzhen is projected to have over 25,000 national high-tech enterprises, showcasing its status as a leading hub for technology and innovation in China [13][17]. Group 4: Future Developments - Tencent's "Penguin Island" project, a massive headquarters development, is indicative of the trend towards creating integrated ecosystems for tech companies, combining work, life, and culture [18][19]. - The evolution of headquarters from high-rise buildings to expansive campuses reflects a broader trend in corporate real estate, focusing on fostering collaboration and innovation through thoughtfully designed spaces [19][20].

Core Viewpoint - The article discusses the urgent need to bridge the "digital divide" for the elderly as AI technology becomes more prevalent, emphasizing the importance of making AI accessible and beneficial for older adults through tailored educational initiatives [3][5]. Group 1: AI Course Development - Tencent Research Institute has completed four sample lessons and an initial course design for the "Elderly AI Public Course" aimed at enhancing AI literacy among seniors [4]. - The course is structured into two units: daily life scenarios and artistic creation, covering essential areas such as AI companionship, transportation, healthcare, and creative arts [10]. - The course design follows a teaching path of "demonstration → breakdown → practice → expansion" to facilitate learning [10]. Group 2: Elderly Needs and Learning Barriers - A survey of 100 seniors aged 60-80 identified six core needs for AI tools: convenience in travel and daily life, medical services, companionship and social interaction, health management, entertainment creation, and safety [7]. - The primary barrier to learning AI for seniors is not a lack of interest but the need for repeated practice and the tendency to forget [10]. Group 3: Expert Recommendations - Experts suggest avoiding age labeling in course titles to promote a sense of inclusivity and to prevent reinforcing age-related stereotypes [12]. - Courses should be practical, using real-life scenarios and minimizing jargon to enhance understanding [14]. - The content should be concise, focusing on one topic at a time to cater to the attention span of elderly learners [16]. Group 4: Community and Support - The importance of community support for online courses is highlighted, with suggestions for peer-led learning groups to foster interaction and mutual assistance among seniors [23]. - The incorporation of local dialects in course materials is deemed essential for better comprehension among older adults [21]. Group 5: Encouraging Creativity - Providing opportunities for seniors to showcase their work at the end of the course can stimulate engagement and creativity, reinforcing the idea that older adults can actively participate in the AI era [25]. - The article emphasizes the potential of seniors to create content and engage with technology, showcasing their capabilities [25].

Company Information [Board Members and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) This section outlines the company's board members and the composition of its various governance committees - **Pony Ma** serves as Chairman and Executive Director[4](index=4&type=chunk) - Key committee chairs include **Yang Siu Shun** (Audit Committee), **Charles St Leger Searle** (Corporate Governance Committee), **Martin Lau** (Investment Committee), **Pony Ma** (Nomination Committee), and **Ian Charles Stone** (Remuneration Committee)[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides essential company details, such as principal bankers, registered office, headquarters, share registrar, website, and stock codes - Principal bankers include **Bank of China Limited** and **The Hongkong and Shanghai Banking Corporation Limited**[5](index=5&type=chunk) - Registered office is in the Cayman Islands, with group headquarters in **Tencent Binhai Building, Nanshan District, Shenzhen, China**[5](index=5&type=chunk) - Company website is **www.tencent.com**, with stock codes **700 (HKD counter)** and **80700 (RMB counter)**[5](index=5&type=chunk) Financial Performance Summary [Q2 2025 Financial Performance](index=4&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) This section outlines the company's unaudited Q2 2025 financial performance, highlighting double-digit year-on-year growth in key profitability metrics 2025 Q2 Key Financial Data (Unaudited) | Indicator | June 30, 2025 (RMB millions) | June 30, 2024 (RMB millions) | YoY Change | March 31, 2025 (RMB millions) | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 184,504 | 161,117 | 15% | 180,022 | 2% | | Gross Profit | 105,013 | 85,895 | 22% | 100,493 | 4% | | Operating Profit | 60,104 | 50,732 | 18% | 57,566 | 4% | | Profit Attributable to Equity Holders | 55,628 | 47,630 | 17% | 47,821 | 16% | | Basic EPS (RMB per share) | 6.115 | 5.112 | 20% | 5.252 | 16% | | Non-IFRS Profit Attributable to Equity Holders | 63,052 | 57,313 | 10% | 61,329 | 3% | [H1 2025 Financial Performance](index=5&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) This section summarizes the company's unaudited H1 2025 financial performance, highlighting double-digit year-on-year growth in key profitability metrics 2025 H1 Key Financial Data (Unaudited) | Indicator | June 30, 2025 (RMB millions) | June 30, 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 364,526 | 320,618 | 14% | | Gross Profit | 205,506 | 169,765 | 21% | | Operating Profit | 117,670 | 103,288 | 14% | | Profit Attributable to Equity Holders | 103,449 | 89,519 | 16% | | Basic EPS (RMB per share) | 11.367 | 9.590 | 19% | | Non-IFRS Profit Attributable to Equity Holders | 124,381 | 107,578 | 16% | Chairman's Report [Performance Overview](index=6&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A7%88) The Chairman's report overviews the Group's unaudited Q2 and H1 2025 earnings, emphasizing significant growth in both IFRS and non-IFRS profit - Profit attributable to equity holders: **RMB 55.628 billion** in Q2 2025, up **17% YoY**, and **RMB 103.449 billion** in H1 2025, up **16% YoY**[12](index=12&type=chunk) - Non-IFRS profit attributable to equity holders: **RMB 63.052 billion** in Q2 2025, up **10% YoY**, and **RMB 124.381 billion** in H1 2025, up **16% YoY**[12](index=12&type=chunk) [Operating Data](index=6&type=section&id=%E7%B6%93%E7%87%9F%E8%B3%87%E6%96%99) This section presents key operating metrics, including monthly active accounts for WeChat, QQ mobile, and fee-based value-added services subscribers Key Operating Data (Millions) | Indicator | June 30, 2025 | June 30, 2024 | YoY Change | March 31, 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Combined MAU of WeChat and Weixin | 1,411 | 1,371 | 3% | 1,402 | 0.6% | | Mobile MAU of QQ | 532 | 571 | -7% | 534 | -0.4% | | Fee-based VAS Subscriptions | 264 | 263 | 0.4% | 268 | -1% | [Business Review and Outlook](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) This section reviews Q2 2025 business performance, emphasizing AI investment, gaming breakthroughs, rapid advertising growth, and AI-native application promotion - In Q2 2025, the company continued to invest in and benefit from AI, achieving double-digit percentage year-on-year growth in both revenue and non-IFRS operating profit[14](index=14&type=chunk) - Gaming business performed strongly in both user and revenue aspects, with evergreen games like "Honor of Kings" and "Peace Elite" evolving into platform-based services with increased AI applications, and new games like "Delta Force" achieving breakthroughs[14](index=14&type=chunk) - Marketing services revenue grew rapidly by upgrading the advertising basic model, enhancing ad effectiveness across various traffic platforms, and further increasing AI application in ad creation, placement, recommendation, and performance analysis[14](index=14&type=chunk)[16](index=16&type=chunk) - Weixin enriched its AI features, offering intelligent keyword search, smart customer service replies, and automatic text summarization for Video Accounts content[15](index=15&type=chunk) - Mini Games' total gross receipts increased by **20% YoY**; domestic game "Delta Force" achieved over **20 million average DAU** in July 2025; international game "Clash Royale" reached a **seven-year high in monthly gross receipts** in June 2025[16](index=16&type=chunk) - The **Hunyuan 3D model** ranked first on Hugging Face for its industry-leading geometric precision, texture realism, and instruction-to-3D alignment capabilities, being increasingly adopted by game developers, 3D printing companies, and professional designers[16](index=16&type=chunk) [Dividends and Acknowledgements](index=8&type=section&id=%E8%82%A1%E6%81%AF%E5%8F%8A%E8%87%B4%E8%AC%9D) The Board did not declare an interim dividend, and the Chairman expressed gratitude to stakeholders, reaffirming the core mission of "User-oriented, Tech for Good" - The Board did not declare any interim dividend for the six months ended June 30, 2025[18](index=18&type=chunk) - The company will continue to uphold its core mission of "User-oriented, Tech for Good," consistently delivering meaningful impact through technology, driving innovation, and adapting to societal needs[19](index=19&type=chunk) Management Discussion and Analysis [Comparison of Q2 2025 and Q2 2024](index=9&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E8%88%87%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E7%9A%84%E6%AF%94%E8%BC%83) This section analyzes year-on-year changes in Q2 2025 versus Q2 2024 financial indicators, covering revenue, costs, gross profit, expenses, and overall profitability - Revenue: Q2 2025 revenue increased by **15% YoY** to **RMB 184.5 billion**[23](index=23&type=chunk) - Value-added services revenue increased by **16% YoY** to **RMB 91.4 billion**, with domestic games revenue growing by **17%** and international games revenue by **35%** (or **33%** at constant exchange rates)[25](index=25&type=chunk) - Marketing services revenue increased by **20% YoY** to **RMB 35.8 billion**, primarily benefiting from AI-driven advertising platform improvements and enhanced Weixin transaction ecosystem[25](index=25&type=chunk) - FinTech and Business Services revenue increased by **10% YoY** to **RMB 55.5 billion**, driven by consumer loan services, commercial payment activities, wealth management services, and increased enterprise customer demand for AI-related services, including GPU rental and API token usage[25](index=25&type=chunk) - Gross Profit: Q2 2025 gross profit increased by **22% YoY** to **RMB 105 billion**, with gross margin improving from **53%** in the prior year to **57%**[26](index=26&type=chunk) - Selling and marketing expenses: Increased by **3% YoY** to **RMB 9.4 billion**, with the percentage of revenue decreasing from **6%** in the prior year to **5%**[29](index=29&type=chunk) - General and administrative expenses: Increased by **16% YoY** to **RMB 31.9 billion**, due to increased R&D expenses to support AI-related business development and higher employee costs[29](index=29&type=chunk) - Share of profit of associates and joint ventures: Recorded **RMB 4.5 billion** in Q2 2025, compared to **RMB 7.7 billion** in the prior year, mainly due to lower estimated earnings from a large associate[31](index=31&type=chunk) [Comparison of Q2 2025 and Q1 2025](index=13&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E8%88%87%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E7%AC%AC%E4%B8%80%E5%AD%A3%E7%9A%84%E6%AF%94%E8%BC%83) This section analyzes quarter-on-quarter changes in Q2 2025 versus Q1 2025 financial indicators, highlighting seasonal factors and AI capabilities deployment impact - Revenue: Q2 2025 revenue increased by **2% QoQ** to **RMB 184.5 billion**[35](index=35&type=chunk) - Gross Profit: Q2 2025 gross profit increased by **4% QoQ** to **RMB 105 billion**, with gross margin improving from **56%** in the previous quarter to **57%**[36](index=36&type=chunk) - Value-added services revenue decreased by **0.8% QoQ** to **RMB 91.4 billion**, with domestic games revenue declining by **6%** due to post-Chinese New Year seasonality, while international games revenue increased by **13%**[37](index=37&type=chunk) - Marketing services revenue increased by **12% QoQ** to **RMB 35.8 billion**, benefiting from the deployment of AI advertising capabilities and the peak season after Chinese New Year[37](index=37&type=chunk) - Selling and marketing expenses: Increased by **20% QoQ** to **RMB 9.4 billion**, primarily due to increased game-related promotional activities[39](index=39&type=chunk) - General and administrative expenses: Decreased by **5% QoQ** to **RMB 31.9 billion**, mainly due to a high base from a one-off share-based compensation expense at an overseas subsidiary in the previous quarter[39](index=39&type=chunk) [Other Financial Information](index=15&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) This section provides key financial metrics, including EBITDA, adjusted EBITDA, interest expenses, net cash, and capital expenditure, with reconciliation tables Key Financial Indicators (RMB millions) | Indicator | 2025 Q2 | 2025 Q1 | 2024 Q2 | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | :--- | :--- | :--- | | EBITDA | 79,467 | 73,817 | 62,902 | 153,284 | 127,996 | | Adjusted EBITDA | 85,122 | 81,559 | 68,518 | 166,681 | 137,777 | | Adjusted EBITDA Margin | 46% | 45% | 43% | 46% | 43% | | Capital Expenditure | 19,107 | 27,476 | 8,729 | 46,583 | 23,088 | - Capital expenditure primarily includes investments in **IT infrastructure** (including computer equipment, spare parts, and software), **data centers**, **land use rights**, **office parks**, and **intellectual property** (excluding media content)[43](index=43&type=chunk) [Non-IFRS Financial Measures](index=17&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%B2%A1%E5%8B%99%E8%A8%88%E9%87%8F) This section explains the purpose of non-IFRS financial measures and provides reconciliation to IFRS, aiding investors in assessing core business performance - Non-IFRS financial measures aim to exclude certain non-cash items and the impact of certain investment-related transactions, providing useful supplementary information for investors to assess the Group's core business performance[44](index=44&type=chunk) - Non-IFRS operating profit was **RMB 69.248 billion** in Q2 2025 and **RMB 138.568 billion** in H1 2025[44](index=44&type=chunk)[47](index=47&type=chunk) - Non-IFRS profit attributable to equity holders was **RMB 63.052 billion** in Q2 2025 and **RMB 124.381 billion** in H1 2025[44](index=44&type=chunk)[47](index=47&type=chunk) [Investments Held](index=20&type=section&id=%E6%89%80%E6%8C%81%E6%8A%95%E8%B3%87) This section discloses the investment portfolio's size, composition, and objectives as of June 30, 2025, including significant investments like Sea Limited - As of June 30, 2025, the Group's investment portfolio was approximately **RMB 948.262 billion**, primarily aimed at strengthening core business leadership and complementing the "Connect" strategy[50](index=50&type=chunk) - Fair value of investments in listed companies (excluding subsidiaries) was **RMB 714.3 billion**; carrying value of investments in unlisted companies (excluding subsidiaries) was **RMB 342.3 billion**[50](index=50&type=chunk) - The Group holds approximately **104 million Class A ordinary shares** of Sea Limited, representing about **17.6%** of its total issued shares, with a carrying value of approximately **RMB 119.4 billion**[53](index=53&type=chunk) - For the six months ended June 30, 2025, the Group recorded a return from its investment portfolio of **RMB 10.647 billion**, an increase of **28% YoY**[54](index=54&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) This section outlines the cash and debt position as of June 30, 2025, along with free cash flow generation and encumbrance information - As of June 30, 2025, the Group's net cash was **RMB 74.6 billion**, with the QoQ decrease primarily due to the payment of the 2024 fiscal year final dividend of **RMB 37.5 billion** in the quarter[56](index=56&type=chunk) - In Q2 2025, the Group generated **free cash flow of RMB 43 billion**[57](index=57&type=chunk) - As of June 30, 2025, the Group pledged partial equity interests in certain investee companies with a total carrying value of approximately **RMB 3.5 billion** to certain investment banks as collateral for obligations under derivative transactions[58](index=58&type=chunk) [Review Report on Interim Financial Information](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) PricewaterhouseCoopers reviewed the interim financial information, concluding its preparation in accordance with International Accounting Standard 34 "Interim Financial Reporting" - The auditor is **PricewaterhouseCoopers**[59](index=59&type=chunk) - The scope of review is substantially less than an audit conducted in accordance with International Standards on Auditing, thus the auditor cannot guarantee awareness of all significant matters that might be identified in an audit, and therefore does not express an audit opinion[60](index=60&type=chunk) - Based on the review, the auditor found no matters leading them to believe that the Group's interim financial information was not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting"[61](index=61&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=23&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the condensed consolidated statement of profit or loss for the three and six months ended June 30, 2025, detailing revenue, costs, expenses, and profit Condensed Consolidated Statement of Profit or Loss Summary (RMB millions) | Indicator | 2025 Q2 | 2024 Q2 | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | :--- | :--- | | Revenue | 184,504 | 161,117 | 364,526 | 320,618 | | Cost of Revenue | (79,491) | (75,222) | (159,020) | (150,853) | | Gross Profit | 105,013 | 85,895 | 205,506 | 169,765 | | Operating Profit | 60,104 | 50,732 | 117,670 | 103,288 | | Profit for the Period | 56,044 | 48,366 | 105,769 | 91,017 | | Profit Attributable to Equity Holders | 55,628 | 47,630 | 103,449 | 89,519 | [Condensed Consolidated Statement of Comprehensive Income](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the condensed consolidated statement of comprehensive income for the three and six months ended June 30, 2025, including profit and other comprehensive income items - Total comprehensive income for the period: **RMB 126.944 billion** in Q2 2025 and **RMB 206.768 billion** in H1 2025[65](index=65&type=chunk) - Net gain from fair value changes of financial assets at fair value through other comprehensive income: **RMB 67.681 billion** in Q2 2025 and **RMB 94.042 billion** in H1 2025[65](index=65&type=chunk) - Total comprehensive income attributable to equity holders: **RMB 122.756 billion** in Q2 2025 and **RMB 198.614 billion** in H1 2025[65](index=65&type=chunk) [Condensed Consolidated Statement of Financial Position](index=26&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This section provides the condensed consolidated statement of financial position as of June 30, 2025, detailing the composition of assets, liabilities, and equity Condensed Consolidated Statement of Financial Position Summary (RMB millions) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 2,013,310 | 1,780,995 | | Total Equity | 1,202,849 | 1,053,896 | | Total Liabilities | 810,461 | 727,099 | | Non-current Assets | 1,467,813 | 1,284,815 | | Current Assets | 545,497 | 496,180 | | Non-current Liabilities | 375,350 | 330,190 | | Current Liabilities | 435,111 | 396,909 | - Financial assets at fair value through other comprehensive income increased from **RMB 302.36 billion** as of December 31, 2024, to **RMB 401.756 billion** as of June 30, 2025[67](index=67&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=28&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section presents the condensed consolidated statement of changes in equity for the six months ended June 30, 2025, detailing movements in capital, reserves, and non-controlling interests - Total comprehensive income attributable to equity holders for H1 2025 was **RMB 198.614 billion**[73](index=73&type=chunk) - Share repurchases and cancellations in H1 2025 resulted in a **RMB 34.956 billion** reduction in retained earnings[75](index=75&type=chunk) - Cash dividends paid in H1 2025 resulted in a **RMB 37.665 billion** reduction in retained earnings[75](index=75&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section provides the condensed consolidated statement of cash flows for the six months ended June 30, 2025, covering cash flows from operating, investing, and financing activities Condensed Consolidated Statement of Cash Flows Summary (RMB millions) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net cash flows from operating activities | 151,265 | 126,458 | | Net cash flows used in investing activities | (72,407) | (45,449) | | Net cash flows used in financing activities | (30,111) | (99,781) | | Net increase / (decrease) in cash and cash equivalents | 48,747 | (18,772) | | Cash and cash equivalents at end of period | 182,057 | 153,511 | - Share repurchases paid in H1 2025 amounted to **RMB 34.525 billion**[82](index=82&type=chunk) - Dividends paid to the Company's shareholders in H1 2025 amounted to **RMB 37.535 billion**[82](index=82&type=chunk) Notes to the Interim Financial Information [General Information](index=35&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section introduces the company's registration, listing, principal business activities, and the currency and review status of the interim financial information - Tencent Holdings Limited is incorporated in the Cayman Islands, and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since June 16, 2004[83](index=83&type=chunk) - The Group primarily provides **Value-Added Services**, **Marketing Services**, and **FinTech and Business Services**[83](index=83&type=chunk) - The interim financial information is unaudited but has been reviewed by the Company's external auditor[85](index=85&type=chunk) [Basis of Preparation and Presentation](index=35&type=section&id=%E7%B7%A8%E8%A3%BD%E5%8F%8A%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) This section states that the interim financial information is prepared according to IAS 34 "Interim Financial Reporting" and should be read with the 2024 annual financial statements - The interim financial information is prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"** issued by the International Accounting Standards Board[86](index=86&type=chunk) [Significant Accounting Policies Information](index=35&type=section&id=%E9%87%8D%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%B3%87%E6%96%99) This section explains that interim financial information accounting policies are consistent with 2024 financial statements and lists adopted and newly issued standard amendments - The accounting policies and calculation methods used in preparing the interim financial information are consistent in all material respects with those used in the 2024 financial statements, prepared on a historical cost basis and revised for financial assets and liabilities measured at fair value[87](index=87&type=chunk) - The Group first adopted the amendment to **IAS 21 "Lack of Exchangeability"** for the financial year beginning January 1, 2025, which had no significant impact on the interim financial information[90](index=90&type=chunk) - **IFRS 18 "Presentation and Disclosure in Financial Statements"**, effective January 1, 2027, primarily impacts the presentation and disclosure of income and expenses and introduces requirements for disclosing management-defined performance measures, with no significant impact expected on the interim financial information[92](index=92&type=chunk) [Estimates](index=37&type=section&id=%E4%BC%B0%E8%A8%88) This section emphasizes that interim financial information preparation involves management judgments, estimates, and assumptions, with actual results potentially differing - In preparing the interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those used in the 2024 financial statements[93](index=93&type=chunk) [Financial Risk Management](index=37&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) This section discusses the Group's market, credit, and liquidity risks, capital management policy, and fair value measurement hierarchy and methods - The Group's operations are exposed to various financial risks: **market risk** (including foreign exchange risk, price risk, and interest rate risk), **credit risk**, and **liquidity risk**[94](index=94&type=chunk) - For the six months ended June 30, 2025, the Group reported a **net exchange loss of approximately RMB 874 million**[95](index=95&type=chunk) - The Group's capital management policy aims to safeguard its ability to continue as a going concern and support its sustainable development, monitoring its capital through regular review of its total debt/adjusted EBITDA ratio[96](index=96&type=chunk)[98](index=98&type=chunk) - Fair value measurements are categorized into three levels, with Level 3 instruments primarily including investments in unlisted companies, other financial assets, and other financial liabilities classified as financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income[101](index=101&type=chunk)[109](index=109&type=chunk) [Segment Information and Revenue](index=43&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99%E5%8F%8A%E6%94%B6%E5%85%A5) This section details the Group's operating segments (VAS, Marketing, FinTech & Business, Others) and their revenue and gross profit contributions by source - The Group had the following reportable segments for the three and six months ended June 30, 2025 and 2024: **Value-Added Services**, **Marketing Services**, **FinTech and Business Services**, and **Others**[114](index=114&type=chunk) 2025 Q2 Segment Revenue (RMB millions) | Segment | Revenue | | :--- | :--- | | Value-Added Services | 91,368 | | Marketing Services | 35,762 | | FinTech and Business Services | 55,536 | | Others | 1,838 | | Total | 184,504 | 2025 H1 Segment Revenue (RMB millions) | Segment | Revenue | | :--- | :--- | | Value-Added Services | 183,501 | | Marketing Services | 67,615 | | FinTech and Business Services | 110,443 | | Others | 2,967 | | Total | 364,526 | - Games revenue: **RMB 59.153 billion** in Q2 2025 and **RMB 118.654 billion** in H1 2025[125](index=125&type=chunk) [Expenses by Nature](index=47&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E7%9A%84%E9%96%8B%E6%94%AF) This section lists expenses by nature, including transaction costs, employee benefits, content, intangible asset amortization, depreciation, and promotion fees - For the six months ended June 30, 2025, the Group incurred approximately **RMB 39.161 billion** in research and development expenses, primarily comprising **RMB 30.178 billion** in employee benefit expenses[126](index=126&type=chunk) - For the six months ended June 30, 2025, amortization of intangible assets was **RMB 16.120 billion**, mainly related to media content such as long-form video and music content, game licenses, and other content[127](index=127&type=chunk)[129](index=129&type=chunk) [Other Gains / (Losses) Net](index=48&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%88%95%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E5%87%80%E9%A1%8D) This section discloses the composition of other gains / (losses) net, primarily including government grants and tax refunds, and other items - Other gains / (losses) net for Q2 2025 was **RMB (3.578) billion**, and for H1 2025 was **RMB (4.975) billion**[130](index=130&type=chunk) [Investment Gains / (Losses) Net and Others](index=49&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E7%9B%8A%E2%88%95%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E5%87%80%E9%A1%8D%E5%8F%8A%E5%85%B6%E4%BB%96) This section details investment gains/(losses) net and other items, including disposal gains, fair value changes, impairment provisions, and dividend income - Investment gains / (losses) net and others for H1 2025 was **RMB 4.045 billion**[131](index=131&type=chunk) - Net gain from disposal and deemed disposal of investee companies for H1 2025 was **RMB 251 million**[131](index=131&type=chunk) - Net fair value gain on financial assets at fair value through profit or loss for H1 2025 was **RMB 1.378 billion**[131](index=131&type=chunk) - Share of profit of associates and joint ventures for H1 2025 was **RMB 9.054 billion**[131](index=131&type=chunk) [Finance Costs](index=50&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) This section discloses the composition of finance costs, primarily including interest and related expenses and net exchange losses - Finance costs for H1 2025 were **RMB 7.801 billion**, mainly comprising interest and related expenses and net exchange losses[133](index=133&type=chunk) [Taxation](index=51&type=section&id=%E7%A8%85%E9%A0%85) This section explains income tax expense recognition, applicable tax rates, incentives, and the impact of VAT, other taxes, and the OECD Pillar Two template - The corporate income tax rate in China is generally **25%**, with certain subsidiaries approved as high-tech enterprises eligible for a preferential corporate income tax rate of **15%**[135](index=135&type=chunk) - Hong Kong profits tax provision has been made based on estimated assessable profits at a rate of **16.5%**[135](index=135&type=chunk) - OECD Pillar Two legislation has come into effect in Hong Kong, Luxembourg, Netherlands, Ireland, and certain other jurisdictions where the Group operates, with no significant current tax impact for the six months ended June 30, 2025[145](index=145&type=chunk) [Earnings Per Share](index=54&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This section provides the calculation methods and specific data for basic and diluted earnings per share Earnings Per Share (RMB per share) | Indicator | 2025 Q2 | 2024 Q2 | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | :--- | :--- | | Basic EPS | 6.115 | 5.112 | 11.367 | 9.590 | | Diluted EPS | 5.996 | 4.994 | 11.126 | 9.377 | [Dividends](index=56&type=section&id=%E8%82%A1%E6%81%AF) This section discloses the distribution of the 2024 fiscal year final dividend and confirms no interim dividend was declared for H1 2025 - Pursuant to the Board's resolution, the 2024 fiscal year final dividend of **HKD 4.50 per share** was paid during the six months ended June 30, 2025, totaling approximately **HKD 40.966 billion**[152](index=152&type=chunk) - The Board did not declare any interim dividend for the six months ended June 30, 2025 and 2024[153](index=153&type=chunk) [Property, Plant and Equipment, Construction in Progress, Investment Properties and Intangible Assets](index=56&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E8%A8%AD%E5%82%99%E5%8F%8A%E5%99%A8%E6%9D%90%E3%80%81%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B%E3%80%81%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E4%BB%A5%E5%8F%8A%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) This section analyzes net book value changes for property, plant and equipment, construction in progress, investment properties, and intangible assets, including server useful life adjustments - As of June 30, 2025, the net book value of property, plant and equipment was **RMB 118.565 billion**, and intangible assets was **RMB 215.832 billion**[154](index=154&type=chunk) - Effective January 1, 2025, the Group adjusted the estimated useful lives of certain servers under computer and other operating equipment within property, plant and equipment from **4 years to 6 years**, with no significant impact on depreciation expense reduction and net profit increase for the current and future periods[155](index=155&type=chunk) [Land Use Rights](index=57&type=section&id=%E5%9C%9F%E5%9C%B0%E4%BD%BF%E7%94%A8%E6%AC%8A) This section discloses the net book value of land use rights and their changes, primarily consisting of prepaid operating lease payments for land in mainland China - As of June 30, 2025, the net book value of land use rights was **RMB 22.693 billion**, primarily representing prepaid operating lease payments for land in mainland China with remaining lease terms ranging from **24 to 50 years**[157](index=157&type=chunk) [Leases (Other than Land Use Rights)](index=58&type=section&id=%E7%A7%9F%E8%B3%83%EF%BC%88%E9%99%A4%E5%9C%9F%E5%9C%B0%E4%BD%BF%E7%94%A8%E6%AC%8A%E5%A4%96%EF%BC%89) This section analyzes changes in right-of-use assets and lease liabilities, along with lease-related depreciation, interest, and cash outflows - As of June 30, 2025, the net book value of right-of-use assets (other than land use rights) was **RMB 16.952 billion**[159](index=159&type=chunk) - For the six months ended June 30, 2025, depreciation expense for right-of-use assets was **RMB 3.070 billion**[160](index=160&type=chunk) - For the six months ended June 30, 2025, total cash outflows for leases included in financing activities were approximately **RMB 3.678 billion**[162](index=162&type=chunk) [Investments in Associates](index=60&type=section&id=%E6%96%BC%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E6%8A%95%E8%B3%87) This section discloses the composition of investments in associates (listed and unlisted entities), changes in carrying value, and impairment assessment - As of June 30, 2025, total investments in associates amounted to **RMB 307.573 billion**, comprising **RMB 165.323 billion** in listed entities and **RMB 142.250 billion** in unlisted entities[163](index=163&type=chunk) - For the six months ended June 30, 2025, the Group's investments in associates increased by **RMB 9.984 billion**, mainly due to additional investments in certain new and existing associates[165](index=165&type=chunk)[169](index=169&type=chunk) - For the six months ended June 30, 2025, impairment reversals for investments in associates totaled approximately **RMB 355 million**[167](index=167&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=63&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) This section discloses the composition and changes of financial assets at fair value through profit or loss, including listed, unlisted, and wealth management investments - As of June 30, 2025, total financial assets at fair value through profit or loss amounted to **RMB 225.498 billion**[170](index=170&type=chunk) - For the six months ended June 30, 2025, the Group's additions and transfers primarily included new and additional investments totaling approximately **RMB 71.190 billion** in wealth management investments, certain investee companies (mainly engaged in investment funds, FinTech, game development, and healthcare), and others[171](index=171&type=chunk)[173](index=173&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=64&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) This section discloses the composition of financial assets at fair value through other comprehensive income and their changes - As of June 30, 2025, total financial assets at fair value through other comprehensive income amounted to **RMB 408.360 billion**[174](index=174&type=chunk) - For the six months ended June 30, 2025, fair value gains amounted to **RMB 96.218 billion**[176](index=176&type=chunk) [Prepayments, Deposits and Other Assets](index=66&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E7%94%A2) This section details the composition of prepayments, deposits, and other assets, including media content, capital asset prepayments, loans, and game royalties - As of June 30, 2025, total prepayments, deposits, and other assets amounted to **RMB 140.584 billion**[178](index=178&type=chunk) - Loans to investee companies and investee company shareholders are mostly repayable within **one to six years** (classified as non-current assets) or within **one year** (classified as current assets), bearing interest at an annual rate not exceeding **10.0%**[180](index=180&type=chunk) [Other Financial Assets](index=68&type=section&id=%E5%85%B6%E4%BB%96%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) This section discloses the composition of other financial assets, including amortized cost wealth management investments and fair value derivatives - As of June 30, 2025, total other financial assets amounted to **RMB 5.538 billion**[182](index=182&type=chunk) - Derivatives and others include outstanding interest rate swap contracts, measured at fair value, with a total notional principal of **USD 2.94 billion** (approximately **RMB 21.046 billion**)[182](index=182&type=chunk) [Deferred Income Tax](index=69&type=section&id=%E9%81%9E%E5%BB%B6%E6%89%80%E5%BE%97%E7%A8%85) This section provides an analysis of deferred income tax assets and liabilities, including changes before and after offsetting - As of June 30, 2025, net deferred income tax assets were **RMB 30.004 billion**, and net deferred income tax liabilities were **RMB (16.888) billion**[183](index=183&type=chunk) [Trade Receivables](index=71&type=section&id=%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) This section provides an aging analysis of trade receivables, primarily from marketing services clients, FinTech and cloud clients, and others - As of June 30, 2025, total trade receivables amounted to **RMB 51.315 billion**[186](index=186&type=chunk) - Trade receivables are mostly denominated in RMB, primarily from marketing services clients and agencies, FinTech and cloud clients, content production-related clients, and third-party platform providers, with credit terms typically ranging from **30 to 90 days**[186](index=186&type=chunk)[187](index=187&type=chunk) [Share Capital](index=72&type=section&id=%E8%82%A1%E6%9C%AC) This section discloses changes in the company's authorized and issued share capital, including allotments, option grants, and share repurchases and cancellations - As of June 30, 2025, the total number of issued ordinary shares decreased to **9,165,513,622 shares**, mainly due to share repurchases and cancellations[191](index=191&type=chunk) - For the six months ended June 30, 2025, the Company repurchased a total of **81,867,000 shares** in the market, of which **4,910,000 shares** had not yet been cancelled as of June 30, 2025[192](index=192&type=chunk) [Share-based Payments](index=73&type=section&id=%E4%BB%A5%E8%82%A1%E4%BB%BD%E7%82%BA%E5%9F%BA%E7%A4%8E%E7%9A%84%E6%94%AF%E4%BB%98) This section details the terms, changes, and fair value valuation of the share option and share award schemes, including subsidiary compensation plans - For the six months ended June 30, 2025, **24,189,201 share options** were exercised[196](index=196&type=chunk) - As of June 30, 2025, the total number of outstanding share options was **91,400,760**[196](index=196&type=chunk) - For the six months ended June 30, 2025, the weighted average fair value of share options granted was **HKD 174.85 per share** (approximately **RMB 161.48 per share**)[200](index=200&type=chunk) - For the six months ended June 30, 2025, a total of **17,261,799 award shares** were granted under the 2023 Share Award Scheme, of which **59,280 award shares** were granted to the Company's independent non-executive directors[203](index=203&type=chunk) - For the six months ended June 30, 2025, the weighted average fair value of award shares granted was **HKD 519.50 per share** (approximately **RMB 479.77 per share**)[203](index=203&type=chunk) [Borrowings](index=79&type=section&id=%E5%80%9F%E6%AC%BE) This section discloses the composition, principal, interest rates, and repayment periods for long-term and short-term bank borrowings, including interest rate swaps - As of June 30, 2025, the Group's total borrowings amounted to **RMB 261.597 billion**[79](index=79&type=chunk) - Total principal amount of long-term RMB bank borrowings was **RMB 133.425 billion**, and USD bank borrowings was **USD 6.9 billion**[212](index=212&type=chunk) - Total principal amount of short-term RMB bank borrowings was **RMB 39.174 billion**, and USD bank borrowings was **USD 2.25 billion**[213](index=213&type=chunk) [Bills Payable](index=82&type=section&id=%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) This section discloses the principal, interest rates, and repayment periods for long-term and short-term USD bills payable, along with fair value information - As of June 30, 2025, total bills payable amounted to **RMB 132.218 billion**[217](index=217&type=chunk) - Total principal amount of USD bills payable was **USD 18.55 billion**, with annual interest rates ranging from **1.375% to 4.700%**[217](index=217&type=chunk) - For the six months ended June 30, 2025, a batch of bills payable with a total principal amount of **USD 900 million**, issued by the Group in February 2015, matured and was fully repaid[218](index=218&type=chunk) [Long-term Payables](index=83&type=section&id=%E9%95%B7%E6%9C%9F%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) This section discloses the composition of long-term payables, primarily cash-settled share-based payments, media content, and online game royalties - As of June 30, 2025, total long-term payables amounted to **RMB 12.801 billion**[219](index=219&type=chunk) [Other Financial Liabilities](index=84&type=section&id=%E5%85%B6%E4%BB%96%E9%87%91%E8%9E%8D%E8%B2%A0%E5%82%B5) This section discloses the composition of other financial liabilities, including redemption liabilities, contingent consideration, and others - As of June 30, 2025, total other financial liabilities amounted to **RMB 11.925 billion**[221](index=221&type=chunk) - Redemption liabilities of approximately **RMB 9.899 billion** include those arising from put option arrangements with non-controlling shareholders of acquired subsidiaries[221](index=221&type=chunk) [Trade Payables](index=85&type=section&id=%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) This section provides an aging analysis of trade payables - As of June 30, 2025, total trade payables amounted to **RMB 130.501 billion**[222](index=222&type=chunk) [Other Payables and Accruals](index=85&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E9%A0%90%E6%8F%90%E8%B2%BB%E7%94%A8) This section discloses the composition of other payables and accruals, including employee costs, selling and marketing expenses, and investment purchase consideration - As of June 30, 2025, total other payables and accruals amounted to **RMB 76.862 billion**[223](index=223&type=chunk) [Deferred Revenue](index=86&type=section&id=%E9%81%9E%E5%BB%B6%E6%94%B6%E5%85%A5) This section explains the composition of deferred revenue, primarily including contract liabilities and refundable prepayments - The Group's deferred revenue includes contract liabilities and refundable prepayments for certain businesses, mainly comprising unamortized virtual items, prepaid membership fees, prepaid tokens, or top-up cards[226](index=226&type=chunk) [Business Combinations](index=86&type=section&id=%E6%A5%AD%E5%8B%99%E5%90%88%E4%BD%B5) This section discloses the business combination involving the acquisition of 100% equity in a game company completed in H1 2025 - For the six months ended June 30, 2025, the Group completed the acquisition of **100% equity** in a game company for a cash consideration of approximately **USD 1.2 billion** (approximately **RMB 8.8 billion**)[227](index=227&type=chunk) - The Group recognized goodwill of approximately **RMB 5.2 billion** from this transaction, primarily due to expected operating synergies and economies of scale from the combined business[228](index=228&type=chunk) [Contingent Matters](index=86&type=section&id=%E6%88%96%E6%9C%89%E4%BA%8B%E9%A0%85) This section confirms no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of June 30, 2025[230](index=230&type=chunk) [Commitments](index=87&type=section&id=%E6%89%BF%E6%93%94) This section discloses capital and other commitments, including for construction, investments, bandwidth, game agency, and media content agreements - As of June 30, 2025, total contracted capital commitments amounted to **RMB 14.452 billion**[231](index=231&type=chunk) - The Group's total contracted commitments not yet provided for in the condensed consolidated financial statements, primarily under agreements for bandwidth, online game agency, media content, and other technical services, amounted to **RMB 33.928 billion**[231](index=231&type=chunk) - A subsidiary of the Group, Tencent Music, intends to acquire an existing investee company (one of China's leading online audio platforms), with the transaction closing contingent on regulatory approvals and certain other closing conditions[231](index=231&type=chunk) [Related Party Transactions](index=88&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) This section discloses significant related party transactions with associates and joint ventures, including service provision, purchases, and period-end balances - For the six months ended June 30, 2025, the Group entered into commercial arrangements with certain associates and joint ventures to provide marketing services, FinTech and business services, and other services, recognizing revenue of **RMB 2.197 billion**, **RMB 23.510 billion**, and **RMB 2.064 billion**, respectively[234](index=234&type=chunk) - For the six months ended June 30, 2025, the Group entered into commercial arrangements with certain associates and joint ventures to purchase online game licenses and related services, media content and related services, FinTech and business services, and others, incurring costs and expenses of **RMB 2.506 billion**, **RMB 1.307 billion**, **RMB 843 million**, and **RMB 855 million**, respectively[234](index=234&type=chunk) - As of June 30, 2025, trade receivables and other receivables from related parties were **RMB 11.443 billion** and **RMB 300 million**, respectively[235](index=235&type=chunk) [Events After the Reporting Period](index=89&type=section&id=%E7%B5%90%E7%AE%97%E6%97%A5%E5%BE%8C%E4%BA%8B%E9%A0%85) This section confirms no significant events after the reporting period up to the date of approval of the interim financial information - No significant events after the reporting period occurred from July 1, 2025, to the date of approval of the interim financial information by the Board on August 13, 2025[237](index=237&type=chunk) Other Information [Directors' Securities Interests](index=90&type=section&id=%E8%91%A3%E4%BA%8B%E7%9A%84%E8%AD%89%E5%88%B8%E6%AC%8A%E7%9B%8A) This section discloses the interests and short positions of directors and chief executives in the company's shares, underlying shares, and debentures as of June 30, 2025 - As of June 30, 2025, **Mr. Pony Ma** held **804,859,700 shares** of the Company, representing approximately **8.78%** of the total shares[239](index=239&type=chunk) - Several independent non-executive directors, including **Li Dong Sheng**, **Ian Charles Stone**, **Yang Siu Shun**, **Ke Yang**, and **Zhang Xiu Lan**, held shares and/or unvested award shares of the Company[239](index=239&type=chunk) [Share Option Scheme](index=92&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) This section details the terms, changes, outstanding particulars, and fair value valuation methods of the 2023 Share Option Scheme - For the six months ended June 30, 2025, the Company had one share option scheme in effect and continuing, namely the **2023 Share Option Scheme**[243](index=243&type=chunk) - For the six months ended June 30, 2025, **24,189,201 share options** were exercised[245](index=245&type=chunk) - As of June 30, 2025, the total number of outstanding share options was **91,400,760**[245](index=245&type=chunk) - For the six months ended June 30, 2025, the weighted average fair value of share options granted was **HKD 174.85 per share** (approximately **RMB 161.48 per share**)[200](index=200&type=chunk) [Share Award Scheme](index=99&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) This section details the terms, changes, particulars of award shares held by directors and employees, and fair value valuation of the 2023 Share Award Scheme - For the six months ended June 30, 2025, the Company had one share award scheme in effect and continuing, namely the **2023 Share Award Scheme**[255](index=255&type=chunk) - The total number of shares that may be awarded under the 2023 Share Award Scheme shall not exceed **4.5%** of the total issued shares as of the adoption date[255](index=255&type=chunk) - For the six months ended June 30, 2025, a total of **17,261,799 award shares** were granted under the 2023 Share Award Scheme, of which **59,280 award shares** were granted to the Company's independent non-executive directors[258](index=258&type=chunk) - As of June 30, 2025, the Company's directors still held a total of **192,889 unvested award shares**[259](index=259&type=chunk) - For the six months ended June 30, 2025, the weighted average fair value of award shares granted was **HKD 519.50 per share** (approximately **RMB 479.77 per share**)[203](index=203&type=chunk) [Directors' Biographies and Other Information](index=111&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%A5%E6%AD%B7%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section provides detailed biographies, experience, appointments, and remuneration for the company's executive, non-executive, and independent non-executive directors - **Pony Ma**, 53, Executive Director, Chairman of the Board, and CEO of the Company, is fully responsible for the Group's strategic planning, positioning, and management, with over **31 years of experience** in the telecommunications and internet industries[281](index=281&type=chunk) - **Jacobus Petrus (Koos) Bekker**, 72, Non-Executive Director, led the founding team of M-Net/MultiChoice pay-TV business and became CEO of Naspers in 1997[282](index=282&type=chunk) - **Charles St Leger Searle**, 61, Non-Executive Director, currently CEO of Naspers Internet Listed Assets, with over **31 years of international experience** in the telecommunications and internet industries[283](index=283&type=chunk) - **Li Dong Sheng**, **Ian Charles Stone**, **Yang Siu Shun**, **Ke Yang**, and **Zhang Xiu Lan** are Independent Non-Executive Directors, possessing extensive experience in their respective fields (IT, telecommunications, accounting, oncology, social security) and receiving director's fees[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk)[289](index=289&type=chunk) [Interests of Major Shareholders](index=114&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E7%9A%84%E6%AC%8A%E7%9B%8A) This section discloses the interests or short positions of major shareholders in the company's shares or underlying shares as of June 30, 2025 - As of June 30, 2025, **MIH Internet Holdings B.V.** held **2,112,481,500 shares** of the Company, representing approximately **23.05%** of the total shares[291](index=291&type=chunk) - As of June 30, 2025, **Advance Data Services Limited** held **804,859,700 shares** of the Company, representing approximately **8.78%** of the total shares[291](index=291&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=115&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) This section discloses the company's repurchase and cancellation of listed securities during H1 2025 - For the six months ended June 30, 2025, the Company repurchased a total of **81,867,000 shares** on the Stock Exchange for a total consideration of approximately **HKD 36.5 billion** (excluding expenses)[294](index=294&type=chunk) - The repurchased shares were subsequently cancelled, aiming to enhance shareholder value in the long term[294](index=294&type=chunk) [Employees and Remuneration Policy](index=115&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E9%85%AC%E9%87%91%E6%94%BF%E7%AD%96) This section provides the number of employees and remuneration policy as of June 30, 2025 - As of June 30, 2025, the Group had **111,221 employees** (June 30, 2024: **105,506 employees**)[295](index=295&type=chunk) - The Group's total remuneration cost for the six months ended June 30, 2025, was **RMB 65 billion** (six months ended June 30, 2024: **RMB 54.3 billion**)[295](index=295&type=chunk) - Employee remuneration policy includes pension schemes and internal training courses, with discretionary bonuses, award shares, and share options granted based on individual performance assessments[295](index=295&type=chunk) [Audit Committee](index=116&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) This section states the Audit Committee reviewed interim financial information, discussing accounting standards, risk management, internal controls, and financial reporting - The Audit Committee, together with the auditor, has reviewed the Group's unaudited interim financial information for the three and six months ended June 30, 2025[297](index=297&type=chunk) [Adoption of Code for Securities Transactions by Directors](index=116&type=section&id=%E9%87%87%E7%B4%8D%E6%9C%89%E9%97%9C%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E5%AE%88%E5%89%87) This section states the company adopted a code of conduct for directors' securities transactions, with directors confirming compliance - The Company has adopted a code of conduct for directors' securities transactions, with terms no less stringent than those required by the standard code, and directors have confirmed compliance[298](index=298&type=chunk) [Compliance with Corporate Governance Code](index=116&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) This section discloses the company's deviations from the Corporate Governance Code, specifically regarding the rotation of directors - The Company deviated from code provision B.2.2 of the Corporate Governance Code (rotation of directors) as Mr. Ian Charles Stone's re-election was considered at the 2025 Annual General Meeting[299](index=299&type=chunk) - The Board believes that the deviation from code provision B.2.2 of the Corporate Governance Code has no significant impact on the Company's overall operations[299](index=299&type=chunk) [Definitions](index=116&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms used in this interim report to ensure clear understanding of the report's content - This section lists definitions for professional terms used in the report, such as **AI** (Artificial Intelligence), **EBITDA** (Earnings Before Interest, Taxes, Depreciation, and Amortization), **IFRS** (International Financial Reporting Standards), **LPR** (Loan Prime Rate), **SOFR** (Secured Overnight Financing Rate), and **SSV & CPP** (Sustainable Social Value & Common Prosperity Program)[301](index=301&type=chunk)[303](index=303&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk)