《三角洲行动》是由腾讯游戏自研的首款全球发行的多端互通射击游戏，自2024年9月公测至今，已凭 借差异化的游戏体验、高产高质的迭代和突出的年轻化用户沟通能力在全球市场形成广泛号召力，迅速 成长为新一代的流行FPS游戏。据公开数据显示，截至7月，产品热度已稳定居于多个平台榜头部，其 中包括抖音平台第一、国内网吧热力排行前三、及AppStore免费、畅销双榜前三等。 《三角洲行动》上线不满一年，已推出五次大版本更新。其中如7月初创新推出水下战斗和动态天气系 统受到玩家广泛认可，目前，这种基于产品技术力持续提升玩家体验品质的理念和能力还在持续落地转 化。在全球化工作中，产品在海外发行上也获得了优异成绩，除PC端稳居全球steam平台前四外，移动 端上线后登顶169个国家地区iOS免费游戏榜，以及125个国家地区google play免费游戏榜。 8月13日，腾讯控股(00700.HK)于2025年第二季度财报中披露，《三角洲行动》于7月的平均DAU(日活 跃用户数)突破2000万，位居行业日活跃账户数前五位，流水前三。 据4月官方DAU数据(1200万)测算，《三角洲行动》本次约66%的DAU增长用时仅3个月。虽上 ...

Core Insights - Tencent Holdings reported a 15% year-on-year revenue growth to 184.504 billion RMB for Q2 2025 [1] - Gross profit increased by 22% year-on-year to 105.013 billion RMB [1] - Profit attributable to equity holders rose by 17% year-on-year to 55.628 billion RMB, while non-IFRS profit attributable to equity holders grew by 10% to 63.052 billion RMB [1] - Basic earnings per share were 6.115 RMB [1] Business Segmentation - Value-added services revenue grew by 16% year-on-year to 91.4 billion RMB, with domestic game revenue at 40.4 billion RMB (up 17%) and international game revenue at 18.8 billion RMB (up 35%) [1] - Social network revenue increased by 6% year-on-year to 32.2 billion RMB [1] - Marketing services revenue rose by 20% year-on-year to 35.8 billion RMB [1] - Financial technology and enterprise services revenue grew by 10% year-on-year to 55.5 billion RMB [1]

金融科技及企业服务业务第二季度收入555亿元，同比增长10%。金融科技服务收入的增长受益于消费 贷款服务、商业支付活动及理财服务的收入增长，企业服务收入的增速较近几个季度有所加快，得益于 企业客户对AI相关服务的需求增加，包括GPU租赁和API token使用以及商家技术服务费的增长。 截至2025年6月30日，微信及WeChat合并月活账户数14.11亿，同比增长3%，QQ移动终端月活账户数 5.32亿，同比下滑7%。 此外，腾讯持续加码AI战略投入：当季研发投入同比增长17%至202.5亿元，资本开支同比增长119%至 191.1亿元。 8月13日，腾讯控股（HKEX：00700）今日发布了截至6月30日的2025年第二季度财报，财报显示，腾 讯第二季度营收为1845亿元，同比增长15%。经营利润（Non-IFRS）为692.5亿元同比增长18%。 第二季度，腾讯增值服务业务收入914亿元，同比增长16%。其中，本土市场游戏收入404亿元，同比增 长17%，得益于《三角洲行动》的收入贡献，以及《王者荣耀》《无畏契约》《和平精英》等长青游戏 的收入增长。国际市场游戏收入188亿元，同比增长35%，主要得益于 ...

Core Insights - The AI hardware sector continues to surge, with companies like Industrial Fulian reaching historical highs, reporting a price of 43.68 yuan and a market capitalization exceeding 860 billion yuan [1] - The AI hardware ETF sector has seen significant growth, with various ETFs such as the ChiNext 50 ETF and communication ETFs experiencing increases of 6.89% and 6.45% respectively [1][3] - North American cloud providers are significantly increasing capital expenditures, with projections indicating a rise to $445 billion by 2025, reflecting a 56% year-over-year growth [5][12] Company Performance - Industrial Fulian's production yield for the GB200 series is improving, with increasing shipment volumes [5] - TSMC reported a revenue of 323.17 billion NTD in July, marking a 25.8% year-over-year increase [5] - Major cloud service providers like Amazon, Alphabet, Meta Platforms, and Microsoft are expected to collectively spend $359 billion in capital expenditures by 2025, a 57% increase from the previous year [5] ETF Market Dynamics - The AI hardware ETFs have shown robust performance, with the ChiNext AI ETF and others experiencing gains of 6.25% to 6.89% [3] - The largest ETF tracking the 5G communication index has a current scale of 7.188 billion yuan, while the communication ETF stands at 4 billion yuan [10] - The management fees for ETFs tracking cloud computing indices are among the lowest, with a combined rate of 0.20% [8] Industry Trends - The global AI model releases are driving demand for computational power, with significant releases from OpenAI and Huawei [6] - The AI sector has not yet reached overheating levels, with moderate trading volumes and excess returns since June [6] - The capital expenditures of major cloud companies are expected to continue expanding, with a compound annual growth rate (CAGR) of 33.74% projected from 2021 to 2024 [12]

Core Viewpoint - Tencent's advertising revenue has achieved double-digit growth for 11 consecutive quarters, driven by improvements in AI-driven advertising platforms and enhancements in the WeChat transaction ecosystem [1] Group 1: Financial Performance - Tencent reported Q2 2025 revenue of 184.5 billion yuan, representing a 15% year-on-year increase [1] - Marketing services revenue reached 35.8 billion yuan, marking a 20% year-on-year growth and setting a historical record [1] Group 2: Drivers of Growth - The growth in advertising revenue is primarily attributed to strong demand from advertisers for video accounts, mini-programs, and WeChat search [1] - Tencent upgraded its advertising base model, enhancing ad effectiveness across various traffic platforms, which contributed to the rapid growth of marketing services revenue [1] Group 3: AI Integration - The company has increased the application of AI in advertising creation, placement, recommendation, and performance analysis, leading to improved click-through rates and conversion rates [1] - Enhanced return on investment for advertisers has further propelled the growth of the platform's marketing services revenue [1]

Core Viewpoint - Tencent Holdings reported strong financial performance for the second quarter of 2025, with significant year-on-year growth in revenue and profit, driven by its gaming and AI initiatives [1][3]. Financial Performance - Revenue for the second quarter reached RMB 184.504 billion, a 15% increase year-on-year [2]. - Net profit attributable to equity holders was RMB 55.628 billion, reflecting a 17% year-on-year growth [2]. - Gross profit was RMB 105.013 billion, up 22% compared to the previous year [2]. - Operating profit increased by 18% year-on-year to RMB 60.104 billion [2]. - Earnings per share rose to RMB 6.115, a 20% increase from the same period last year [2]. Investment and R&D - The company invested RMB 202.5 billion in research and development, marking a 17% increase year-on-year [1]. - Capital expenditures reached RMB 191.1 billion, with a significant year-on-year growth of 119% [1]. Gaming Sector - Domestic gaming revenue for the quarter was RMB 404 billion, a 17% increase year-on-year, driven by new releases and established titles [3]. - The success of games like "Delta Action" and ongoing popularity of titles such as "Honor of Kings" and "Peacekeeper Elite" contributed to this growth [3]. AI and Advertising - Continued investment in AI has led to double-digit percentage growth in both revenue and non-IFRS operating profit [3]. - The company upgraded its advertising models, enhancing ad effectiveness across platforms and driving rapid growth in marketing services revenue [3]. User Engagement - The combined monthly active accounts for WeChat and WeChat reached 1.411 billion, a 0.6% increase quarter-on-quarter and a 3% increase year-on-year [3]. - QQ's monthly active accounts were 532 million, showing a slight decline of 0.4% quarter-on-quarter and a 7% decrease year-on-year [3]. Employment and Compensation - As of June 30, 2025, the company employed 111,221 staff, with total compensation costs for the first half of the year amounting to RMB 650 billion [3]. - The number of employees increased from 109,414 in the previous quarter, with total compensation costs of RMB 341 billion [3]. Market Reaction - Following the earnings report, Tencent's stock price rose by 4.74%, increasing its market capitalization by approximately RMB 221.743 billion [4].

Core Viewpoint - Tencent's Q2 revenue increased by 15% year-on-year to 184.5 billion RMB, exceeding market expectations, with a net profit growth of 17% [1][3][5] Revenue and Profit - Q2 revenue reached 184.5 billion RMB, a 15% increase year-on-year and a 2% increase quarter-on-quarter [5][6] - Net profit attributable to shareholders was 55.6 billion RMB, reflecting a 17% year-on-year increase and a 16% quarter-on-quarter increase [5][6] - Gross margin improved from 53% in the same period last year to 57% [5][11] Game Business Performance - The gaming business showed strong recovery, with revenue from value-added services growing by 16% to 91.4 billion RMB, driven by a 17% increase in domestic market revenue and a 35% increase in international market revenue [7][10] - New game "Delta Action" became a hit, contributing significantly to user engagement, while established titles like "Honor of Kings" and "PUBG MOBILE" maintained steady growth [10] Marketing Services Growth - Marketing services revenue grew by 20% year-on-year to 35.8 billion RMB, driven by AI enhancements in the advertising platform that improved click-through and conversion rates [8][12] - The strong performance of high-margin products like video accounts and WeChat search contributed to the overall gross margin increase [11][12] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue increased by 10% year-on-year to 55.5 billion RMB, with enterprise services benefiting from rising demand for AI-related services [9][13] - The integration of AI functionalities in WeChat is enhancing user engagement and commercial efficiency, despite a decline in QQ's active user base [13] Investment and Capital Expenditure - R&D expenditure reached 20.25 billion RMB, a 17% year-on-year increase, while capital expenditure surged to 19.1 billion RMB, reflecting a 119% increase compared to the previous year [4][11]

Core Insights - Tencent's Q2 domestic gaming revenue reached RMB 40.4 billion, representing a year-on-year growth of 17% [1] Revenue Breakdown - The growth in gaming revenue was driven by the recent release of "Delta Action" and the performance of established titles such as "Honor of Kings," "Valorant," and "Peacekeeper Elite" [1]

Core Insights - Tencent's marketing services revenue for Q2 2025 increased by 20% year-on-year to 35.8 billion yuan, driven by improvements in AI-driven advertising platforms and enhancements in the WeChat transaction ecosystem [1] Group 1: Revenue Growth - The growth in marketing services revenue is attributed to strong demand from advertisers for video accounts, mini-programs, and WeChat search [1] - Revenue from major industries within the marketing services sector also saw an increase during this period [1]

格隆汇8月13日｜腾讯：2025年第二季度金融科技及企业服务业务收入同比增长10%至555亿元。金融科 技服务收入的增长受益于消费贷款服务、商业支付活动及理财服务的收入增长。企业服务收入的增速较 近几个季度有所加快，得益于企业客户对AI相关服务的需求增加，包括GPU租赁和API token使用，以 及商家技术服务费的增长。 ...