Group 1 - A total of 193 stocks reached a 52-week high as of August 13, with notable performers including Ying Sheng Science (00209) at 288.46%, Lu Qing Entertainment (08052) at 36.47%, and Songjing Technology (01079) at 36.36% [1] - The closing price for Ying Sheng Science was 0.750, with a peak price of 1.010, indicating significant growth [1] - Lu Qing Entertainment closed at 0.115, reaching a high of 0.116, while Songjing Technology had a closing price of 0.490 and a peak of 0.750 [1] Group 2 - Other notable stocks that reached new highs include Zhonghui Biological (02627) with a high rate of 34.29%, Li Ji (00637) at 33.84%, and Huashang Energy (00206) at 30.77% [1] - The list of stocks achieving new highs includes various sectors, indicating a broad market interest [1] - The data reflects a positive trend in the market, with many companies experiencing substantial increases in their stock prices [1]

8月13日，港股三大指数高开高走，全天呈现单边上涨行情，市场迎来久违的大涨行情！截至收盘，恒生科技指数涨幅尤其抢眼，最终收涨3.25%，恒生指 数、国企指数分别上涨2.58%及2.62%，恒指上扬近650点一举站上25500点上方。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 25613.67 | +643.99 | +2.58% | | 800000 | | | | | 国企指数 | 9150.05 | +233.20 | +2.62% | | 800100 | | | | | 恒生科技指数 | 5630.78 | +191.62 | +3.52% | | 800700 | | | 日開發C | 盘面上，明星科技股、大金融股（银行、保险、券商）、中字头等权重拉升助力大市走高，阿里巴巴涨6%，腾讯涨近5%创逾4年新高，百度、美团涨超 4%，中信建投、招商证券、中国银行、农业银行、中国平安等纷纷上涨；生物医药股、苹果概念股、有色金属股、半导体芯片股齐涨。另一方面，濠赌 股、纸业股、水务股逆势下跌，晨鸣纸业跌超5%，银河娱乐、汇彩控股跌2 ...

腾讯控股第二季度净利润556.3亿元人民币，预估508.3亿元。营收1845.0亿元人民币，预估1789.4亿元。营业利润601.0亿元人民币，预估584.8亿元。调整后净利润630.5亿元人民币，预估620.2亿元。第二季度本土市场游戏收入为404亿元，同比增长17%；国际市场游戏收入为188亿元，同比增长35%。第二季度金融科技及企业服务业务2025年第二季的收入同比增长10%至人民币555亿元。其中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。 ...

人民财讯8月13日电，腾讯控股(00700.HK)在港交所公告，公司第二季度收入1845.04亿元，同比增长 15%；公司权益持有人应占盈利556.28亿元，同比增长17%。 ...

【腾讯控股：第二季度营收1,845.0亿元 同比增长15%】智通财经8月13日电，腾讯控股公告，第二季度 营收1,845.0亿元，同比增长15%，预估1,789.4亿元；第二季度净利润556.3亿元，同比增长17%，预估 508.3亿元。 转自：智通财经 ...

Core Insights - Tencent Holdings reported Q2 2025 financial results with revenue of 184.5 billion yuan, a 15% year-on-year increase [1] - Profit attributable to equity holders reached 55.6 billion yuan, up 17% year-on-year, while non-IFRS profit was 63.1 billion yuan, reflecting a 10% increase [1] Revenue Breakdown - Value-added services revenue for Q2 was 91.4 billion yuan, a 16% increase year-on-year, with domestic game revenue at 40.4 billion yuan (17% growth) and international game revenue at 18.8 billion yuan (35% growth) [2] - Social network revenue reached 32.2 billion yuan, growing 6% year-on-year [2] - Marketing services revenue was 35.8 billion yuan, marking a 20% increase [2] - Financial technology and enterprise services revenue totaled 55.5 billion yuan, up 10% year-on-year [2] User Metrics - As of June 30, 2025, combined monthly active accounts for WeChat and Weixin reached 1.411 billion, a 3% year-on-year increase [3] - QQ mobile terminal monthly active accounts were 532 million, showing a 7% decline [3] - Registered accounts for paid value-added services reached 264 million, a slight increase of 0.4% [3] - Long video paid members numbered 114 million, while music paid members reached 124 million [3]

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index has shown significant growth, with a year-to-date increase of 16.34% and a recent monthly rise of 1.86% [2] Group 1: Index Performance - The China Securities Hong Kong 300 Leisure Index reported a value of 3001.95 points [1] - The index has increased by 8.25% over the past three months [2] - The index is based on a sample of companies from various sectors, including banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic stocks in the Hong Kong market [2] Group 2: Index Composition - The top ten weighted stocks in the index include Kuaishou-W (11.02%), Tencent Holdings (10.37%), NetEase-S (9.58%), Baidu Group-SW (9.45%), Trip.com Group-S (9.27%), Yum China (8.7%), Meituan-W (7.73%), Galaxy Entertainment (5.88%), Bilibili-W (3.44%), and Sands China Ltd. (3.3%) [2] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [2] - The sector breakdown of the index holdings shows that leisure services account for 41.47%, digital media for 38.68%, cultural entertainment for 11.92%, alcohol for 6.84%, and marketing and advertising for 1.09% [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 腾讯控股第二季度净利润556.3亿元人民币，预估508.3亿元人民币。 第二季度营收1,845.0亿元人民币， 预估1,789.4亿元人民币。 ...

Financial Performance Summary [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) The Group achieved robust growth in Q2 and H1 2025, with Q2 revenue increasing by 15% year-over-year to RMB 184.5 billion and Non-IFRS profit attributable to equity holders growing by 10% to RMB 63.1 billion, while H1 revenue increased by 14% year-over-year with Non-IFRS profit attributable to equity holders growing by 16% 2025 Q2 Financial Summary (YoY and QoQ) | Metric | 2025 Q2 (RMB million) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Revenue | 184,504 | 15% | 2% | | Gross Profit | 105,013 | 22% | 4% | | Operating Profit | 60,104 | 18% | 4% | | Profit Attributable to Equity Holders | 55,628 | 17% | 16% | | Non-IFRS Profit Attributable to Equity Holders | 63,052 | 10% | 3% | | Non-IFRS Diluted EPS (RMB) | 6.793 | 13% | 3% | 2025 H1 Financial Summary (YoY) | Metric | 2025 H1 (RMB million) | YoY Change | | :--- | :--- | :--- | | Revenue | 364,526 | 14% | | Gross Profit | 205,506 | 21% | | Operating Profit | 117,670 | 14% | | Profit Attributable to Equity Holders | 103,449 | 16% | | Non-IFRS Profit Attributable to Equity Holders | 124,381 | 16% | [Key Operating Metrics](index=3&type=section&id=Key%20Operating%20Metrics) As of June 30, 2025, the combined monthly active users (MAU) of Weixin and WeChat continued to grow, increasing by 3% year-over-year to 1.411 billion, while QQ mobile terminal MAU decreased by 7% year-over-year, and fee-based value-added services subscribers remained stable Key Platform Operating Data as of End of 2025 Q2 | Metric | June 30, 2025 (million) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Weixin and WeChat Combined MAU | 1,411 | 3% | 0.6% | | QQ Mobile Terminal MAU | 532 | -7% | -0.4% | | Fee-based VAS Subscribers | 264 | 0.4% | -1% | Business Review and Outlook [Overall Business Review](index=3&type=section&id=Overall%20Business%20Review) In Q2 2025, the company continued to increase investment in AI, achieving significant results with AI technology empowering various business segments like games, advertising, and enterprise services, driving revenue and profit growth, while FinTech services also recovered due to improved consumption trends - The company continues to invest in and benefit from AI, with AI technology widely applied in evergreen games (e.g., Honor of Kings), new games (e.g., Delta Force), and advertising platforms, driving growth in game business and marketing services revenue[7](index=7&type=chunk) - Local game Delta Force performed outstandingly, with daily active users exceeding **20 million in July**; internationally, Clash Royale achieved a **seven-year high in monthly revenue**[9](index=9&type=chunk) - Mini-game ecosystem continues to thrive, with **total gross receipts growing by 20%** year-over-year, benefiting from technology platform upgrades[9](index=9&type=chunk) - Hunyuan 3D model ranked first on Hugging Face, demonstrating the company's leading capabilities in foundational model research and development, and has begun to be adopted by game developers and designers[9](index=9&type=chunk) Management Discussion and Analysis [Quarterly Financial Analysis](index=5&type=section&id=Quarterly%20Financial%20Analysis) This quarter's financial performance was strong, with both year-over-year and quarter-over-quarter growth driven by games and advertising, leading to a significant increase in gross margin, while quarter-over-quarter growth benefited from seasonal recovery in advertising, partially offsetting the post-Chinese New Year seasonal decline in games [Year-over-Year Analysis (2025 Q2 vs 2024 Q2)](index=5&type=section&id=Year-over-Year%20Analysis%20(2025%20Q2%20vs%202024%20Q2)) Q2 2025 revenue increased by 15% year-over-year to RMB 184.5 billion, primarily driven by Value Added Services and Marketing Services, with gross profit increasing by 22% and gross margin improving from 53% to 57% due to contributions from high-margin businesses (e.g., domestic games, Video Accounts) and improved cost efficiency, while Non-IFRS net profit attributable to equity holders grew by 10% Revenue Year-over-Year Change by Business Segment (2025 Q2) | Business Segment | Revenue (RMB million) | YoY Change | Key Drivers | | :--- | :--- | :--- | :--- | | Value Added Services | 91,368 | 16% | Domestic and international game growth, social network growth | | Marketing Services | 35,762 | 20% | AI-driven advertising platform improvements, strong demand for Video Accounts and Mini Programs | | FinTech and Business Services | 55,536 | 10% | Growth in consumer loans, commercial payments, and AI-related enterprise services | Gross Profit and Gross Margin Year-over-Year Change by Business Segment (2025 Q2) | Business Segment | Gross Profit (RMB million) | YoY Change | Gross Margin (2025 Q2) | Gross Margin (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | | Value Added Services | 55,223 | 23% | 60% | 57% | | Marketing Services | 20,585 | 24% | 58% | 56% | | FinTech and Business Services | 28,952 | 21% | 52% | 48% | | **Group Overall** | **105,013** | **22%** | **57%** | **53%** | - General and administrative expenses increased by **16%** year-over-year, primarily due to increased R&D expenses and employee costs supporting AI-related business development[17](index=17&type=chunk) [Quarter-over-Quarter Analysis (2025 Q2 vs 2025 Q1)](index=9&type=section&id=Quarter-over-Quarter%20Analysis%20(2025%20Q2%20vs%202025%20Q1)) Q2 2025 revenue increased by 2% quarter-over-quarter to RMB 184.5 billion, with Marketing Services revenue growing by 12% quarter-over-quarter driven by post-Chinese New Year peak season and AI capability deployment, offsetting a 6% seasonal decline in domestic games, while gross profit increased by 4% quarter-over-quarter and gross margin slightly rose from 56% to 57% - Value Added Services revenue slightly decreased by **0.8%** quarter-over-quarter, mainly due to the seasonal decline in domestic games after the Chinese New Year, partially offset by strong **13% growth** in international games[23](index=23&type=chunk) - Marketing Services revenue increased by **12%** quarter-over-quarter, benefiting from AI advertising capability deployment and the post-Chinese New Year peak season[23](index=23&type=chunk) - FinTech and Business Services revenue increased by **1%** quarter-over-quarter, with growth in cloud services and merchant technical service fees offset by a decrease in FinTech services revenue[23](index=23&type=chunk) - Sales and marketing expenses increased by **20%** quarter-over-quarter, primarily due to increased game-related promotional activities[25](index=25&type=chunk) [Other Financial Metrics and Cash Position](index=12&type=section&id=Other%20Financial%20Metrics%20and%20Cash%20Position) As of the end of Q2 2025, the Group's adjusted EBITDA margin increased to 46%, indicating enhanced profitability, while net cash at period-end was RMB 74.6 billion, a decrease from the previous quarter primarily due to annual dividend payments, with Q2 free cash flow at RMB 43.0 billion and significantly increased capital expenditure mainly supporting AI-related business development Other Financial Metrics (2025 Q2) | Metric | Amount (RMB million) | Notes | | :--- | :--- | :--- | | Adjusted EBITDA | 85,122 | 24% YoY increase | | Adjusted EBITDA Margin | 46% | 43% in prior year period | | Capital Expenditure | 19,107 | 119% YoY increase | | Net Cash (Period-end) | 74,592 | 17% QoQ decrease | - As of June 30, 2025, net cash was **RMB 74.6 billion**, a decrease from **RMB 90.2 billion** at the end of the previous quarter, primarily due to the payment of the 2024 fiscal year-end dividend of **RMB 37.5 billion**[34](index=34&type=chunk) - Free cash flow generated in Q2 2025 was **RMB 43.0 billion**, with net cash generated from operating activities of **RMB 74.4 billion**, partially offset by capital expenditure payments of **RMB 22.9 billion** (primarily for AI business)[35](index=35&type=chunk) [Non-IFRS Financial Measures](index=13&type=section&id=Non-IFRS%20Financial%20Measures) The company provides Non-IFRS financial measures to exclude the impact of certain non-cash items (e.g., share-based compensation, amortization of intangible assets) and investment-related transactions, aiming to help investors assess core business performance, with Non-IFRS net profit attributable to equity holders at RMB 63.1 billion in Q2 2025 - Management believes that Non-IFRS financial measures provide useful supplementary information for investors to assess the Group's core business performance by excluding the impact of certain non-cash items and investment-related transactions[28](index=28&type=chunk) IFRS to Non-IFRS Profit Reconciliation (2025 Q2) | Item (RMB million) | Amount | | :--- | :--- | | **Profit Attributable to Equity Holders (IFRS)** | **55,628** | | Add: Share-based compensation | 8,071 | | Less: Net (gain)/loss from investee companies | (3,192) | | Add: Amortization of intangible assets | 2,848 | | Other adjustments and income tax effects | (303) | | **Non-IFRS Profit Attributable to Equity Holders** | **63,052** | Financial Information [Condensed Consolidated Statements](index=18&type=section&id=Condensed%20Consolidated%20Statements) This section provides the unaudited condensed consolidated income statements, statements of comprehensive income, statements of financial position, and statements of cash flows for the three and six months ended June 30, 2025, comprehensively presenting the Group's financial position and operating results Summary of Condensed Consolidated Income Statement (Six Months Ended June 30, 2025) | Metric (RMB million) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 364,526 | 320,618 | | Gross Profit | 205,506 | 169,765 | | Operating Profit | 117,670 | 103,288 | | Profit for the Period | 105,769 | 91,017 | Summary of Condensed Consolidated Statement of Financial Position | Metric (RMB million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 2,013,310 | 1,780,995 | | Total Liabilities | 810,461 | 727,099 | | Total Equity | 1,202,849 | 1,053,896 | Summary of Condensed Consolidated Cash Flow Statement (Six Months Ended June 30) | Metric (RMB million) | 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) | [Notes to Financial Information](index=25&type=section&id=Notes%20to%20Financial%20Information) The notes provide detailed explanations of the basis of preparation, accounting policies, and specific composition of each financial statement item, with key areas including segment information, investment details, share-based payments, borrowings and bills payable, and business combinations [Segment Information](index=25&type=section&id=Segment%20Information) The Group's operations are divided into three segments: Value Added Services, Marketing Services, and FinTech and Business Services. In Q2 2025, Value Added Services contributed 50% of revenue and 53% of gross profit, FinTech and Business Services contributed 30% of revenue and 28% of gross profit, while Marketing Services contributed 19% of revenue and 20% of gross profit Segment Revenue and Gross Profit (2025 Q2) | Business Segment | Revenue (RMB million) | Gross Profit (RMB million) | | :--- | :--- | :--- | | Value Added Services | 91,368 | 55,223 | | Marketing Services | 35,762 | 20,585 | | FinTech and Business Services | 55,536 | 28,952 | | Others | 1,838 | 253 | | **Total** | **184,504** | **105,013** | [Investments](index=34&type=section&id=Investments) As of June 30, 2025, the carrying value of the Group's investments in associates was RMB 307.6 billion, with the fair value of listed associates approximately RMB 340.2 billion, and total financial assets measured at fair value exceeding RMB 630 billion, representing a significant component of the Group's assets - As of June 30, 2025, the fair value of investments in associates (listed portion) was approximately **RMB 340.187 billion**[73](index=73&type=chunk) - Total financial assets measured at fair value (FVTPL + FVTOCI) amounted to **RMB 633.858 billion**[76](index=76&type=chunk)[77](index=77&type=chunk) [Share-based Payments](index=37&type=section&id=Share-based%20Payments) As of June 30, 2025, the company had approximately 91.4 million unexercised share options under the 2023 Share Option Scheme and approximately 123 million unvested award shares under the 2023 Share Award Scheme, which are important tools for employee incentives - As of June 30, 2025, there were **91,400,760** unexercised share options under the 2023 Share Option Scheme[80](index=80&type=chunk) - As of June 30, 2025, there were **122,768,570** unvested award shares under the Share Award Scheme[83](index=83&type=chunk) [Borrowings and Bills Payable](index=40&type=section&id=Borrowings%20and%20Bills%20Payable) As of June 30, 2025, the Group's total borrowings were RMB 261.6 billion, and total bills payable were RMB 132.2 billion, denominated in various currencies, primarily USD and RMB, with most being unsecured - As of June 30, 2025, the Group's total borrowings amounted to **RMB 261.6 billion**[85](index=85&type=chunk) - As of June 30, 2025, the Group's total bills payable amounted to **RMB 132.2 billion**, all of which were unsecured USD-denominated bills[87](index=87&type=chunk)[88](index=88&type=chunk) Other Information [Share Repurchases](index=44&type=section&id=Share%20Repurchases) 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, aiming to enhance long-term shareholder value, with all repurchased shares having been cancelled Share Repurchase Details for H1 2025 | Month of Purchase | Number of Shares Purchased | Total Consideration Paid (HKD) | | :--- | :--- | :--- | | January | 37,060,000 | 14,117,031,503.00 | | March | 5,924,000 | 3,003,627,164.10 | | April | 8,430,000 | 3,905,420,932.80 | | May | 9,784,000 | 5,004,217,423.60 | | June | 20,669,000 | 10,509,720,949.40 | | **Total** | **81,867,000** | **36,540,017,972.90** | [Employees and Remuneration Policy](index=44&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 111,221 employees, an increase from the same period last year, with total remuneration costs for the first half of the year amounting to RMB 65.0 billion - As of June 30, 2025, the Group had **111,221** employees, representing a **5.4%** year-over-year increase[95](index=95&type=chunk) - Total remuneration costs for the six months ended June 30, 2025, amounted to **RMB 65.0 billion**, a **19.7%** year-over-year increase[95](index=95&type=chunk) [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Audit Committee has reviewed the interim financial information, and while the company deviates from the Corporate Governance Code's provision on directors' rotation, the Board believes this deviation has no material impact on the company's overall operations - The Audit Committee has reviewed the Group's unaudited interim financial information[96](index=96&type=chunk) - The company deviates from Rule B.2.2 of the Corporate Governance Code (regarding directors retiring by rotation at least once every three years), concerning the re-election of Mr. Ian Charles Stone[97](index=97&type=chunk)

Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index achieving an 8-day winning streak and reaching a new high since December 2021, closing at 3683.46 points, up 0.48% [1] - The total trading volume in the A-share market exceeded 2 trillion yuan for the first time since February 27, with a total of 21,756 billion yuan traded [1] - The Hong Kong stock market also saw substantial gains, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index increasing over 3% [1] AI Industry - AI-related stocks surged, with notable gains including Guangku Technology and Robotech both hitting the 20% limit up, and Industrial Fulian also reaching the limit up [2][4] - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [4][5] - The demand for AI servers is expected to grow significantly, driven by increased capital expenditures from major North American cloud service providers [4][5] Innovative Pharmaceuticals - The innovative drug sector saw strong performance, with Shouyao Holdings hitting the 20% limit up, and other companies like Microchip Biotech and WuXi AppTec also posting significant gains [6][8] - The National Medical Insurance Administration has established a "new drug pricing mechanism," which is expected to provide innovative drug manufacturers with greater pricing flexibility and efficiency [8] Humanoid Robotics - The humanoid robotics sector showed renewed activity, with companies like Shenglan Co. and Jieke Co. seeing substantial increases in stock prices [9][11] - The World Robot Conference held in Beijing highlighted advancements in embodied intelligent robots, with local governments offering subsidies for robot purchases [9][11] - The industry is expected to benefit from various supportive policies and events, including the upcoming World Humanoid Robot Games and other robotics-related conferences [11]