港股开盘，恒指开涨0.02%，科指开跌0.14%。科网股分化，腾讯控股(00700.HK)绩后涨2%，腾讯音乐 (01698.HK)续涨6.18%，京东(09618.HK)跌2.4%。 ...

金融科技及企业服务业务2025年第一季的收入同比增长5%至549亿元。金融科技服务收入的增长乃由于 消费贷款服务及理财服务收入增长。企业服务收入的增长乃受云服务收入及商家技术服务费的增长所驱 动。 对于市场关注的AI发展，在随后召开的一季度业绩电话会上，腾讯高层提到，AI的效果已经从三方面 出现：广告精准度 + 用户时长;游戏参与度;云收入(基建+API+整体方案)。 智通财经APP获悉，5月14日， 腾讯控股(00700)公布了全面超预期的2025年第一季度业绩。财报显示， 该公司营收1800.22亿元(人民币，下同)，同比增长13%;净利润为478.21亿元，同比增长14%;经调整净利 润613.29亿元，同比增长22%。每股盈利为5.252元，同比增长17%;非国际财务报告准则每股盈利6.735 元，同比增长25%。值得注意的是，绩后腾讯美股ADR收盘涨超3%，而腾讯港股昨日上涨2.96%，2025 年至今股价累计上涨超过20%。 腾讯CEO马化腾表示，今年一季度，腾讯高质量收入保持坚实的增长态势。AI能力已经对效果广告与 长青游戏等业务产生实质性的贡献，亦加大对元宝应用与微信内的AI等新AI机遇的投入 ...

｜2025年5月15日 星期四｜ 点评：腾讯2025年第一季度业绩展现核心业务韧性，微信生态持续扩容，但QQ用户流失需警惕。 NO.2 宁德时代港股孖展总额已超2500亿港元 宁德时代（HK03750）自启动H股招股以来备受市场关注。捷利交易宝数据显示，截至5月14日22时10 分，宁德时代港股孖展（保证金交易）总额已达2564.14亿港元，孖展超购倍数为110.26倍。 NO.1 腾讯控股2025年第一季度收入同比增长13% 5月14日，腾讯控股（HK00700，股价521.00港元，市值4.79万亿港元）发布2025年一季报。腾讯控股 2025年第一季度收入1800.22亿元，同比增长13%。微信及WeChat的合并月活跃账户数为14.02亿，同比 增长3%。QQ移动终端月活跃账户数为5.34亿，同比减少3%。 NO.4"李宁"更换核数师 5月14日，李宁（HK02331，股价15.72港元，市值406.33亿港元）董事会宣布，公司之现任核数师罗兵 咸永道会计师事务所（即普华永道）将于其当前任期届满后，即公司将于2025年6月12日（星期四）召 开之应届股东周年大会结束时，退任且不会续聘。同时，公告表示， ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% 港股研究丨公司点评丨腾讯控股（0700.HK） [Table_Title] 腾讯 25Q1 业绩点评：游戏及广告业务超预期强 劲，AI 持续带来实质回报 报告要点 [Table_Summary] 腾讯 25Q1 实现收入 1800 亿元，同比+13%，环比+4%；实现经营盈利 576 亿元，同比+10%； Non-IFRS 归母净利润 613 亿元，同比+22%。收入端：1）长青游戏表现优异叠加新游增量， 带动国内及海外游戏 Q1 收入均创历史新高；2）AI 持续赋能叠加微信交易生态优化，广告增 长超预期强劲；3）AI 相关收入快速增长带动云服务收入同比增长。腾讯利润增速持续 11 季度 超越收入增速，毛利率创近年记录，盈利能力保持强劲。 Q1 资本开支同比+91.35%至 274.76 亿元，环比-24.88%，占收入比重约 15%（24 年为 12%）。 %% %% research.955 ...

腾讯控股ADR美股盘前涨近4%，公司一季度营收超预估。 | | | | "/ 富达十十 · 日达 | | | | 00 U K | - | | U X | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | ■ 腾讯控股(ADR) 分时 ▼ 1天 : 1分K ▽ > ∑ VS FIO □ | | | | 报价 | 分析 资讯 · | | | 评论 · | | = | | = + 8 × ▽ ▽ × | | | | | TCEHY 腾讯控股(ADR) | | | 0 | | | | | 盘前总额 47.15万 盘前总量 盘前分时 ▼ □ ⊙ + | | | | | | | | | | | | | | | | 65.6104-0.610 -0.92% | | 收盘价 05/13 16:00 美东 | | | 68.200 68.130 | | | | | 3.95% 3.84% | 68.130 + 2.520 +3.84% | | | 盘前价 05/14 08:49 美东 | | | 68.056 | | | | | ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was RMB 180 billion, up 13% year on year [7][25] - Gross profit reached RMB 100.5 billion, up 20% year on year [25] - Non-IFRS operating profit was RMB 69.3 billion, up 18% year on year [27] - Non-IFRS net profit attributable to equity holders was RMB 61.3 billion, up 22% year on year [27] - Overall gross margin improved to 56%, up three percentage points year on year [28] Business Line Data and Key Metrics Changes - Value-added services (VAS) revenue was RMB 92 billion, up 17% year on year [12] - Social networks revenue increased by 7% year on year to RMB 33 billion [12] - Domestic games revenue grew by 24% year on year, driven by flagship games [13] - International games revenue increased by 23% year on year [14] - Marketing services revenue grew 20% year on year to RMB 32 billion [20] - FinTech and Business Services segment revenue was RMB 55 billion, up 5% year on year [22] Market Data and Key Metrics Changes - Combined monthly active users (MAU) of Weixin and WeChat reached 1.4 billion [8] - Music subscription revenue increased 17% year on year, with subscribers growing to 123 million [12] - Mini shops GMV continued rapid year on year growth [15] Company Strategy and Development Direction - The company is focusing on AI investments, including applications like Yuan Bao and AI in Weixin, expecting long-term value creation [7][12] - The strategy includes enhancing advertising capabilities through AI, improving user engagement in games, and expanding the Weixin ecosystem [12][38] - The company aims to leverage existing high-quality revenue streams to support AI-related investments [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of AI investments despite short-term operating profit growth being impacted [12][38] - The company noted improvements in credit quality for consumer loans facilitated through its platform, indicating a positive macroeconomic trend [77] - Management acknowledged the dynamic situation regarding high-end GPU availability and its impact on AI development [70][72] Other Important Information - Operating CapEx was RMB 26.4 billion, up almost 300% year on year, driven by AI investments [30] - Free cash flow was RMB 47.1 billion, down 9% year on year due to increased CapEx spending [30] Q&A Session All Questions and Answers Question: Can management comment about the outlook and differentiations of Weixin versus peers in the market? - Management highlighted the unique integration of agentic AI within the Weixin ecosystem, leveraging its social graph and content capabilities to differentiate from competitors [34][38] Question: Can management comment about the latest organizational adjustment in ecommerce? - Management clarified that the ecommerce team has become an independent department, but the change is not significant as it is still managed by the same manager [41] Question: What are some notable user behavior changes observed post AI integration? - Management indicated that it is still early to conduct a systematic analysis, but initial use cases show increased user interaction with AI features [63][65] Question: What is the long-term growth outlook for domestic games? - Management believes there is a long runway for growth, driven by changes in operations and the utilization of AI in competitive multiplayer games [53][56] Question: How is the company managing the balance between pace of investments versus revenue runway? - Management aims to generate demand aggressively and will adjust pace if demand exceeds GPU capacity [49]

Tencent (00700) Q1 2025 Earnings Call May 14, 2025 08:00 AM ET Speaker0 Good day, and good evening. Thank you for standing by. Welcome to Tencent Holdings Limited twenty twenty five first quarter announcement webinar. I'm Wendy Huang from Tencent IR team. At this time, all participants are in a listen only mode. After management's presentation, there will be a question and answer session. For participants who dial in by phone, if you wish to ask a question, please press 5 on your telephone to raise your han ...

2025 First Quarter Results Presentation May 14, 2025 2 1. Overview 3 1 Cautionary Note This presentation may contain forward-looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities, challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the "Company" or "Tencent") and its group companies. These forward-looking statements are based on information currently available to Tencent and are stated here on the ba ...

智通财经APP获悉，5月14日港股市场，北水成交净买入67.07亿港元，其中港股通(沪)成交净买入50.03 亿港元，港股通(深)成交净买入17.04亿港元。 北水净买入最多的个股是盈富基金(02800)、建设银行(00939)、中国平安(02318)。北水净卖出最多的个 股是小米集团-W(01810)、腾讯(00700)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 15.53 乙 | 25.94亿 | 41.47 乙 | | HK 01810 | | | -10.41 Z | | 盘富县金 | 41.10亿 | 2085.60万 | 41.31亿 | | HK 02800 | | | +40.89亿 | | 阿里巴巴-W | 19.36 Z | 20.61 乙 | 39.98亿 | | HK 09988 | | | -1.25 亿 | | 腾讯控股 | 13.11亿 | 20.34亿 | 33.45亿 | | HK 00700 | | | -7.23 亿- | | 建设 ...

每经编辑｜黄胜 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 腾讯控股公告称，AI能力已经对效果广告与长青游戏等业务产生了实质性的贡献：我们亦加大了对元宝应用与微信内的AI等新AI机遇的投入。我们相信， 在AI战略投入阶段，现有高质量收入带来的经营杆杆，将有助于消化这些AI相关投入产生的额外成本，保持财务稳健。我们预期，这些战略性的AI投入将 为用户与社会创造价值，并为我们产生长期、可观的增量回报。 公司表示，一季度，本土市场游戏收入为人民币429亿元，较去年同期的低基数同比增长24%，得益于《王者荣耀》与《和平精英》的收入增长，以及近期 发布的《地下城与勇士：起源》与《三角洲行动》的收入贡献。国际市场游戏收入为人民币166亿元，同比增长23%（按固定汇率计算增长22%），乃由于 《荒野乱斗》、《部落衝突：皇室战争》及《PUBGMOBILE》的收入增长。 腾讯财报称多款长青游戏，包括《王者荣耀》和《穿越火线手游》，于游戏传统旺季的第一季，流水创下历史新高。腾讯营销服务业务二零二五年第一季的 收入同比增长20%至人民币319亿元。此增长主要由于广告主对视频号、小程序及微信 ...