格隆汇8月20日丨腾讯控股(00700.HK)发布公告，2025年8月20日耗资5.51亿港元回购93.4万股，回购价 格每股586-594港元。 ...

腾讯控股(00700)发布公告，于2025年8月20日斥资5.51亿港元回购股份93.4万股，每股回购价格为586- 594港元。 ...

Core Viewpoint - Tencent Holdings (00700) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company plans to repurchase 934,000 shares at a total cost of HKD 551 million [1] - The buyback price per share ranges from HKD 586 to HKD 594 [1]

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20日 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 673.68 HKD [5][3] Core Views - The report highlights that AI-driven growth in advertising and gaming is expected to continue, with significant contributions from long-standing games and the upcoming launch of "Valorant" [9][3] - The forecast for IFRS net profit for 2025-2027 is adjusted to 223.1 billion, 257.7 billion, and 297 billion RMB respectively, reflecting an upward revision based on improved expectations for gaming, advertising, and payment services [3][9] Financial Performance Summary - For 2023A, the operating revenue is projected at 609,015 million RMB, with a year-on-year growth of 9.82% [4] - The operating profit for 2023A is expected to be 152,784 million RMB, showing a significant year-on-year increase of 52.76% [4] - The net profit attributable to shareholders for 2023A is forecasted at 115,216 million RMB, with a year-on-year decline of 38.79% [4] - The report anticipates a recovery in net profit growth, with projections of 68.44% growth in 2024A and steady growth rates of around 15% for the following years [4][3] Revenue Breakdown - The report indicates that the revenue from value-added services reached 914 billion RMB in Q2 2025, with a year-on-year increase of 16% [9] - Gaming revenue for Q2 2025 is expected to be 592 billion RMB, reflecting a year-on-year growth of 22% [9] - Marketing services revenue is projected at 358 billion RMB for Q2 2025, with a year-on-year increase of 20% [9] Valuation Metrics - The report provides a sum-of-the-parts (SOTP) valuation, indicating a target price of 673.68 HKD, which reflects a price-to-earnings (P/E) ratio of 22 for 2025E [3][11] - The report also notes a projected P/B ratio of 5 for 2025E [4][11] Market Performance - The stock has shown a strong performance with a 60.41% increase over the past 12 months [6] - The report notes that the stock price as of August 19, 2025, was 592.5 HKD, with a 52-week high of 600 HKD and a low of 361.64 HKD [5]

Group 1 - Tencent Holdings has resumed its stock buyback program after the earnings "quiet period," signaling strong confidence in the company's long-term value [1][2] - On August 18, Tencent repurchased approximately 931,000 shares at a cost of about 550 million HKD, marking the start of a new buyback round [2][4] - Year-to-date, Tencent's total buyback amount has exceeded 40 billion HKD, reflecting management's commitment to the company's long-term value [2][4] Group 2 - The total buyback amount for Hong Kong-listed companies has reached approximately 1,074.81 billion HKD, with Tencent leading at 405.93 billion HKD [4] - Compared to the same period in 2024, the buyback activity has decreased significantly, with a drop of nearly 600 billion HKD in total buyback amounts [4][5] - The reduction in buyback activity is seen as a reasonable market response as the Hong Kong stock market has shown recovery, with the Hang Seng Index rising over 25% year-to-date [5] Group 3 - Tencent has strategically planned its buyback windows to minimize the impact of the "quiet period," despite not applying for an exemption [3] - The company's total share capital has decreased from approximately 9.629 billion shares in July 2022 to 9.225 billion shares by the end of 2024, enhancing earnings per share (EPS) for shareholders [3] - The trend of share buybacks is gaining traction among companies as it is seen to provide better market value management compared to cash dividends [3]

Group 1 - Tencent Holdings has initiated a stock buyback plan after the earnings quiet period, spending approximately 5.5 billion HKD on August 18 and 19 [1] - The total buyback amount for the year has exceeded 40 billion HKD, reflecting management's strong confidence in the company's long-term value [1] - The total share capital has decreased from approximately 9.629 billion shares in July 2022 to 9.225 billion shares by the end of 2024 [1] Group 2 - Compared to the same period in 2024, the buyback activity of Hong Kong-listed companies has weakened, with a total buyback amount of 1,645.50 billion HKD last year, nearly 600 billion HKD more than this year [1] - As the Hong Kong stock market gradually recovers, a reduction in buyback activity is seen as a reasonable market response [1] - The rising cost of stock buybacks due to increased valuations may lead companies to retain more capital for other business developments or investment projects [2]

转自：证券时报 在业绩"静默期"结束后，腾讯控股迅速启动股票回购计划，以真金白银向市场传递对公司长期价值的坚 定信心。 8月18日，腾讯控股耗资约5.5亿港元回购公司股份。这是今年7月11日腾讯控股暂停股票回购后，实施 的新一轮回购。 不过，记者也注意到，随着港股市场回暖，腾讯控股等公司的回购力度相对2024年同期有所减弱。 年内回购金额超400亿港元 回购是指上市公司利用流动现金从二级市场购回发行在外一定数额股票的行为，国内市场上的大规模回 购潮往往发生在下跌过程中，通常意味着上市公司认为当前自家的股票价格远低于其内在价值，同时， 也是借此向投资者表达当前股价已被严重低估的积极信号，以此来稳定投资者信心和公司股价。 8月18日，腾讯控股发布公告称，公司以每股587港元至595.50港元的价格回购93.10万股股票，耗资约 5.5亿港元。自此，腾讯控股开启了新一轮股票回购。 据统计，在2024年回购超1120亿港元的基础上，腾讯控股今年仍在继续回购公司股份，年内累计回购金 额超过400亿港元，展现出管理层对公司长期价值的坚定信心。 今年7月11日，腾讯控股股票回购曾按下暂停键。根据港交所相关规则，上市公司在年 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Views - The company's performance exceeded expectations, driven by international gaming and AI-enhanced advertising effectiveness [2][9] - The report highlights strong revenue growth across various segments, with a focus on the integration of AI in gaming and advertising [9][40] Summary by Sections 1. Revenue and Profit Performance - In Q2 2025, Tencent achieved total revenue of 184.5 billion yuan, a year-on-year increase of 14.5%, surpassing Bloomberg's consensus estimate of 178.9 billion yuan [14] - Non-IFRS net profit reached 63.05 billion yuan, up 10.0% year-on-year, also exceeding expectations [14] 1.1 International Gaming Revenue - The network gaming segment generated 59.2 billion yuan, a 22.1% increase year-on-year, outperforming the expected 56.14 billion yuan [19] - The international gaming market contributed 18.8 billion yuan, growing 35.3% year-on-year, driven by titles from Supercell and PUBG Mobile [20] 1.2 Social Network Revenue - Social network revenue was 32.2 billion yuan, up 6.3% year-on-year, benefiting from mobile game virtual goods and video live streaming services [23] 1.3 Advertising Revenue - Advertising revenue reached 35.76 billion yuan, a 19.7% increase year-on-year, driven by improvements in AI advertising platforms and the WeChat ecosystem [25] 1.4 Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 55.54 billion yuan, a 10.2% increase year-on-year, supported by growth in consumer loans and business payment activities [29] 2. User Engagement Metrics - WeChat's monthly active users (MAU) grew to 1.411 billion, a 2.9% year-on-year increase, while QQ's MAU declined to 532 million, a 6.8% decrease [31] 3. Margin Improvements - Overall gross margin improved to 56.9%, up 3.6 percentage points year-on-year, with all business segments showing margin enhancements [35] 4. Increased AI Investment - Sales expenses rose to 9.41 billion yuan, a 2.8% increase year-on-year, primarily due to AI-related promotional activities [38] 5. Earnings Forecast and Rating - The report raises the adjusted net profit forecast for 2025-2027 to 255.5 billion, 285.8 billion, and 318.2 billion yuan, respectively, with corresponding PE ratios of 19, 17, and 16 [40]

腾讯控股回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.08.19 | 93.20 | 596.500 | 583.000 | 55040.87 | | 2025.08.18 | 93.10 | 595.500 | 587.000 | 55044.00 | | 2025.07.10 | 100.80 | 498.000 | 494.400 | 50034.87 | | 2025.07.09 | 100.50 | 504.000 | 495.200 | 50032.13 | | 2025.07.08 | 99.50 | 505.000 | 500.000 | 50031.26 | | 2025.07.07 | 100.20 | 502.000 | 494.400 | 50058.94 | | 2025.07.04 | 100.70 | 501.000 | 493.000 | 50026.92 | | 2025.07.03 | 100.40 | 503.000 | 4 ...