Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Insights - The company's revenue for Q1 2025 reached 180 billion RMB, representing a year-on-year growth of 13%, primarily driven by strong performance in advertising and gaming sectors [1][9] - Adjusted operating profit for Q1 2025 was 69.3 billion RMB, up 18% year-on-year, with a Non-IFRS net profit of 61.3 billion RMB, reflecting a 22% increase [1][9] - The company is leveraging AI capabilities to enhance existing businesses and explore new opportunities, particularly within its WeChat ecosystem [2][15] Revenue Breakdown - Gaming revenue for Q1 2025 was 59.5 billion RMB, showing a year-on-year increase of 23.7%, with domestic gaming revenue rising 24% to 42.9 billion RMB [2][20] - The advertising revenue for Q1 2025 was 31.9 billion RMB, marking a 20% increase year-on-year, driven by growth in high-quality ad inventory [3][28] - Financial technology and enterprise services revenue grew 5% year-on-year to 54.9 billion RMB, with a recovery in growth rates observed [4][29] Profitability Metrics - The company's Non-IFRS net profit margin improved to 34.1%, up 5 percentage points year-on-year, with a comprehensive gross margin of 56%, an increase of 3 percentage points [1][9] - The adjusted net profit forecasts for 2025-2027 are 252.5 billion RMB, 283.2 billion RMB, and 312.9 billion RMB respectively, indicating strong growth potential [7][35] Future Outlook - The company is expected to benefit from the growth of its WeChat e-commerce and AI applications, which are not fully reflected in current profit forecasts [7][35] - Capital expenditures for Q1 2025 were 27.5 billion RMB, a significant increase of 91% year-on-year, indicating investment in AI and infrastructure [2][18]

Core Insights - Tencent dominates the top rankings in both popular game downloads and revenue, with "Delta Action" leading the downloads and "Honor of Kings" and "Peacekeeper Elite" topping the revenue chart [1][5]. Download Rankings - The top three games in the download rankings are all developed by Tencent: "Delta Action" (ranked 1st, up 3 places), "Honor of Kings" (ranked 2nd), and "Peacekeeper Elite" (ranked 3rd) [2][4]. - Other notable entries include "Gold Shovel Battle" (ranked 4th, up 2 places) and "Happy Elimination" (ranked 5th) [2]. Revenue Rankings - In the revenue rankings, Tencent's "Honor of Kings" and "Peacekeeper Elite" occupy the top two positions, while "Endless Winter" from Diandian Interactive ranks 3rd [1][5]. - The revenue rankings also highlight the strong performance of Tencent's games, with 12 of its products making the list [9]. New Entries - In April, seven new games entered the download rankings, with "Seven Days World," "Zhangmen Down the Mountain," "Starry Era," and "Blade & Soul 2" being newly launched titles [4]. - The revenue rankings saw three new entries: "NBA All-Star," "QQ Dance Mobile," and "Salty Fish King" [9]. Game Categories - Action and adventure games are the most represented categories in the download rankings, each with six entries [4]. - The revenue rankings also show a strong presence of action games, with seven new entries in that category [9].

Core Viewpoint - Nomura reports that Tencent Holdings' Q1 performance remains strong despite macro uncertainties, with online gaming and advertising exceeding expectations, leading to revenue and non-IFRS EPS growth of 13% and 25% year-on-year, respectively, surpassing market expectations by 2.5% and 3% [1] Group 1: Financial Performance - Online gaming revenue grew by 24% year-on-year, exceeding market forecasts by 8 percentage points [1] - Both local and international gaming segments showed robust growth, with flagship games "Honor of Kings" and "PUBG Mobile" achieving record total revenue [1] Group 2: Analyst Ratings and Forecasts - Nomura maintains a "Buy" rating on Tencent, raising the target price from HKD 468 to HKD 670 [1] - Earnings per share forecasts for the next two years have been increased from RMB 26.15 and RMB 28.87 to RMB 27.32 and RMB 30.59, respectively [1]

招银国际升腾讯控股目标价至660港元 料AI可持续推动业务增长 智通财经5月16日电，招银国际发布报告称，腾讯控股首季业绩表现胜预期，收入按年增长13%，Non —IFRS净利润增长22%，均较市场普遍预期高出3%，期内游戏及广告业务收入强劲增长，按年增幅达 24%及20%，毛利率扩张亦较预期优胜，归因于收入结构转移及成本效率提升。基于首季业绩表现，该 行将腾讯2025至2027年Non—IFRS净利润预测上调3%至7%，目标价从625港元上调至660港元，看好AI 发展将继续推动不同业务增长，维持"买入"评级。 ...

长江商报消息 ●长江商报记者 江楚雅 三大核心主业齐增长，腾讯控股（00700.HK）一季度业绩亮眼。 5月14日晚间，腾讯控股发布的2025年一季度财报显示，报告期，公司实现营收1800.2亿元，同比增长13%；毛利 1004.9亿元，同比增长20%；经营利润（Non-IFRS）693.2亿元，同比增长18%。 腾讯控股三大核心主业——增值服务、营销服务、金融科技及企业服务收入齐增。而核心业务的高质量增长为AI 战略长线布局提供了坚实基础，推动公司持续加大AI领域投入，强化AI战略布局。一季度，公司研发支出达189.1 亿元，同比增长21%；资本开支274.8亿元，同比增长91%。 为加强投资者回报，截至2025年3月31日的3个月内，腾讯控股于港交所以总代价约171亿港元购回共4298.4万股股 份，购回的股份其后已被注销。 三大核心业务齐增长 财报显示，一季度，腾讯控股实现营收1800.2亿元，同比增长13%；毛利1004.9亿元，同比增长20%；经营利润 （Non-IFRS）693.2亿元，同比增长18%。公司的毛利、经营利润增速连续领跑营收增长。 2025年一季度，腾讯控股各项业务均维持较快增长态势 ...

腾讯控股 20250515 摘要 • 腾讯 2025 年第一季度收入增长 11%，利润增长 19%，超出市场预期， 主要得益于游戏和广告业务的强劲表现。国内游戏收入增长 24%，海外游 戏收入增长 23%（按固定汇率计算为 28%），创八个季度新高，广告业 务同比增长 20%，高于市场预期的 18-19%。 • 游戏业务方面，《王者荣耀》、《穿越火线》等手游表现亮眼，《西游 记》四月份日活跃用户峰值达到 1,200 万，为近三年新游最高。海外游戏 如《荒野乱斗》也推动流水增长。尽管去年同期有《DNF》上线导致基数 较高，但递延收入仍保持旺盛，预计二季度游戏业务将继续保持良好表现。 • 广告业务增长主要受益于视频号广告加载率提升和 AI 技术应用。视频号广 告增速超过 60%，远超行业平均水平，但加载率仍有提升空间，目前约为 3%-4%，低于抖音、快手等平台。通过提高广告加载率和点击率 （CTR），有望进一步推动广告营收增长。 • AI 技术对腾讯业务产生显著影响，在广告领域，通过 AI 提高曝光度和转化 性能，提升视频号等平台观影时间及精准推荐能力，从而提高 CTR 并促进 广告营收。在游戏领域，AI 智能体 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [6] Core Insights - Tencent's Q1 performance was strong, driven by unexpected growth in gaming and advertising, with gaming revenue increasing by 24% and advertising revenue by 20% [1][2] - The overall gross margin reached a new high of 55.8%, contributing to a 22% year-on-year increase in Non-GAAP net profit to 61.33 billion yuan, significantly exceeding Bloomberg's consensus estimate [1][2] - The report highlights the effective application of AI in enhancing advertising services and optimizing user experience in gaming, with a notable capital expenditure increase of 91% year-on-year [3] Summary by Sections Gaming and Social Services - Q1 value-added services revenue reached 92.13 billion yuan, a 17% year-on-year increase, with gaming revenue totaling 59.5 billion yuan, driven by both domestic and international markets [2] - Long-standing games like "Honor of Kings" and "Crossfire Mobile" achieved record highs during the traditional peak season, while the newly launched "Delta Action" has seen a continuous rise in active users [2] Advertising Services - Marketing services revenue grew by 20% year-on-year to 31.85 billion yuan, fueled by strong demand for advertising on platforms like Video Accounts and Mini Programs [2] - The report notes that AI upgrades have significantly improved advertising efficiency and targeting accuracy [3] Financial Technology and Enterprise Services - Financial technology revenue for Q1 was 54.91 billion yuan, reflecting a 5% year-on-year growth, supported by increases in consumer loan and wealth management services [2] - Enterprise services revenue benefited from growth in cloud services and merchant technology service fees, with AI-related income showing rapid growth [2] Financial and Valuation Summary - The report adjusts profit forecasts for Tencent based on its strong Q1 performance and the potential of new technologies, setting a target price of 628.0 HKD, which represents a 20.9% upside from the recent closing price [3]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (700 HK) with a target price raised to HKD 604.00, indicating a potential upside of 15.9% from the current price of HKD 521.00 [1][39]. Core Insights - The first quarter performance exceeded expectations, with total revenue growing 13% year-on-year to RMB 180 billion, surpassing market expectations by 4% [2][6]. - The growth was driven by strong performance in domestic games, social networking, and marketing services, with notable contributions from AI investments and cost optimizations in payment and cloud services [6][7]. - The report highlights that the integration of AI across Tencent's business ecosystem is expected to enhance platform traffic and advertising revenue stability [6][7]. Financial Overview - Revenue projections for 2023 to 2027 show a steady increase, with expected revenues of RMB 609 billion in 2023, RMB 660 billion in 2024, and RMB 723 billion in 2025, reflecting a compound annual growth rate (CAGR) of approximately 9.6% [3][42]. - Net profit is projected to grow from RMB 157.7 billion in 2023 to RMB 250.2 billion in 2025, with a significant increase in earnings per share (EPS) from RMB 16.33 to RMB 27.23 over the same period [3][42]. - The report notes an improvement in gross margin, with a projected gross margin of 54.5% for Q2 2025, up from 53.5% in the previous quarter [37]. Segment Performance - Domestic game revenue is expected to continue its rapid growth, with a year-on-year increase of 24% in Q1 2025, supported by a low base from the previous year and the success of new game launches [6][7]. - Social networking revenue grew by 7% year-on-year, driven by increased music subscription services and mobile game in-app purchases [6][7]. - Marketing services revenue saw a significant boost, with video account revenue increasing by over 60% [6][7]. Capital Expenditure and AI Investment - Capital expenditures reached RMB 27.5 billion in Q1 2025, reflecting a 91% year-on-year increase, primarily due to ongoing investments in AI and cloud service infrastructure [6][7]. - The report emphasizes that some of these investments have already started to yield revenue contributions, particularly in advertising optimization and content recommendation algorithms [6][7].

智通财经APP获悉，5月15日港股市场，北水成交净卖出2.21亿港元，其中港股通(沪)成交净买入19.63亿 港元，港股通(深)成交净卖出21.84亿港元。 微盟集团(02013)获净买入1.13亿港元。消息面上，腾讯发布全员信，宣布对微信事业群组织架构进行调 整：成立电商产品部，负责微信内交易模式的探索，加速发展交易基建及交易生态，运营微信交易新模 式。尽管腾讯总裁刘炽平表示，微信电商团队独立无需过度解读，但市场仍憧憬微信商业化加速。根据 此前财报显示，微盟已为超70%的微信视频号年度达人提供营销服务，在单场GMV破2,000万人民币的 达人直播中，约60%场次均有微盟深度参与。 小米集团-W(01810)获净买入9823万港元。消息面上，德意志银行分析师报告称，随著小米集团开始增 加更多汽车相关广告，以及其SUV车型YU7即将亮相，该公司的新订单可能会从5月下旬开始增加。小 米集团近期订单的连续下滑已引发投资者对其汽车业务能力的担忧。不过，德意志银行表示，由于这些 因素大多是短期或暂时性的，小米集团的新订单流可能会从5月下旬开始增加。 北水净买入最多的个股是建设银行(00939)、中国移动(00941)、 ...

Group 1 - Southbound funds recorded a net sell of 2.21 billion HKD today [1] - Tencent Holdings faced the highest net sell of 2.36 billion HKD [1] - Pop Mart also experienced a significant net sell of 423 million HKD [1] Group 2 - China Construction Bank received a net buy of approximately 977 million HKD [1]