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14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 | | | | | | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings, expecting the stock price to outperform the industry index by more than 15% over the next six months [18]. Core Insights - Tencent's revenue for Q2 2025 reached 184.5 billion yuan, representing a year-on-year growth of 15%. The gross margin improved to 57.0%, up 3.7 percentage points year-on-year [1]. - The company's adjusted net profit for Q2 2025 was 63.05 billion yuan, a 10% increase year-on-year, with high-margin business growth effectively offsetting depreciation from capital expenditures [1]. - The report highlights strong performance in Tencent's gaming segment, particularly with the new game "Delta Operation," which has achieved a daily active user count exceeding 20 million [2]. - AI continues to drive significant growth in advertising revenue, which increased by 20% year-on-year to 35.8 billion yuan, aided by enhancements in ad effectiveness and AI applications [3]. - The financial technology and enterprise services segment saw a 10% year-on-year revenue increase to 55.5 billion yuan, driven by rising demand for AI-related services [4]. Financial Summary - Projected revenues for Tencent are expected to grow from 660.26 billion yuan in 2024 to 922.81 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.46% [1]. - Adjusted net profit is forecasted to rise from 194.07 billion yuan in 2024 to 305.18 billion yuan in 2027, reflecting a strong recovery trajectory [1]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 25.29 in 2024 to 16.08 by 2027, indicating improved valuation metrics as earnings grow [1].

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net buying from Northbound funds, with a total net inflow of HKD 10.34 billion on August 14, 2023, indicating strong investor interest in certain stocks, particularly in the insurance and technology sectors [1][2]. Group 1: Northbound Fund Activity - Northbound funds recorded a net buying of HKD 10.34 billion, with HKD 16.45 billion from the Shanghai Stock Connect and a net selling of HKD 6.11 billion from the Shenzhen Stock Connect [1]. - The most net bought stocks included China Life (02628), Alibaba-W (09988), and Li Auto-W (02015), while Tencent (00700) was the most net sold stock [1][2]. Group 2: Individual Stock Performance - China Life (02628) received a net inflow of HKD 13.53 billion, driven by recent industry developments and a favorable outlook for the insurance sector [4]. - Alibaba-W (09988) saw a net buying of HKD 4.55 billion, supported by strong order volumes and strategic moves to enhance its e-commerce platform [5]. - Li Auto-W (02015) had a net inflow of HKD 3.52 billion, following organizational changes aimed at improving sales and service efficiency [5]. - Tencent (00700) experienced a net selling of HKD 11.96 billion, despite reporting a 15% year-on-year revenue growth to HKD 184.5 billion in Q2 2023 [7][8]. Group 3: Sector Insights - The semiconductor sector showed strong interest, with net buying in stocks like SMIC (00981) and Hua Hong Semiconductor (01347), reflecting confidence in domestic supply chains and AI-related developments [7]. - The pharmaceutical sector also attracted attention, with companies like 3SBio (01530) and CanSino Biologics (09926) receiving notable net inflows, driven by strategic partnerships and upcoming clinical trial results [6].

Core Insights - Tencent's video subscription membership has declined by 3 million, impacting overall performance despite revenue growth [1] Financial Performance - In Q2 2025, Tencent reported a revenue increase of 15% year-on-year, reaching 184.5 billion yuan [1] - The net profit attributable to shareholders grew by 17% year-on-year, amounting to 55.6 billion yuan [1] - Tencent's ADR rose over 7% in after-hours trading, reaching a four-year high [1] Membership and Market Pressure - As of the end of Q2, Tencent Video had 114 million paid subscribers, showing a decline both year-on-year and quarter-on-quarter by 3 million [1] - The current market environment is exerting significant pressure on Tencent Video's advertising growth [1]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 699.1 HKD, reflecting a potential upside of 19.3% from the recent closing price of 586.0 HKD [5]. Core Insights - Tencent's Q2 2025 performance demonstrates robust growth across multiple business lines, driven by AI technology, with total revenue reaching 1845.0 billion RMB, a year-on-year increase of 15% [1][2]. - The company's Non-IFRS operating profit rose to 692.5 billion RMB, marking an 18% year-on-year growth, while the core profit growth rate reached 20% after excluding the impact of joint ventures [1]. - The gaming sector showed strong performance, with domestic game revenue increasing by 17% to 404 billion RMB, supported by popular titles like "Honor of Kings" and "PUBG MOBILE" [2][3]. - Marketing services revenue grew by 20% to 357.6 billion RMB, benefiting from enhanced advertising efficiency through AI-driven models [2]. - Financial technology and enterprise services revenue recorded a 10% increase to 555.4 billion RMB, driven by improved consumer trends and AI-related services [3]. Summary by Sections Revenue and Profitability - Total revenue for Q2 2025 was 1845.0 billion RMB, with a gross margin improvement from 53% to 57% [1]. - Non-IFRS net profit reached 630.5 billion RMB, reflecting a 10% year-on-year growth [1]. Gaming Business - Value-added services revenue was 913.7 billion RMB, accounting for 50% of total revenue, with domestic games contributing significantly [2]. - International game revenue increased by 35% to 188 billion RMB, showcasing strong performance from titles under Supercell [2]. Marketing Services - Marketing services revenue reached 357.6 billion RMB, with a 20% year-on-year growth, driven by AI enhancements in advertising [2]. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 555.4 billion RMB, up 10% year-on-year, reflecting a recovery in consumer spending and demand for AI services [3]. User Engagement - Monthly active users for WeChat and QQ reached 1.411 billion and 532 million respectively, indicating stable user engagement [3]. Capital Expenditure - Capital expenditure for Q2 was 191.07 billion RMB, primarily focused on AI-related business development [3].

Core Insights - Tencent Holdings (00700) reported a 15% year-on-year increase in revenue for the second quarter, reaching 184.5 billion RMB, with a gross margin of 56.9% [1] - Adjusted operating profit rose by 18% year-on-year to 69.2 billion RMB, exceeding expectations [1] - The report highlights Tencent's gradual benefits from artificial intelligence, showcasing stable and high-quality growth in its core business segments and the gradual commercialization of AI [1] Financial Performance - Revenue: 184.5 billion RMB, up 15% year-on-year [1] - Gross Margin: 56.9% [1] - Adjusted Operating Profit: 69.2 billion RMB, up 18% year-on-year [1] Market Outlook - The report indicates that Tencent is effectively leveraging its WeChat ecosystem through various integrated use cases and a diverse range of AI products and functionalities [1] - The target price for Tencent has been raised to 705 HKD, with a "Buy" rating assigned [1]

Group 1 - Goldman Sachs raised Tencent Holdings' revenue and earnings per share forecasts for 2025 to 2027 by 1% to 6% due to improved stability in its gaming business, expansion in marketing services, recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The firm upgraded Tencent's 12-month target price from HKD 658 to HKD 701 while maintaining a "Buy" rating [1] - Tencent reported its fastest revenue growth in four years and the highest historical gross margin in Q2, reinforcing its position as one of the most advantageous companies in China's internet sector [1] Group 2 - Capital expenditure forecasts for Tencent were raised to RMB 90 billion and RMB 102 billion for fiscal years 2025 and 2026, respectively, due to better-than-expected Q2 performance despite foreign chip supply constraints [2] - Game revenue is expected to grow by 18% and 11% for fiscal years 2025 and 2026, respectively, with the mobile version of "Valorant" launching in August likely to boost game revenue in late 2025 and early 2026 [2] - Marketing services revenue is projected to grow by 19% and 16% for fiscal years 2025 and 2026, respectively, with cloud revenue expected to grow by 19% in Q3 2025 [2]

Core Viewpoint - Morgan Stanley expects Tencent Holdings (00700) to continue experiencing robust revenue growth due to the successful deployment of artificial intelligence across all its business lines, leading to an 8% increase in target price from HKD 650 to HKD 700 while maintaining an "Overweight" rating [1] Group 1: Financial Performance - Tencent's Q2 performance significantly exceeded expectations, reflecting the successful implementation of AI across its business lines [1] - The company is projected to have a full-year capital expenditure of RMB 97 billion, with RMB 47 billion already spent this year [1] - For Q3, Morgan Stanley anticipates revenue and adjusted operating profit growth of 12% and 14% respectively, with gaming revenue expected to grow by 16% year-on-year [1] Group 2: Market Outlook - The overall progress of capital expenditure is in line with expectations, despite supply chain constraints in Q2, with an acceleration expected in the second half of the year as H20 chips resume sales in China [1] - There is confidence that advertising revenue will achieve a sustainable growth rate of 20% in Q3 [1]

Core Viewpoint - Bank of America reports that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue growth accelerating to 15% year-on-year, reaching 185 billion RMB, which is 3% higher than expected [1] Financial Performance - Revenue increased by 15% year-on-year, totaling 185 billion RMB, surpassing expectations by 3% [1] - Adjusted operating profit grew by 18% year-on-year, amounting to 69 billion RMB, which is 4% higher than anticipated [1] - Gross margins across various business segments expanded, offsetting the cost impacts from artificial intelligence [1] Future Outlook - The bank maintains a positive view on the group's business growth and has raised profit forecasts for 2025 to 2027 by 2% [1] - Expectations for the second half of the year include continued growth in advertising business above industry rates, further recovery in FBS, and sustained game revenue supported by evergreen titles and potential new game releases [1] - The target price for Tencent has been raised from 631 HKD to 690 HKD, with a reiterated "buy" rating [1]

Group 1 - Goldman Sachs raised Tencent Holdings' revenue and earnings per share forecasts for 2025 to 2027 by 1% to 6% due to improved stability in its gaming business, expansion in marketing services, recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The firm increased Tencent's 12-month target price from HKD 658 to HKD 701 while maintaining a "Buy" rating, citing strong second-quarter performance with the fastest revenue growth in four years and the highest historical gross margin [1] - Tencent's unique WeChat ecosystem and global gaming assets, along with AI applications, are driving growth across all business lines, with gaming and marketing services showing over 20% year-on-year growth for two consecutive quarters [1] Group 2 - Capital expenditure forecasts for Tencent for fiscal years 2025 and 2026 were raised to RMB 90 billion and RMB 102 billion respectively, up from RMB 73 billion and RMB 87 billion, due to better-than-expected second-quarter performance despite foreign chip supply constraints [2] - Game revenue is expected to grow by 18% and 11% for fiscal years 2025 and 2026, up from previous estimates of 15% and 8%, with the mobile version of "Valorant" launching in August expected to boost game revenue in late 2025 and early 2026 [2] - Domestic and international game growth for the third quarter of 2025 was revised to 13% and 23% respectively, while marketing services revenue is projected to grow by 19% and 16% for fiscal years 2025 and 2026 [2]