智通财经APP获悉，里昂发布研报称，腾讯控股(00700)次季业绩胜预期，收入及经调整经营利润同比增 长15%及19%，较预期高出4%及8%，三大核心业务线上游戏、广告及云服务收入均实现约20%增速。 里昂看好《Valorant》手游将于月内推出，以及AI技术持续赋能各项业务，将2025及2026年经调整净利 润预测上调2%及3%，目标价由710港元升至740港元，维持"高度确信跑赢大市"评级。 ...

8月14日早盘，港股三大指数集体高开，恒指高开0.6％，国企指数高开0.69％，恒生科技指数高开 0.69%。开盘后，A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数上扬，持仓股中，华 虹、哔哩哔哩、中芯国际、海尔智家、腾讯控股等涨幅居前。 消息面上，腾讯控股8月13日披露的二季报显示，AI技术及应用正加速转化为业绩动能。当季腾讯 实现营收1845亿元，同比增长15%，经营利润692.5亿元，同比增长18%。在核心业务坚实增长的同时， 腾讯持续加码AI战略投入：当季研发投入同比增长17%至202.5亿元，资本开支同比增长119%至191.1亿 元。隔夜美股方面，腾讯控股绩后ADR大涨。 花旗集团点评称，腾讯控股2025年第二季度营收加速增长，有力证明了其在营销服务、游戏和商业 服务领域的人工智能投资卓有成效。得益于国内游戏、视频账号、微信搜索等高利润率收入流以及有节 制的支出，毛利率/营业利润率/净利润率继续以22%/18%/20%的同比速度更快增长。展望未来，随着越 来越多的常青游戏的强劲收入、即将推出的《无畏契约》手游、《三角洲部队》贡献的增加、升级的广 告平台以及企业对GPU基础设施需求的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 670 [1][7]. Core Insights - The company reported Q2 2025 revenue of 184.5 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 2%. Operating profit reached 60.1 billion RMB, up 18% year-on-year, while Non-IFRS net profit attributable to shareholders was 63.1 billion RMB, reflecting a 10% increase year-on-year [8]. - The company’s capital expenditure in Q2 increased by 119% year-on-year to 19.1 billion RMB, although it decreased by 30% quarter-on-quarter due to the impact of the overseas H20 ban. The company anticipates accelerated capital expenditure in the second half of the year as H20 supply restrictions ease [9]. - The integration of AI capabilities is expected to significantly enhance the company's advertising and gaming businesses, with the potential for substantial growth in direct advertising revenue from WeChat's AI search capabilities [8][10]. Company Overview - The company operates primarily in the media industry, with a market capitalization of approximately 400.71 billion RMB and a current share price of 586.00 RMB [2]. - The company’s product mix includes 31.3% from fintech and enterprise services, 30.1% from online gaming, 18.8% from social networking, and 18.5% from online advertising [4]. Financial Performance - The company’s projected net profit for 2025 is 225.28 billion RMB, with a year-on-year growth of 16.08%. The earnings per share (EPS) is expected to be 24.6 RMB, corresponding to a price-to-earnings (P/E) ratio of 24 times [12][14]. - The gross profit margin for Q2 was approximately 57%, an increase of 4 percentage points year-on-year, driven by improved margins across all major business segments [10]. Market Position - The company’s gaming revenue saw a year-on-year increase of 16% to 91.4 billion RMB, with domestic gaming growth at 17% and overseas gaming growth at 35% [10]. - The advertising revenue grew by 20% year-on-year to 35.8 billion RMB, outperforming the industry average, attributed to AI-driven enhancements in advertising platforms [10]. Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated revenue reaching 735.5 billion RMB in 2025, reflecting a continued upward trend in both gaming and advertising sectors [17].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings, with a target price of 767 HKD based on a 25x PE for 2025 [3][52]. Core Insights - Tencent's revenue and profit exceeded expectations, driven by strong performance in advertising and a deepening strategy in evergreen games, alongside comprehensive improvements in AI capabilities [3][4]. - For Q2 FY25, Tencent achieved a revenue of 184.5 billion RMB, a year-on-year increase of 14.5%, and an adjusted net profit of 63.1 billion RMB, up 10% year-on-year [52][18]. Financial Summary - **Revenue Forecast**: Projected revenues for 2025, 2026, and 2027 are 733.8 billion RMB, 797.3 billion RMB, and 871.3 billion RMB respectively, reflecting growth rates of 11.1%, 8.7%, and 9.3% [6][52]. - **Adjusted Net Profit**: Expected adjusted net profits for the same years are 255.3 billion RMB, 282.5 billion RMB, and 314.3 billion RMB, with growth rates of 14.6%, 10.7%, and 11.3% respectively [6][52]. - **Profitability Metrics**: The adjusted net profit margin is projected to improve from 25.9% in 2023 to 36.1% in 2027 [6]. Segment Performance - **Value-Added Services**: Revenue from value-added services reached 91.4 billion RMB in Q2 FY25, a 15.9% increase year-on-year, with a gross margin of 60.4% [52][26]. - **Marketing Services**: Marketing services generated 35.8 billion RMB, up 19.7% year-on-year, benefiting from AI-driven improvements in advertising platforms [52][31]. - **Financial Technology and Enterprise Services**: Revenue from this segment grew by 10.1% year-on-year, reaching 55.5 billion RMB, supported by increased demand for consumer loan services and business payment activities [52][39]. Operational Data - **AI Integration**: The report highlights the significant role of AI in enhancing operational efficiency and driving revenue growth across various segments, particularly in gaming and advertising [3][41]. - **User Engagement**: The monthly active users (MAU) for WeChat and QQ showed slight fluctuations, with WeChat MAU increasing by 0.6% and QQ decreasing by 0.4% in Q2 FY25 [42][48]. Earnings Forecast and Investment Recommendations - The report suggests that Tencent's ongoing investment in AI will continue to enhance its platform value, leading to robust revenue and profit growth [52][50].

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 742.19 HKD, up from the previous 614.34 HKD [6][28]. Core Insights - Tencent's Q2 revenue grew by 14.5% year-on-year, exceeding consensus expectations by 3%. Key business segments such as value-added services, advertising, and fintech saw year-on-year growth of 16%, 20%, and 10% respectively, with corresponding improvements in gross margins [1][5][28]. - The company is positioned as a leading developer in the shooting game sector, with significant upcoming titles like "Delta Action" and "Valorant Mobile" expected to drive player engagement and monetization [1][12][15]. - Advertising revenue increased by 20% year-on-year, driven by strong performance in video accounts and mini-programs, with management indicating a low impact from the recently implemented advertising tax [3][5]. - Financial technology revenue exceeded expectations by 3%, with notable growth in consumer loans and payment services, while cloud business is expected to expand as AI demand increases [4][5]. Summary by Sections Q2 Performance - Tencent's Q2 adjusted net profit increased by 10% year-on-year, surpassing expectations by 3%, and a 22% increase when excluding the impact of joint ventures [1][10]. - The company reported a cash capital expenditure of 229 billion for AI-related investments, remaining stable quarter-on-quarter [1][10]. Gaming Sector - The value-added services revenue grew by 16%, with self-developed games contributing significantly to this growth. Domestic and overseas game revenues increased by 17% and 35% respectively, exceeding consensus expectations [2][11]. - "Delta Action" has become a top game, with its daily active users surpassing 20 million in July, indicating strong market performance [11][15]. Advertising and Fintech - Advertising revenue growth of 20% was driven by video accounts and mini-programs, with management noting that AI has improved click-through rates and overall advertising effectiveness [3][5]. - Fintech revenue grew by 10%, with a gross margin of 52.1%, attributed to an increase in consumer loans and cost efficiencies in cloud services [4][5]. Future Outlook - Revenue forecasts for Tencent have been adjusted upward for 2025-2027, with expected growth rates of 2.7%, 4.7%, and 4.8% respectively, driven by the continued expansion of WeChat mini-stores and AI product integration [5][28]. - The adjusted net profit estimates for 2025, 2026, and 2027 are projected to be 255.7 billion, 289 billion, and 330.4 billion RMB respectively [5][28].

Core Viewpoint - UBS reports that Tencent Holdings (00700) has exceeded expectations in its Q2 performance, with a 15% year-on-year revenue growth, surpassing market expectations by 3% [1] Financial Performance - Revenue increased by 15% year-on-year, exceeding market expectations by 3% [1] - Adjusted operating profit rose by 18% year-on-year, exceeding expectations by 5% [1] - Gross margin expansion contributed significantly to the strong performance [1] Business Segments - Online gaming and advertising businesses showed strong performance, providing visibility for revenue in the second half of the year [1] - Upcoming launches such as "Delta Action" PC version, "Valorant" mobile game, and the 10th anniversary event of "Honor of Kings" are expected to drive growth [1] Investment Outlook - UBS maintains Tencent as a top industry pick, raising the target price from HKD 710 to HKD 720 and reiterating a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 3% to 4% [1] Capital Expenditure - Capital expenditure decreased by 30% quarter-on-quarter in Q2 [1] - UBS views this reduction as a short-term impact due to GPU import restrictions, with management indicating a continued diversified chip strategy and efficiency improvements [1]

8月13日，腾讯控股发布公告，第二季度营收1845.0亿元，同比增长15%，预估1789.4亿元，第二季度本 公司权益持有人应占盈利556.3亿元，同比增长17%，预估508.3亿元。 此外，腾讯控股在2025年第二季度财报中披露，微信及WeChat的合并月活跃账户数14.11亿，环比增长 0.6%，同比增长3%，QQ的智能终端月活跃账户数5.32亿，环比下降0.4%，同比下降7%。 股价方面，8月13日，港股腾讯控股收盘涨4.74%，报586.00港元，市值为5.36万亿港元。 （上游新闻） 腾讯控股公告中显示，二季度本土市场游戏收入为人民币404亿元，同比增长17%，得益于近期发布的 《三角洲行动》的收入贡献，以及《王者荣耀》、《无畏契约》与《和平精英》等长青游戏的收入增 长。 第二季度，腾讯控股公司在AI领域持续投入并从中获益，收入及非国际财务报告准则经营盈利均取得 双位数百分比同比增长。《王者荣耀》及《和平精英》等长青游戏向平台化进化并加大了AI的应用， 新游戏如《三角洲行动》亦取得了突破，使得游戏业务在用户及收入侧均表现出色。公司通过升级广告 基础模型，提升了各个流量平台上的广告效果，持续推动营销服 ...

腾讯控股ADR涨幅扩大至7%，创逾四年新高，使腾讯总市值达到7000亿美元。 ...

Group 1 - The core viewpoint of the article highlights Tencent Holdings' strong financial performance, with a significant increase in net profit and earnings per share for the fiscal year 2025 [2] - Tencent's stock price increased by 2.22% to 599.0 CNY per share, with a trading volume of 2.865 billion CNY as of August 14 [1] - The company reported total revenue of 364.526 billion CNY and a net profit of 103.449 billion CNY for the fiscal year 2025 [2] Group 2 - Tencent's business operations include communication and social services, video game publishing, digital content distribution, cloud computing, advertising, and fintech services [1] - The company has connected over 1 billion users globally since its listing on the Hong Kong Stock Exchange in 2004 [1]

每经记者｜曾子建 每经编辑｜肖芮冬 焦点个股方面，腾讯控股早盘最高报600港元，时隔4年再次突破这一重要整数关。消息面，昨晚腾讯公布二季度财报。二季报显示，腾讯当季实现营收1845 亿元，同比增长15%，经营利润为692.5亿元，同比增长18%。2025年上半年，实现营收3645.26亿元，同比增长14%；非国际财务报告准则公司权益持有人应 占盈利为1243.81亿元，同比增长16%。 在核心业务坚实增长的同时，腾讯持续加码AI战略投入：二季度研发投入同比增长17%至202.5亿元，资本开支同比增长119%至191.1亿元。 其他方面，科网股涨多跌少，哔哩哔哩、美团、小米、快手涨超1%；加密货币概念股高开，蓝港互动涨超14%；创新药概念延续涨势，百济神州涨超3%； 内资券商股普涨，国联民生涨超1%；黄金股普遍高开，潼关黄金涨超2%；汽车股活跃，吉利汽车涨超1%。 跨境ETF方面，标普生物科技ETF涨超2%，港股通非银ETF、港股通金融ETF、港股通创新药ETF等涨超1%。 8月14日早盘，港股市场小幅高开，恒生指数再创年内新高。截至发稿时，恒生指数最高报25766点，上涨0.60%；恒生科技指数最高报5669 ...