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9月11日 FF305 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 | | | | | | | | | | | | 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 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" [6] Core Views - The report suggests that the new game "Delta Operation" will exceed market expectations, and that features like Video Accounts and Search will continue to drive Tencent's advertising business to achieve growth above the industry average [1][2] Summary by Sections Investment Highlights - The report highlights that Tencent's gaming and advertising businesses are perceived to be in a mature phase, with challenges in achieving growth above the industry average due to a high base in 2024. However, the new game "Delta Operation" is expected to outperform market expectations due to its established game genre and social attributes, which enhance player engagement [2][3] Market Position and Competitive Advantage - Tencent's core competitive advantage lies in its social traffic entry points and its leading understanding of the gaming industry. WeChat has nearly 1.411 billion monthly active users as of the first half of 2025, serving as a primary social entry point in China [3] Recent Market Trends - The report reviews Tencent's recent market performance, noting that from March 2024 to the present, the company has benefited from macroeconomic conditions, liquidity easing, and the recovery of game licenses, leading to revenue growth from key titles [4] Comparison with Overseas Leaders - Tencent's valuation is compared with overseas gaming companies, indicating that its current P/E ratio is lower than that of major U.S. gaming firms and internet advertising platforms like Meta and Google [5] AI Industry Trends - Tencent is actively investing in AI to enhance advertising precision and efficiency. The report notes that AI applications in gaming and advertising are expected to drive further growth [6][10] Performance Forecast and Valuation - The report forecasts Tencent's revenue for 2025-2027 to be 749.96 billion, 834.45 billion, and 924.65 billion yuan, with adjusted net profits of 262.07 billion, 293.55 billion, and 323.79 billion yuan respectively. The target price for 2026 is set at HK$793.08 per share, indicating a potential upside of 25% [12][13]

Group 1 - The core point of the article highlights Tencent's recent share issuance and buyback activities, indicating management's confidence in the company's value and positive internal expectations for its future [1] Group 2 - Share Issuance: On September 10, Tencent issued 428,998 new shares due to employee stock option exercises, representing 0.00468% of the total share capital, with an exercise price of 325.2 HKD. The total number of issued shares has increased to 9,174,471,277 [1] Group 3 - Share Buyback: From August 18 to September 10, Tencent repurchased a total of 16,577,000 shares across 18 transactions, with buyback prices ranging from 589.79 to 635.59 HKD. On September 10 alone, 866,000 shares were repurchased at a cost of 550 million HKD. The repurchased shares will be canceled, although the cancellation process has not yet been completed [1] Group 4 - Buyback Authorization: The shareholders' meeting authorized a total buyback limit of 918,901,866 shares on May 14, 2025. To date, 53,884,000 shares have been repurchased, accounting for 5.86% of the authorized limit. The buyback suspension period is until October 10, 2025 [1] Group 5 - Financial Impact: The share buyback reflects management's confidence in the company's value, while the exercise of employee stock options indicates a positive outlook on the company's future. The buyback activities are expected to enhance the value per share [1]

Group 1 - Tencent Holdings repurchased 866,000 shares on September 10 at a price range of HKD 628.500 to HKD 638.500, totaling HKD 550 million [2] - The stock closed at HKD 633.500 on the same day, marking a 1.04% increase with a total trading volume of HKD 12.19 billion [2] - Since August 18, the company has conducted share buybacks for 18 consecutive days, acquiring a total of 16.41 million shares for a cumulative amount of HKD 9.911 billion, with the stock rising 7.01% during this period [2] Group 2 - Year-to-date, Tencent has executed 80 buybacks, totaling 105 million shares and an aggregate repurchase amount of HKD 49.954 billion [2] - The detailed buyback data shows consistent repurchase activity with varying prices, indicating a strategic approach to managing share value [3][4]

FF305 | 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 | | 於下列日期開始時的結存(註1) | 2025年9月9日 | | 9,174,042,279 | | 0 | | | 9,174,042,279 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股 ...

Group 1 - The core viewpoint of the reports indicates that Tencent Holdings is expected to maintain a stable growth in gaming revenue, with a projected annual growth rate of 16%, despite a decline in revenue from older games [1] - Tencent's domestic gaming revenue saw a year-on-year decrease of 2.2 billion yuan (10%), primarily due to the high base effect from "MDnF," although this was partially offset by new game launches [1] - Tencent's overseas gaming revenue increased by 470 million yuan (9%) year-on-year, driven by new game contributions that mitigated the high base effect from "Brawl Stars" [1] Group 2 - NetEase's mobile game revenue maintained a year-on-year increase of 200 million yuan (3%), with new games and "Party Animals" contributing to offset the high base effect from "Nirvana in Fire" [2] - "Party Animals" performed well, maintaining over 1 billion yuan in monthly revenue in August, boosted by a new anniversary version and summer operations [2] - New game highlights include Tencent's "Valorant: Source Action," which reached a peak of 4th on the domestic iOS game sales chart, with estimated first-month revenue of 500-700 million yuan [2]

Group 1 - Tencent's gaming revenue is expected to grow by 16% for the year, despite a decline in domestic game revenue due to high base effects from previous titles [1] - New game launches are expected to offset the decline in older game revenues, with a strong pipeline of upcoming titles [1] - Tencent's overseas revenue increased by 4.7 billion yuan, driven by games like "Clash Royale," which saw significant growth in both year-on-year and month-on-month comparisons [1] Group 2 - NetEase's mobile game revenue maintained a year-on-year increase of 2 billion yuan, supported by new titles and the performance of "Egg Party" [2] - The overseas revenue for NetEase grew by 0.5 billion yuan, benefiting from new game releases [2] - Upcoming new games include Tencent's "Valorant: Source Action," which is projected to generate 5-7 billion yuan in its first month, and NetEase's "Destiny: Stars," expected to exceed 1 billion yuan in its first month [2]

9月10日早盘，港股三大指数集体上涨。盘面上，科网股多数走强，光伏板块走低。A股同赛道规模最 大的恒生科技指数ETF（513180）涨超1.5%，持仓股中，哔哩哔哩、京东集团、百度集团、美团等领 涨，腾讯控股一度涨近2%，昨日刷新年内新高。 今年以来，港股上市公司回购持续升温。数据显示，截至9月9日，年内共有223家港股上市公司累计回 购股份53.20亿股，回购总额达1225.69亿港元。回购金额方面，头部企业集中度尤为显著，其中，腾讯 控股以488.52亿港元回购金额位居榜首。 另一方面，招商证券表示，在板块轮动的背景下，港股互联网行业具备补涨机会。该机构认为，就长期 而言，科技产业是未来中国新经济的增长引擎。以AI为代表高科技行业对产业链上下游、软硬件供应 链的拉动作用明显。并且，科技行业受宏观经济周期影响较小，长期配置价值仍然很高。招商证券指 出，恒生科技指数估值仅为纳斯达克一半，有修复空间。 以恒生科技指数ETF（513180）为代表的港股科技板块，当前仍处于历史相对低估区间。在南向资金持 续不断流入、美国新一轮降息周期有望启动的背景下，港股9月或迎内外资共振，而外部流动性敏感、 此前受压制较多的恒生 ...

（原标题：腾讯控股(00700)9月9日斥资5.51亿港元回购88.3万股） 智通财经APP讯，腾讯控股(00700)发布公告,于2025年9月9日该公司斥资5.51亿港元回购88.3万股，回购 价格为每股619.0-627.5港元。 ...

Group 1 - Tencent Holdings (00700) announced a share buyback plan, committing HKD 551 million to repurchase 883,000 shares [1] - The buyback price is set between HKD 619.0 and HKD 627.5 per share [1]