来源：环球市场播报 8月13日下午消息，腾讯控股（HKEX：00700）今日发布了截至6月30日的2025年第二季度财报：营收 为1845亿元，同比增长15%。权益持有人应占利润为556亿元，同比增长17%。非国际财务报告准则 下，权益持有人应占利润为631亿元，同比增长10%。 第二季度业务数据： 第二季度运营数据： 截至2025年6月30日，微信及WeChat合并月活账户数14.11亿，同比增长3%； QQ移动终端月活账户数5.32亿，同比下滑7%； 收费增值服务注册账户数2.64亿，同比增长0.4%； 长视频付费会员数量达1.14亿； 音乐付费会员数量达1.24亿。 第二季度，腾讯增值服务业务收入914亿元，同比增长16%。其中，本土市场游戏收入404亿元，同比增 长17%；国际市场游戏收入188亿元，同比增长35%；社交网络收入322亿元，同比增长6%。 第二季度，营销服务业务收入358亿元，同比增长20%。 第二季度，金融科技及企业服务业务收入555亿元，同比增长10%。 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 腾讯控股第二季度净利润556.3亿元人民币，预估508.3亿元人民币。 第二季度营收1,845.0亿元人民币， 预估1,789.4亿元人民币。 ...

Financial Performance Summary [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) The Group achieved robust growth in Q2 and H1 2025, with Q2 revenue increasing by 15% year-over-year to RMB 184.5 billion and Non-IFRS profit attributable to equity holders growing by 10% to RMB 63.1 billion, while H1 revenue increased by 14% year-over-year with Non-IFRS profit attributable to equity holders growing by 16% 2025 Q2 Financial Summary (YoY and QoQ) | Metric | 2025 Q2 (RMB million) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Revenue | 184,504 | 15% | 2% | | Gross Profit | 105,013 | 22% | 4% | | Operating Profit | 60,104 | 18% | 4% | | Profit Attributable to Equity Holders | 55,628 | 17% | 16% | | Non-IFRS Profit Attributable to Equity Holders | 63,052 | 10% | 3% | | Non-IFRS Diluted EPS (RMB) | 6.793 | 13% | 3% | 2025 H1 Financial Summary (YoY) | Metric | 2025 H1 (RMB million) | YoY Change | | :--- | :--- | :--- | | Revenue | 364,526 | 14% | | Gross Profit | 205,506 | 21% | | Operating Profit | 117,670 | 14% | | Profit Attributable to Equity Holders | 103,449 | 16% | | Non-IFRS Profit Attributable to Equity Holders | 124,381 | 16% | [Key Operating Metrics](index=3&type=section&id=Key%20Operating%20Metrics) As of June 30, 2025, the combined monthly active users (MAU) of Weixin and WeChat continued to grow, increasing by 3% year-over-year to 1.411 billion, while QQ mobile terminal MAU decreased by 7% year-over-year, and fee-based value-added services subscribers remained stable Key Platform Operating Data as of End of 2025 Q2 | Metric | June 30, 2025 (million) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Weixin and WeChat Combined MAU | 1,411 | 3% | 0.6% | | QQ Mobile Terminal MAU | 532 | -7% | -0.4% | | Fee-based VAS Subscribers | 264 | 0.4% | -1% | Business Review and Outlook [Overall Business Review](index=3&type=section&id=Overall%20Business%20Review) In Q2 2025, the company continued to increase investment in AI, achieving significant results with AI technology empowering various business segments like games, advertising, and enterprise services, driving revenue and profit growth, while FinTech services also recovered due to improved consumption trends - The company continues to invest in and benefit from AI, with AI technology widely applied in evergreen games (e.g., Honor of Kings), new games (e.g., Delta Force), and advertising platforms, driving growth in game business and marketing services revenue[7](index=7&type=chunk) - Local game Delta Force performed outstandingly, with daily active users exceeding **20 million in July**; internationally, Clash Royale achieved a **seven-year high in monthly revenue**[9](index=9&type=chunk) - Mini-game ecosystem continues to thrive, with **total gross receipts growing by 20%** year-over-year, benefiting from technology platform upgrades[9](index=9&type=chunk) - Hunyuan 3D model ranked first on Hugging Face, demonstrating the company's leading capabilities in foundational model research and development, and has begun to be adopted by game developers and designers[9](index=9&type=chunk) Management Discussion and Analysis [Quarterly Financial Analysis](index=5&type=section&id=Quarterly%20Financial%20Analysis) This quarter's financial performance was strong, with both year-over-year and quarter-over-quarter growth driven by games and advertising, leading to a significant increase in gross margin, while quarter-over-quarter growth benefited from seasonal recovery in advertising, partially offsetting the post-Chinese New Year seasonal decline in games [Year-over-Year Analysis (2025 Q2 vs 2024 Q2)](index=5&type=section&id=Year-over-Year%20Analysis%20(2025%20Q2%20vs%202024%20Q2)) Q2 2025 revenue increased by 15% year-over-year to RMB 184.5 billion, primarily driven by Value Added Services and Marketing Services, with gross profit increasing by 22% and gross margin improving from 53% to 57% due to contributions from high-margin businesses (e.g., domestic games, Video Accounts) and improved cost efficiency, while Non-IFRS net profit attributable to equity holders grew by 10% Revenue Year-over-Year Change by Business Segment (2025 Q2) | Business Segment | Revenue (RMB million) | YoY Change | Key Drivers | | :--- | :--- | :--- | :--- | | Value Added Services | 91,368 | 16% | Domestic and international game growth, social network growth | | Marketing Services | 35,762 | 20% | AI-driven advertising platform improvements, strong demand for Video Accounts and Mini Programs | | FinTech and Business Services | 55,536 | 10% | Growth in consumer loans, commercial payments, and AI-related enterprise services | Gross Profit and Gross Margin Year-over-Year Change by Business Segment (2025 Q2) | Business Segment | Gross Profit (RMB million) | YoY Change | Gross Margin (2025 Q2) | Gross Margin (2024 Q2) | | :--- | :--- | :--- | :--- | :--- | | Value Added Services | 55,223 | 23% | 60% | 57% | | Marketing Services | 20,585 | 24% | 58% | 56% | | FinTech and Business Services | 28,952 | 21% | 52% | 48% | | **Group Overall** | **105,013** | **22%** | **57%** | **53%** | - General and administrative expenses increased by **16%** year-over-year, primarily due to increased R&D expenses and employee costs supporting AI-related business development[17](index=17&type=chunk) [Quarter-over-Quarter Analysis (2025 Q2 vs 2025 Q1)](index=9&type=section&id=Quarter-over-Quarter%20Analysis%20(2025%20Q2%20vs%202025%20Q1)) Q2 2025 revenue increased by 2% quarter-over-quarter to RMB 184.5 billion, with Marketing Services revenue growing by 12% quarter-over-quarter driven by post-Chinese New Year peak season and AI capability deployment, offsetting a 6% seasonal decline in domestic games, while gross profit increased by 4% quarter-over-quarter and gross margin slightly rose from 56% to 57% - Value Added Services revenue slightly decreased by **0.8%** quarter-over-quarter, mainly due to the seasonal decline in domestic games after the Chinese New Year, partially offset by strong **13% growth** in international games[23](index=23&type=chunk) - Marketing Services revenue increased by **12%** quarter-over-quarter, benefiting from AI advertising capability deployment and the post-Chinese New Year peak season[23](index=23&type=chunk) - FinTech and Business Services revenue increased by **1%** quarter-over-quarter, with growth in cloud services and merchant technical service fees offset by a decrease in FinTech services revenue[23](index=23&type=chunk) - Sales and marketing expenses increased by **20%** quarter-over-quarter, primarily due to increased game-related promotional activities[25](index=25&type=chunk) [Other Financial Metrics and Cash Position](index=12&type=section&id=Other%20Financial%20Metrics%20and%20Cash%20Position) As of the end of Q2 2025, the Group's adjusted EBITDA margin increased to 46%, indicating enhanced profitability, while net cash at period-end was RMB 74.6 billion, a decrease from the previous quarter primarily due to annual dividend payments, with Q2 free cash flow at RMB 43.0 billion and significantly increased capital expenditure mainly supporting AI-related business development Other Financial Metrics (2025 Q2) | Metric | Amount (RMB million) | Notes | | :--- | :--- | :--- | | Adjusted EBITDA | 85,122 | 24% YoY increase | | Adjusted EBITDA Margin | 46% | 43% in prior year period | | Capital Expenditure | 19,107 | 119% YoY increase | | Net Cash (Period-end) | 74,592 | 17% QoQ decrease | - As of June 30, 2025, net cash was **RMB 74.6 billion**, a decrease from **RMB 90.2 billion** at the end of the previous quarter, primarily due to the payment of the 2024 fiscal year-end dividend of **RMB 37.5 billion**[34](index=34&type=chunk) - Free cash flow generated in Q2 2025 was **RMB 43.0 billion**, with net cash generated from operating activities of **RMB 74.4 billion**, partially offset by capital expenditure payments of **RMB 22.9 billion** (primarily for AI business)[35](index=35&type=chunk) [Non-IFRS Financial Measures](index=13&type=section&id=Non-IFRS%20Financial%20Measures) The company provides Non-IFRS financial measures to exclude the impact of certain non-cash items (e.g., share-based compensation, amortization of intangible assets) and investment-related transactions, aiming to help investors assess core business performance, with Non-IFRS net profit attributable to equity holders at RMB 63.1 billion in Q2 2025 - Management believes that Non-IFRS financial measures provide useful supplementary information for investors to assess the Group's core business performance by excluding the impact of certain non-cash items and investment-related transactions[28](index=28&type=chunk) IFRS to Non-IFRS Profit Reconciliation (2025 Q2) | Item (RMB million) | Amount | | :--- | :--- | | **Profit Attributable to Equity Holders (IFRS)** | **55,628** | | Add: Share-based compensation | 8,071 | | Less: Net (gain)/loss from investee companies | (3,192) | | Add: Amortization of intangible assets | 2,848 | | Other adjustments and income tax effects | (303) | | **Non-IFRS Profit Attributable to Equity Holders** | **63,052** | Financial Information [Condensed Consolidated Statements](index=18&type=section&id=Condensed%20Consolidated%20Statements) This section provides the unaudited condensed consolidated income statements, statements of comprehensive income, statements of financial position, and statements of cash flows for the three and six months ended June 30, 2025, comprehensively presenting the Group's financial position and operating results Summary of Condensed Consolidated Income Statement (Six Months Ended June 30, 2025) | Metric (RMB million) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 364,526 | 320,618 | | Gross Profit | 205,506 | 169,765 | | Operating Profit | 117,670 | 103,288 | | Profit for the Period | 105,769 | 91,017 | Summary of Condensed Consolidated Statement of Financial Position | Metric (RMB million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 2,013,310 | 1,780,995 | | Total Liabilities | 810,461 | 727,099 | | Total Equity | 1,202,849 | 1,053,896 | Summary of Condensed Consolidated Cash Flow Statement (Six Months Ended June 30) | Metric (RMB million) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 151,265 | 126,458 | | Net Cash Flows Used in Investing Activities | (72,407) | (45,449) | | Net Cash Flows Used in Financing Activities | (30,111) | (99,781) | [Notes to Financial Information](index=25&type=section&id=Notes%20to%20Financial%20Information) The notes provide detailed explanations of the basis of preparation, accounting policies, and specific composition of each financial statement item, with key areas including segment information, investment details, share-based payments, borrowings and bills payable, and business combinations [Segment Information](index=25&type=section&id=Segment%20Information) The Group's operations are divided into three segments: Value Added Services, Marketing Services, and FinTech and Business Services. In Q2 2025, Value Added Services contributed 50% of revenue and 53% of gross profit, FinTech and Business Services contributed 30% of revenue and 28% of gross profit, while Marketing Services contributed 19% of revenue and 20% of gross profit Segment Revenue and Gross Profit (2025 Q2) | Business Segment | Revenue (RMB million) | Gross Profit (RMB million) | | :--- | :--- | :--- | | Value Added Services | 91,368 | 55,223 | | Marketing Services | 35,762 | 20,585 | | FinTech and Business Services | 55,536 | 28,952 | | Others | 1,838 | 253 | | **Total** | **184,504** | **105,013** | [Investments](index=34&type=section&id=Investments) As of June 30, 2025, the carrying value of the Group's investments in associates was RMB 307.6 billion, with the fair value of listed associates approximately RMB 340.2 billion, and total financial assets measured at fair value exceeding RMB 630 billion, representing a significant component of the Group's assets - As of June 30, 2025, the fair value of investments in associates (listed portion) was approximately **RMB 340.187 billion**[73](index=73&type=chunk) - Total financial assets measured at fair value (FVTPL + FVTOCI) amounted to **RMB 633.858 billion**[76](index=76&type=chunk)[77](index=77&type=chunk) [Share-based Payments](index=37&type=section&id=Share-based%20Payments) As of June 30, 2025, the company had approximately 91.4 million unexercised share options under the 2023 Share Option Scheme and approximately 123 million unvested award shares under the 2023 Share Award Scheme, which are important tools for employee incentives - As of June 30, 2025, there were **91,400,760** unexercised share options under the 2023 Share Option Scheme[80](index=80&type=chunk) - As of June 30, 2025, there were **122,768,570** unvested award shares under the Share Award Scheme[83](index=83&type=chunk) [Borrowings and Bills Payable](index=40&type=section&id=Borrowings%20and%20Bills%20Payable) As of June 30, 2025, the Group's total borrowings were RMB 261.6 billion, and total bills payable were RMB 132.2 billion, denominated in various currencies, primarily USD and RMB, with most being unsecured - As of June 30, 2025, the Group's total borrowings amounted to **RMB 261.6 billion**[85](index=85&type=chunk) - As of June 30, 2025, the Group's total bills payable amounted to **RMB 132.2 billion**, all of which were unsecured USD-denominated bills[87](index=87&type=chunk)[88](index=88&type=chunk) Other Information [Share Repurchases](index=44&type=section&id=Share%20Repurchases) For the six months ended June 30, 2025, the company repurchased a total of 81,867,000 shares on the Stock Exchange for a total consideration of approximately HKD 36.5 billion, aiming to enhance long-term shareholder value, with all repurchased shares having been cancelled Share Repurchase Details for H1 2025 | Month of Purchase | Number of Shares Purchased | Total Consideration Paid (HKD) | | :--- | :--- | :--- | | January | 37,060,000 | 14,117,031,503.00 | | March | 5,924,000 | 3,003,627,164.10 | | April | 8,430,000 | 3,905,420,932.80 | | May | 9,784,000 | 5,004,217,423.60 | | June | 20,669,000 | 10,509,720,949.40 | | **Total** | **81,867,000** | **36,540,017,972.90** | [Employees and Remuneration Policy](index=44&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 111,221 employees, an increase from the same period last year, with total remuneration costs for the first half of the year amounting to RMB 65.0 billion - As of June 30, 2025, the Group had **111,221** employees, representing a **5.4%** year-over-year increase[95](index=95&type=chunk) - Total remuneration costs for the six months ended June 30, 2025, amounted to **RMB 65.0 billion**, a **19.7%** year-over-year increase[95](index=95&type=chunk) [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Audit Committee has reviewed the interim financial information, and while the company deviates from the Corporate Governance Code's provision on directors' rotation, the Board believes this deviation has no material impact on the company's overall operations - The Audit Committee has reviewed the Group's unaudited interim financial information[96](index=96&type=chunk) - The company deviates from Rule B.2.2 of the Corporate Governance Code (regarding directors retiring by rotation at least once every three years), concerning the re-election of Mr. Ian Charles Stone[97](index=97&type=chunk)

Core Viewpoint - Tencent Holdings is expected to report strong growth in its gaming and advertising businesses for Q2 2025, with a significant increase in stock price leading up to the earnings announcement [1][2]. Gaming Business - Market forecasts suggest Tencent's gaming revenue for Q2 2025 will reach 408 billion yuan, reflecting an 18% year-on-year growth, driven by popular titles such as "Honor of Kings" and "Peacekeeper Elite" [1]. - The game "Delta Action" has emerged as a new hit, contributing significantly to revenue growth, with a monthly active user count of 38.63 million in June 2025 [2]. Advertising Business - Advertising revenue is projected to increase by 16.5% year-on-year to 348 billion yuan, supported by the growth of video accounts and enhanced search revenue from WeChat [2]. - AI technology is expected to drive sustainable growth in advertising, improving user engagement and reducing conversion costs, thereby enhancing return on investment for advertisers [2][3]. Financial Technology and Enterprise Services - Financial technology and enterprise services are anticipated to see a slight improvement, with a projected year-on-year growth of 6.5% [3]. - The launch of "TenpayGlobal" aims to integrate multiple local payment methods into the WeChat ecosystem, starting with Singapore and potentially expanding to other regions [3].

Core Insights - The mobile gaming industry is experiencing intensified competition as the summer season begins, with notable rankings in both downloads and revenue for July 2025 [1] Download Rankings - Tencent's "Delta Action" continues its strong performance from June, maintaining the top position in the downloads chart, followed by Giant Network's "Supernatural Action Group" at second and the classic "Honor of Kings" at third [1] - Eight new games entered the downloads Top 30 in July, with "Douluo Continent: Soul Hunting World," "Paper Marriage 8: Thousand Sons Tree," and "Star Marks Resonance" being the highlights, all launched in July [1] - "Douluo Continent: Soul Hunting World," developed by 37 Interactive Entertainment, debuted at seventh in the downloads chart, showcasing strong IP appeal with over 10 million pre-registrations prior to its July 11 launch [1][3] Game Categories and Developers - Action and adventure games dominated the downloads chart, with six entries each, while role-playing games had four [3] - Tencent led the downloads chart with 11 titles, followed by NetEase with four [3] - "Star Marks Resonance," a Tencent-developed MMORPG based on Bandai Namco's "Blue Protocol," achieved significant pre-launch interest with over 9 million pre-registrations and topped the iOS free chart on its launch day [3] Revenue Rankings - "Honor of Kings" and "Peace Elite" remain the top two revenue-generating games, with Tencent's "Delta Action" entering the top three [4] - Six new titles made it to the revenue chart in July, including "Honkai: Star Rail," "Supernatural Action Group," and "QQ Speed" [4] - The action game category led the revenue chart with seven entries, followed by five role-playing games [4] - Tencent had 12 titles in the revenue rankings, while NetEase had five [4]

Group 1 - The technology stocks in Hong Kong showed strong performance, with Tencent Music rising by 15.52% to HKD 102, Bilibili increasing by 5.68% to HKD 186, Alibaba up by 4.46% to HKD 121.8, Baidu gaining 3.43% to HKD 87.55, and Tencent rising by 3.49% to HKD 579 [1] - The U.S. July CPI remained flat year-on-year at 2.7%, below the expected 2.8%, while the core CPI rose by 3.1%, exceeding the expected 3%, marking the highest since February [1] - Following the CPI data release, the market anticipates a greater than 90% probability of the Federal Reserve lowering interest rates in September [1] - Longcheng Securities indicated that the relative weakness of the Hang Seng Tech Index is not a long-term trend, as the strong dollar situation may not persist and the significant downward revision of U.S. non-farm payrolls has ignited expectations for a rate cut [1] - The current dynamic PE of the Hang Seng Tech Index is 21.87 times, highlighting its value proposition, and the acceleration of AI commercialization along with mid-year performance verification is expected to attract funds back into the growth sector [1] Group 2 - Tencent is set to release its Q2 2025 financial report, with Citigroup expecting a stable performance, estimating a 4.9% year-on-year increase in non-GAAP net profit to CNY 60.1 billion [2] - Citigroup anticipates that Tencent's revenue and profit will meet or exceed market consensus, with potential upside in the gaming business due to new game contributions and deferred revenue [2] - For Q3 2025, Tencent's gaming business is expected to maintain stable revenue supported by strong seasonal factors, new game releases, and content upgrades, with a focus on updates regarding AI models and new features [2]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 腾讯港股盘中涨幅扩大至逾3%，成交额逾60亿港元，股价创2021年6月以来新高，年内累涨约 40%，今日盘后将公布最新季度业绩。 (责任编辑：宋政 HN002) | 00700 腾讯控股 | | | | --- | --- | --- | | 576.500↑+17.000 +3.04% | | 交易中 08/13 10:42 | | SALES BEEFE | | ● 快捷交易 | | 最高价 579.500 | 开盘价 568.000 | 成交量 1062.08万 | | 最低价 566.000 | 昨收价 559.500 | 成交额 60.8亿 | | 平均价 572.495 | 市盈率TTM 24.35 | 总市值 5.28万亿 ·· | | 振 幅 2.41% | 市盈率(静) 25.18 | 总股本 91.54亿 | | 换手率 0.12% | ...

Group 1 - The core viewpoint highlights a strong performance of tech stocks in Hong Kong, with notable increases in share prices for Tencent Music, Bilibili, Alibaba, Baidu, and Tencent [1] - The U.S. July CPI remained flat at 2.7% year-on-year, below the expected 2.8%, while the core CPI rose 3.1%, exceeding expectations and marking a new high since February [1] - Market expectations for a Federal Reserve rate cut in September have surged to over 90% following the CPI data release, indicating a potential shift in monetary policy [1] Group 2 - Tencent is set to release its Q2 2025 financial report, with Citigroup anticipating a steady performance, projecting a 4.9% year-on-year increase in non-GAAP net profit to 60.1 billion yuan [2] - Citigroup expects Tencent's revenue and profit to meet or exceed market consensus, driven by new game contributions and deferred revenue in its gaming business [2] - The report is expected to highlight advancements in AI models and new features, alongside updates on new game pipelines and macro outlook [2]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 另外，微盟近日宣布将实现与美团(3690.HK)团购券核销能力的全面打通，基于该功能，商户可通过连 结美团门店与微盟小程序商城门店，在微盟后台完成美团团购券的创建及商品关联，并实现线上及线下 多场景核销、全域会员沉淀与精细化营运。微盟上月打通抖音团购券核销功能，预期今次通过深度连通 底层技术架构，可构建覆盖线上线下全场景多平台的核销闭环，商户能够在微盟后台完成从美团团购券 创建到核销全流程管理。 (责任编辑：宋政 HN002) 格隆汇8月13日｜腾讯即将于今日盘后公布业绩，盘中腾讯股价大涨超3%创2021年4月以来新高。在腾 讯股价上涨的刺激下，港股市场腾讯概念股今日集体走强。其中，微盟集团(2013.HK)大涨超13%报2.63 港元，股价创逾5个月新高。 消息面上，微盟集团即将于8月20日公布财报。 ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月13日｜腾讯控股(0700.HK)盘初拉升涨超2%，现报573港元，股价创2021年6月以来新高。 ...