Investment Rating - The report assigns a "Buy" rating for Tencent Holdings (00700.HK) with a current price of HKD 521.00 and a fair value of HKD 572.51 [5]. Core Insights - The report highlights strong performance in gaming and accelerated growth in AI-driven advertising, indicating a robust outlook for Tencent's revenue streams [3][10]. - The company is expected to continue investing in AI, which has significantly contributed to the growth of its advertising and gaming sectors [10][11]. Financial Forecast - Revenue projections for Tencent are as follows: - 2023A: RMB 609 billion - 2024A: RMB 660 billion (growth rate: 9.8%) - 2025E: RMB 734.2 billion (growth rate: 11.2%) - 2026E: RMB 790 billion (growth rate: 7.6%) - 2027E: RMB 836.1 billion (growth rate: 5.8%) [4]. - Adjusted net profit forecasts are: - 2023A: RMB 157.7 billion - 2024A: RMB 222.7 billion (growth rate: 41.2%) - 2025E: RMB 258 billion (growth rate: 15.8%) - 2026E: RMB 286.2 billion (growth rate: 10.9%) - 2027E: RMB 310.8 billion (growth rate: 8.6%) [4]. - Earnings per share (EPS) estimates are projected to increase from RMB 16.32 in 2023A to RMB 33.82 in 2027E [4]. Business Performance Overview - In Q1 2025, Tencent reported a revenue of RMB 180 billion, a year-over-year increase of 13% [10]. - The gaming segment generated RMB 595 billion in revenue, reflecting a 24% year-over-year growth [10]. - Advertising revenue reached RMB 319 billion, with a 20% year-over-year increase, driven by demand for video ads and AI enhancements [11]. - Financial and enterprise services revenue was RMB 549 billion, showing a 5% year-over-year growth [11]. Valuation Methodology - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the core business value at HKD 572.51 per share, based on various business segments including gaming, marketing services, and financial services [33][36].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 650 [1][7]. Core Insights - The company reported Q1 2025 revenue of RMB 1800.2 billion, a year-on-year increase of 13% and a quarter-on-quarter increase of 4%. Net profit was RMB 478.2 billion, reflecting a 14% year-on-year growth, while adjusted net profit grew by 22% [8][9]. - The company is increasing its capital expenditure to support AI-related business development, with Q1 capital expenditure at RMB 275 billion, approximately 15.3% of revenue, exceeding previous guidance [9]. - The integration of AI capabilities is expected to enhance the performance of core businesses, particularly in gaming and advertising, with significant growth potential in the AI search advertising market [9][10]. Company Overview - The company operates in the media industry, with a market capitalization of approximately RMB 400.71 billion and a share price of HK$ 521.00 as of May 14, 2025 [2]. - Major shareholders include MIH Holdings B.V. with a 24.01% stake [2]. Financial Performance - The company’s revenue composition 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]. - The company forecasts net profit for 2025-2027 to be RMB 2235 billion, RMB 2542 billion, and RMB 2882 billion respectively, with year-on-year growth rates of 15.2%, 13.7%, and 13.4% [11][12]. Market Trends - The domestic gaming market is experiencing rapid growth, with a 24% increase in local game revenue driven by popular titles [10]. - Advertising revenue grew by 20% year-on-year, benefiting from strong demand for video ads and AI upgrades in advertising platforms [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 650 [1][7]. Core Insights - The company reported Q1 2025 revenue of RMB 1800.2 billion, a year-on-year increase of 13% and a quarter-on-quarter increase of 4%. Net profit was RMB 478.2 billion, reflecting a 14% year-on-year growth, while adjusted net profit grew by 22% [8][9]. - Capital expenditure for Q1 2025 was RMB 275 billion, accounting for approximately 15.3% of revenue, primarily aimed at supporting AI-related business development [9]. - The integration of AI technology is expected to enhance the company's core gaming and advertising businesses, with significant contributions anticipated from new AI-driven products [9][10]. Company Overview - The company operates in the media industry, with a market capitalization of approximately RMB 400.71 billion and a share price of HK$ 521.00 as of May 14, 2025 [2]. - Major shareholders include MIH Holdings B.V., holding 24.01% of shares [2]. Financial Performance - The company’s revenue composition 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]. - The company’s gross profit margin improved to 56%, up about 3 percentage points year-on-year, driven by high-margin business growth [10]. - Profit forecasts for 2025-2027 indicate a net profit of RMB 2235 billion, RMB 2542 billion, and RMB 2882 billion, respectively, with year-on-year growth rates of 15.2%, 13.7%, and 13.4% [11][12]. Market Trends - The domestic gaming market is experiencing rapid growth, with a 24% increase in local game revenue, driven by popular titles such as "Honor of Kings" and "Peacekeeper Elite" [10]. - Advertising revenue grew by 20% year-on-year, benefiting from strong demand for video ads and AI upgrades in advertising platforms [10]. Future Outlook - The company is expected to continue leveraging AI technology to enhance user engagement and advertising effectiveness, positioning itself favorably in the evolving digital landscape [9][10].

Core Viewpoint - Tencent has a strong inventory of chips to navigate through US chip sale restrictions and is focusing on executing its AI strategy despite the dynamic situation [1][2]. Group 1: Chip Inventory and Strategy - Tencent's president, Martin Lau, stated that the company has a "pretty strong stockpile of chips" acquired previously to manage US chip restrictions [1]. - The chips will be utilized in projects that can generate immediate returns, particularly in Tencent's advertising business [1]. - Lau emphasized that the company is exploring the right solutions to ensure its AI strategy remains executable [1]. Group 2: Training Large Language Models - Lau mentioned that Tencent will not require a large number of chips to enhance the performance of its large language models, as companies are moving away from the traditional scaling law [2]. - The company can achieve good training results with smaller clusters, indicating potential in post-training processes that do not necessitate large clusters [3]. - Tencent has enough high-end chips in its existing inventory to continue training models for several more generations [3]. Group 3: Market Context and Competitors - Nvidia announced new export licensing restrictions for chips sold to China, which may impact its inventory and financials, with a potential charge of up to $5.5 billion [4]. - Analysts believe that the new restrictions will not hinder China's AI progress, suggesting that banning the H20 chip would be counterproductive and could benefit Chinese competitors like Huawei [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 614.34 HKD [6][7]. Core Insights - The company's revenue for Q1 increased by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit grew by 22% year-on-year, also surpassing expectations by 2.5% [1]. - The advertising revenue in Q1 grew by 20.2% year-on-year, significantly above consensus expectations, with a notable 60% increase in revenue from video accounts [2]. - Domestic game revenue rose by 24% year-on-year, with a strong pipeline of new games set to launch [3]. - The company has adjusted its revenue forecasts for 2025-2027 upwards by 0.6%, 0.5%, and 0.5% respectively, driven by the growth of the WeChat mini-store and AI product integration [4][31]. Revenue and Profitability - The projected revenue for 2025 is 735.52 billion RMB, with a year-on-year growth rate of 11.4%. The adjusted net profit for 2025 is forecasted to be 262.69 billion RMB, reflecting a growth of 17.95% [5][31]. - The gross profit margin for Q1 was reported at 55.8%, indicating a healthy profitability trend [12]. Business Segments - The value-added services segment, which includes gaming, saw a 17% increase in revenue, while the online advertising segment experienced a 20.2% growth [5][32]. - The WeChat mini-store has shown significant growth potential, with advertising consumption increasing nearly fourfold from February to April [2][13]. Future Outlook - The company is expected to benefit from the continued expansion of its WeChat mini-store and the integration of AI capabilities, which are anticipated to enhance user engagement and drive revenue growth [4][18]. - The upcoming launch of new games, particularly the mobile version of "Valorant," is expected to attract a substantial user base and contribute to revenue growth [22][23].

港股消费ETF（513230）科技、消费属性兼备，前五大权重股分别为阿里巴巴、腾讯控股、小米集团、 美团、比亚迪股份等热门科技股，其中阿里+腾讯+小米权重超46%，助力投资者一键网罗港股互联网消 费龙头。 （文章来源：每日经济新闻） 消息面上，腾讯控股发布财报，Q1收入1800.22亿元，同比增长13%；经调整净利润613.29亿元，同比 增长22%。财报显示，集团经营活动所产生的现金流量净额人民币769亿元，部分被资本开支付款人民 币230亿元（主要用于支持AI相关的业务发展），以及媒体内容付款人民币53亿元及租赁负债付款人民 币15亿元所抵销。 马化腾表示："2025年第一季，我们的高质量收入保持坚实的增长态势。AI能力已经对效果广告与长青 游戏等业务产生了实质性的贡献。我们亦加大了对元宝应用与微信内的AI等新AI机遇的投入。我们相 信，在AI战略投入阶段，现有高质量收入带来的经营杠杆，将有助于消化这些AI相关投入产生的额外 成本，保持财务稳健。" 5月15日，周四开盘，恒生指数涨0.02%报23644.4点，恒生科技指数跌0.14%报5374.16点，国企指数跌 0.16%报8579.2点。盘面上，科技 ...

消息面上，5月14日晚间，腾讯控股发布2025年第一季度财报，营收1800.2亿元，同比增长13%；净利 润478亿元，同比增长14%。其中，游戏业务表现抢眼。数据显示，腾讯网络游戏业务当季收入达595亿 元，同比增长23.7%；国际市场收入166亿元，同比增长23%，连续三个季度刷新历史纪录。据悉，恒生 科技指数ETF(513180)标的指数的含"鹅"量高达8.72%。 公开信息显示，恒生科技指数ETF(513180)在A股上市的同赛道ETF中规模和流动性双双领先，支持T+0 交易。其标的指数软硬科技兼备，囊括中国AI核心资产以及相较于A股更为稀缺的科技龙头。内外形势 迎积极改善，叠加腾讯、京东等科技龙头Q1财报表现亮眼，港股迎来多重正面催化，高弹性、高成长 的恒生科技或具备更大的向上动能。(场外联接A/C：013402/013403) 5月15日早盘，恒生指数高开0.02%，恒生科技指数低开0.14%。恒生科技成分股中，腾讯音乐大幅高开 6.18%，网易高开2.23%，腾讯控股高开2.02%。开盘后，近期交投高度活跃的恒生科技指数 ETF(513180)跟随指数震荡下行。 基于主业产生的高质量收入支撑，腾 ...

港股公司报告 | 公司点评 腾讯控股（00700） 证券研究报告 基本面维持强劲，AI 应用潜力深厚—腾讯控股 1Q2025 业绩点评 ➢ 整体业绩：1Q25 收入与盈利增长强劲，AI 能力已产生实质性贡献 1Q25 公司收入同比 13%，毛利同比+20%，Non-IFRS 经营利润同比+18%，Non-IFRS 净利润 同比+22%，收入与利润均明显超过彭博一致预期。 1Q25 收入明显超彭博预期，主要来自游戏、广告收入强劲增长。1Q25 综合毛利率超彭博预 期 1.9pct，主要由于增值服务、金融科技及企业服务毛利率超预期，以及高毛利率的国内游 戏、小游戏、视频号、搜索等收入来源占比提升。 1Q25 公司经营费用同比+28%，超过彭博预期。1Q25 管理费用同比+36%，主要由于一次性 股份酬金 40 亿元，以及 AI 相关的研发开支增加。1Q25 尽管进行了 AI 原生应用推广，销售 费用同比仅增长 4%，销售费用率同比下降。 此外，1Q25 财务成本同比+37%，主要由于汇兑损益。1Q25 Non-IFRS 分占联合营公司盈利 76 亿元，环比微降 1 亿元。或反映合联营企业整体盈利趋于稳定（此前 2 ...

Group 1 - The Hang Seng Index opened with a slight increase of 0.02% while the Tech Index opened with a decrease of 0.14% [1] - There is a divergence in the performance of tech stocks, with Tencent Holdings (00700.HK) rising by 2% post-earnings, while Tencent Music (01698.HK) continued to rise by 6.18% [1] - JD.com (09618.HK) experienced a decline of 2.4% [1]

Core Viewpoint - Tencent's Q1 performance exceeded expectations, with revenue of 1800.22 billion RMB, a 13% year-on-year increase, and adjusted net profit up 11% [2][25]. Group 1: AI Strategy and Investment - Tencent's CEO highlighted that AI capabilities have significantly contributed to advertising effectiveness and gaming, with increased investments in AI applications within the WeChat ecosystem [2][3]. - The company believes that existing high-quality revenue will help absorb additional costs from AI investments, maintaining financial stability [3]. - AI's impact is observed in three areas: advertising targeting, user engagement, and game participation [7][9]. Group 2: User Engagement and Product Development - The "Yuanbao" AI feature is in its early stages, with initial user interactions showing promise for increased usage as users engage more with the AI [5][33]. - The company plans to enhance the integration of WeChat's capabilities with "Yuanbao" to improve user experience and retention [6][34]. - User interaction with AI assistants is increasing, indicating a growing acceptance and value recognition among users [44]. Group 3: Gaming Performance - Tencent's domestic gaming business showed strong performance in Q1, benefiting from a low base in the previous year, with long-term growth potential in both domestic and international markets [11][35]. - AI is being explored in large multiplayer games, focusing on enhancing player experience and retention through features like guidance for new players and cheat prevention [13][39]. - The company is strategically positioning itself in the first-person shooter (FPS) genre, which is expected to grow in popularity among Chinese players [40][57]. Group 4: Financial Performance and Projections - Tencent's total revenue for Q1 was 1800 billion RMB, with a gross profit of 1005 billion RMB, reflecting a 20% increase in gross profit year-on-year [25][26]. - The company anticipates that the gap between revenue growth and operating profit growth will narrow, with a typical lag of one to two years for new product investments to yield returns [16][56]. - Operating expenses increased due to higher marketing costs for AI applications, but the overall ratio of sales and marketing expenses to revenue decreased [27][28]. Group 5: Advertising Revenue Growth - Tencent's marketing services revenue grew by 20% to 320 billion RMB, driven by increased user engagement and AI enhancements in advertising platforms [21]. - AI has the potential to significantly improve advertising click-through rates, with some ads seeing increases from 1.0% to 3.0% [15][59]. - The company is focused on integrating advertising with transaction capabilities to enhance the effectiveness and revenue potential of its advertising business [32][63].