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9月12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 | | | | | | | | | | | | | 已 ...

Summary of Key Points Core Viewpoint - Tencent Holdings has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance [1]. Share Buyback Details - On September 11, Tencent repurchased 874,000 shares at prices ranging from 624.000 to 633.000 HKD, totaling 550 million HKD [1]. - The stock closed at 629.500 HKD on the same day, reflecting a decrease of 0.63% with a total trading volume of 11.453 billion HKD [1]. - Since August 18, the company has conducted buybacks for 19 consecutive days, acquiring a total of 17.288 million shares for a cumulative amount of 10.461 billion HKD [1]. - During this period, the stock price has increased by 6.33% [1]. Year-to-Date Buyback Activity - Year-to-date, Tencent has executed 81 buybacks, acquiring a total of 106 million shares for a total expenditure of 50.504 billion HKD [1].

Group 1 - Tencent Holdings announced a share buyback plan, committing HKD 550 million to repurchase 874,000 shares [1] - The buyback price is set between HKD 624 and HKD 633 per share [1]

格隆汇9月11日丨腾讯控股(00700.HK)公告，9月11日耗资5.5亿港元回购87.40万股，每股回购价624-633 港元。 ...

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]