Group 1: Game Revenue Rankings - Tencent's "Honor of Kings" regained the top position in global mobile game revenue in April 2025, rising four places from the previous month [1][3] - "Last War: Survival" climbed to second place, benefiting from seasonal events like Easter [3] - "Whiteout Survival," "MONOPOLY GO!," and "Royal Match" ranked third to fifth, showcasing their consistent revenue generation capabilities [3] Group 2: Mobile Game Market Overview - Global mobile game player spending on App Store and Google Play reached approximately $6.48 billion in April 2025, a 4.5% decrease month-over-month [4] - The United States remains the largest mobile game market with revenues around $2 billion, accounting for 31.5% of total spending [4] - China (iOS) and Japan ranked second and third with 18.8% and 13.2% market shares, respectively [4] Group 3: Game Downloads Rankings - "Block Blast!" topped the global mobile game download chart in April 2025, followed by "ROBLOX," "Free Fire," "Subway Surfers," and "Ludo King" [5][8] - Global mobile game downloads reached 3.93 billion in April, reflecting an 8.4% decrease from the previous month [8] - India led in downloads with 739 million, representing 18.8% of the total, while the U.S. and Indonesia followed closely [8] Group 4: Notable Game Performances - "Honkai: Star Rail" saw a significant rise of 24 places in the rankings, driven by new character releases and popular events [4] - "Delta Force" achieved the highest download growth in April, ranking sixth overall, thanks to strong performances in the U.S. and Brazil [9] - New titles like "Cookingdom" and "Once Human" also performed well, indicating the importance of established gameplay and cross-platform adaptations in driving downloads [9]

Core Viewpoint - WeRide is enhancing its strategic partnership with Tencent Cloud to accelerate the commercial deployment of its Level-4 robotaxi services and expand its global market reach [1][5]. Group 1: Partnership and Technology Development - The collaboration builds on a previous partnership established in April 2024, now focusing on integrating self-driving technology into Tencent's platforms like WeChat and Tencent Maps [2]. - Users will be able to hail WeRide robotaxis directly through Tencent's Smart Transportation Mini Program, making the service more accessible [2]. - The companies will co-develop a data-driven platform that combines cloud computing and advanced mapping tools to support data compliance and expedite the mass production of smart driving technologies [4]. Group 2: Financial Performance and Market Position - WeRide's revenues declined approximately 10% last year, totaling $49 million, prompting the need for enhanced R&D and commercial operations through Tencent Cloud's infrastructure [3]. - The partnership aims to leverage localized cloud services to efficiently scale WeRide's presence in international markets, where it already has a first-mover advantage [3]. Group 3: Competitive Landscape - WeRide's collaboration with Tencent is expected to intensify competition with rivals such as Alphabet's Waymo and Baidu [6]. - Waymo is a leader in the U.S. robotaxi market, providing over 250,000 paid rides weekly and heavily investing in safety and AI [7]. - Baidu's Apollo Go has established a fleet of 1,000 vehicles and has completed over 11 million ride orders, indicating its ambition to expand internationally [8]. Group 4: Stock Performance and Valuation - WeRide's shares have decreased by 28% year-to-date, contrasting with the industry's growth of 3.2% [9]. - The company trades at a forward price-to-sales ratio of 9.68, significantly higher than the industry average, and carries a Value Score of F [10]. - The Zacks Consensus Estimate predicts a year-over-year earnings increase of 64% for 2025 and 51% for 2026 [11].

Core Points - Tencent Holdings has conducted share buybacks, purchasing 970,000 shares at prices ranging from HKD 513.000 to HKD 520.000, totaling HKD 500.1 million on May 22 [2] - The stock has seen a total of 4 consecutive days of buybacks since May 19, with a cumulative purchase of 3.883 million shares and a total expenditure of HKD 2 billion, while the stock price increased by 1.67% during this period [2] - Year-to-date, Tencent has executed 28 buybacks, acquiring a total of 55.297 million shares for a total of HKD 23.028 billion [3] Buyback Details - The buyback details for May 22 include the purchase of 97,000 shares at a maximum price of HKD 520.000 and a minimum price of HKD 513.000, with a total buyback amount of HKD 50.061 million [3] - The buyback activity on May 21 involved 96,300 shares at a maximum price of HKD 524.000 and a total amount of HKD 50.039 million [3] - The buyback on May 20 included 97,100 shares at a maximum price of HKD 517.000, totaling HKD 50.022 million [3]

转自：前瞻产业研究院 行业主要上市公司：阿里巴巴(09988.HK，BABA.US);百度(09888.HK，BIDU.US);腾讯(00700.HK， TCEHY);科大讯飞(002230.SZ);万兴科技(300624.SZ);三六零(601360.SH);昆仑万维(300418.SZ);云从科技 (688327.SH);拓尔思(300229.SZ)等 多模态大模型类型及综合对比 视觉+语言的多模态大模型目前主流方法是：借助预训练好的大语言模型和图像编码器，用一个图文特 征对齐模块来连接，从而让语言模型理解图像特征并进行更深层的问答推理。这样可以利用已有的大量 单模态训练数据训练得到的单模态模型，减少对于高质量图文对数据的依赖，并通过特征对齐、指令微 调等方式打通两个模态的表征。 多模态大模型类型-CLIP CLIP是OpenAI提出的连接图像和文本特征表示的对比学习方法。CLIP是利用文本信息训练一个可以实 现zero-shot的视觉模型。利用预训练好的网络去做分类。具体来说，给网络一堆分类标签，比如cat， dog，bird，利用文本编码器得到向量表示。然后分别计算这些标签与图片的余弦相似度;最终相似 ...

Core Insights - Tencent Holdings reported Q1 2025 revenue of 1800.22 billion yuan, a year-on-year increase of 12.9% and a quarter-on-quarter increase of 4.4% [1] - The company achieved a gross profit of 1004.93 billion yuan, up 19.8% year-on-year and 10.9% quarter-on-quarter [1] - Adjusted net profit reached 613.29 billion yuan, reflecting a year-on-year growth of 22.0% and a quarter-on-quarter growth of 10.9% [1] Gaming Business Performance - Tencent's gaming business showed accelerated growth, with domestic game revenue increasing by 24% year-on-year to 429 billion yuan, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [1] - The new game "Delta Action" achieved a peak daily active user count of over 12 million, becoming the highest in average daily active accounts among new games released in the last three years [1] - Overseas game revenue grew by 23% year-on-year and 4% quarter-on-quarter to 166 billion yuan, supported by titles such as "Brawl Stars" and "PUBG MOBILE" [1] Advertising Business Growth - Tencent's advertising revenue for Q1 2025 reached 319 billion yuan, a year-on-year increase of 20%, exceeding market expectations [1] - The growth was attributed to strong demand from advertisers for video accounts, mini-programs, and WeChat search ads, as well as improved content recommendations driven by AI [1] AI Investment and Applications - Tencent's capital expenditure (CAPEX) for Q1 2025 was 274.76 billion yuan, accounting for 15.3% of revenue, with a significant portion directed towards AI-related business development [2] - The company is actively enhancing AI applications within its ecosystem, including context-aware AI interactions and AI tools for content creators [2] - Tencent aims to leverage its WeChat ecosystem to create an "Agentic AI" that connects social relationships, communication, and content systems [2] Future Outlook - The gaming, advertising, and cloud businesses are expected to benefit from the development of AI technology, with WeChat evolving into an "AI operating system" [3] - Revenue projections for 2025-2027 are 7243 billion yuan, 7888 billion yuan, and 8521 billion yuan, with adjusted net profits of 2452 billion yuan, 2690 billion yuan, and 2981 billion yuan respectively [3]

Group 1 - The company reported Q1 2025 revenue of 180 billion RMB, exceeding market expectations, with a year-on-year growth of 13% and a quarter-on-quarter growth of 4% [1] - Non-GAAP operating profit reached 69.3 billion RMB, up 18% year-on-year and 11% quarter-on-quarter, while the Non-GAAP net profit attributable to shareholders was 61.3 billion RMB, reflecting a 22% year-on-year increase and an 11% quarter-on-quarter increase [1] - R&D investment grew by 21% year-on-year to 18.91 billion RMB, and capital expenditure increased by 91% to 27.48 billion RMB, focusing on computing infrastructure and large model development [1] Group 2 - The company's value-added services revenue for Q1 2025 was 92 billion RMB, a 17% year-on-year increase, with social network revenue contributing 33 billion RMB, up 7% year-on-year [1] - Domestic game revenue reached 34 billion RMB, growing 24% year-on-year, driven by popular titles and new game launches [1] - International game revenue was 16.7 billion RMB, reflecting a 23% year-on-year increase, primarily from stable performances of long-term products [1] Group 3 - Marketing services revenue for Q1 2025 was 31.9 billion RMB, a 20% year-on-year increase, driven by the expansion of new traffic scenarios and the release of advertising inventory [1] - The video account loading rate stabilized at 3%-4%, with AI applications enhancing advertising efficiency and material generation [2] - Financial technology and enterprise services revenue reached 55 billion RMB, growing 5% year-on-year, supported by a recovery in wealth management and consumer loans [2] Group 4 - The company maintains a target price of 660 HKD, indicating a potential upside of 28.4% from the previous closing price, with a buy rating due to improved profit margins across various business segments [2] - The core business is expected to maintain steady growth, with AI applications gradually realizing their potential and enhancing advertising commercialization efficiency [2]

Core Viewpoint - The company reported better-than-expected revenue and profit for Q1 2025, driven by strong performance in gaming and advertising sectors, with AI contributing significantly to growth [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 1800.2 billion yuan, a year-on-year increase of 12.9%, surpassing Bloomberg's consensus estimate of 1756.0 billion yuan [1]. - The Non-IFRS net profit attributable to the parent company was 613.3 billion yuan, reflecting a year-on-year growth of 22.0%, exceeding Bloomberg's expectation of 596.8 billion yuan [1]. - The financial technology and enterprise services revenue reached 549 billion yuan, a year-on-year increase of 5.0%, slightly below Bloomberg's forecast of 550.7 billion yuan [2]. Group 2: Gaming Sector - The revenue from online games was 595 billion yuan, representing a year-on-year growth of 23.7%, which was higher than Bloomberg's estimate of 552.6 billion yuan [1]. - Domestic game revenue was 429 billion yuan, showing a year-on-year increase of 24.3% and a quarter-on-quarter increase of 29.2%, exceeding Bloomberg's expectation of 402.7 billion yuan [1]. - International game revenue reached 166 billion yuan, with a year-on-year growth of 22.1% and a quarter-on-quarter increase of 3.8%, also surpassing Bloomberg's estimate of 153.8 billion yuan [1]. Group 3: Advertising Sector - Advertising revenue amounted to 319 billion yuan, a year-on-year increase of 20.4%, exceeding Bloomberg's forecast of 309.2 billion yuan [1]. - The growth in advertising revenue was attributed to increased user engagement, AI upgrades, and optimization of the WeChat transaction ecosystem [1]. - AI is enhancing advertising business development through improved click-through rates and precise targeting, with expectations for further growth in the future [1]. Group 4: Profit Forecast and Investment Rating - The company maintains strong performance and significant barriers to entry, projecting adjusted net profits of 2441 billion yuan, 2693 billion yuan, and 2984 billion yuan for 2025-2027 [2]. - Corresponding PE ratios (Non-IFRS) for 2025-2027 are projected to be 18, 16, and 14 times, respectively [2]. - The company continues to exhibit robust business barriers and growth in various sectors, leading to a maintained "buy" rating [2].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1][7] Core Views - Tencent's gaming and advertising revenues exceeded expectations, with a focus on future AI investments and developments [1][3] - The gaming business showed accelerated growth, particularly in domestic game revenue, which increased by 24% year-on-year to 42.9 billion yuan [2] - The advertising business also outperformed market expectations, achieving a revenue of 31.9 billion yuan, a year-on-year increase of 20% [3] Financial Summary - Revenue for 2023 is projected at 609.02 billion yuan, with a year-on-year growth rate of 9.82% [1] - Adjusted net profit for 2023 is expected to be 115.22 billion yuan, reflecting a significant decline of 38.79% year-on-year [1] - The report forecasts revenue growth to 660.26 billion yuan in 2024 and 724.25 billion yuan in 2025, with adjusted net profit expected to rise to 194.07 billion yuan and 225.46 billion yuan respectively [1][7] AI Investment and Future Outlook - Tencent's capital expenditure (CAPEX) for Q1 2025 was 27.48 billion yuan, primarily focused on AI-related business development, representing 15.3% of revenue [4] - The company is actively enhancing its AI applications within its ecosystem, including AI tools for content creation and user interaction [4][7] - The report anticipates that Tencent's gaming, advertising, and cloud businesses will benefit from AI technology advancements, positioning WeChat as a potential "AI operating system" [7]

AI 驱动广告、游戏收入持续超预期增长 ——腾讯控股（0700.HK）25Q1 季报点评 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 609,015 | 660,257 | 741,393 | 823,081 | 911,511 | | 同比增长 (%) | 9.82% | 8.41% | 12.29% | 11.02% | 10.74% | | 营业利润(百万元) | 152,784 | 200,097 | 239,238 | 272,041 | 308,598 | | 同比增长 (%) | 52.76% | 30.97% | 19.56% | 13.71% | 13.44% | | 归属母公司净利润(百万元) | 115,216 | 194,073 | 218,491 | 248,401 | 277,831 | | 同比增长 (%) | -38.79% | 68.44% | 12.58% | 13.69% | 11.85% | | 每股收益（元） | 12.5 ...

Core Insights - WeRide has signed an expanded strategic cooperation agreement with Tencent Cloud to enhance its autonomous driving R&D, Robotaxi commercialization, and international market expansion [1][3][4] Group 1: Partnership Details - The partnership will focus on the commercial deployment of Level-4 autonomous Robotaxis, integrating WeRide's services into Tencent's platforms like Weixin/WeChat and Tencent Maps [3][4] - Both companies will collaborate to develop intelligent driving solutions tailored for international markets, leveraging Tencent Cloud's global infrastructure [4][5] - The collaboration aims to build cloud platforms and tools to enhance the development and deployment of autonomous driving technologies while ensuring compliance with local standards [5][6] Group 2: Previous Collaborations - An initial strategic cooperation agreement was signed in April 2024, focusing on developing a leading autonomous driving cloud platform and smart driving solutions [6] - The previous partnership enabled WeRide and Bosch to achieve mass production of a driver assistance solution in a record-setting 18 months [6] Group 3: Company Profiles - WeRide is recognized as a global leader in autonomous driving, operating in over 30 cities across 10 countries and holding permits in five markets: China, UAE, Singapore, France, and the US [11] - Tencent Cloud is a leading cloud service provider, committed to digital transformation across various industries, including automotive, leveraging technologies like AI and Big Data [12]