Group 1 - Goldman Sachs raised Tencent Holdings' revenue and earnings per share forecasts for 2025 to 2027 by 1% to 6% due to improved stability in its gaming business, expansion in marketing services, recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The firm upgraded Tencent's 12-month target price from HKD 658 to HKD 701 while maintaining a "Buy" rating [1] - Tencent reported its fastest revenue growth in four years and the highest historical gross margin in Q2, reinforcing its position as one of the most advantageous companies in China's internet sector [1] Group 2 - Capital expenditure forecasts for Tencent were raised to RMB 90 billion and RMB 102 billion for fiscal years 2025 and 2026, respectively, due to better-than-expected Q2 performance despite foreign chip supply constraints [2] - Game revenue is expected to grow by 18% and 11% for fiscal years 2025 and 2026, respectively, with the mobile version of "Valorant" launching in August likely to boost game revenue in late 2025 and early 2026 [2] - Marketing services revenue is projected to grow by 19% and 16% for fiscal years 2025 and 2026, respectively, with cloud revenue expected to grow by 19% in Q3 2025 [2]

Core Viewpoint - Morgan Stanley expects Tencent Holdings (00700) to continue experiencing robust revenue growth due to the successful deployment of artificial intelligence across all its business lines, leading to an 8% increase in target price from HKD 650 to HKD 700 while maintaining an "Overweight" rating [1] Group 1: Financial Performance - Tencent's Q2 performance significantly exceeded expectations, reflecting the successful implementation of AI across its business lines [1] - The company is projected to have a full-year capital expenditure of RMB 97 billion, with RMB 47 billion already spent this year [1] - For Q3, Morgan Stanley anticipates revenue and adjusted operating profit growth of 12% and 14% respectively, with gaming revenue expected to grow by 16% year-on-year [1] Group 2: Market Outlook - The overall progress of capital expenditure is in line with expectations, despite supply chain constraints in Q2, with an acceleration expected in the second half of the year as H20 chips resume sales in China [1] - There is confidence that advertising revenue will achieve a sustainable growth rate of 20% in Q3 [1]

Core Viewpoint - Bank of America reports that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue growth accelerating to 15% year-on-year, reaching 185 billion RMB, which is 3% higher than expected [1] Financial Performance - Revenue increased by 15% year-on-year, totaling 185 billion RMB, surpassing expectations by 3% [1] - Adjusted operating profit grew by 18% year-on-year, amounting to 69 billion RMB, which is 4% higher than anticipated [1] - Gross margins across various business segments expanded, offsetting the cost impacts from artificial intelligence [1] Future Outlook - The bank maintains a positive view on the group's business growth and has raised profit forecasts for 2025 to 2027 by 2% [1] - Expectations for the second half of the year include continued growth in advertising business above industry rates, further recovery in FBS, and sustained game revenue supported by evergreen titles and potential new game releases [1] - The target price for Tencent has been raised from 631 HKD to 690 HKD, with a reiterated "buy" rating [1]

Group 1 - Goldman Sachs raised Tencent Holdings' revenue and earnings per share forecasts for 2025 to 2027 by 1% to 6% due to improved stability in its gaming business, expansion in marketing services, recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The firm increased Tencent's 12-month target price from HKD 658 to HKD 701 while maintaining a "Buy" rating, citing strong second-quarter performance with the fastest revenue growth in four years and the highest historical gross margin [1] - Tencent's unique WeChat ecosystem and global gaming assets, along with AI applications, are driving growth across all business lines, with gaming and marketing services showing over 20% year-on-year growth for two consecutive quarters [1] Group 2 - Capital expenditure forecasts for Tencent for fiscal years 2025 and 2026 were raised to RMB 90 billion and RMB 102 billion respectively, up from RMB 73 billion and RMB 87 billion, due to better-than-expected second-quarter performance despite foreign chip supply constraints [2] - Game revenue is expected to grow by 18% and 11% for fiscal years 2025 and 2026, up from previous estimates of 15% and 8%, with the mobile version of "Valorant" launching in August expected to boost game revenue in late 2025 and early 2026 [2] - Domestic and international game growth for the third quarter of 2025 was revised to 13% and 23% respectively, while marketing services revenue is projected to grow by 19% and 16% for fiscal years 2025 and 2026 [2]

智通财经APP获悉，美银发布研报称，腾讯控股(00700)次季业绩表现胜于预期，其中收入同比增长加速 至15%，达1,850亿元人民币(较预期高3%)，各业务毛利率扩张，抵消人工智能带来的成本影响。经调 整后营运利润达同比增长18%，达690亿元人民币(较预期高4%)。该行将其目标价由631港元上调至690 港元，重申其"买入"评级。 该行对集团业务增长持正面看法，并将集团在2025年至2027年利润预测上调2%，踏入下半年，该行预 料广告业务保持高于行业的增长速度，FBS将进一步复苏，游戏收入将受到常青游戏的支撑，并有新游 戏的上升潜力，营运利润将继续增长。 ...

智通财经APP获悉，中银国际发布研报称，腾讯控股(00700)次季收入同比升15%至1,845亿元人民币， 毛利率达56.9%，以及经调整后营运利润同比升18%至692亿元人民币，均胜于预期。该行认为，公司逐 渐增加受惠于人工智能，展现其核心业务板块的持续平稳、高质量增长以及人工智能的逐步商业化，并 充分利用微信生态系统的各种整合使用场景，以及多样化人工智能产品和功能。该行表示，将其目标价 上调至705港元，其评级为"买入"。 ...

大摩认为，腾讯第二季业绩全面超出预期，反映出人工智能在所有业务线的成功部署。该行预测腾讯全 年资本支出970亿元人民币，今年以来已达470亿元人民币。考虑到第二季的供应链限制，总体进度基本 符合预期，但随着H20芯片在中国恢复销售，预计下半年资本支出将加速。展望第三季，大摩预计腾讯 收入及经调整经营利润将分别增长12%和14%，游戏增长将同比增长16%，有信心第三季广告将实现 20%的可持续增长。 智通财经APP获悉，摩根士丹利发布研报称，预计腾讯控股(00700)人工智能在其所有业务线的成功部署 将继续推动稳健的收入增长。随着收入及业务组合的向好转变，该行对其人工智能投资带来的利润率压 力不再担忧。因此上调目标价8%，由650港元升至700港元。维持"增持"评级。 ...

该行分别上调腾讯2025年第三季和2025年收入预测3%和1%，分别代表同比11.6%及12.6%的收入增长; 又上调腾讯2025年第三季度非国际财务报告准则净利润预测3%，但2025年预测保持不变，意味着2025 年第三季度和2025年分别为8%和12%的同比增长，以及34.5%与34%的净利润率。 智通财经APP获悉，大华继显发布研报称，腾讯控股(00700)今年第二季业绩超出预期，收入同比增长 14.5%至1,845亿元人民币，较该行及市场一致预期高3%。毛利率同比扩张3.6个百分点至56.9%，超出市 场预期。该行维持对腾讯"买入"评级，将目标价从650港元上调至736港元，意味着相当于2026年预测市 盈率22倍。 ...

该行分别上调腾讯2025年第三季和2025年收入预测3%和1%，分别代表同比11.6%及12.6%的收入增长; 又上调腾讯2025年第三季度非国际财务报告准则净利润预测3%，但2025年预测保持不变，意味着2025 年第三季度和2025年分别为8%和12%的同比增长，以及34.5%与34%的净利润率。 大华继显发布研报称，腾讯控股(00700)今年第二季业绩超出预期，收入同比增长14.5%至1,845亿元人民 币，较该行及市场一致预期高3%。毛利率同比扩张3.6个百分点至56.9%，超出市场预期。该行维持对 腾讯"买入"评级，将目标价从650港元上调至736港元，意味着相当于2026年预测市盈率22倍。 ...

Group 1 - Tencent's revenue for Q2 2025 increased by 15% year-on-year to 184.5 billion yuan, with net profit rising by 17% to 55.6 billion yuan [2] - Tencent Video's paid membership declined by 3 million to 114 million, showing a decrease both year-on-year and quarter-on-quarter [2] - The advertising revenue for Tencent Video is under significant pressure, with iQIYI's ad revenue dropping by 10.4% to 1.33 billion yuan in Q1 2024, and Mango TV's ad revenue decreasing by 2.7% to 3.438 billion yuan in 2024 [2] Group 2 - The rise of short videos is significantly impacting long video platforms, with short video users in China reaching 1.04 billion and a usage rate of 93.8% as of December 2024 [3] - Short videos are seen as more efficient in monetization, with new consumer brands preferring to invest in platforms like Douyin and Xiaohongshu rather than long video [3] - Tencent Video is adapting by launching over 20,000 vertical short dramas, which have gained significant traction with 3 billion views and 87 trending topics [3]