第 1 頁 共 7 頁 v 1.3.0 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1). | 已購回作註銷但尚未註銷的股份 | | 931,000 | 0.01015 % | HKD | 591.2352 | | | 變動日期 | 2025年8月18日 | | | | | | 2). | 已購回作註銷但尚未註銷的股份 | | 932,000 | 0.01016 % | HKD | 590.5673 | | | 變動日期 | 2025年8月19日 | | | | | 備註： 以上A部第1項的每股發行價為每股加權平均發行價。 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8月19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1 ...

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Technology Index dropping nearly 1%, impacting major stocks like BYD Electronics, Xpeng Motors, and NIO [1] - Tencent Holdings resumed share buybacks, repurchasing HKD 550 million worth of shares on August 18, leading the market in buyback amounts this year, totaling HKD 40.593 billion [1] - According to China Merchants Securities, Tencent's core gaming business remains strong, with AI enhancements improving advertising and other business lines, while the e-commerce ecosystem is gradually improving [1] Group 2 - Southbound capital has seen a net inflow of over HKD 94 billion this year, primarily directed towards AI and new consumption sectors, indicating a trend towards emerging industries [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with companies like Alibaba, Tencent, and Meituan identified as potential "seven giants" of Chinese tech [2]

| 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.08.18 | 93.10 | 595.500 | 587.000 | 55044.00 | | 2025.07.10 | 100.80 | 498.000 | 494.400 | 50034.87 | | 2025.07.09 | 100.50 | 504.000 | 495.200 | 50032.13 | | 2025.07.08 | 99.50 | 505.000 | 500.000 | 50031.26 | | 2025.07.07 | 100.20 | 502.000 | 494.400 | 50058.94 | | 2025.07.04 | 100.70 | 501.000 | 493.000 | 50026.92 | | 2025.07.03 | 100.40 | 503.000 | 495.000 | 50065.76 | | 2025.07.02 | 99.60 | 508. ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$685.00, representing a potential upside of 17% from the current price of HK$586.00 [1][7][16]. Core Insights - Tencent's online gaming revenue grew by 22% year-on-year in Q2 2025, with domestic market growth at 17% and international market growth at 35%. The growth was driven by popular titles and new game launches [5][6]. - The advertising revenue increased by 20% year-on-year, supported by AI-driven improvements in ad targeting and user engagement [6][14]. - Financial technology and enterprise services also saw a 10% year-on-year growth, with significant contributions from commercial payments and cloud services [6][14]. - The adjusted operating profit margin reached 37.5%, up 120 basis points year-on-year, indicating improved profitability due to business expansion and higher margins from new services [7][14]. Financial Summary - Revenue projections for 2025 are estimated at RMB 748.6 billion, with a net profit of RMB 255.5 billion and an EPS of RMB 27.46 [8][14]. - The report anticipates continued growth in both domestic and international gaming segments, with revised growth expectations of 16% for domestic and 23% for international markets in 2025 [5][14]. - The adjusted operating profit margin forecasts for Q3 2025 and 2025 are raised to 38.5% and 38.0%, respectively, reflecting strong performance in high-margin business areas [14][15]. Valuation - The SOTP (Sum of the Parts) valuation for Tencent is set at HK$685.00, based on various business segment performance forecasts [16][17]. - The core gaming segment is valued at HK$2.1 trillion, while the advertising segment is valued at HK$1.5 trillion, both based on a 20x P/E ratio for 2025 [17][18].

Group 1 - Tencent Holdings announced a share buyback plan on August 18, 2025, with an expenditure of HKD 550 million to repurchase 931,000 shares [1] - The buyback price range is set between HKD 587 and HKD 595.5 per share [1]

腾讯控股(00700)发布公告，于2025年8月18日，该公司斥资5.5亿港元回购93.1万股。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年8月18日，该公司斥资5.5亿港元回购93.1万股。 ...

FF305 第 1 頁 共 7 頁 v 1.3.0 | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | --- | --- | --- | --- | --- | --- | | 1). 已購回作註銷但尚未註銷的股份 | | 931,000 | 0.01015 % | HKD | 591.2352 | | 變動日期 | 2025年8月18日 | | | | | 備註： 以上A部第1項的每股發行價為每股加權平均發行價。 第 2 頁 共 7 頁 v 1.3.0 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8月18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 | | | | ...

Summary of Tencent Holdings (700 HK) Conference Call Company Overview - **Company**: Tencent Holdings - **Industry**: Internet Software & Services - **Market Cap**: Approximately USD 683.3 billion Key Points and Arguments Financial Performance - **2Q25 Revenue**: Reported at RMB 184.5 billion, beating consensus expectations by 3% [16] - **Growth Rate**: Year-over-year revenue growth of 15% [16] - **Operating Profit**: Non-IFRS operating profit of RMB 69.2 billion, also beating expectations by 4% [16] - **Net Profit**: Non-IFRS net income of RMB 63.1 billion, exceeding consensus by 3% [16] Segment Performance 1. **Domestic Games (DG)**: - Revenue grew by 17% year-over-year, driven by titles like Delta Force and Honor of Kings [17] - Delta Force's daily active users (DAU) exceeded 20 million in July 2025 [17] 2. **International Games (IG)**: - Revenue surged by 35% year-over-year, driven by Supercell's titles and PUBG Mobile [18] - Clash Royale's gross billings reached a seven-year high in June 2025 [18] 3. **Marketing Services**: - Revenue increased by 20% year-over-year, supported by AI-driven improvements [21] - Video Account, Mini Programs, and Weixin Search ads grew by 50%, 50%, and 60% year-over-year, respectively [21] 4. **Fintech and Business Services (FBS)**: - Revenue grew by 10% year-over-year, driven by consumer loans and commercial payments [22] - Total commercial payment volume resumed year-over-year growth in 2Q25 [22] Growth Projections - **Revenue Estimates**: Increased for 2025-2027, with domestic games up by 2-7%, international games by 3-5%, and ad revenue by 2-6% [1] - **Target Price**: Raised to HKD 690 from HKD 650, implying an upside of approximately 18% [1][4] Operational Efficiency - **Gross Profit Margin (GPM)**: Total GPM improved to 57%, beating expectations by 2 percentage points [16] - **Cost Management**: General and administrative expenses as a percentage of revenue remained flat at 6.3% [25] Shareholder Returns - **Share Buybacks**: Tencent has repurchased HKD 40 billion worth of shares year-to-date, with a commitment of at least HKD 80 billion for 2025 [49][47] - **Dividends**: Planned dividend payments of HKD 41 billion in 2025 [52] Risks and Challenges - **Regulatory Risks**: Potential challenges in obtaining monetization approvals for games and regulatory headwinds in the internet sector [52] - **Market Conditions**: A deeper macroeconomic slowdown could impact advertising budgets [52] Additional Insights - **AI Investments**: Continued benefits from AI investments are expected to drive sustainable growth in advertising and operational efficiency [8] - **Emerging Titles**: Delta Force is on track to become an evergreen title, with the upcoming launch of Valorant Mobile in China being closely watched [8] Conclusion Tencent Holdings demonstrated strong financial performance in 2Q25, with significant growth across its core segments. The company is well-positioned for future growth, supported by strategic investments in AI and a robust pipeline of game titles. However, it faces potential regulatory challenges and macroeconomic risks that could impact its performance. The raised target price reflects confidence in the company's growth trajectory and operational efficiency.

Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant year-over-year growth in revenue and profits, driven by robust gaming and advertising businesses, as well as the integration of AI across its ecosystem [1][2][3] Group 1: Operational Data - In Q2 2025, WeChat's monthly active users (MAU) reached 1.411 billion, reflecting a year-over-year increase of 2.9% and a quarter-over-quarter increase of 0.6% [1] - QQ's active accounts showed a slight decline year-over-year, while the number of registered accounts for paid value-added services reached 264 million, marking a year-over-year increase of 0.4% but a quarter-over-quarter decrease of 1.5% [1] Group 2: Overall Performance - The company's overall gross margin improved to 56.9%, an increase of 3.6 percentage points year-over-year and 1.09 percentage points quarter-over-quarter [2] - Non-IFRS operating profit grew by 18% year-over-year, while Non-IFRS net profit increased by 10% to 631 billion yuan, with a 20% growth when excluding investment income [2] Group 3: Value-Added Services - Game revenue experienced a strong year-over-year growth of 22%, with domestic and overseas markets growing by 17% and 35% respectively [2] - Tencent Video maintained its leading position in the domestic long video market, with paid membership reaching 114 million [2] - Tencent Music Entertainment (TME) saw a 17% year-over-year increase in online music subscription revenue, driven by growth in paid members and average revenue per paying user (ARPPU) [2] Group 4: Marketing Services - Marketing services revenue grew by 20% year-over-year, with strong demand for key advertising placements within the WeChat ecosystem, including video accounts and mini-programs [2] - The integration of AI applications into the advertising system enhanced click-through and conversion rates, contributing to the growth of e-commerce advertising potential [2] Group 5: Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year, driven by a recovery in commercial payments due to consumer spending recovery [3] - The cloud business, benefiting from rapid AI demand, saw significant year-over-year growth in international revenue, boosting overall enterprise service income [3] Group 6: Profit Forecast and Investment Rating - The company adjusted its profit expectations, forecasting revenues of 743.8 billion, 820.5 billion, and 900.7 billion yuan for 2025-2027, with Non-IFRS net profits of 255.4 billion, 288.5 billion, and 323 billion yuan respectively [3] - The target market capitalization for Tencent's various businesses in 2025 is set at 5.9 trillion yuan, corresponding to a target price of 708 Hong Kong dollars, maintaining a "buy" rating [3]