【今日焦点】 腾讯控股(00700.HK)第二季权益持有人应占盈利增长17%至556亿元 微信及WeChat的合并月活跃账户数 达14.11亿 腾讯控股(00700.HK)发布公告，2025年第二季的收入同比增长15%至人民币1,845亿元。其中增值服务业 务2025年第二季的收入同比增长16%至人民币914亿元。本土市场游戏收入为人民币404亿元，同比增长 17%。营销服务业务2025年第二季的收入同比增长20%至人民币358亿元。金融科技及企业服务业务 2025年第二季的收入同比增长10%至人民币555亿元。 2025年第二季的公司权益持有人应占盈利同比增长17%至人民币556亿元。第二季的非国际财务报告准 则公司权益持有人应占盈利同比增长10%至人民币631亿元。若剔除上述本季及去年同期非国际财务报 告准则分占联营公司及合营公司盈利，2025年第二季的非国际财务报告准则公司权益持有人应占盈利同 比增长20%至人民币568亿元。 2025年第二季的毛利同比增长22%至人民币1,050亿元，得益于高毛利率收入来源（包括本土市场游 戏、视频号及微信搜一搜等）的增量贡献，以及公司的支付服务及云服务成本效益的提高 ...

Tencent Holdings Q2 2025 Earnings Call Summary Company Overview - **Company**: Tencent Holdings - **Date**: Q2 2025 Earnings Call Key Financial Metrics - Total revenue increased by 15% year-on-year to **184 billion RMB** [2][3] - Gross profit rose by 22% to **105 billion RMB** [2][3] - Non-IFRS operating profit surged by 80% to **69 billion RMB** [2][3] - Non-IFRS net profit attributable to shareholders grew by 10% to **63 billion RMB** [2][3] - Basic net profit, excluding contributions from associates, increased by 20% [3] Gaming Business Highlights - Domestic gaming revenue grew by 17%, driven by long-standing games like **Dota 2** and **Honor of Kings** [2][5] - International gaming revenue increased by 35% (33% at constant currency), supported by titles from **Supercell**, **PUBG Mobile**, and **Awakening of the Song** [2][5] - **Valorant** achieved record average daily active users in China, with **Valorant Mobile** set to launch soon [5] Social Network and Digital Content Developments - Combined monthly active users of **WeChat** reached **1.4 billion** [2][6] - Mini-programs became a crucial platform connecting users with businesses, with mini-game revenue up by 20% [2][6] - Music streaming service **PNE** solidified its leadership, with subscription revenue up by 17% and total subscribers reaching **124 million** [6] Financial Technology and Commercial Services - Financial technology and commercial services revenue rose by 10% to **56 billion RMB** [4][12] - Growth in financial technology services driven by commercial payment and consumer loan services [4][12] - Cloud services revenue accelerated due to increased demand for AI-related GPU and API token services [4][12] Advertising Revenue Growth - Advertising revenue increased by 20%, attributed to improved click-through rates from AI technology deployment [4][11] - AI-driven advertising strategies enhanced return on investment for advertisers [4][11] AI Technology Integration - AI technology upgraded advertising capabilities, improving click rates and conversion rates [2][7] - Large language model features added to mini-programs for smarter customer responses and personalized recommendations [2][7] - AI tools applied in gaming to enhance content creation speed and scale [7] Business Segment Performance - Value-added services (VAST) accounted for 50% of total revenue, with social networks at 18%, domestic games at 22%, and international games at 10% [8] - Marketing services contributed 19% and financial technology and commercial services 30% to total revenue [8] Future Outlook - Continued exploration of AI commercialization opportunities, despite challenges in user payment models in China [4][17] - Anticipated sustained growth in advertising revenue, with AI expected to enhance targeting and conversion rates [11][20] - Ongoing investment in AI and cloud services to meet increasing external enterprise demand [20] Additional Insights - The gaming business is evolving towards a platform model, reducing revenue volatility [21] - Government anti-inflation measures may reduce competition but could accelerate industry consolidation, requiring strategic adjustments [22] - Commercial payment trends show improvement, with transaction volumes growing despite declining average transaction sizes [23] Conclusion Tencent Holdings demonstrated robust growth across various segments in Q2 2025, leveraging AI technology to enhance advertising and gaming experiences while maintaining a strong financial performance. The company is well-positioned for future growth, particularly in the realms of AI and cloud services.

智通财经APP获悉，周三，腾讯控股ADR(TCEHY.US)涨幅扩大至7%，创逾四年新高，使腾讯总市值达 到7000亿美元。消息面上，该公司第二季度收入同比增长15%至1845亿元，超出市场预估的1789.4亿元; 净利润同比增长17%。当季腾讯研发投入达202.5亿元，同比增长17%;资本开支更是大幅增长至191亿 元，同比增幅达119%，远超去年同期的87亿元。 ...

每经AI快讯，8月13日，腾讯控股ADR涨幅扩大至7%，创逾四年新高，使腾讯总市值达到7000亿美元。 ...

来源：格隆汇APP 格隆汇8月13日｜腾讯ADR涨幅扩大至近7%，创逾四年新高，使腾讯总市值达到7000亿美元。腾讯盘前 公布业绩显示，2025年二季度收入1845.04亿元，同比增长15%，环比增长2%，高于预估的1789.4亿 元；毛利1050.13亿元，同比增22%，环比增长4%；本公司权益持有人应占盈利556.28亿元，同比增长 17%，环比增长16%，高于预期的508.3亿元；非国际财务报告准则本公司权益持有人应占盈利为630.52 亿元，同比增长10%，环比增长3%，高于预估的620.2亿元。 ...

(本文来自第一财经) 腾讯控股二季报显示，当季腾讯研发投入达202.5亿元，同比增长17%；资本开支191.1亿元，同比增幅 达119%。 ...

Tencent (00700) Q2 2025 Earnings Call August 13, 2025 08:00 AM ET Company ParticipantsWendy Huang - IROPony Ma - Chairman & CEOMartin Lau - PresidentJames Mitchell - Chief Strategy Officer & Senior EVPJohn Lo - SVP & CFOThomas Chong - Managing DirectorAlex Yao - Co-Head of Asia Technology, Media & TelecommunicationsKenneth Fong - Managing DirectorRonald Keung - Managing DirectorCharlene Liu - Managing Director - Head of Internet & Gaming, Asia - PacificYuan Liao - Internet Media Research AssistantWilliam Pa ...

Financial Data and Key Metrics Changes - Total revenue for the second quarter was RMB185 billion, representing a 15% year-on-year increase [7] - Gross profit reached RMB105 billion, up 22% year-on-year [7] - Non-IFRS operating profit was RMB69 billion, an 18% increase year-on-year [7] - Non-IFRS net profit attributable to equity holders was RMB63 billion, up 10% year-on-year [7] - Excluding associated profit contributions, underlying net profit would have increased by 20% year-on-year [7][30] - Overall gross margin improved to 57%, up four percentage points year-on-year [31] Business Line Data and Key Metrics Changes - Value-added services (VAS) revenue was RMB91 billion, up 16% year-on-year [12] - Social networks revenue increased by 6% year-on-year, driven by app-based game item sales and music subscriptions [13] - Domestic games revenue grew by 17% year-on-year, supported by titles like Delta Force and Honor of Kings [14] - International games revenue surged by 35% year-on-year, driven by Supercell's games and PUBG Mobile [15] - Marketing services revenue grew 20% year-on-year to RMB36 billion, benefiting from AI-powered ad tech upgrades [23] - FinTech and business services revenue was RMB56 billion, up 10% year-on-year [24] Market Data and Key Metrics Changes - Combined monthly active users (MAU) of Weixin and WeChat reached 1.4 billion, showing growth year-on-year and quarter-on-quarter [8] - GMV facilitated by Mini Programs grew by a teens percentage year-on-year [15] - Mini games' total gross receipts increased by 20% year-on-year [15] - Weixin search revenue grew around 60% year-on-year due to enhanced ad relevance [24] Company Strategy and Development Direction - The company is focusing on integrating AI across its platforms to enhance user experience and drive revenue growth [5][6] - There is a strong emphasis on developing evergreen games and expanding the gaming portfolio to reduce volatility [18][82] - The company aims to leverage AI capabilities to improve advertising performance and user engagement [23][39] - The strategy includes enhancing the functionalities of AI-native applications like Yanbao and improving the overall ecosystem [17][47] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of advertising revenue, driven by AI enhancements [39] - The company noted that the gaming market in China is evolving, with increasing demand for both live service and AAA games [58][96] - Management highlighted the importance of maintaining a balance between AI investment and cost management [61][104] - The company anticipates sustained growth in commercial payment volume, driven by improved transaction dynamics [91] Other Important Information - The company reported a significant increase in operating CapEx, reaching RMB19.1 billion, up 119% year-on-year, primarily due to investments in AI capabilities [33] - Free cash flow was RMB43 billion, up 7% year-on-year, driven by growth in games gross receipts [34] - The net cash position was RMB74.6 billion, down 17% quarter-on-quarter due to dividend payments [34] Q&A Session Summary Question: Potential of marketing services and advertising growth - Management believes there is a long runway for advertising revenue growth, driven by improved click-through rates and traffic [38][39] Question: Consumer behavior changes with AI features - Management noted that AI features enhance user satisfaction and efficiency, with minimal negative impact on traditional content consumption [45][46] Question: Impact of new advertising law on gaming companies - Management does not expect a meaningful impact from the new advertising regulations, citing broad-based growth in advertising revenue [70] Question: Business services revenue growth and GPU allocation - Management indicated that business services revenue growth is broad-based and not solely dependent on GPU availability [76] Question: AAA gaming growth in China - Management sees potential for AAA games in China but believes live service games will remain the majority of the market [58][96]

2025 Second Quarter Results Presentation August 13, 2025 1 This presentation may contain forward-looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities, challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the "Company" or "Tencent") and its group companies. These forward-looking statements are based on information currently available to Tencent and are stated here on the basis of the outlook at the ti ...

Core Viewpoint - Tencent Holdings has shown strong performance in the Hong Kong stock market, with its stock price reaching a new high since June 2021, driven by robust financial results in Q2 [1][2]. Financial Performance - In Q2, Tencent reported revenue of 184.5 billion yuan, a year-on-year increase of 15%, and a net profit of 55.63 billion yuan, up 17% [1]. - The company's capital operations were proactive, with a total repurchase of approximately 36.5 billion HKD for 81.87 million shares, which were subsequently canceled, reflecting confidence in future growth [1]. Gaming Business - The gaming segment is a key driver of Tencent's revenue growth, with domestic game revenue reaching 40.4 billion yuan, a 17% year-on-year increase, largely attributed to the successful launch of the game "Delta Operation" [1][2]. - Classic games like "Honor of Kings," "Valorant," and "Peacekeeper Elite" continue to show stable revenue growth, providing a solid foundation for Tencent's gaming business [1][2]. User Engagement - The user base of Tencent's social platforms is expanding, with WeChat and WeChat combined monthly active accounts reaching 1.411 billion, a 0.6% quarter-on-quarter increase and a 3% year-on-year increase [1]. - QQ's smart terminal monthly active accounts were 532 million, showing a slight decline of 0.4% quarter-on-quarter and a 7% year-on-year decrease [1]. Market Outlook - The market maintains an optimistic outlook on Tencent's future development, supported by the company's continuous innovation capabilities in gaming and social sectors, laying a solid foundation for long-term growth [2]. - Investor response to Tencent's performance has been positive, contributing to the stock price reaching new highs [1][2].