| 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 25.02亿 | 26.82 乙 | 51.84 乙 | | HK 00700 | | | -1.81 Z | | 阿里巴巴-W | 21.98 乙 | 27.22 乙 | 49.20亿 | | HK 09988 | | | -5.25 亿 | | 盈富基金 | 379.94万 | 46.50 乙 | 46.54亿 | | HK 02800 | | | -46.46 Z | | 中芯国际 | 13.90亿 | 13.11亿 | 27.01亿 | | HK 00981 | | | +7850.05万 | | 小米集团-W | 13.13 乙 | 13.87亿 | 27.00亿 | | HK 01810 | | | -7428.30万 | | 恒牛中国 ... | 1.11亿 | 24.221Z | 25.33亿 | | HK 02828 | | | -23.11 乙 | | 美团-W | 10.59 乙 | 12.13亿 | 22.72亿 | | HK 036 ...

新京报贝壳财经讯8月13日下午，腾讯控股在港交所公告，2025年第二季度收入同比增长15%至人民币 1845亿元，公司权益持有人应占盈利同比增长17%至人民币556亿元。 ...

Core Insights - Tencent Holdings reported a 15% year-on-year revenue growth to 184.504 billion RMB for Q2 2025 [1] - Gross profit increased by 22% year-on-year to 105.013 billion RMB [1] - Profit attributable to equity holders rose by 17% year-on-year to 55.628 billion RMB, while non-IFRS profit attributable to equity holders grew by 10% to 63.052 billion RMB [1] - Basic earnings per share were 6.115 RMB [1] Business Segmentation - Value-added services revenue grew by 16% year-on-year to 91.4 billion RMB, with domestic game revenue at 40.4 billion RMB (up 17%) and international game revenue at 18.8 billion RMB (up 35%) [1] - Social network revenue increased by 6% year-on-year to 32.2 billion RMB [1] - Marketing services revenue rose by 20% year-on-year to 35.8 billion RMB [1] - Financial technology and enterprise services revenue grew by 10% year-on-year to 55.5 billion RMB [1]

Group 1 - The core point of the article is that Tencent Holdings reported a 22% year-on-year increase in gross profit for Q2 2025, reaching RMB 105 billion, driven by high-margin revenue sources and improved cost efficiency in payment and cloud services [1] - The gross margin improved from 53% in the same period last year to 57% [1]

Core Insights - Tencent Holdings has upgraded the technical foundation of its mini-games, allowing compatibility with more game engines, enhancing image rendering effects, and reducing loading times [1] - This upgrade supports game developers in adapting complex mobile game applications to mini-games [1] - In Q2 2025, the total revenue from mini-games is expected to grow by 20% year-on-year [1]

Group 1 - The overall advertising market in mainland China is showing slightly weaker performance than expected, with online advertising projected to grow approximately 12% year-on-year in Q2, which is above overall consumption growth but below prior expert expectations due to trade uncertainties affecting merchants' confidence in ad spending [1] - The growth forecast for Q3 is further slowing to about 8%, influenced by high base effects, e-commerce subsidies affecting ad budget allocation, and a downturn in advertising sentiment in the fast-moving consumer goods and automotive sectors [1] - Key bright spots in the industry include short dramas, mini-games, local services, fintech, learning hardware, and 3C electronics, while automotive, e-commerce, and application games are relatively weak [1] Group 2 - AI technology is beginning to show advertising benefits, enhancing the entire advertising cycle from strategy formulation to traffic acquisition and post-evaluation, with average click-through and conversion rates improving by 5% to 15%, leading to mid-single-digit annual price increases [1] - The advertising and e-commerce ecosystem is becoming more closed-loop, with platforms like WeChat Mini Stores, Douyin, Kuaishou, and Bilibili offering ad prices approximately 1.5 times higher than external ads, benefiting from accumulated user transaction data for more refined user profiling and long-term growth [2] - Tencent's search business continues to grow in daily active users, with WeChat search generating new ad revenue and user intent insights, while the development of mini-programs and mini-stores promotes a closed-loop ecosystem [2] Group 3 - UBS's industry preference remains Tencent as a core recommendation, with Kuaishou and Bilibili expected to perform relatively well in the future, as Tencent is anticipated to outperform peers due to multiple long-term growth drivers [2] - The Chinese advertising market is expected to grow by 10.2% year-on-year this year, with online advertising projected to increase by 10.7%, while Tencent's advertising is expected to grow by 17% [2] - Alibaba and ByteDance's advertising is estimated to grow by 6.3% and 14.4% respectively, while Kuaishou's advertising is projected to grow by 14% and Bilibili's by 18.2% this year [2]

Group 1 - The overall advertising market in mainland China is slightly weaker than expected, with online advertising projected to grow approximately 12% year-on-year in Q2, which is above overall consumption growth but below prior expert expectations due to trade uncertainties affecting merchant confidence in ad spending [1] - The growth rate is expected to further slow to about 8% in Q3, influenced by high base effects, e-commerce subsidies affecting ad budget allocation, and weak advertising sentiment in the fast-moving consumer goods and automotive sectors [1] - Key bright spots in the industry include short dramas, mini-games, local services, fintech, learning hardware, and 3C electronics, while automotive, e-commerce, and application game advertising are relatively weak [1] Group 2 - AI technology is beginning to show advertising benefits, enhancing the entire advertising cycle from strategy formulation to traffic acquisition and post-evaluation, with average click-through and conversion rates improving by 5% to 15%, driving mid-single-digit annual price increases [1] - The advertising ecosystem is becoming more closed-loop, with platforms like WeChat Mini Stores, Douyin, Kuaishou, and Bilibili offering closed-loop transaction ad prices approximately 1.5 times higher than external ads, which helps in creating more refined user profiles and long-term growth [2] - Tencent's search business continues to grow in daily active users, with WeChat search generating new ad revenue and user intent insights, while the development of mini-programs and mini-stores promotes a closed-loop ecosystem [2] Group 3 - UBS forecasts a 10.2% year-on-year increase in China's advertising market this year, with online advertising expected to rise by 10.7% [2] - Tencent's advertising is projected to grow by 17% year-on-year, while Alibaba and ByteDance are estimated to see increases of 6.3% and 14.4% respectively, and Kuaishou is expected to grow by 14%, with Bilibili projected to increase by 18.2% [2]

Core Insights - Tencent reported a 15% increase in second-quarter revenue, driven by strong performance in its gaming unit and AI investments [1] - The company achieved double-digit revenue and non-IFRS operating profit growth year-on-year, highlighting the positive impact of AI utilization [1] Financial Performance - Revenue for the second quarter of 2025 reached 184.504 billion Chinese yuan (approximately $25.7 billion), compared to 161.117 billion Chinese yuan in the same period last year [3] - Operating profit was reported at 63.052 billion yuan, an increase from 57.313 billion yuan in the previous year [3]

Core Viewpoint - Tencent Holdings reported a 17% year-on-year increase in domestic game revenue for Q2, amounting to RMB 40.4 billion, driven by the recent release of "Delta Action" and growth in established titles like "Honor of Kings," "Valorant," and "Peacekeeper Elite" [1] Group 1 - Tencent's domestic game revenue reached RMB 40.4 billion in Q2 [1] - The 17% growth in revenue is attributed to the success of new and existing games [1] - Recent game releases and established titles contributed significantly to revenue growth [1]

世界领先的互联网科技公司——腾讯控股有限公司（00700）今天公布截至二零二五年六月三十日止第 二季（"2Q2025"）未经审核综合业绩。 董事会主席兼首席执行官马化腾表示："二零二五年第二季，我们在AI领域持续投入并从中获益，收入 及非国际财务报告准则经营盈利均取得双位数百分比同比增长。《王者荣耀》及《和平精英》等长青游 戏向平台化进化并加大了AI的应用，新游戏如《三角洲行动》亦取得了突破，使得我们的游戏业务在 用户及收入侧均表现出色。我们通过升级广告基础模型，提升了我们各个流量平台上的广告效果，持续 推动营销服务收入的快速增长。我们致力于通过赋能微信内更多应用场景，推动AI原生应用元宝的使 用量，升级我们混元基础模型的能力，为用户及企业带来更进一步的AI增益。" 2Q2025业绩摘要 总收入：同比增长15%，毛利：同比增长22%，按非国际财务报告准则的经营盈利：同比增长18% 总收入为人民币1,845亿元，同比增长15%。 毛利为人民币1,050亿元，同比增长22%。 按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩： 经营盈利为人民币692亿元，同比增长18%；经营利润率 ...