腾讯Q1营收1800亿，为AI战略继续投入230亿

Core Insights - Tencent's Q1 2025 revenue reached 1800.2 billion RMB, a 13% year-on-year increase, surpassing the forecast of 1756 billion RMB [2][4] - The net profit attributable to equity holders was 478.2 billion RMB, up 14% year-on-year, but below the expected 516.9 billion RMB [2][4] - Operating profit was reported at 575.7 billion RMB, slightly below the forecast of 592 billion RMB, while non-IFRS operating profit grew 18% to 693.2 billion RMB [2][4] Financial Performance - Revenue breakdown: - Value-added services revenue increased by 17% to 921 billion RMB, with domestic game revenue at 429 billion RMB (up 24%) and international game revenue at 166 billion RMB (up 23%) [5] - Marketing services revenue rose by 20% to 319 billion RMB, driven by strong demand for advertising on video accounts, mini-programs, and WeChat search [5] - Financial technology and enterprise services revenue grew by 5% to 549 billion RMB, supported by increases in consumer loan and wealth management services [6] Operational Metrics - Monthly active accounts for WeChat and WeChat combined reached 1.402 billion, a 3% year-on-year increase, while QQ mobile monthly active users decreased by 3% to 534 million [4][5] - The number of paid members for value-added services was 268 million, reflecting a 3% year-on-year growth [4] Strategic Initiatives - Tencent's AI capabilities have significantly contributed to its performance in advertising and gaming sectors, with increased investments in AI applications within WeChat [5] - The company reported R&D expenditures of 189.1 billion RMB, a 21% increase year-on-year, and capital expenditures of 274.8 billion RMB, up 91% [6] - Free cash flow generated in Q1 was 471 billion RMB, with net cash flow from operating activities at 769 billion RMB [6]