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智氪 | 业绩暴涨、股价翻倍，腾讯的AI叙事能否打开估值向上空间？
3 6 Ke·2025-05-15 06:19

Core Viewpoint - Tencent's Q1 2025 financial report shows strong revenue growth driven by AI strategy, with total revenue reaching 1800.2 billion RMB, a 13% year-on-year increase, exceeding market expectations [1][2]. Revenue and Profit Summary - Revenue for Q1 2025 was 1800.2 billion RMB, up from 1595.0 billion RMB in Q1 2024 [2]. - Gross profit for the same period was 1004.9 billion RMB, reflecting a 20% year-on-year increase [1][2]. - Non-IFRS operating profit reached 693 billion RMB, a growth of 18% compared to the previous year [1][2]. Business Segment Performance Value-Added Services - Revenue from value-added services was 921.33 billion RMB, a 17% increase year-on-year, accounting for approximately 51% of total revenue [3][4]. - Domestic gaming revenue surged to 429 billion RMB, up 24% year-on-year, while international gaming revenue was 166 billion RMB, with a 22% increase at constant exchange rates [3]. - The introduction of new games and the performance of evergreen titles contributed significantly to revenue growth [3][4]. Marketing Services - Marketing services generated 319 billion RMB in revenue, a 20% year-on-year increase, with video accounts, mini-programs, and WeChat search ads driving growth [5][6]. - The gross profit for this segment was 177 billion RMB, reflecting a 22% increase year-on-year, with a gross margin of 56% [5][6]. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 549 billion RMB, a 5% year-on-year increase [7]. - Gross profit for this segment was 276 billion RMB, up 16% year-on-year, with a gross margin of 50% [7]. AI Strategy and Investment - Tencent's R&D investment grew by 21% year-on-year, while capital expenditure surged by 91%, indicating a strong commitment to AI development [2][9]. - The "AI in All" strategy aims to enhance user experience and operational efficiency across all business lines, with significant applications in gaming, advertising, and enterprise services [8][9]. Valuation Insights - As of May 14, Tencent's stock price has doubled since early 2024, with a PE-TTM ratio of approximately 23x, indicating a strong recovery in valuation [10]. - Future valuation will depend on the internal growth capabilities driven by AI integration across core businesses [10].