TENCENT(HK:00700) Shen Zhen Shang Bao·2025-06-19 17:24Core Insights - Tencent's AI assistant app, Yuanbao, has seen a significant increase in daily active users, growing over 20 times from February to March 2024, following its launch on May 30, 2024 [2][3] - The app has undergone rapid updates, with 30 updates in 35 days, enhancing its features and user experience [3][4] Product Development - Yuanbao is built on Tencent's self-developed Hongyuan model and integrates various applications to meet core user needs in information retrieval, processing, and production [3][5] - The app's capabilities have expanded to include features like personal intelligent agents, deep thinking, and image understanding, enhancing its utility in daily life [3][5] Model Iteration - The underlying Hongyuan model has evolved significantly since its introduction in September 2023, with parameter scale increasing from hundreds of billions to trillions and pre-training data expanding to 7 trillion tokens [5][6] - The model has adopted a multi-expert structure, improving overall performance by over 50% compared to its previous dense version [5] Strategic Investment - Tencent's commitment to AI development is reflected in its record R&D spending of 70.7 billion yuan in 2024, contributing to an 8% year-on-year revenue growth to 660.3 billion yuan [7] - The company has integrated its self-developed model into over 700 internal scenarios, driving growth across multiple business lines [7]