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腾讯Q2业绩即将登场,有何关注点?
Ge Long Hui A P P·2025-08-11 10:07

Core Viewpoint - Tencent is expected to report strong Q2 earnings, with revenue growth driven by its gaming business and improved advertising efficiency through AI, despite a slight slowdown in ad growth [1] Group 1: Financial Performance Expectations - Market anticipates Tencent's Q2 revenue to reach 179 billion yuan, a year-on-year increase of 12.2% [1] - Adjusted net profit is projected at 62.08 billion yuan, reflecting a year-on-year growth of 23.5% [1] - Nomura forecasts a lower revenue growth of 10%, estimating Q2 revenue at 177 billion yuan, and adjusted operating profit growth of 12% to 65.6 billion yuan, citing increased operational expenses [1] Group 2: Cost and Profitability Insights - Nomura expects a significant increase in general administrative and R&D expenses, projecting an 18% year-on-year rise [1] - The adjusted operating profit margin is anticipated to expand by 70 basis points to 37%, primarily due to continuous improvement in gross margins, which are expected to increase by 1.9 percentage points [1] Group 3: Business Segment Performance - Jefferies predicts accelerated cloud revenue growth due to the deployment of more GPUs, with a focus on enhancing advertising technology and foundational model training [1] - Citi estimates that value-added services revenue will grow by 13% year-on-year to 89.1 billion yuan, with online gaming revenue increasing by 17% to 56.8 billion yuan [1] - Domestic gaming revenue is expected to rise by 18% year-on-year, reaching 40.8 billion yuan, supported by stable performances from popular games like "Honor of Kings" and "Peacekeeper Elite" [1]