超预期！腾讯Q2收入同比增15%，调整后净利同比增10%

Core Insights - Tencent reported a revenue of 1845.04 billion yuan for Q2 2025, representing a year-on-year growth of 15% and a quarter-on-quarter growth of 2%, surpassing the forecast of 1789.4 billion yuan [1] - Gross profit reached 1050.13 billion yuan, up 22% year-on-year and 4% quarter-on-quarter [1] - Profit attributable to equity holders was 556.28 billion yuan, reflecting a 17% increase year-on-year and a 16% increase quarter-on-quarter, exceeding the expected 508.3 billion yuan [1] - Non-IFRS profit attributable to equity holders was 630.52 billion yuan, a 10% year-on-year increase and a 3% quarter-on-quarter increase, slightly above the forecast of 620.2 billion yuan [1] Revenue Breakdown - Value-added services revenue grew by 16% year-on-year to 914 billion yuan [1] - International market gaming revenue increased by 35% to 188 billion yuan [2] - Domestic market gaming revenue rose by 17% to 404 billion yuan [3] - Social network revenue grew by 6% to 322 billion yuan [3] - Marketing services revenue increased by 20% year-on-year to 358 billion yuan [3] - Financial technology and enterprise services revenue saw a 10% year-on-year growth to 555 billion yuan [3]