腾讯二季度营收1845亿，资本开支再翻倍

Core Viewpoint - Tencent Holdings reported strong financial results for Q2 2025, with significant year-on-year growth in revenue and profit, driven by its gaming, marketing services, and fintech sectors [2][3][4]. Financial Performance - Tencent's total revenue for Q2 2025 reached 184.5 billion RMB, a 15% increase compared to the same period last year [3]. - Gross profit was 105 billion RMB, reflecting a 22% year-on-year growth [2]. - Non-IFRS operating profit was 69.2 billion RMB, up 18% year-on-year [2]. Revenue Breakdown - Value-added services revenue grew by 16% to 91.4 billion RMB, supported by popular games like "Honor of Kings" and "Peacekeeper Elite" [3]. - Marketing services revenue increased by 20% to 35.8 billion RMB, attributed to improvements in AI-driven advertising platforms [4]. - Fintech and enterprise services revenue rose by 10% to 55.5 billion RMB, driven by improved consumer trends and demand for AI-related services [4]. User Metrics - The combined monthly active accounts for WeChat and QQ reached 1.411 billion, a 3% increase year-on-year [5]. - QQ's mobile monthly active accounts declined to 532 million, down 7% year-on-year [5]. - Paid value-added service subscribers slightly increased to 264 million, a 0.4% rise year-on-year [5]. AI Investments - Tencent is heavily investing in AI across its business lines, with significant improvements in marketing service metrics due to AI applications [6][8]. - The company is leveraging AI in gaming to enhance user engagement and content creation, with new games like "Delta Operation" showing promising results [6][8]. Cost and Cash Flow - R&D expenses increased by 17% to 20.5 billion RMB, while general and administrative expenses rose by 16% to 31.9 billion RMB [9]. - Free cash flow for Q2 2025 was 43 billion RMB, with net cash decreasing to 74.6 billion RMB due to dividend payments and capital expenditures [9].