全文|腾讯Q2业绩会实录：会继续加大AI投资

Core Viewpoint - Tencent Holdings reported a revenue of 184.5 billion yuan for Q2 2025, marking a 15% year-on-year increase, with a profit attributable to equity holders of 55.6 billion yuan, up 17% year-on-year [1] Advertising Business - The management highlighted the potential for advertising revenue growth driven by AI, with key factors including click-through rates, traffic growth from video accounts, and improved revenue per click [2] - The second quarter saw a 20% year-on-year increase in advertising revenue, primarily due to enhanced click rates from AI deployment and increased activity in mini-programs and mini-games [2] AI Integration - Tencent has integrated more AI functionalities into its mobile applications, observing improved user satisfaction and efficiency in content creation [3] - The company is exploring monetization strategies for AI features, although a user-paid model similar to that in the U.S. is challenging in China [4] Gaming Business - Tencent remains optimistic about the growth of AAA games in China, with a focus on long-term operational games like "Delta Force" [5][6] - The company believes that the rise of AAA games will not cannibalize long-term operational games but rather complement them [6] Cost Management - Tencent is managing AI-related costs carefully, opting for smaller models when feasible to control expenses while enhancing efficiency through software upgrades [4][7] Corporate Services - The company has seen accelerated growth in enterprise services, driven by increased demand for GPU leasing and API token usage [10] - Tencent's cloud strategy is not solely reliant on GPU availability, as it is also expanding in CPU, storage, and database services [10] Regulatory Impact - The new advertising regulations are not expected to have a significant impact on Tencent's advertising revenue, as the company has diversified its advertising business [9] AI Strategy and Metrics - Tencent tracks AI development through various KPIs, focusing on the impact of AI on existing business lines and user growth in AI applications [20] - The company is addressing supply chain challenges by ensuring sufficient chip availability for model training and enhancing infrastructure for better performance [21]