智通财经网·2025-08-14 02:40Core Viewpoint - UBS reports that Tencent Holdings (00700) has exceeded expectations in its Q2 performance, with a 15% year-on-year revenue growth, surpassing market expectations by 3% [1] Financial Performance - Revenue increased by 15% year-on-year, exceeding market expectations by 3% [1] - Adjusted operating profit rose by 18% year-on-year, exceeding expectations by 5% [1] - Gross margin expansion contributed significantly to the strong performance [1] Business Segments - Online gaming and advertising businesses showed strong performance, providing visibility for revenue in the second half of the year [1] - Upcoming launches such as "Delta Action" PC version, "Valorant" mobile game, and the 10th anniversary event of "Honor of Kings" are expected to drive growth [1] Investment Outlook - UBS maintains Tencent as a top industry pick, raising the target price from HKD 710 to HKD 720 and reiterating a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 3% to 4% [1] Capital Expenditure - Capital expenditure decreased by 30% quarter-on-quarter in Q2 [1] - UBS views this reduction as a short-term impact due to GPU import restrictions, with management indicating a continued diversified chip strategy and efficiency improvements [1]