TENCENT(HK:00700) Ge Long Hui·2025-08-14 03:24Core Viewpoint - Goldman Sachs reports that Tencent Holdings achieved strong performance in Q2, recording the fastest revenue growth in four years and the highest historical gross margin, reinforcing the bank's view of Tencent as one of the most advantageous companies in the Chinese internet sector [1] Group 1: Financial Performance - Tencent's revenue growth was driven by its unique WeChat ecosystem and global gaming assets, with all business lines (gaming, advertising, fintech, cloud, e-commerce) benefiting from artificial intelligence applications [1] - The two major high-quality revenue sources (gaming and marketing services) maintained year-on-year growth of 20% or more for two consecutive quarters [1] Group 2: Forecast Adjustments - Goldman Sachs raised its revenue and earnings per share forecasts for Tencent for 2025 to 2027 by 1% to 6%, citing improved stability in gaming business as a platform, expanded long-term growth potential in marketing services (advertising), recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The 12-month target price for Tencent was increased from HKD 658 to HKD 701, maintaining a "buy" rating, with Tencent continuing to be a core investment choice in the Chinese internet sector, particularly favoring gaming as the preferred sub-sector [1]