TENCENT(HK:00700) Guan Cha Zhe Wang·2025-08-14 09:57Core Insights - Tencent Holdings reported a strong Q2 performance with revenue of 184.5 billion RMB, a year-on-year increase of 15%, and a Non-IFRS operating profit of 69.25 billion RMB, indicating robust growth despite high capital expenditures [1][4]. Revenue Breakdown - The three core business segments of Tencent showed solid performance in Q2. The value-added services revenue grew by 16% to 91.37 billion RMB, driven by a 22% increase in gaming revenue, maintaining over 20% growth for three consecutive quarters [4]. - The marketing services segment also performed well, with revenue reaching 35.76 billion RMB, reflecting a 20% year-on-year growth, surpassing the industry average and achieving double-digit growth for eleven consecutive quarters [4]. - The financial technology and enterprise services segment saw a notable improvement, with revenue increasing by 10% to 55.54 billion RMB, supported by growth in consumer loan services, commercial payment activities, and demand for AI-related services [5]. Profitability Metrics - Gross profit margin for value-added services was reported at 60%, while marketing services achieved a gross margin of 58%. Financial technology and enterprise services had a gross margin of 52%, indicating overall healthy profitability across segments [7].