Chang Jiang Shang Bao·2025-08-14 23:59Core Viewpoint - Tencent Holdings has exceeded market expectations with its operating performance, driven by accelerated benefits from AI investments [2][9]. Financial Performance - In Q2 2025, Tencent achieved revenue of approximately 184.5 billion yuan, a year-on-year increase of nearly 15%, and a net profit of about 55.6 billion yuan, up nearly 17% [2][3]. - For the first half of 2025, Tencent's revenue reached 364.5 billion yuan, with a net profit of approximately 103.4 billion yuan, both setting historical highs and marking the first time net profit surpassed 100 billion yuan in the mid-year results [4][6]. Business Segments - Tencent's revenue from its three main business segments in Q2 2025 was as follows: Value-Added Services (913.68 billion yuan, +16%), Marketing Services (357.62 billion yuan, +20%), and Financial Technology & Enterprise Services (555.36 billion yuan, +10%) [6]. - The growth in Value-Added Services was driven by popular games and new releases, while Marketing Services benefited from improvements in advertising platforms and increased demand from advertisers [6][9]. Market Performance - Tencent's stock price has shown strong performance, rising over 40% since the beginning of the year, with a recent opening price of 600 HKD per share, marking a return to this level for the first time in over four years [2][12]. R&D and Investments - The company has significantly increased its R&D investment, reaching 24.3 billion yuan in Q2 2025, a 17% year-on-year increase, and capital expenditures of 19.1 billion yuan, up 119%, primarily for AI infrastructure [9][10]. International Expansion - Tencent's international market influence is expanding, with a 35% year-on-year increase in international game revenue in Q2 2025, reaching 18.8 billion yuan, and plans for further investment in data centers in the Middle East and Japan [11].