智通财经网·2025-08-19 07:17Core Insights - Tencent Holdings (00700) reported a 15% year-on-year increase in revenue for Q2, reaching 184.5 billion RMB, exceeding expectations by 3% [1] - Operating profit rose by 18% year-on-year to 69.2 billion RMB, also surpassing expectations by 3% [1] - Adjusted operating profit margin increased by 1.3 percentage points year-on-year to 37.5%, aligning with expectations, while the adjusted operating profit margin excluding other profits and losses was 2 percentage points higher than anticipated [1] Revenue Forecast Adjustments - Haidong International raised its revenue forecasts for Tencent based on improved fundamentals, with Q3 revenue predictions for gaming, advertising, and fintech & enterprise services increased by 5%, 1%, and 3% respectively, expected to grow year-on-year by 19%, 21%, and 8% [1] - Full-year revenue forecasts were also raised by 3%, 1%, and 3% for the same segments, with expected year-on-year growth of 20%, 20%, and 8% [1] Operating Profit Forecast Adjustments - Q3 and full-year operating profit forecasts were increased by 10% and 6% respectively, with expected year-on-year growth of 22% and 21% [1] - Haidong International adjusted its target price for Tencent from 620 HKD to 700 HKD, maintaining an outperform rating [1]