Zhi Tong Cai Jing·2025-08-19 07:18Core Viewpoint - Haitong International's report indicates that Tencent Holdings (00700) achieved a 15% year-on-year revenue increase to 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] - The adjusted operating profit margin increased by 1.3 percentage points 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 and Profit Forecasts - Haitong International raised its target price for Tencent from 620 HKD to 700 HKD, maintaining an outperform rating based on improved fundamentals [1] - Revenue forecasts for Q3 in gaming, advertising, fintech, and enterprise services were increased by 5%, 1%, and 3% respectively, with expected year-on-year growth of 19%, 21%, and 8% [1] - Full-year revenue forecasts were adjusted upward by 3%, 1%, and 3%, with anticipated year-on-year growth of 20%, 20%, and 8% [1] - Q3 and full-year operating profit forecasts were raised by 10% and 6% respectively, with expected year-on-year growth of 22% and 21% [1]