Ge Long Hui·2025-08-21 10:46Group 1 - Tencent reported Q2 2025 revenue of 184.5 billion (yoy +15%), exceeding Bloomberg's expectations by 3% [1] - Net profit attributable to shareholders for Q2 2025 was 55.6 billion (yoy +17%), surpassing Bloomberg's forecast by 8% [1] - AI is driving significant revenue growth across all business lines, with expectations for continued increases in AI penetration [1] Group 2 - Value-added services revenue reached 91.4 billion (yoy +16%), exceeding Bloomberg's expectations by 4% [1] - Game revenue for Q2 2025 was 59.2 billion (yoy +22%), surpassing Bloomberg's forecast by 5%, driven by both domestic and overseas games [1] - Q3 2025 game revenue expectations have been revised upward to yoy +23%, supported by strong performance from existing games and new releases [1] Group 3 - Marketing services revenue for Q2 2025 was 35.8 billion (yoy +20%), exceeding Bloomberg's expectations by 2% [2] - Significant growth in video accounts, mini-programs, and search ads, with increases of 50%, 50%, and 60% respectively [2] - Financial technology and enterprise services revenue reached 55.5 billion (yoy +10%), surpassing Bloomberg's expectations by 3% [2] Group 4 - Profit forecasts for 2025-2027 have been adjusted, with IFRS net profit expected to be 223.1 billion, 257.7 billion, and 297.0 billion respectively [3] - Non-IFRS net profit estimates for the same period are 274.7 billion, 327.5 billion, and 373.8 billion [3] - A target price of 673.68 HKD has been set based on SOTP valuation, maintaining a "buy" rating [3]