智通财经网·2025-12-17 08:10Core Viewpoint - Tencent is accelerating its overseas business development, with cloud services and gaming as key growth areas, supported by AI capabilities and a strong focus on infrastructure [1] Group 1: Overseas Cloud Business - Tencent's cloud strategy is based on "infrastructure first," expanding data centers globally and covering 22 regions [2] - The company leverages its technological advantages and localized services to assist Chinese enterprises and local clients in overseas markets [2] - Tencent's focus is on SaaS and PaaS, with a relatively mild competitive landscape overseas, and it prioritizes internal chip reserves for model training [2] Group 2: Overseas Gaming Business - Tencent's overseas gaming revenue is expected to grow significantly, with a projected 2025 revenue of 757 billion yuan, accounting for 32% of its gaming revenue [3] - The growth is attributed to Tencent's matured industrial capabilities and a collaborative approach with game development teams [3] - The company is successfully replicating its GaaS model globally, particularly in Southeast Asia, leveraging both domestic and international team strengths [3] Group 3: AI Empowerment in Gaming - AI tools are extensively used in game production, enhancing efficiency and reducing costs in various tasks [4] - AI applications are improving user retention through features like AI teammates and coaches [4] - Tencent holds a first-mover advantage in AI-native gaming, with ongoing developments in real-time scene generation and coherence [4] Investment Outlook - The overseas market is identified as a clear second growth curve for Tencent's gaming and cloud businesses, with prior strategic investments beginning to yield results [4] - Profit forecasts for 2025-2027 are projected at 262.6 billion, 301.3 billion, and 345.4 billion yuan respectively [4]