TENCENT(HK:00700) Sou Hu Cai Jing·2026-01-29 16:14Core Viewpoint - Tencent's Chairman Ma Huateng openly criticized the "Doubao model" for being "extremely unsafe and irresponsible," while also praising Alibaba's AI integration efforts, highlighting the competitive landscape in the AI sector [1][3][6]. Group 1: AI Competition and Strategy - The AI sector has become highly competitive, with major players like Tencent, Alibaba, and ByteDance racing to innovate [3]. - Ma Huateng expressed a positive view on Alibaba's "Tongyi Qianwen," acknowledging its efforts in internal ecosystem integration, but cautioned that bundling AI features into all products may not meet user needs [4]. - In stark contrast, Ma Huateng condemned the Doubao model for its security risks related to user privacy, emphasizing Tencent's commitment to user safety [6]. Group 2: Tencent's Business Performance - Tencent has successfully turned around its cloud business, achieving over 37 billion yuan in revenue with a gross margin exceeding 30%, marking a significant recovery from previous losses [10]. - The gaming sector has also shown remarkable performance, with international game revenue surpassing 20.8 billion yuan, reflecting a 43% year-on-year growth [12]. - Tencent's overall business has stabilized after a challenging period, with a focus on core operations and cost efficiency leading to renewed growth [21]. Group 3: Future Directions and Challenges - Ma Huateng acknowledged Tencent's slow initial response to AI opportunities, attributing it to a focus on integrating AI with existing business lines, but emphasized a renewed commitment to accelerate AI development [14]. - The company is actively recruiting AI talent and restructuring teams to enhance collaboration between AI products and large models [14]. - Ma Huateng highlighted the need for Tencent to develop its AI capabilities without blindly following competitors, advocating for a strategy that aligns with its unique strengths [16]. Group 4: Market Dynamics and External Factors - The competitive landscape in the food delivery sector has intensified, with JD.com and Meituan engaging in aggressive market strategies, prompting Alibaba to integrate Ele.me into its e-commerce framework [17]. - Tencent Music's market value has fluctuated significantly, reflecting broader industry challenges and the need for resilience in navigating market cycles [19]. - Ma Huateng reflected on Tencent's past struggles during the industry downturn, emphasizing the importance of focusing on core business and efficiency improvements [21]. Group 5: Upcoming Initiatives - For the upcoming Spring Festival, Tencent plans to convert substantial marketing expenditures into red envelopes, aiming to replicate the success of the WeChat red envelope campaign from 11 years ago [22].