梳理46款产品进展亮点，投资带来IP、端游、出海等方面独有能力

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 605 HKD, up from the current price of 487.8 HKD [4]. Core Insights - Tencent showcased 46 game products at the SPARK 2025 game launch event, highlighting its unique capabilities in investment, IP development, and overseas expansion [1]. - The report emphasizes Tencent's strong R&D and distribution capabilities, with a focus on long-standing games and new IP adaptations, which are expected to drive sustained growth in its gaming business [2]. - The company is projected to achieve Non-IFRS net profits of 254.72 billion RMB in 2025, with a slight upward revision in profit forecasts for 2025 and 2026 [2][3]. Summary by Sections Game Development and Investment - Tencent's investment in game development is evident through its partnerships, such as the investment in Ubisoft's subsidiary, which allows access to popular IPs like Assassin's Creed [1]. - The report notes that Tencent's overseas game sales reached 4.805 billion USD in Q1 2025, reflecting a year-on-year growth of 17.9% [1]. Product Line and Market Position - The report highlights the successful performance of long-standing games like Honor of Kings and Peacekeeper Elite, which dominate the mobile game revenue rankings [2]. - Tencent's user engagement is significant, with its gaming users accounting for 66.5% of the industry usage time, indicating a strong competitive position [2]. Financial Projections - The projected revenue for Tencent is expected to grow from 609.02 billion RMB in 2023 to 860.10 billion RMB by 2027, with a compound annual growth rate of approximately 8.7% [3][10]. - Non-IFRS net profit is forecasted to increase from 157.69 billion RMB in 2023 to 314.10 billion RMB in 2027, reflecting a robust growth trajectory [3][10].