高盛：腾讯最新财报解读
Goldman Sachs·2025-05-15 02:01
14 May 2025 | 7:33PM HKT Tencent Holdings (0700.HK): 1Q25 First Take: Clean beat on ads, games and gross margin expansion; eyes on AI applications; Buy Tencent reported solid 1Q25 beat across top-line (+13% yoy, vs. GSe/Visible Alpha Consensus Data of 10%) and EPS (+25% yoy vs. GSe/consensus of 20%), with further revenue growth acceleration from 11% in 4Q24, driven by robust games (+24% yoy) and marketing services (+20% yoy) revenue growth. Gross margin (55.8%, vs. GSe of 54.4%) also reached its highest lev ...