TENCENT(HK:00700) 雪球·2025-03-25 08:50Core Viewpoint - Tencent's 2024 financial report shows a revenue of RMB 660.2 billion, an 8% year-on-year increase, and a non-IFRS net profit of RMB 222.7 billion, up 41% year-on-year [1] Group 1: Financial Performance - In Q4 2024, Tencent's revenue reached RMB 172.4 billion, a 11% increase year-on-year, with a non-IFRS net profit of RMB 55.3 billion, up 30% year-on-year [1] - The company's gross profit for Q4 was RMB 90.7 billion, reflecting a 17% year-on-year growth [1] - The operating profit for Q4 was RMB 51.5 billion, a 24% increase compared to the same period last year [1] Group 2: Business Segments - The gaming business generated RMB 580 billion in international market revenue, a 9% increase, driven by strong performances from titles like PUBG MOBILE and Supercell games [14] - Domestic gaming revenue grew by 10% to RMB 1,397 billion, supported by popular titles such as Valorant and Naruto [14] - Marketing services revenue increased by 20% to RMB 1,214 billion, attributed to strong demand for advertising on platforms like WeChat and video accounts [43] Group 3: User Metrics - WeChat and WeChat users reached 1.385 billion, a 3% year-on-year increase [12] - QQ users decreased by 5% to 524 million, while the number of paid value-added service members grew by 7% to 262 million [12] Group 4: Cash and Investments - As of the end of 2024, Tencent's cash net worth was RMB 76.8 billion, with total cash and cash equivalents at RMB 132.5 billion [54] - The fair value of listed investments was RMB 569.8 billion, while the book value of non-listed investments was RMB 335.6 billion [55] Group 5: AI and Future Outlook - Tencent is focusing on AI by restructuring its AI team and increasing capital expenditure on AI-related projects [57] - The management believes that investments in AI will enhance advertising efficiency and extend the lifecycle of games, creating long-term value [57] - Tencent's competitive advantage lies in its massive user base and flow of traffic, which supports its growth in various business segments [64]