业绩暴涨、股价翻倍，腾讯的AI叙事能否打开估值向上空间？ | 智氪

Core Viewpoint - Tencent's strong performance in Q1 2025 is driven by its AI strategy, leading to significant revenue and profit growth across its core business segments [4][6][15]. Financial Performance - Tencent reported a revenue of 180 billion RMB in Q1 2025, a 13% year-on-year increase, exceeding market expectations [4][5]. - Gross profit reached 100.5 billion RMB, up 20% year-on-year, while Non-IFRS operating profit was 69.3 billion RMB, reflecting an 18% increase [4][5]. - The growth rates for gross profit and operating profit have outpaced revenue growth for ten consecutive quarters [4]. Business Segments Value-Added Services - Revenue from value-added services was 92.1 billion RMB, a 17% increase year-on-year, accounting for approximately 51% of total revenue [9]. - Domestic gaming revenue surged to 42.9 billion RMB, up 24% year-on-year, supported by both new and evergreen games [9]. - The introduction of new games like "Delta Force" significantly contributed to revenue growth, achieving a peak daily active user count of over 12 million [9]. Marketing Services - Marketing services generated 31.9 billion RMB in revenue, a 20% year-on-year increase, driven by video accounts, mini-programs, and WeChat search ads [12]. - The gross profit for this segment was 17.7 billion RMB, reflecting a 22% increase year-on-year, with a gross margin of 56% [12]. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 54.9 billion RMB, a 5% year-on-year increase, showing a slight rebound in growth [14]. - The gross profit for this segment was 27.6 billion RMB, up 16% year-on-year, with a gross margin of 50% [14]. AI Strategy - Tencent's "AI in All" strategy is reshaping its business landscape, enhancing internal growth capabilities across all segments [15][17]. - The company is investing heavily in AI, with capital expenditures reaching 27.5 billion RMB, a 91% year-on-year increase, and R&D expenses at 18.9 billion RMB, up 21% [17]. - AI applications are significantly improving user experience and engagement in gaming and advertising, driving revenue growth [17]. Valuation - As of May 14, Tencent's stock price has doubled since early 2024, with a PE-TTM ratio of approximately 23x, positioned at the 65th percentile over the past five years [18]. - Future valuation growth will depend on the internal growth capabilities post-AI integration, which is crucial for Tencent's long-term investment value [18].