【腾讯控股（0700.HK）】首次明确AI实质性贡献，广告、游戏强劲推动业绩超预期——2025年一季度业绩点评（付天姿/赵越）

Core Viewpoint - Tencent Holdings reported better-than-expected Q1 2025 results, with Non-IFRS net profit of 61.3 billion yuan (up 22% year-on-year) and revenue of 180 billion yuan (up 13% year-on-year) [2][3] Financial Performance - Q1 2025 operating profit was lower than expected due to one-time restructuring impacts, while gross margin improved more than anticipated at 55.8% compared to the expected 53.9% [3] - General and administrative expenses were 33.7 billion yuan, worse than the expected 28.4 billion yuan, including a one-time share-based compensation of 4 billion yuan related to restructuring [3] - Non-IFRS adjustments included share-based compensation of 10.8 billion yuan, exceeding the expected 6.6 billion yuan, but the restructuring costs had a minimal impact on Non-IFRS net profit [3] - Capital expenditures (capex) reached 27.5 billion yuan (up 91% year-on-year), higher than the expected 21.5 billion yuan, but down 25% quarter-on-quarter [3] Business Segments - Marketing services revenue was 31.9 billion yuan (up 20% year-on-year), driven by strong demand for advertising on video accounts, mini-programs, and search ads [4] - Domestic game revenue was 42.9 billion yuan (up 24% year-on-year), boosted by flagship games and new titles [4] - Overseas game revenue reached 16.6 billion yuan (up 23% year-on-year), with strong performances from titles like "Brawl Stars" and "PUBG Mobile" [4] - Social network revenue was 32.6 billion yuan (up 7% year-on-year), supported by growth in mobile game virtual items and music subscription services [4] - Financial technology and enterprise services revenue was 54.9 billion yuan (up 5% year-on-year), driven by growth in wealth management and cloud services [4] - Monthly active accounts for WeChat and WeChat reached 1.4 billion (up 3% year-on-year), indicating healthy user engagement [4]