TENCENT(HK:00700) 第一财经·2025-08-14 05:57Core Viewpoint - Tencent Holdings has shown significant growth in its Q2 2025 financial results, driven by AI investments and improvements in various business segments, leading to a notable increase in stock price and market capitalization [3][5]. Financial Performance - Tencent reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15% [5]. - Operating profit (Non-IFRS) for the quarter was 69.25 billion yuan, up 18% year-on-year [5]. - Gross margin for the quarter was 57%, reflecting a 4 percentage point increase compared to the previous year [5]. AI Integration - The financial report highlighted Tencent's ongoing investments in AI, with CEO Ma Huateng noting benefits from AI applications in games like "Honor of Kings" and "Peacekeeper Elite" [5]. - Marketing services revenue reached 35.76 billion yuan, a 20% increase year-on-year, largely due to AI-driven improvements in advertising platforms and the WeChat transaction ecosystem [5]. - The demand for AI-related services has accelerated growth in enterprise services, including GPU leasing and API token usage [5]. Expenditure and Investment - General and administrative expenses rose to 31.9 billion yuan, a 16% increase year-on-year, primarily due to higher R&D and employee costs associated with AI development [5]. - Capital expenditures surged by 119% to 19.1 billion yuan, focusing on IT infrastructure and data centers [5]. Gaming Revenue - Tencent's international gaming revenue was 18.8 billion yuan, while domestic gaming revenue reached 40.4 billion yuan, reflecting year-on-year growth of 35% and 17%, respectively [6]. - The new game "Delta Action" achieved an average daily active user count of over 20 million in July 2025, ranking among the top five in the industry [6]. Future Outlook - Tencent's management emphasized the goal of enhancing operational efficiency through AI across various sectors, including advertising, gaming, and fintech, with plans to explore monetization models for AI over time [7]. - The company is monitoring the situation regarding chip imports for AI operations, stating that it currently has sufficient chips for training and upgrading existing models [7].