AI赋能持续变现，腾讯重回扩张周期

Core Viewpoint - Tencent's Q2 2025 financial report shows strong revenue growth of 15% year-on-year, driven by robust performance across various business segments, particularly in gaming and marketing services [5][9][30]. Revenue Highlights - Tencent's gaming revenue reached 592 billion RMB, growing 22% year-on-year, demonstrating resilience despite high base effects from the previous year [14]. - Marketing services revenue increased by 20% year-on-year to 358 billion RMB, marking eleven consecutive quarters of double-digit growth [17]. - Financial technology and enterprise services revenue grew by 10%, supported by rising demand for AI-related services and recovery in consumer loan services [20]. Profit Performance - Tencent's gross profit for Q2 2025 was 1,050 billion RMB, a 22% increase year-on-year, with a gross margin of 57%, up 1 percentage point from the previous year [22][28]. - Non-IFRS net profit reached 631 billion RMB, growing 10% year-on-year, with a profit margin of 34.2% [28]. - The company maintained stable operating expenses, with a slight increase in R&D spending reflecting ongoing investments in AI [25]. Future Outlook - The gaming segment is expected to continue benefiting from AI enhancements, with upcoming game releases like VALORANT Mobile potentially driving further growth [16][30]. - The advertising business has significant growth potential due to low ad loading rates in the WeChat ecosystem compared to competitors, suggesting room for improvement [19][30]. - Long-term, AI Agents are anticipated to play a crucial role in Tencent's valuation, leveraging its extensive user base and ecosystem [29][34]. Valuation Insights - Tencent's projected Non-IFRS net profit for 2025 is estimated at 2,583 billion RMB, with a PE ratio around 19, indicating a relatively reasonable valuation [34]. - The company's valuation may continue to rise, driven by AI's impact on performance, similar to trends observed in competitors like Meta [34].