中年腾讯，正在迎来第二春

Core Viewpoint - Tencent is experiencing a resurgence, with significant revenue growth and increased investment in AI, indicating a shift from a cautious growth strategy to a more aggressive approach [5][6]. Financial Performance - In Q2, Tencent reported total revenue of RMB 184.5 billion, a year-on-year increase of 15% [5]. - The company achieved a gross margin of 22% and an operating profit (Non-IFRS) of 18%, both showing growth despite a three-digit percentage increase in capital expenditure [5]. - Capital expenditure reached RMB 19.1 billion, up 119% year-on-year, primarily due to increased AI investments, although it saw a 30% decline quarter-on-quarter due to U.S. export restrictions on AI chips [5][6]. AI Investment and Impact - Tencent's investment in AI has been substantial, with capital expenditure and R&D spending increasing by 119% and 17% respectively [11]. - AI has been integrated into core business areas such as gaming, advertising, and social ecosystems, driving revenue growth in value-added services and marketing services [6][8]. - The company emphasizes a strategic approach to AI spending, focusing on efficiency rather than indiscriminate investment [12][13]. Gaming Business - Tencent's gaming revenue grew by 22% year-on-year, maintaining over 20% growth for three consecutive quarters [8]. - Notable contributions to growth came from both new titles like "Delta Force" and established games like "Peacekeeper Elite," with the former achieving over 20 million daily active users [8][9]. - AI tools are being utilized to enhance game content production and improve player engagement through more realistic non-player characters [8]. Advertising Business - Advertising revenue increased by 20% year-on-year, outperforming the industry average despite a challenging external environment [9][10]. - Growth in advertising revenue was driven by improved click-through rates due to AI, as well as increased exposure from platforms like video accounts and search traffic [9][10]. - The current low ad loading rates present significant growth potential for future advertising revenue [10]. Strategic Outlook - Tencent's management believes that the future of the gaming market will still favor long-term operational games over AAA titles, viewing both as complementary [9]. - The company is cautious about monetizing AI tools, focusing on integrating them with existing platforms rather than pursuing aggressive user acquisition strategies [12][13].