腾讯的AI征程：构筑游戏新纪元，登顶全球霸主

Core Viewpoint - Tencent is leveraging AI tools like Hunyuan and VISVISE to revolutionize game development, significantly reducing production time and driving strong revenue growth, positioning itself as a leader in the smart entertainment era [3][4][10]. AI Leadership: Rapid Innovation in Development and Distribution - Tencent's AI capabilities are not theoretical but are reshaping game development on an industrial scale, with tools like VISVISE automating the generation of textures and animations, compressing development time to minutes [6][7]. - The Hunyuan Game AI can generate hyper-realistic characters in seconds, democratizing AAA game development for independent developers and Tencent's studios [6][8]. Global Expansion: From Shenzhen to the World - Tencent is expanding its global footprint as the second-largest game publisher, with international game revenue growing by 35% in Q2 2025, driven by AI innovations [8][9]. - Strategic investments, such as in Antix, are enhancing AI digital human technology, significantly reducing production costs in film and supporting Tencent's metaverse strategy [9]. Long-term Value: Core Asset in the AI-Game Era - Tencent is projected to achieve a revenue of approximately 755 billion RMB by 2025, with a compound annual growth rate (CAGR) of 13%, driven by AI and global expansion [12]. - The company is expected to maintain a robust return on equity (ROE) of 15%+, potentially increasing to 20%-30%+ by 2030, supported by its data-driven business model [12]. Conclusion - Tencent is not just adapting to the AI revolution; it is a key architect of this transformation in the gaming industry, providing developers with liberation, players with immersion, and investors with a solid investment opportunity [13].