2025 年2 季度业绩：总收入同比增15%至1845 亿元（人民币，下同），高于我们/彭博市场预期 4%/3%，其中游戏+22%/社交+6%/营销+20%/金融企服+10%。毛利润同比增22%，快于收入增速，毛利 率同比优化约3.6 个百分点至57%，得益于高毛利业务包括本土游戏、视频号和搜一搜收入增量贡献以 及支付和云服务成本优化。调整后每股盈利6.79 元，同比增13%，高于我们/彭博市场预期5%/3%。 2 季度运营要点：1）本土游戏收入同比增17%，受益于新游《三角洲行动》增量贡献以及多款长青游 戏收入增长；海外游戏收入增35%，大幅超过我们预期，《PUBG MOBILE》和Supercell 游戏表现亮 眼，新游《沙丘：觉醒》贡献增量。2）社交收入受手游道具、视频号直播服务收入和音乐付费增长带 动同比增6%，小游戏流水增20%。3）营销收入保持20%的同比增速，升级基础模型提升广告效果推动 视频号/搜一搜/小程序广告的强劲需求（收入增分别~50%/60%/50%）。4）金融科技收入同比高个位数 增长，商业支付交易量恢复正增长；企服收入加速增长因AI 相关服务需求（GPU 租赁和API token ...

AI社交网络 ，星辰大海，维持"增持"评级。基于 AI 技术注入，我们调整25-27E 收入为7338/7973/8713 亿元（ 前值为7253/7879/8611 亿元），Non-IFRS 净利润为2553/2825/3143 亿元（前值为2490/2746/3123 亿元），给予25 年25xPE，对应目标价767 港元。 持续投入AI 领域，助推收入利润超预期增长。25Q2，腾讯实现营收1845 亿元，同比+14.5%。经调整经 营利润692 亿元，同比+18.5%；经调整经营利润率37.5%，同比+1.3pct。经调整净利润631 亿元，同比 +10.0%；经调整净利率34.2%，同比-1.4pct。研发投入203 亿元，同比+17.1%。资本开支191 亿元，同 比+118.9%；现金流资本开支付款229 亿元，主要用于支持AI 相关业务发展。 国际游戏表现亮眼，AI 加速游戏内容制作。25Q2，增值服务业务实现收入914 亿元，同比+15.9%；毛 利率60.4%，同比+3.4pct。其中，国内/海外游戏收入分别为404 亿元/188 亿元，同比+16.8%、+35.3%。 《王者荣耀》及《和平 ...

机构：长城证券 研究员：侯宾 其中企业服务收入的增速较近几个季度有所加快，主要得益于企业客户对AI相关服务的需求增加，包 括GPU 租赁和API token 使用，以及商家技术服务费的增长。公司通过数据增强与合成技术，提升了数 据的质量与多样性，并通过更有效的预训练与后训练扩展，增强了混元的基础模型能力。公司混元3D 模型已经具备领先行业的几何精度、纹理真实度、指令与3D 对齐能力，排名位列Hugging Face 第一 位。此外，公司25Q2 维持较高CAPEX 投入，达191.07亿元，同比增长119%；环比有所下降，我们认 为主要因Q2 英伟达H20 禁令影响。整体来看，我们认为腾讯生态内包含社交、游戏、公众号、短视 频、搜索、电商等，将DeepSeek 以及腾讯元宝嵌入微信搜索的核心入口，本质上是将AI 作为整体微信 生态的枢纽，微信有望进化为"AI 操作系统"。 投资建议：公司游戏业务步入复苏阶段，同时重视AI 投入，微信作为国民入口级应用有望进化为"AI 操作系统"，AI 亦持续赋能公司广告以及云业务。我们预计2025-2027 年公司实现营收7495/8354/9228 亿元；经调整归母净利润2 ...

WILMINGTON, Del., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) ("Onfolio" or the "Company"), a company that acquires and manages a portfolio of digital marketing and online education businesses, announces financial results for the first quarter ended June 30, 2025. Financial Highlights Second quarter revenue for fiscal 2025 increased 82.5% to $3.14M vs. $1.72M for the same period in the prior year and increased 11.7% from $2.81M in Q1 of 2025Second quarter gross ...

Unfortunately the gap between wages and asset prices is only going to broaden.Job displacement will be exacerbated by technology, particularly AI.It’s no wonder the rich are building bunkers, I don’t see how this doesn’t end with a revolt.If UBI isn’t the solution, what is?CL (@CL207):more and more people cat see is struggling to get joball while wage has been dropping all time lows if you compared to cost of living / rent / asset pricesand since a lot of investing ppl follow cat, if one thing you can do fo ...

⚡ INSIGHT: Vitalik Buterin endorses AI doomer book, ChatGPT dietary advice sends man insane, and the funniest thing every written by an AI.AI Eye via Cointelegraph Magazine https://t.co/Tq9IRM6sje ...

Pixel 10, AI capabilities, and everything else we expect out of the Made by Google 2025 event | TechCrunch https://t.co/r30ooSCYYm ...

Now, finance executive editor Brian Sazier taking a look at a live shot of the opening bells on Wall Street on this Thursday morning, almost Friday. MAX ringing the bell at the New York Stock Exchange to celebrate its IPO. The company more formerly known as Miami International Holding. Get it? My Yeah, gotcha. Uh, Dominari Holdings, I think I said that right. getting things underway over at the NASDAQ. Now, the September rate cut thesis is taking a hit today out of the block. Investors have scrambled this m ...

PITTSBURGH, Aug. 14, 2025 /PRNewswire/ -- F.N.B Corporation (NYSE: FNB) announced today that Frank Schiraldi has joined its banking subsidiary, First National Bank, as Director of Corporate Strategy. Frank Schiraldi Reporting to Chief Strategy Officer Christopher Chan, Schiraldi leads a team responsible for executing growth strategies and developing strategic analysis and presentations to assist in guiding corporate decision-making and business operations in addition to other projects assigned to the g ...

The biggest issue with AI and robotics may be finding meaning in life if a robot can do what you can but betterElon Musk https://t.co/xCY3Vsz0d2 ...