Core Viewpoint - Haidong International reported that Tencent's Q2 revenue increased by 15% year-on-year to 184.5 billion yuan, exceeding expectations by 3% [1] - Operating profit rose by 18% year-on-year to 69.2 billion yuan, also surpassing expectations by 3% [1] - Adjusted operating profit margin increased by 1.3 percentage points to 37.5%, aligning with expectations, while the adjusted operating profit margin excluding other profits and losses was 2 percentage points higher than anticipated [1] Revenue Forecast Adjustments - Based on fundamental improvements, the firm raised its revenue forecasts for Tencent's Q3 in gaming, advertising, fintech, and enterprise services by 5%, 1%, and 3% respectively, expecting year-on-year growth of 19%, 21%, and 8% [1] - For the full year, revenue forecasts were increased by 3%, 1%, and 3%, with expected year-on-year growth of 20%, 20%, and 8% respectively [1] Operating Profit Forecast Adjustments - The firm raised its operating profit forecasts for Q3 and the full year by 10% and 6% respectively, anticipating year-on-year growth of 22% and 21% [1] Target Price and Rating - The target price for Tencent was raised from 620 HKD to 700 HKD, with a rating of "outperform" [1]