Core Insights - Tencent Games continues to demonstrate growth potential, achieving a Q3 revenue of 192.87 billion yuan, a 15% year-on-year increase, with gaming revenue reaching 63.6 billion yuan, up 22.8% [1] - The strategic shift towards "returning to large DAU games and focusing on evergreen game series" has shown positive results, but challenges remain in self-developed efficiency and innovation [1] Group 1: Organizational Adjustments - Tencent Games has undergone three major structural adjustments to align with its 2025 strategy, moving from an internal competition model to a more streamlined approach [2] - The restructuring includes consolidating multiple studios into a "4+2" model, focusing on specific game genres and enhancing operational clarity [2][4] - New game releases in 2025 include "Delta Force" and "Valorant," with "Delta Force" performing exceptionally well in the market [4][6] Group 2: Game Performance and Market Strategy - "Delta Force" has achieved over 4 billion yuan in annual revenue since its launch, indicating strong market demand for FPS games [6] - Tencent's new game "NBA All-Star" has successfully attracted basketball fans through its official NBA licensing, maintaining a top position in the iOS sports game rankings [8] - The company is focusing on a "GaaS" (Game as a Service) model, extending this approach to PC games, which has contributed to the success of several titles [10][12] Group 3: International Expansion and Revenue Growth - Tencent's international market revenue grew by 43% year-on-year in Q3 2025, marking the highest growth rate since the segment began reporting separately [14] - The company is investing in global IPs and local studios to enhance its international presence, successfully integrating domestic operational models with global strategies [12][14] - The strategy of validating game concepts in the domestic market before global rollout has reduced risks and strengthened Tencent's competitive position [16] Group 4: Competitive Landscape and Challenges - Despite maintaining a leading position, Tencent faces increasing competition from companies like NetEase, which holds a 28% market share and has a strong portfolio of new games [17] - The gaming market is experiencing a shift towards "de-fan culture," which may affect player loyalty and retention, as users are less emotionally attached to individual games [19] - Tencent's reliance on established titles like "Honor of Kings" for revenue and the dependency on external IPs for international growth present potential vulnerabilities [22]

预测公司Q4一致预期营业收入1688.88~1982.05亿元，同比变动-2.1%~14.9%； 预测公司Q4一致预期净利润306.31~671.56亿元，同比变动-40.3%~30.8%； 预测公司Q4一致预期经调整净利润574.68~764.57亿元，同比增长3.9%~38.2%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 货币单位:亿元人民币 | | | | | | | 关注朝阳永续会众 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构简称一 | | 专营业收入 | 同比 | 净利润 | 同比。 | 经调整净利润 | 同比 | | 卖方预测区间 | | 1688.88~1982.05 | -2.1%~14.9% | 306.31~671.56 | -40.3%~30.8% | 574.68~764.57 | 3.9%~38.2% | | 平均数 | - | 1935.59 | 12.2% | 549.28 | 7.0% | 652.19 | 17.9% | | 中位数 | - | 1955. ...

Market Overview - The overall market is experiencing a pullback, with a strong atmosphere of profit-taking [2] - The Hang Seng Index fell by 0.71%, the Hang Seng China Enterprises Index dropped by 0.74%, and the Hang Seng Tech Index decreased by 0.96%, indicating rising risk aversion [2] - The total trading volume in the market was approximately 217.6 billion HKD, with short selling amounting to about 44.5 billion HKD, representing 23.22% of the total trading volume [2] Sector Performance - The film and entertainment sector continues to see outflows, while the pharmaceutical sector is under pressure, particularly in areas like brain-machine interfaces and innovative drugs [3] - Commodity-related sectors are also showing weakness, with gold prices dropping approximately 180 USD from their highs, leading to declines in gold and non-ferrous metal stocks [3] - The electric power and new energy sectors are experiencing a downturn, with expectations for policy catalysts cooling off [3] Individual Stock Highlights - Lithium battery and new energy vehicle sectors are showing resilience, with lithium carbonate futures rising over 5%, driving stocks like Ganfeng Lithium (1772.HK) higher [3] - Ganfeng Lithium's chairman predicts a 30% increase in global lithium carbonate demand by 2026, potentially reaching 1.9 million tons, with prices possibly exceeding 150,000 RMB per ton [3] - Consumer-related sectors are performing relatively well, with stocks in baby products, food, and airlines showing gains, indicating a shift of defensive capital towards domestic demand [3] Company Analysis: Tencent Holdings (700.HK) - Tencent's gaming business exceeded expectations, with domestic market revenue reaching 42.8 billion HKD (up 15% YoY) and international market revenue at 20.8 billion HKD (up 43% YoY) [6] - The advertising business generated 36.24 billion HKD, reflecting a 21% YoY increase, driven by AI-enhanced targeting technology [7] - Financial technology and enterprise services recorded a revenue of 58.2 billion HKD in Q3, marking a 10% YoY growth, supported by improved consumer trends and AI-related services [7] Ecosystem and AI Development - Tencent's WeChat and QQ platforms maintain strong user engagement, with WeChat's monthly active users at 1.414 billion (up 2% YoY) and QQ's at 517 million (down 8% YoY) [8] - The company is advancing in AI technology, with its mixed foundation model achieving industry-leading levels in image and 3D generation [8] - The integration of AI in advertising is enhancing marketing ROI, significantly improving efficiency across various sectors [8] Investment Recommendation - Tencent's Q3 2025 performance demonstrates the deep integration of AI across its business lines, showcasing strong growth resilience in gaming, advertising, and enterprise services [9] - The company is projected to maintain growth through AI-driven advertising efficiency, new game launches, and consumer recovery [9] - A target price of 788 HKD is set, corresponding to a 25.7x PE for 2025 and 23.0x for 2026, maintaining a "Buy" rating [9]

Group 1 - Tencent's stock price reached a four-year high, surpassing 584 HKD, with a year-to-date increase of approximately 40% [1] - Market expectations for Tencent's Q2 2025 revenue are around 179 billion CNY, reflecting a year-on-year growth of 12.2%, with adjusted net profit estimated at 62.08 billion CNY, up 23.5% year-on-year [1] - The gaming segment is projected to see a year-on-year revenue growth of 18%, driven by stable performances of popular games like "Honor of Kings" and "Peacekeeper Elite" [1][2] Group 2 - The new game "Delta Action" has become a significant contributor to Tencent's revenue growth, with a monthly active user count of 38.63 million in June 2025, ranking fourth among mobile games [2] - Advertising revenue for Q2 2025 is expected to increase by 16.5% to 34.8 billion CNY, primarily due to the growth of video accounts and enhanced search revenue from WeChat [2] - The integration of WeChat's ecosystem, including video accounts and mini-programs, is creating a "social + content + transaction" loop, driving demand for advertising and increasing advertisers' willingness to invest [3] Group 3 - Financial technology and enterprise services are projected to see a slight improvement, with a year-on-year growth of 6.5%, and commercial services revenue expected to rise by 15% due to international cloud business expansion [3] - Tencent's deployment of more GPUs is anticipated to accelerate cloud revenue growth, focusing on enhancing advertising technology and foundational model training [3] - The launch of "TenpayGlobal" payment features in WeChat is expected to expand Tencent's payment services into new markets, contributing to the growth of high-margin financial services [3]

Core Viewpoint - Tencent Holdings is expected to report strong growth in its gaming and advertising businesses for Q2 2025, with a significant increase in stock price leading up to the earnings announcement [1][2]. Gaming Business - Market forecasts suggest Tencent's gaming revenue for Q2 2025 will reach 408 billion yuan, reflecting an 18% year-on-year growth, driven by popular titles such as "Honor of Kings" and "Peacekeeper Elite" [1]. - The game "Delta Action" has emerged as a new hit, contributing significantly to revenue growth, with a monthly active user count of 38.63 million in June 2025 [2]. Advertising Business - Advertising revenue is projected to increase by 16.5% year-on-year to 348 billion yuan, supported by the growth of video accounts and enhanced search revenue from WeChat [2]. - AI technology is expected to drive sustainable growth in advertising, improving user engagement and reducing conversion costs, thereby enhancing return on investment for advertisers [2][3]. Financial Technology and Enterprise Services - Financial technology and enterprise services are anticipated to see a slight improvement, with a projected year-on-year growth of 6.5% [3]. - The launch of "TenpayGlobal" aims to integrate multiple local payment methods into the WeChat ecosystem, starting with Singapore and potentially expanding to other regions [3].

Summary of Key Points from Tencent's Conference Call Industry and Company Overview - The conference call focuses on Tencent's strategic initiatives in the AI sector, particularly the development of AI agents and their integration into various business applications [1][2][3]. Core Insights and Arguments - Tencent is building a comprehensive AI ecosystem through tools like Codebody, which integrates multiple models and toolchains to provide a seamless development experience from product design to deployment, particularly benefiting product managers and entrepreneurs [1][2]. - The transition to AI agents involves combining proprietary models with open-source models to enhance reasoning capabilities, impacting both B2B and B2C sectors and creating new competitive barriers [1][2]. - By 2025, Tencent plans to consolidate its AI applications under the CSIG division, with TEG focusing on foundational technology, adopting a dual-engine model of self-developed and open-source models to accelerate problem-solving [1][7]. - Significant advancements have been made in visual, speech, and image generation technologies, with applications in core business areas like gaming and marketing [1][8]. - The Tencent Cloud Intelligent Agent Development Platform, launched in May 2025, aims to help businesses efficiently build stable and secure AI agents tailored to their needs, with monetization through a token-based model [1][9]. Additional Important Insights - The AI assistant, Yuanqi, targets C-end and small B-end users, leveraging Tencent's traffic and ecosystem support, maintaining around 40 million monthly active users, with potential for subscription-based monetization [3][10]. - The shift towards AI agents signifies a broader industry trend where AI evolves from simple assistance to executing complex tasks, impacting the entire AI application value chain [5][6]. - Major tech companies like Microsoft and Google are also investing heavily in AI agents, indicating a competitive landscape where Tencent is restructuring to enhance its capabilities [6][7]. - The IMA Smart Workbench focuses on B-end office scenarios, integrating knowledge management and offering various monetization avenues through subscriptions and customized solutions [12]. - Super apps like WeChat can leverage AI agents to enhance user engagement and streamline services, presenting a significant opportunity for monetization through advertising and subscriptions [13][16]. - AI technology is expected to significantly boost Tencent's advertising revenue, with projections for strong performance in Q2 2025 due to enhanced ad engagement driven by AI capabilities [16]. Conclusion - Tencent's strategic focus on AI agents and the integration of advanced technologies positions the company favorably within the competitive landscape, with substantial growth potential in both advertising and gaming sectors [17][18].