Core Viewpoint - Tencent Holdings reported a strong Q2 performance with a 15% year-on-year revenue growth to RMB 184.5 billion, exceeding market expectations of RMB 178.94 billion, and a net profit increase of 17% to RMB 55.63 billion [1][2]. Financial Performance - Revenue for Q2 reached RMB 184.5 billion, up 15% from RMB 161.12 billion in the same period last year, and a slight increase of 2% from RMB 180.02 billion in Q1 [2]. - Gross profit rose to RMB 105.01 billion, reflecting a 22% increase year-on-year and a 4% increase quarter-on-quarter [2]. - Operating profit was RMB 60.10 billion, an 18% increase year-on-year and a 4% increase from the previous quarter [2]. - Net profit attributable to equity holders was RMB 55.63 billion, up 17% year-on-year and 16% quarter-on-quarter [2]. - Earnings per share (EPS) increased by 20% year-on-year to RMB 6.115 [2]. Investment and Employment - R&D expenditure for the quarter was RMB 20.25 billion, a 17% increase year-on-year, while capital expenditure surged to RMB 19.1 billion, a 119% increase compared to RMB 8.7 billion last year [1]. - As of June 30, 2025, Tencent employed 111,221 staff, with total compensation costs for the first half of the year amounting to RMB 65 billion [1]. Gaming Revenue - Domestic gaming revenue reached RMB 40.4 billion, a 17% year-on-year increase, driven by new releases and growth in established titles [2]. - International gaming revenue soared by 35% to RMB 18.8 billion, with significant contributions from Supercell's titles and strong performance from PUBG MOBILE [2]. User Engagement - The combined monthly active accounts for WeChat and Weixin reached 1.411 billion, a 0.6% increase quarter-on-quarter and a 3% increase year-on-year [3]. - QQ's smart terminal monthly active accounts were 532 million, showing a slight decline of 0.4% quarter-on-quarter and a 7% decrease year-on-year [3]. Stock Performance - Tencent's stock price reached a high of HKD 586 per share, marking a 41.75% increase year-to-date, although it remains 15% below its historical peak [3].

Core Viewpoint - Southbound capital has seen a record net inflow of over 910 billion HKD this year, indicating strong interest in the Hong Kong stock market, which has outperformed major global indices [2][4]. Group 1: Southbound Capital Inflow - As of August 12, 2023, the cumulative net inflow of southbound capital reached 910.29 billion HKD, surpassing the total for the entire year of 2024, with over 80% of trading days showing net inflows [4]. - The financial, information technology, consumer discretionary, healthcare, and communication services sectors have the highest market value holdings from southbound capital [4]. - Major holdings include Tencent Holdings at nearly 560 billion HKD, with other significant positions in China Construction Bank, China Mobile, and Industrial and Commercial Bank of China, each exceeding 200 billion HKD [4]. Group 2: ETF Inflows - The top ten cross-border ETFs by net inflow this year are all Hong Kong products, with the Huaxia Hong Kong Internet ETF leading at 33.37 billion HKD [4]. - Other notable ETFs include the Southern Hong Kong Technology 30 ETF and the E Fund Hong Kong Non-Bank ETF, each attracting over 10 billion HKD [5]. Group 3: Market Dynamics and Valuation - The pricing power of southbound capital in the Hong Kong market varies by sector, with significant influence in dividend stocks, while growth stocks remain contested between domestic and international investors [5]. - The southbound trading volume has risen to over 40% of the total trading amount for interconnect stocks, with expectations of cumulative net inflows exceeding 1 trillion HKD by 2025 [5]. - The Hong Kong market is viewed as being in a mid-stage of value recovery, with key sectors like internet and innovative pharmaceuticals still undervalued [7]. Group 4: Future Outlook - The Hong Kong stock market is expected to benefit from improved liquidity, reduced external risks, and potential policy support, leading to a narrowing of the A/H premium [7]. - The internet sector is anticipated to begin a valuation recovery from the second half of 2024, with significant growth potential for technology stocks as the market sentiment shifts from pessimism to neutrality [7].

【导读】腾讯最新业绩，超预期 中国基金报记者 泰勒 大家好，一起关注一下腾讯的最新财报！ 8月13日， 腾讯控股发布2025年第二季度财报。 一起看看有哪些重要内容。 1.二季度的营收、利润 第二季度营收为1845亿元，同比增长15%，预估 为 1789.4亿元；第二季度净利润 为 556.3亿元，同比增长17%，预估 为 508.3亿元。 经营利润（Non-IFRS）692.5亿元，同比增长18%。 | | | | 截至下列日期止三個月 | | | | --- | --- | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | 二零二五年 | | | | 六月三十日 | 六月三十日 同比變動 | | 三月三十一日 | 環比筹動 | | | | | (人民幣百萬元,另有指明者除外) | | | | | 184.504 | 161.117 | 15% | 180.022 | 2% | | 지 | 105.013 | 85,895 | 22% | 100.493 | 4% | | 备剧 | 60.104 | 50.732 | 18% | 57.566 | 4% | | 内盈 ...

Core Viewpoint - Tencent Holdings has shown strong performance in the Hong Kong stock market, with its stock price reaching a new high since June 2021, driven by robust financial results in Q2 [1][2]. Financial Performance - In Q2, Tencent reported revenue of 184.5 billion yuan, a year-on-year increase of 15%, and a net profit of 55.63 billion yuan, up 17% [1]. - The company's capital operations were proactive, with a total repurchase of approximately 36.5 billion HKD for 81.87 million shares, which were subsequently canceled, reflecting confidence in future growth [1]. Gaming Business - The gaming segment is a key driver of Tencent's revenue growth, with domestic game revenue reaching 40.4 billion yuan, a 17% year-on-year increase, largely attributed to the successful launch of the game "Delta Operation" [1][2]. - Classic games like "Honor of Kings," "Valorant," and "Peacekeeper Elite" continue to show stable revenue growth, providing a solid foundation for Tencent's gaming business [1][2]. User Engagement - The user base of Tencent's social platforms is expanding, with WeChat and WeChat combined monthly active accounts reaching 1.411 billion, a 0.6% quarter-on-quarter increase and a 3% year-on-year increase [1]. - QQ's smart terminal monthly active accounts were 532 million, showing a slight decline of 0.4% quarter-on-quarter and a 7% year-on-year decrease [1]. Market Outlook - The market maintains an optimistic outlook on Tencent's future development, supported by the company's continuous innovation capabilities in gaming and social sectors, laying a solid foundation for long-term growth [2]. - Investor response to Tencent's performance has been positive, contributing to the stock price reaching new highs [1][2].

在核心业务坚实增长的同时，腾讯持续加码AI战略投入，当季研发投入同比增长17%至202.5亿元，资 本开支同比增长119%至191.1亿元。 央广网北京8月13日消息（记者 黄昂瑾）8月13日，腾讯控股（00700.HK）二季报显示，当季腾讯实现 营收1845亿元，同比增长15%，经营利润（Non-IFRS）692.5亿元同比增长18%。 据了解，AI深度融入腾讯核心业务，显著驱动增长：增值服务收入同比增长16%至913.7亿元，游戏板 块收入同比增长22%，其中国际游戏市场收入同比增长35%至188亿元，连续四季创新高；营销服务在 大模型技术升级和微信生态活跃度提升带动下保持高速增长，收入同比增长20%至357.6亿元；金融科 技及企业服务业务盈利明显改善，收入同比增长10%至555.4亿元。 ...

Core Viewpoint - Tencent's advertising revenue has achieved double-digit growth for 11 consecutive quarters, driven by improvements in AI-driven advertising platforms and enhancements in the WeChat transaction ecosystem [1] Group 1: Financial Performance - Tencent reported Q2 2025 revenue of 184.5 billion yuan, representing a 15% year-on-year increase [1] - Marketing services revenue reached 35.8 billion yuan, marking a 20% year-on-year growth and setting a historical record [1] Group 2: Drivers of Growth - The growth in advertising revenue is primarily attributed to strong demand from advertisers for video accounts, mini-programs, and WeChat search [1] - Tencent upgraded its advertising base model, enhancing ad effectiveness across various traffic platforms, which contributed to the rapid growth of marketing services revenue [1] Group 3: AI Integration - The company has increased the application of AI in advertising creation, placement, recommendation, and performance analysis, leading to improved click-through rates and conversion rates [1] - Enhanced return on investment for advertisers has further propelled the growth of the platform's marketing services revenue [1]

Core Viewpoint - Tencent Holdings reported strong financial performance for the second quarter of 2025, with significant year-on-year growth in revenue and profit, driven by its gaming and AI initiatives [1][3]. Financial Performance - Revenue for the second quarter reached RMB 184.504 billion, a 15% increase year-on-year [2]. - Net profit attributable to equity holders was RMB 55.628 billion, reflecting a 17% year-on-year growth [2]. - Gross profit was RMB 105.013 billion, up 22% compared to the previous year [2]. - Operating profit increased by 18% year-on-year to RMB 60.104 billion [2]. - Earnings per share rose to RMB 6.115, a 20% increase from the same period last year [2]. Investment and R&D - The company invested RMB 202.5 billion in research and development, marking a 17% increase year-on-year [1]. - Capital expenditures reached RMB 191.1 billion, with a significant year-on-year growth of 119% [1]. Gaming Sector - Domestic gaming revenue for the quarter was RMB 404 billion, a 17% increase year-on-year, driven by new releases and established titles [3]. - The success of games like "Delta Action" and ongoing popularity of titles such as "Honor of Kings" and "Peacekeeper Elite" contributed to this growth [3]. AI and Advertising - Continued investment in AI has led to double-digit percentage growth in both revenue and non-IFRS operating profit [3]. - The company upgraded its advertising models, enhancing ad effectiveness across platforms and driving rapid growth in marketing services revenue [3]. User Engagement - The combined monthly active accounts for WeChat and WeChat reached 1.411 billion, a 0.6% increase quarter-on-quarter and a 3% increase year-on-year [3]. - QQ's monthly active accounts were 532 million, showing a slight decline of 0.4% quarter-on-quarter and a 7% decrease year-on-year [3]. Employment and Compensation - As of June 30, 2025, the company employed 111,221 staff, with total compensation costs for the first half of the year amounting to RMB 650 billion [3]. - The number of employees increased from 109,414 in the previous quarter, with total compensation costs of RMB 341 billion [3]. Market Reaction - Following the earnings report, Tencent's stock price rose by 4.74%, increasing its market capitalization by approximately RMB 221.743 billion [4].

Core Viewpoint - Tencent's Q2 revenue increased by 15% year-on-year to 184.5 billion RMB, exceeding market expectations, with a net profit growth of 17% [1][3][5] Revenue and Profit - Q2 revenue reached 184.5 billion RMB, a 15% increase year-on-year and a 2% increase quarter-on-quarter [5][6] - Net profit attributable to shareholders was 55.6 billion RMB, reflecting a 17% year-on-year increase and a 16% quarter-on-quarter increase [5][6] - Gross margin improved from 53% in the same period last year to 57% [5][11] Game Business Performance - The gaming business showed strong recovery, with revenue from value-added services growing by 16% to 91.4 billion RMB, driven by a 17% increase in domestic market revenue and a 35% increase in international market revenue [7][10] - New game "Delta Action" became a hit, contributing significantly to user engagement, while established titles like "Honor of Kings" and "PUBG MOBILE" maintained steady growth [10] Marketing Services Growth - Marketing services revenue grew by 20% year-on-year to 35.8 billion RMB, driven by AI enhancements in the advertising platform that improved click-through and conversion rates [8][12] - The strong performance of high-margin products like video accounts and WeChat search contributed to the overall gross margin increase [11][12] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue increased by 10% year-on-year to 55.5 billion RMB, with enterprise services benefiting from rising demand for AI-related services [9][13] - The integration of AI functionalities in WeChat is enhancing user engagement and commercial efficiency, despite a decline in QQ's active user base [13] Investment and Capital Expenditure - R&D expenditure reached 20.25 billion RMB, a 17% year-on-year increase, while capital expenditure surged to 19.1 billion RMB, reflecting a 119% increase compared to the previous year [4][11]

Market Overview - The U.S. CPI data has strengthened expectations for interest rate cuts, leading to a significant rise in Hong Kong's stock indices, with the Hang Seng Index breaking the 25,000 mark, closing up 2.58% at 25,613.67 points [1] - Southbound capital has seen a net inflow of over 900 billion HKD since the beginning of the year, indicating increased retail investor participation [1] - The upcoming mid-year earnings disclosures and company outlooks are critical for the continuation of the Hong Kong stock market rally [1] Blue-Chip Stocks Performance - Tencent Holdings (00700) reached a four-year high before its earnings report, closing up 4.74% at 586 HKD, contributing 98.74 points to the Hang Seng Index [2] - Tencent's Q2 revenue was 184.5 billion CNY, a 15% year-on-year increase, with a net profit of 55.63 billion CNY, up 17% [2] - Other notable blue-chip performances include CSPC Pharmaceutical (01093) up 6.77%, WH Group (00288) up 6.23%, while Galaxy Entertainment (00027) and Xinyi Solar (00968) saw declines [2] Sector Highlights - Large technology stocks showed strong performance, with Alibaba rising over 6% and Tencent gaining nearly 5% [3] - The healthcare sector was robust, with stocks like Zhonghui Biopharma (02627) surging 19.45% following the announcement of the national medical insurance drug list [3][4] - The metals sector was active due to rising expectations for U.S. interest rate cuts, with companies like Jiangxi Copper (00358) and Luoyang Molybdenum (03993) seeing significant gains [6] Earnings Reports - Several companies reported strong mid-year earnings, with Reading Group (00772) up 19.62%, Tencent Music (01698) up 15.63%, and Minmetals Resources (01208) up 10.43% [5] - Tencent Music's Q2 revenue grew 17.9% to 8.44 billion CNY, with a net profit increase of 33% [5] - Reading Group's revenue reached 3.19 billion CNY, with a net profit growth of 68.5% [5] Notable Stock Movements - New Fire Technology Holdings (01611) surged 30% amid news of U.S. regulatory changes allowing alternative assets in retirement accounts [8] - Beihai Kangcheng-B (01228) rose 25.75% after announcing a share issuance to Baiyang Pharmaceutical [9] - Evergrande Property (06666) increased by 6.25% following news of its parent company's delisting decision [10] - 361 Degrees (01361) fell 9.29% after reporting lower-than-expected profit growth [11]

Core Viewpoint - The Hong Kong stock market continues its strong performance, with the Hang Seng Index rising by 2.58%, driven by positive market sentiment and significant inflows into various ETFs managed by GF Fund [1]. Group 1: Market Performance - The Hong Kong stock market's strong performance is reflected in the gains of nine ETFs under GF Fund, with the Hong Kong Innovative Drug ETF (513120) rising over 4.26%, and several other ETFs, including the China Concept Internet ETF (159605) and the Hang Seng Technology ETF Leader (513380), also showing gains exceeding 3% [1]. - The AH premium index has dropped to around 125%, nearing historical lows, which is attributed to continuous inflows from southbound funds and the attractiveness of high-dividend assets in the Hong Kong market [1]. Group 2: Investment Strategies - Huatai Securities' Hong Kong stock strategy team recommends focusing on sectors with improving sentiment and low valuations, particularly emphasizing technology stocks [2]. - The team suggests increasing allocations to internet e-commerce leaders ahead of the mid-August reporting period for overseas Chinese stocks, particularly those with good valuation and improving sentiment [2]. Group 3: ETF Product Overview - GF Fund's range of nine Hong Kong ETFs covers key sectors such as technology, innovative drugs, non-bank financials, and new consumption, catering to investors' needs for capturing market trends [3]. - The Hong Kong Innovative Drug ETF (513120) is the largest in the market, with a scale exceeding 18 billion, and has delivered over 100% returns this year [2]. - The Hong Kong Non-Bank ETF (513750) has also seen significant inflows, with a scale surpassing 13.7 billion, allowing for efficient investment in quality non-bank assets [2].