腾讯控股 20250515 摘要 • 腾讯 2025 年第一季度收入增长 11%，利润增长 19%，超出市场预期， 主要得益于游戏和广告业务的强劲表现。国内游戏收入增长 24%，海外游 戏收入增长 23%（按固定汇率计算为 28%），创八个季度新高，广告业 务同比增长 20%，高于市场预期的 18-19%。 • 游戏业务方面，《王者荣耀》、《穿越火线》等手游表现亮眼，《西游 记》四月份日活跃用户峰值达到 1,200 万，为近三年新游最高。海外游戏 如《荒野乱斗》也推动流水增长。尽管去年同期有《DNF》上线导致基数 较高，但递延收入仍保持旺盛，预计二季度游戏业务将继续保持良好表现。 • 广告业务增长主要受益于视频号广告加载率提升和 AI 技术应用。视频号广 告增速超过 60%，远超行业平均水平，但加载率仍有提升空间，目前约为 3%-4%，低于抖音、快手等平台。通过提高广告加载率和点击率 （CTR），有望进一步推动广告营收增长。 • AI 技术对腾讯业务产生显著影响，在广告领域，通过 AI 提高曝光度和转化 性能，提升视频号等平台观影时间及精准推荐能力，从而提高 CTR 并促进 广告营收。在游戏领域，AI 智能体 ...

二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一） 《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用） （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用） 独立董事候选人声明与承诺 本人金小刚，已充分了解并同意由提名人浙文互联集团股份 有限公司董事会提名为浙文互联集团股份有限公司第十一届董 事会独立董事候选人。本人公开声明，本人具备独立董事任职资 格，保证不存在任何影响本人担任浙文互联集团股份有限公司独 立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 （五）中共中央 ...

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2025 年 Q1 SW 传媒行业指数上升 6.37%，资金保持高活跃度，估值 （PE-TTM）震荡调整，跑赢近七年均值水平。从 2025 年 Q1 的基金 重仓配置情况看，SW 传媒行业仍处于低配，以 SW 传媒行业重仓为基 准，游戏板块及广告营销板块受到市场关注，维持超配，基金重仓 配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置维持低配，游戏及广告营销板块仍为市场关注重 点。2025 年 Q1 SW 传媒行业的适配比例为 1.71%，基金重仓比例为 1.04%，低配比例为 0.68%，环比来看有所修复。以 SW 传媒行业重仓 为基准，游戏板块与广告营销维持超配，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 来看， 2025 年 Q1 SW 传媒行业的前十大重仓股分别为分众传媒、恺 英网络、芒果超媒、巨人网络、完美世界 ...

Financial Data and Key Metrics Changes - Operating income reached a Q1 record of RMB104.0 million, surging 247.7% year over year [6] - Net revenues were RMB1.3 billion, declining 6.7% year over year, primarily due to decreased learning services revenue [6][19] - Operating cash outflow narrowed by 34.7% to RMB255.5 million, reflecting stronger financial efficiency [7] - Net income attributable to ordinary shareholders was RMB76.7 million, an increase of over six times from RMB12.4 million for the same period last year [22] - Non-GAAP net income attributable to ordinary shareholders for the first quarter was RMB31.7 million, significantly increased from RMB20.3 million for the same period last year [23] Business Line Data and Key Metrics Changes - Learning services segment net revenues were RMB602.4 million, representing a 16.1% decrease year over year [20] - Smart devices segment revenues were RMB190.5 million, up 5.1% year over year [20] - Online marketing services net revenues rose 2.6% year over year to RMB505.4 million [20] - Gross margin for learning services was 59.8%, down from 63.1% year over year [21] - Gross margin for smart devices improved to 52.3% from 32.6% year over year [21] - Gross margin for online marketing services moderated to 30.5%, a decline of approximately four percentage points year over year [15] Market Data and Key Metrics Changes - The performance of the Youdao Lingxus service showed resilience, with gross billings growing over 25% year over year [41] - The AI-driven subscription services generated nearly RMB70 million in Q1 sales, growing over 40% year over year [10] - The overseas advertising client base grew by 20% year over year in Q1 [13] Company Strategy and Development Direction - The company is executing an AI native strategy, applying large language models to critical learning and advertisement scenarios [8] - Focus on enhancing user experiences through proprietary and open technologies, with a dual approach to model deployment [29] - Plans to deepen focus on educational verticals and expand the capabilities of the Confucius model [34] - Targeting accelerated profit growth and achieving operating cash flow breakeven for the full year 2025 [16] Management Comments on Operating Environment and Future Outlook - Management anticipates the learning services segment's revenue to stabilize and return to growth in the second half of the year [42] - Online marketing services revenue is expected to show stronger growth momentum in the second half of the year, driven by overseas advertising expansion and automated AI-powered advertising solutions [46] - The company acknowledges potential macroeconomic uncertainties that may affect results but remains optimistic about reducing operating losses in Q2 year over year [53] Other Important Information - The company launched several innovative products, including the Youdao Magic Box and the AI Podcaster system, enhancing its product offerings [12][14] - The company achieved a significant milestone by being ranked as the world's number two ad tech company by Time Magazine [34] Q&A Session Summary Question: How does management view the integration of large language models in educational scenarios? - Management emphasized the importance of embracing open technologies and highlighted the advantages of combining open and proprietary technologies for enhanced user experiences and faster responses [28][30] Question: When does management project the learning services segment's revenue to return to growth? - Management indicated that the restructuring of the learning services segment is ongoing and expects revenue stabilization in the second half of the year, driven by the growth of AI college admission advisers [42] Question: When does management anticipate a reacceleration in online marketing services revenue growth? - Management expects stronger growth momentum in the second half of the year, driven by overseas advertising expansion and the launch of AI-powered advertising solutions [46] Question: Is there a possibility of profitability in the second quarter this year? - Management acknowledged that Q2 is traditionally the weakest quarter but expects to significantly reduce operating losses year over year while focusing on strategic priorities [53]

Q：关于本次终审，您认为今年参赛选手的优势、不足分别体现在哪些方面？对此，您有哪些建议？ A：今年选手展现出极强的自信，舞台展示presentation能力尤为突出。有几组选手采用对话式展示形 式，不仅将信息清晰传递，还注入了充沛情感，且精准卡点，在时间截止的最后一秒完成收尾。起初， 第一组选手的表现就让我眼前一亮，没想到后续又有 3 到 4 组呈现出同样精彩的表现。他们的展示专业 度极高，甚至达到了ECD总监级别的水准，着实令人惊喜。 不过，部分选手对戛纳比赛的特性把握有所欠缺。戛纳赛事时间极为紧凑，仅有 24 小时，重点在于快 速抛出idea，相较于执行层面，更看重创意本身。有些选手尽管在执行上完成得十分出色，但因未能契 合赛事评判侧重点，在评委讨论环节未获得较高评价，最终导致名次落后。建议选手们深入研究赛事规 则与特点，着重提升创意构思与快速表达能力。 Q：您认为今年的幼狮比赛体现了行业哪些发展趋势？ （原标题：游宁：多元触点时代，唯有全局思维方能制胜传播 |幼狮评委说④） 4月29日，2025戛纳"幼狮杯"中国冠军选拔赛终审会在北京举办，BBDO大中华区首席执行官游宁担任 评审。 在广告行业中是一位颇 ...

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Core Viewpoint - AppLovin reported strong Q1 2025 earnings, exceeding market expectations with significant year-over-year growth across multiple metrics [2][3]. Group 1: Financial Performance - Q1 2025 revenue reached $1.48 billion, a 40% increase year-over-year, surpassing Bloomberg's consensus estimate of $1.38 billion [2]. - Net profit for Q1 2025 was $576 million, exceeding the expected $507 million, with a profit margin of 39%, compared to $236 million and 22% in Q1 2024 [2]. - Adjusted EBITDA for Q1 2025 was $1.01 billion, reflecting an 83% year-over-year growth [2]. Group 2: Advertising Business Growth - The advertising segment generated $1.16 billion in revenue for Q1 2025, a 71% increase year-over-year, accounting for 78% of total revenue [3]. - The Axon 2 AI-driven advertising engine significantly boosted ad spending on the AppLovin platform, increasing approximately fourfold since its launch in Q2 2023 [3]. - App Discovery platform showed improvement with a 49% year-over-year increase in net revenue per install and a 22% increase in installation volume [3]. Group 3: Strategic Initiatives - The company is expanding its e-commerce advertising business, achieving over $1 billion in client spending and indicating strong growth potential [4]. - Although the number of monthly active paying users (MAPs) decreased by 16.7% to 1.5 million, average revenue per paying user (ARPPU) increased to $52 from $48 in Q1 2024 [4]. - 45% of Q1 2025 revenue came from customers outside the U.S., indicating room for growth in international markets [4]. Group 4: Business Focus and Divestiture - AppLovin agreed to sell its mobile gaming business to Tripledot Studios for $400 million, retaining a 20% equity stake, allowing the company to focus on its core advertising solutions [5]. - The divestiture is expected to optimize resource allocation and enhance focus on high-margin products and services [5]. Group 5: Future Guidance - For Q2 2025, the company projects advertising revenue between $1.195 billion and $1.215 billion, with adjusted EBITDA for the advertising business expected to be between $970 million and $990 million [6]. - The company plans to continue investing in innovations, including AI, and is making progress in the web-based advertising market, which is anticipated to represent 10% of total ad net revenue this year [6][7].

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Insights - Tencent's Q1 2025 performance shows strong growth in gaming and advertising, with total revenue reaching 180 billion CNY (up 13% year-on-year, up 4% quarter-on-quarter) and net profit attributable to shareholders at 47.8 billion CNY (up 14% year-on-year, down 7% quarter-on-quarter) [4][5] - The company continues to invest heavily in R&D and AI, with R&D expenses around 18.9 billion CNY (up 20.6% year-on-year) and capital expenditures approximately 27.5 billion CNY (up 91.35% year-on-year) [5] - The gaming segment remains robust, with domestic game revenue at 42.9 billion CNY (up 24% year-on-year) and overseas game revenue at 16.6 billion CNY (up 13% year-on-year) [4][5] - Marketing services revenue reached 31.9 billion CNY (up 20% year-on-year), driven by strong demand from advertisers for video accounts and mini-programs [4] - The company forecasts net profits for 2025-2027 to be 216.9 billion CNY, 236.3 billion CNY, and 255.5 billion CNY respectively, with corresponding EPS of 23.6 CNY, 25.7 CNY, and 27.8 CNY [4][5] Financial Summary and Valuation Metrics - For 2025, the expected revenue is 707.1 billion CNY, with a year-on-year growth of 7.1% [7] - The projected net profit for 2025 is 216.9 billion CNY, reflecting an 11.7% year-on-year increase [7] - The expected P/E ratios for 2025, 2026, and 2027 are 20.4, 18.7, and 17.3 respectively [7]

1Q 广告业务收入超预期，2-4 月微信小店广告消耗同比增长近 4 倍 1Q 广告收入同比增长 20.2%，超一致预期 3.4%，毛利率同比抬升 0.8pct， 视频号收入同比提升 60%。2Q 微信事业部设立电商为旗下独立部门，我们 认为小店流量释放仍有红利，有望持续推动 GMV 和广告营收增长。后续我 们建议关注广告位释放和 618 投放进展。二季度重点进展：微信小店 2-4 月广告消耗同比增长近四倍，目前流量已全域打通，支持跳转微信小店直购 链路，同时增加 KOL 合作平台，支持更多投放渠道，例如腾讯视频、腾讯 优量汇等 10 万多应用。 1Q 国内游戏收入同比增长 24%，新游储备丰富待上线 1Q 增值服务收入同比增长 17%，高于市场预期 5%，对应毛利率同比改善 2.3pct 至 59.6%。1Q 国内游戏收入同比增长 24%，海外游戏收入同比增长 22%（固定汇率），分别超 VA 预期 7%和 8%。据 ST 数据，五一期间《王 者荣耀》流水同比增长 14%。《三角洲行动》4 月 DAU 峰值突破 1200 万， 创近三年新游峰值新高。当前腾讯新游储备较为充实，《无畏契约》手游、 《王者荣耀：世 ...

Core Insights - The article emphasizes the shift in enterprise marketing needs from simple exposure to "scenario adaptation + closed-loop" deep conversion, driven by fragmented consumer decision paths and evolving platform traffic rules [1][3] - Over 80% of enterprises are expected to allocate their budgets towards "scenario-adaptive advertising" in 2024, prompting agents to enhance their service capabilities around three core demands [3] Group 1: Scenario Marketing Rise - The rise of scenario marketing is driven by three core demands for enterprise growth: upgrading from "advertising vendors" to "scenario growth consultants" through a closed-loop service of "data monitoring - strategy optimization - effect attribution" [3][4] Group 2: Full-Link Scenario Solutions - A four-step approach to building competitive barriers includes: 1. Multi-platform touchpoint layout for precise user decision scenario matching, exemplified by a home appliance brand achieving a 120% increase in conversion rate and a 30% reduction in repurchase cycle through a combination of platforms [4][5] 2. Dynamic creative middle platform driven by AI for intelligent content adaptation [5] 3. Real-time data dashboard for cross-platform effect visualization [5] 4. Iteration of attribution models from last-click to full-domain attribution [5] Group 3: Agent Model Upgrade - The agent model is evolving towards lightweight collaboration and high-value monetization, focusing on regional scenario service providers and industry scenario expert studios [5][6] - The decision touchpoints are dispersed across various platforms, necessitating cross-platform linkage [6] Group 4: Core Capabilities - Core capabilities include deep engagement in high-decision industries like maternal and child care, automotive, and home furnishings, offering a combination of advertising investment, industry white papers, and offline salons [8] - A case study highlights a maternal and child care agent collaborating with KOLs to create a "pregnancy knowledge short video + community Q&A + live group buying" scenario, achieving a customer renewal rate exceeding 75% [8] Group 5: Future Trends - The future trend indicates that "scenario as a service" and "ecosystem as competitiveness" will dominate, with a focus on virtual and real integration scenarios [11][12] - The core competitiveness of full-media information flow advertising agencies is shifting from resource integration to refined operational capabilities in scenario chains [12]