Core Viewpoint - Tencent is expected to achieve a revenue growth of 13% year-on-year in Q4 2025, with adjusted net profit increasing by 16% to 643 billion [1] Group 1: Gaming Business - Tencent's gaming revenue is projected to grow by 16% year-on-year in Q4, with a sequential slowdown due to the longer deferral period of "Delta" and no new game launches in the domestic market [2] - "Counter-Strike: Future" has launched on both platforms, reaching over 10 million players shortly after its release, with expected first-year revenue between 35-70 billion [2] - Key upcoming projects for 2026 include "Rock Kingdom: World" in March and "Honor of Kings World" in spring, along with several other titles [2] Group 2: Financial Technology - Financial technology revenue is anticipated to grow by 9% year-on-year in Q4, primarily due to a slowdown in social retail growth [3] - AI mini-programs are expected to enhance e-commerce, transportation, and local life scenarios, with significant growth in token usage and paid penetration rates anticipated in 2026 [3] - In 2025, the monetization scale of AI application mini-programs increased by 108%, with eCPM rising by 75% [3] Group 3: Advertising Revenue - Advertising revenue is expected to grow by 20% year-on-year in Q4, driven by increased budgets from long-tail advertisers and efficiency improvements from AI [4] - WeChat is gradually evolving towards a shelf-like e-commerce model, introducing social relationship-based product recommendations and exploring differentiated social e-commerce features [4] - In 2025, the GPM of WeChat mini-stores increased to 1.5 times compared to 2024, with a 70% year-on-year growth in the average number of active merchants [4] Group 4: Profit Forecast and Valuation - Revenue forecasts for Tencent have been adjusted downwards by 0.5% to 0.8% for 2025-2027, primarily due to changes in gaming revenue deferral predictions [5] - Adjusted net profit forecasts have been revised down by 0.9% to 0.5% to 263.1 billion, 299.4 billion, and 342.5 billion respectively, mainly due to increased AI investment costs [5] - The target price for Tencent is set at 792 HKD, corresponding to a 21.6 times PE valuation for 2026 [5]

Big Tech companies in China like Alibaba and ByteDance are adding agentic commerce to their arsenal, CNBC reported Wednesday (Jan. 21).By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.Alibaba updated its consumer-fa ...

Amazon Technical AnalysisAmazon looks like it is going to be a little bit softer at the open during the trading session, as we are now between the 50-day EMA and the 200-day EMA. This is a market that I think probably just grinds back and forth, and much like Apple does, Amazon has an earnings call here in the next week or so, and that obviously will have a major influence on where we go next.Right now, the markets are being knocked around by the headlines with Greenland and tariffs, so I wouldn’t read too ...

Group 1 - Meta Platforms' CTO Andrew Bosworth announced the delivery of the first key AI models from the newly established Meta Super Intelligence Lab, marking initial success in CEO Mark Zuckerberg's AI strategy restructuring [1] - The models delivered show "great potential" and are described as "outstanding," despite the team having worked for less than six months [1] - Meta faced criticism for the underperformance of the Llama 4 model, prompting significant leadership changes and talent acquisition to regain competitive advantage in the AI sector [1][3] Group 2 - Bosworth referred to 2025 as a "chaotic year" for Meta, during which the company will establish labs, infrastructure, and procure computing power, with early signs of favorable returns from these investments [2] - The company is developing AI models codenamed Avocado and Mango, with plans to launch Avocado in the first quarter, although specific details on the delivered models were not disclosed [2] - The next two years are critical for bringing consumer AI products to market, as recent technological advancements are expected to address everyday queries effectively [2] Group 3 - Meta is currently promoting AI-enabled Ray-Ban smart glasses but has paused international expansion to prioritize U.S. orders [3] - The adjustment in Meta's AI strategy is closely monitored due to previous criticisms regarding the Llama 4 model's performance and the competitive landscape in the AI market [3]

在流量红利见顶、电商竞争白热化的今天，微信小店终于提速。 微信披露，2025年在视频号直播、短视频、公众号文章或图文笔记中参与带货的创作者，其成交额普遍实现"倍数级增长"。这意味着，微信电商的增长引 擎，正从"直播单点突破"转向"全域内容驱动"。 1月15日，微信公开课PRO现场，微信团队密集释放电商信号——尽管仍未公布外界最关注的整体GMV数据，但一系列结构性增长指标、产品功能迭代 等，无一不体现出微信小店在2025年的迅猛进击。 这是视频号的第六年、也是微信小店的第二年。从低调到加速，外界对其的看法终于撕去"佛系"的标签。 然而，高速增长的背后，一边是内部团队对"规模指标"的重视，一边是用户对入口隐蔽的抱怨——微信小店的进击之路，依然处在机遇与挑战交织的关键 节点。 微信电商成绩单 1月15日，微信公开课在广州召开。会上，微信公布了多项与微信小店相关的运营数据，但并未披露外界最关注的整体GMV规模。 从官方披露的数据看，微信小店仍处在高速增长阶段—— 2025年，微信小店品牌带货GMV的增速达到平台整体的4.3倍，GPM（千次观看成交金额）同比增长1.5倍，月均动销商家数增长1.7倍；用户结构上，一 线和 ...

随着字节跳动在AI云基础设施与消费级应用两端同时发力，凭借激进的定价策略与庞大的流量生态，已对阿里和腾讯构成了实质性的"倒逼之势"，迫使其必须 在2026年这一战略转折点上加大投入以捍卫核心领地。 据英国《金融时报》周三报道，字节跳动旗下的火山引擎已迅速成长为中国第二大AI基础设施提供商，其"AI云"市场份额在2025年上半年达到13%，仅次于阿 里巴巴的23%。 这一数据表明，字节跳动正利用其在AI领域的先发优势，打破长期由阿里、腾讯和华为主导的云市场格局。 另一面，在消费级应用端，字节本身控制着用户的时间，公众号"研外之意"指出，AI入口最可怕之处在于其位置比搜索更靠前，一旦用户习惯先问AI，传统App 将面临被边缘化的风险，这也是腾讯与阿里"输不起"的根本原因。 高盛在最新研报中将2026年定义为中国互联网巨头的"关键之年"。 面对字节跳动旗下豆包App日活突破1亿、日均Token消耗量国内第一的攻势，阿里巴巴和 腾讯必须大幅增加AI To-C端的资本与运营支出。 中国互联网巨头的AI竞争正从单纯的模型参数比拼，迅速演变为一场关乎生存的"默认入口"争夺战。 字节跳动"AI云"突围：13%份额打破三足鼎立 ...

格隆汇1月21日｜Meta Platforms(META.US)首席技术官周三表示，该公司新成立的人工智能实验室本月 已向内部交付首批备受瞩目的人工智能模型。在达沃斯世界经济论坛年会间隙的简报会上，公司首席技 术官Andrew Bosworth称，这些由Meta超级智能实验室构建的模型"非常出色"。 ...

导语： 1月15日，北京寒冬的夜晚，《张朝阳的英语课》依旧按时开播，直播间里，张朝阳不仅以中英双语解读资讯，还在直播最后预告将撒巨量新春红包，为 搜狐视频关注流引流造势。 而镜头之外，一份最新的财务报告揭示了这家公司的另一面：在第三季度1.8亿美元的总营收中，游戏业务占比达九成，900万美元的净利润主要依托近二 十年的《天龙八部》IP贡献，这款经典产品仍是公司盈利的核心支撑。 两者构成了搜狐最鲜明的AB面。A面是创始人躬身入局，以知识直播为支点，奋力推动平台向社交生态转型；B面是公司营收被经典游戏IP牢牢绑定，在 存量市场中维持着稳健却单一的增长。 作为中国初代互联网门户的代表，搜狐的处境，正是老牌互联网企业在时代浪潮中挣扎与求索的缩影。曾经的"互联网开拓者"，如何在移动互联网下半场 重新找到市场定位？这场由张朝阳亲自掌舵的"慢"转型，又将通往何方？ 01 游戏独撑：老IP续命，隐忧难掩 搜狐2025年第三季度的财务报告，清晰地勾勒出这家老牌互联网公司的业务格局。Q3总营收1.8亿美元，同比涨19%，其中在线游戏收入为1.62亿美元， 营收占比直接突破九成。 与之形成对比的是，曾经的支柱业务营销服务，收入仅1 ...

在媒体沟通中，百度内部人士表示："我们其实没有考虑过要做一个微信或者取代微信，目前没有考 虑，我相信大家也都感觉这个不现实，我们都是从需求和任务本身去出发的，大家如果真的有特定的任 务，比如说家庭健康的任务、小组作业的任务、旅游规划的任务，或者是一些特别复杂的决策，我们希 望提供一个平台给大家，大家可以尝试在这里面跟你的一些同事朋友去借助 AI 的能力，更好地完成你 们的任务。"（文猛） 1 月 21 日下午消息，新浪科技获悉，文心 App 近期将启动交互界面改版，新增"多人、多 Agent 群 聊"功能，以更加社交化、活人感的方式进行用户交互。目前，文心 App 群聊功能已在内测阶段。 据悉，文心 App 即将上线的群聊功能将支持用户在同一群聊中调动多个 AI 角色，适用职场创意脑暴、 办公协作、家庭成员间生活协同、趣味互动等场景。AI 能理解群聊上下文、识别成员意图，并根据讨 论氛围精准判断介入时机，主动应答。 ...

中国互联网巨头的AI竞争正从单纯的模型参数比拼，迅速演变为一场关乎生存的"默认入口"争夺战。随 着字节跳动在AI云基础设施与消费级应用两端同时发力，凭借激进的定价策略与庞大的流量生态，已 对阿里和腾讯构成了实质性的"倒逼之势"，迫使其必须在2026年这一战略转折点上加大投入以捍卫核心 领地。 据英国《金融时报》周三报道，字节跳动旗下的火山引擎已迅速成长为中国第二大AI基础设施提供 商，其"AI云"市场份额在2025年上半年达到13%，仅次于阿里巴巴的23%。这一数据表明，字节跳动正 利用其在AI领域的先发优势，打破长期由阿里、腾讯和华为主导的云市场格局。 另一面，在消费级应用端，字节本身控制着用户的时间，公众号"研外之意"指出，AI入口最可怕之处在 于其位置比搜索更靠前，一旦用户习惯先问AI，传统App将面临被边缘化的风险，这也是腾讯与阿 里"输不起"的根本原因。 高盛在最新研报中将2026年定义为中国互联网巨头的"关键之年"。面对字节跳动旗下豆包App日活突破 1亿、日均Token消耗量国内第一的攻势，阿里巴巴和腾讯必须大幅增加AI To-C端的资本与运营支出。 高盛指出，字节跳动在2025年的利润规模已达 ...