Group 1 - Many investors view Tencent Holdings through a geopolitical lens due to uncertain regulatory cycles and geopolitical tensions [1] - The presence of ongoing oversight from officials contributes to the cautious sentiment among investors regarding Chinese companies [1] Group 2 - The article highlights the challenges faced by Chinese companies, including Tencent, in the current investment climate [1]

VAS and ad — Within VAS, online games revs. +24% yoy to Rmb59.5bn and social network revs +7% yoy to Rmb32.6bn. Total deferred revs. were +15% yoy and +20% qoq to Rmb127.4bn, with current deferred revs. +16% yoy and +23% qoq. Total VAS sub was +3% yoy to 268mn with video at 117mn and music at 123mn. Total capex came in at Rmb27.5bn, up +91% yoy and -25% qoq . CITI'S TAKE 1Q25 total revs were Rmb180.0bn (+13% yoy, +4% q/q and +2.5%/+2.5% vs Citi/BBG consensus of Rmb175.6bn/Rmb175.6bn. Segment breakdown: 1) t ...

14 May 2025 | 7:33PM HKT Tencent Holdings (0700.HK): 1Q25 First Take: Clean beat on ads, games and gross margin expansion; eyes on AI applications; Buy Tencent reported solid 1Q25 beat across top-line (+13% yoy, vs. GSe/Visible Alpha Consensus Data of 10%) and EPS (+25% yoy vs. GSe/consensus of 20%), with further revenue growth acceleration from 11% in 4Q24, driven by robust games (+24% yoy) and marketing services (+20% yoy) revenue growth. Gross margin (55.8%, vs. GSe of 54.4%) also reached its highest lev ...

2025 First Quarter Results Presentation May 14, 2025 2 1. Overview 3 1 Cautionary Note This presentation may contain forward-looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities, challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the "Company" or "Tencent") and its group companies. These forward-looking statements are based on information currently available to Tencent and are stated here on the ba ...