NO.1 腾讯《洛克王国：世界》开启"同行测试"招募 每经记者｜张梓桐 每经编辑｜魏官红 9月16日消息，腾讯魔方工作室旗下经典IP新作《洛克王国：世界》正式启动"同行测试"招募，此举被 视为游戏冲刺2025年第四季度上线目标的关键一步。本次测试以针对性解决前期问题为核心，同时通过 分层资格发放机制强化核心玩家忠诚度，引发行业与玩家群体广泛关注。 ｜ 2025年9月17日 星期三 ｜ 点评：当前国内开放世界游戏市场保持稳健增长，2025年市场规模预计延续扩容态势，而经营社交、宠 物收集等元素恰是提升用户留存的关键抓手。《代号：Glimmer》若能实现多玩法的有效融合，有望复 制腾讯过往复合型产品的成功路径，为游戏业务营收贡献新增量。 NO.3 米哈游《星布谷地》完成双平台认证 9月16日消息，米哈游旗下备受瞩目的模拟经营类新游《星布谷地》已先后完成抖音、小红书两大社交 平台的官方账号认证。尽管目前账号尚未发布内容，但结合米哈游此前新游宣发节奏，市场对其首曝节 点给出明确预期。 据公开信息，米哈游另一款新作《崩坏：因缘精灵》于7月底完成社交媒体官方账号认证后，仅间隔一 个月便在8月底启动首曝。参照这一宣发周期推 ...

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of HKD 614.34 [6] Core Insights - Tencent's 1Q revenue grew by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit increased by 22% year-on-year, also surpassing expectations by 2.5% [1][4] - The growth in the gaming sector is expected to remain robust despite high base effects in the upcoming quarters, driven by the long-term operation of Tencent's games and the expansion of WeChat's mini-store [1][4] - The advertising business saw a significant increase, with 1Q advertising revenue growing by 20.2% year-on-year, and WeChat's mini-store advertising consumption increasing nearly fourfold from February to April [2][4] Revenue and Profitability - For 2025, Tencent's revenue is projected to reach RMB 735.52 billion, with a year-on-year growth rate of 11.4%. The adjusted net profit is expected to be RMB 262.69 billion, reflecting a growth of 17.95% [5][30] - The gross profit margin for 1Q was reported at 55.8%, indicating a year-on-year improvement [31] Business Segments - The value-added services segment, which includes gaming, saw a 17% year-on-year increase in revenue, with domestic game revenue growing by 24% [3][31] - The advertising segment's revenue growth was driven by a 60% increase in video account revenue, highlighting the effectiveness of Tencent's advertising strategies [2][31] Future Outlook - The report anticipates continued growth in Tencent's revenue and adjusted net profit for 2026 and 2027, with slight adjustments to previous forecasts due to changes in capital expenditure and depreciation rates [4][30] - The introduction of AI capabilities and the establishment of an independent e-commerce department within WeChat are expected to further enhance Tencent's growth potential [10][12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 614.34 HKD [6][7]. Core Insights - The company's revenue for Q1 increased by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit grew by 22% year-on-year, also surpassing expectations by 2.5% [1]. - The advertising revenue in Q1 grew by 20.2% year-on-year, significantly above consensus expectations, with a notable 60% increase in revenue from video accounts [2]. - Domestic game revenue rose by 24% year-on-year, with a strong pipeline of new games set to launch [3]. - The company has adjusted its revenue forecasts for 2025-2027 upwards by 0.6%, 0.5%, and 0.5% respectively, driven by the growth of the WeChat mini-store and AI product integration [4][31]. Revenue and Profitability - The projected revenue for 2025 is 735.52 billion RMB, with a year-on-year growth rate of 11.4%. The adjusted net profit for 2025 is forecasted to be 262.69 billion RMB, reflecting a growth of 17.95% [5][31]. - The gross profit margin for Q1 was reported at 55.8%, indicating a healthy profitability trend [12]. Business Segments - The value-added services segment, which includes gaming, saw a 17% increase in revenue, while the online advertising segment experienced a 20.2% growth [5][32]. - The WeChat mini-store has shown significant growth potential, with advertising consumption increasing nearly fourfold from February to April [2][13]. Future Outlook - The company is expected to benefit from the continued expansion of its WeChat mini-store and the integration of AI capabilities, which are anticipated to enhance user engagement and drive revenue growth [4][18]. - The upcoming launch of new games, particularly the mobile version of "Valorant," is expected to attract a substantial user base and contribute to revenue growth [22][23].