高盛表示，腾讯在欧洲路演中称，公司在AI基础设施方面具备显著成本优势，通过动态模型路由降低推理成本，混元3D模型在Hugging Face排名领先。AI技术深度融入微信生态， 驱动游戏研发效率提升、广告转化率改善和云服务增长。高盛维持腾讯买入评级，目标价701港元。 | 硬·AI | | --- | 作者 | 硬 AI 编辑 | 硬 AI 在高盛主办的腾讯欧洲路演中，腾讯首席战略官James Mitchell向投资者展示了AI技术如何成为公司各业务线增长的核心引擎，包括AI驱动游戏研发效率提升、 升级广告技术平台等。 02 混元模型引领多模态发展 8月25日，高盛在最新研报中称，在8月18日至22日的腾讯欧洲路演中，腾讯首席战略官James Mitchell表示，腾讯在AI基础设施方面展现出显著的成本优势，通 过动态模型路由实现更低的AI推理成本，混元3D模型在Hugging Face排名领先。 高盛指出，腾讯首席战略官在欧洲路演中释放的关键信号还包括：AI技术将深度融入微信生态系统，同时驱动游戏研发效率提升、广告转化率改善以及云服务高 质量增长。高盛预测腾讯2025年收入和每股收益将分别增长13%和18%。 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price not specified [7]. Core Insights - Tencent's overall performance in Q2 2025 shows strong revenue and profit growth, with AI capabilities contributing significantly [1]. - Revenue increased by 15% year-on-year, while gross profit rose by 22%. Non-IFRS operating profit grew by 18%, and Non-IFRS net profit increased by 10%, all exceeding Bloomberg consensus expectations [1]. - The company emphasizes the substantial contributions of AI to advertising effectiveness and long-standing games, with various AI features launched within WeChat [2]. - The gaming segment saw a 22% increase in revenue, driven by both domestic and international markets, with notable titles contributing to this growth [3]. - Marketing services revenue grew by 20%, with significant increases in video account and search advertising, supported by AI enhancements [4]. - Financial technology and enterprise services also showed a 10% growth in revenue, with improved gross margins [5]. Summary by Sections Overall Performance - Q2 2025 revenue and profit growth were strong, with revenue exceeding Bloomberg expectations primarily from gaming and advertising [1]. AI Contributions - AI applications have been integrated into various services, enhancing advertising performance and user engagement [2]. Gaming Revenue - Network gaming revenue increased by 22%, with both domestic and international markets performing well [3]. Marketing Services - Marketing services revenue exceeded expectations, driven by AI improvements in advertising effectiveness [4]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue grew by 10%, with enhanced profitability [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's Q2 revenue reached 184.5 billion yuan, representing a year-over-year increase of 14.5% and a quarter-over-quarter increase of 2.5%, exceeding consensus expectations of 178.9 billion yuan [4] - The gross profit for Q2 was 105.0 billion yuan, up 22.3% year-over-year and 4.5% quarter-over-quarter, also surpassing the consensus estimate of 98.8 billion yuan [4] - Adjusted net profit for Q2 was 63.1 billion yuan, reflecting a year-over-year increase of 10.0% and a quarter-over-quarter increase of 2.8%, beating the consensus estimate of 62.0 billion yuan [4] - The report emphasizes the company's ongoing investment in AI, which is driving growth across various business segments, including gaming, marketing, and financial technology [10] Summary by Sections Q2 Performance - Q2 revenue was 184.5 billion yuan, beating expectations by 3.1% [4] - Gross profit was 105.0 billion yuan, exceeding expectations by 6.3% [4] - Adjusted net profit was 63.1 billion yuan, beating expectations by 1.7% [4] Value-Added Services - Domestic gaming revenue was 40.4 billion yuan, up 17% year-over-year, while international gaming revenue reached 18.8 billion yuan, up 35% year-over-year [5] - The company is enhancing AI applications in gaming, leading to a 20% year-over-year increase in mini-game revenue [5] Marketing Business - Marketing revenue was 35.8 billion yuan, up 20% year-over-year, driven by AI improvements in advertising platforms [6] - The combined MAU for WeChat and QQ reached 1.411 billion and 532 million, respectively [6] Financial Technology - Financial technology revenue was 55.5 billion yuan, up 10% year-over-year, exceeding expectations [7] - Growth in enterprise services was driven by increased demand for AI-related services [7] AI Ecosystem - Capital expenditure for Q2 was 19.1 billion yuan, up 119% year-over-year, reflecting the company's commitment to enhancing its AI capabilities [8] - The report details advancements in AI models and tools, including the launch of new 3D models and upgrades to Tencent Cloud's AI programming tools [9] Investment Recommendations - The company is expected to achieve net profits of 252.3 billion yuan, 286.1 billion yuan, and 324.6 billion yuan for 2025, 2026, and 2027, respectively [10] - The report maintains a "Buy" rating based on the company's strong performance in gaming and the positive impact of AI on advertising and cloud services [10]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 673.68 HKD [5][3] Core Views - The report highlights that AI-driven growth in advertising and gaming is expected to continue, with significant contributions from long-standing games and the upcoming launch of "Valorant" [9][3] - The forecast for IFRS net profit for 2025-2027 is adjusted to 223.1 billion, 257.7 billion, and 297 billion RMB respectively, reflecting an upward revision based on improved expectations for gaming, advertising, and payment services [3][9] Financial Performance Summary - For 2023A, the operating revenue is projected at 609,015 million RMB, with a year-on-year growth of 9.82% [4] - The operating profit for 2023A is expected to be 152,784 million RMB, showing a significant year-on-year increase of 52.76% [4] - The net profit attributable to shareholders for 2023A is forecasted at 115,216 million RMB, with a year-on-year decline of 38.79% [4] - The report anticipates a recovery in net profit growth, with projections of 68.44% growth in 2024A and steady growth rates of around 15% for the following years [4][3] Revenue Breakdown - The report indicates that the revenue from value-added services reached 914 billion RMB in Q2 2025, with a year-on-year increase of 16% [9] - Gaming revenue for Q2 2025 is expected to be 592 billion RMB, reflecting a year-on-year growth of 22% [9] - Marketing services revenue is projected at 358 billion RMB for Q2 2025, with a year-on-year increase of 20% [9] Valuation Metrics - The report provides a sum-of-the-parts (SOTP) valuation, indicating a target price of 673.68 HKD, which reflects a price-to-earnings (P/E) ratio of 22 for 2025E [3][11] - The report also notes a projected P/B ratio of 5 for 2025E [4][11] Market Performance - The stock has shown a strong performance with a 60.41% increase over the past 12 months [6] - The report notes that the stock price as of August 19, 2025, was 592.5 HKD, with a 52-week high of 600 HKD and a low of 361.64 HKD [5]

一、厂商能从DTC中赚多少钱？ 休闲游戏发行商Playtika的2025年Q2财报显示，该季度公司有25.3%的收入来自其网页商店，达到1.76亿美元，同比增长1.3%，但环比下降1.8%。Playtika 还强调了其旗下的宾果游戏《Bingo Blitz》戏创下了DTC收入的历史新高。 随着App Store新规的执行，Playtika表示DTC依然是公司的增长重点，并已经将DTC长期收入占比目标从30% 提高到40%。 苹果支付规则的更改，毫无疑问是2025年全球手游行业的一大变革焦点：游戏公司终于可以绕过30%的「苹果税」，自主选择第三方支付服务商，显著降 低渠道成本。 在美区政策已经落地的情况下，将于明年生效的欧盟新政则基于开发者的支付方式实行分类管理。企业同样可以自主选择是否接入第三方支付，相对应地 降低应用商店的服务费。 毫无疑问，DTC（Direct-to-Consumer直接面对消费者）已经成为2025年在海外市场增加收入的一大新趋势。关于这一点，海外大厂们又是怎么看，怎么 做的？ Playtika每季度DTC收入占比 FunPlus的业务拓展副总裁Bob Slinn表示，早在苹果的IDFA规 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Views - The company's performance exceeded expectations, driven by international gaming and AI-enhanced advertising effectiveness [2][9] - The report highlights strong revenue growth across various segments, with a focus on the integration of AI in gaming and advertising [9][40] Summary by Sections 1. Revenue and Profit Performance - In Q2 2025, Tencent achieved total revenue of 184.5 billion yuan, a year-on-year increase of 14.5%, surpassing Bloomberg's consensus estimate of 178.9 billion yuan [14] - Non-IFRS net profit reached 63.05 billion yuan, up 10.0% year-on-year, also exceeding expectations [14] 1.1 International Gaming Revenue - The network gaming segment generated 59.2 billion yuan, a 22.1% increase year-on-year, outperforming the expected 56.14 billion yuan [19] - The international gaming market contributed 18.8 billion yuan, growing 35.3% year-on-year, driven by titles from Supercell and PUBG Mobile [20] 1.2 Social Network Revenue - Social network revenue was 32.2 billion yuan, up 6.3% year-on-year, benefiting from mobile game virtual goods and video live streaming services [23] 1.3 Advertising Revenue - Advertising revenue reached 35.76 billion yuan, a 19.7% increase year-on-year, driven by improvements in AI advertising platforms and the WeChat ecosystem [25] 1.4 Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 55.54 billion yuan, a 10.2% increase year-on-year, supported by growth in consumer loans and business payment activities [29] 2. User Engagement Metrics - WeChat's monthly active users (MAU) grew to 1.411 billion, a 2.9% year-on-year increase, while QQ's MAU declined to 532 million, a 6.8% decrease [31] 3. Margin Improvements - Overall gross margin improved to 56.9%, up 3.6 percentage points year-on-year, with all business segments showing margin enhancements [35] 4. Increased AI Investment - Sales expenses rose to 9.41 billion yuan, a 2.8% increase year-on-year, primarily due to AI-related promotional activities [38] 5. Earnings Forecast and Rating - The report raises the adjusted net profit forecast for 2025-2027 to 255.5 billion, 285.8 billion, and 318.2 billion yuan, respectively, with corresponding PE ratios of 19, 17, and 16 [40]

Core Viewpoint - Tencent Holdings demonstrated robust growth in Q2 2025, with double-digit year-on-year increases in revenue and profit across key metrics, driven by strong performance in gaming, marketing services, fintech, and enterprise services [1][2]. Group 1: Financial Performance - Revenue reached 184.5 billion yuan, a 15% year-on-year increase, with gross margin improving from 53% to 57% due to higher contributions from high-margin businesses and cost efficiency [1]. - Non-IFRS operating profit rose to 69.25 billion yuan, up 18% year-on-year, with core profit growth reaching 20% after excluding joint venture impacts [1]. - Non-IFRS net profit attributable to shareholders increased by 10% to 63.05 billion yuan, exceeding market expectations [1]. Group 2: Business Segments - The value-added services segment generated 91.37 billion yuan, a 16% year-on-year increase, accounting for 50% of total revenue, with domestic game revenue at 40.4 billion yuan, up 17% [1]. - International game revenue grew by 35% year-on-year, driven by strong performance from titles like "Clash Royale" and "PUBG MOBILE" [1]. - Marketing services revenue reached 35.76 billion yuan, a 20% year-on-year increase, benefiting from AI-driven advertising efficiency improvements [2]. Group 3: User Engagement and AI Integration - Monthly active users for WeChat and WeChat combined reached 1.411 billion, a 3% year-on-year increase, while QQ mobile MAUs were 532 million, showing high user engagement [3]. - The company invested 19.107 billion yuan in capital expenditures, primarily focused on AI-related business development [3]. - AI technology is deeply integrated across various business lines, enhancing user experience and driving growth in gaming, advertising, and enterprise services [3]. Group 4: Investment Outlook - The strong performance in Q2 2025 reflects the deep empowerment of AI technology across business lines, with expectations for continued growth driven by new game launches and consumption recovery [3]. - The company is projected to have a target price of 699.1 HKD, with estimated PE ratios of 23.6x and 20.7x for 2025 and 2026, respectively, indicating a potential upside of 19.3% from recent closing prices [3].

Tencent Holdings Q2 2025 Earnings Call Summary Industry and Company Overview - The document discusses Tencent Holdings, a leading technology and entertainment company in China, focusing on its performance in the second quarter of 2025. Key Points and Arguments Financial Performance - Tencent reported a 0% revenue growth year-over-year for Q2 2025, with a notable 15% increase in overall revenue compared to the previous year and a 2% increase quarter-over-quarter [2][3] - Non-GAAP profit increased by 10% year-over-year, with core operating performance growth exceeding 20% when excluding investment impacts [3] Gaming Business - The gaming segment saw a 22% year-over-year growth, with domestic growth at 17% and international growth at 35% [2][4] - Key drivers included the success of "Delta Force," which surpassed 20 million active users, and updates to "Clash Royale" from Supercell, leading to record revenue [4] - New game "Star Dune" contributed significantly to revenue, and updates to the mixed Yuan model aimed to enhance large language model quality and multi-modal interactions [4][11] Advertising Business - Advertising revenue grew by 20% year-over-year, primarily driven by an increase in CPM (cost per thousand impressions) rather than ad display volume [2][6] - The share of revenue from video ads continued to rise, with AI enhancements improving click-through rates, exposure, and creative generation, thereby facilitating e-commerce transactions [6][7] Impact of AI Technology - AI technology has positively influenced both advertising and gaming sectors by enhancing ad effectiveness and optimizing user experience [7] - The integration of AI is expected to continue driving revenue growth, particularly in advertising, where it has been validated as a lucrative area for monetization [7] Capital Expenditure - Tencent's capital expenditure reached 19 billion yuan in 2025, reflecting over a threefold increase year-over-year, although it slightly decreased quarter-over-quarter due to H20 chip procurement [2][8] - The capital expenditure as a percentage of total revenue was 10% for Q2, with expectations for an increase in the second half of the year [9] AI Native Applications - Tencent is advancing its AI native applications, having released a deep report on Tencent AI agent, with plans for increased promotion in the latter half of the year [2][10] - Current innovative products like IMA are in early exploration stages, with user growth for the Yuanbao product slowing down due to previous high-impact changes [10] Future Growth Prospects - The gaming business is expected to maintain strong performance, with advertising growth projected around 20% [4][12] - Tencent's valuation remains relatively low at 18 times core profit, compared to 20-25 times for other gaming companies, suggesting a favorable long-term investment outlook [12][13] Investment Opportunities - Concerns regarding high base effects from the previous year are deemed manageable, with further insights expected in upcoming discussions about technological equity and AI developments [14]

传媒/社交Ⅱ 腾讯控股（00700.HK） 2025 年 08 月 14 日 投资评级：买入（维持） | 日期 | 2025/8/14 | | --- | --- | | 当前股价(港元) | 590.00 | | 一年最高最低(港元) | 600.00/364.20 | | 总市值(亿港元) | 54,106.99 | | 流通市值(亿港元) | 54,106.99 | | 总股本(亿股) | 91.71 | | 流通港股(亿股) | 91.71 | | 近 3 个月换手率(%) | 13.3 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 2025-08 腾讯控股 恒生指数 相关研究报告 《2025Q1 游戏、广告业务表现亮眼， AI 赋能业绩增长 —港股公司信息更 新报告》-2025.5.15 《业绩延续高增速，AI 赋能全线业务， 驱动长期成长—港股公司信息更新报 告》-2025.3.20 《微信测试接入 DeepSeek，AI+游戏+ 电商驱动成长—港股公司信息更新报 告》-2025.2.17 方光照（分析师） fang ...

Core Viewpoint - Tencent is experiencing a resurgence, with significant revenue growth and increased investment in AI, indicating a shift from a cautious growth strategy to a more aggressive approach [5][6]. Financial Performance - In Q2, Tencent reported total revenue of RMB 184.5 billion, a year-on-year increase of 15% [5]. - The company achieved a gross margin of 22% and an operating profit (Non-IFRS) of 18%, both showing growth despite a three-digit percentage increase in capital expenditure [5]. - Capital expenditure reached RMB 19.1 billion, up 119% year-on-year, primarily due to increased AI investments, although it saw a 30% decline quarter-on-quarter due to U.S. export restrictions on AI chips [5][6]. AI Investment and Impact - Tencent's investment in AI has been substantial, with capital expenditure and R&D spending increasing by 119% and 17% respectively [11]. - AI has been integrated into core business areas such as gaming, advertising, and social ecosystems, driving revenue growth in value-added services and marketing services [6][8]. - The company emphasizes a strategic approach to AI spending, focusing on efficiency rather than indiscriminate investment [12][13]. Gaming Business - Tencent's gaming revenue grew by 22% year-on-year, maintaining over 20% growth for three consecutive quarters [8]. - Notable contributions to growth came from both new titles like "Delta Force" and established games like "Peacekeeper Elite," with the former achieving over 20 million daily active users [8][9]. - AI tools are being utilized to enhance game content production and improve player engagement through more realistic non-player characters [8]. Advertising Business - Advertising revenue increased by 20% year-on-year, outperforming the industry average despite a challenging external environment [9][10]. - Growth in advertising revenue was driven by improved click-through rates due to AI, as well as increased exposure from platforms like video accounts and search traffic [9][10]. - The current low ad loading rates present significant growth potential for future advertising revenue [10]. Strategic Outlook - Tencent's management believes that the future of the gaming market will still favor long-term operational games over AAA titles, viewing both as complementary [9]. - The company is cautious about monetizing AI tools, focusing on integrating them with existing platforms rather than pursuing aggressive user acquisition strategies [12][13].