凤凰网科技讯 10月9日，腾讯官方宣布，最新的混元图像3.0已在元宝App上线，可生成表情包组图、四 格漫画、人像写真、纪实摄影、设计配图等。 ...

Core Viewpoint - Tencent's market capitalization has reached a new high of 5 trillion HKD, driven by the integration of AI technology with its core business, resulting in significant growth momentum [1][5]. Group 1: Financial Performance - Tencent ranked 32nd in the 2025 Fortune China 500 list, improving by 6 places from the previous year, with a net profit exceeding 26.9 billion USD, placing it 6th in the profit ranking [4]. - In Q1 2025, Tencent reported revenue of 1800.2 billion CNY, a year-on-year increase of 13%, with gross profit of 1004.9 billion CNY, up 20% [13]. - The company’s R&D expenditure reached 706.9 billion CNY for the year, with a cumulative investment of 340.3 billion CNY over seven years [12]. Group 2: AI Strategy and Developments - Tencent has heavily invested in deep learning models since the second half of last year, launching its self-developed models, including the Tencent Mixed Yuan Deep Thinking Model T1 and TurboS [6]. - The AI assistant "Yuanbao" was launched on WeChat, allowing users to interact directly within the chat interface [9]. - The daily active users of Yuanbao surged over 20 times from February to March, making it the third-ranked AI-native mobile application in China [8]. Group 3: Business Segments and Growth - AI has become a key growth driver across Tencent's three main business segments: gaming revenue increased by 24%, advertising revenue grew by 20%, and financial technology and enterprise services revenue rose by 5% [11]. - Tencent's capital expenditure has seen a significant increase, with a year-on-year growth of 221%, reaching a historical high of 76.7 billion CNY [12]. Group 4: Market Activity and Future Outlook - Tencent has been a leader in share buybacks in the Hong Kong market, with a total buyback amount exceeding 40 billion HKD this year, marking a significant increase from previous years [15]. - The company plans to repurchase at least 80 billion HKD worth of shares in 2025, reflecting its commitment to returning value to shareholders [15].

临近 520 ，海豚君为大家准备了一波现金红包福利，详细获取方式见文内。 时隔两月，腾讯于今日（北京时间5月14日）港股盘后发布了2025年一季度业绩。受益游戏、广告，以及触底回暖的支付环境，业绩超预期的亮眼。 不过Q1炸裂的业绩，游戏贡献不小。但从Q2开始，DNF手游的高基数影响也会开始施加压力，这意味着从大趋势上看，整体利润增速会放缓到一个新区间。因 此，AI能否给腾讯再次点火起飞的源动力，也是市场上多头资金最期待的看点。 上个月，海豚君从腾讯的资金配置出发，初步讨论了一下腾讯可能的AI战略路线（回顾《 腾讯：从抠门的回购谈起，超级AI是明晃晃的阳谋？ 》），这次结合财 报，再来做一次小小的深挖。 先来过一下业绩： 1. 长青继续发力，游戏大超预期： Q1游戏增长24%，撇开预期，也是一个强悍的增长。除了《DNF手游》、《三角洲行动》的增量外，《王者荣耀》、《和平精 英》这两款古老的长青游戏，春节期间在内容更新和运营活动下，流水表现也非常不错。海外收入依然由《PUBG》手游、Supercell旗下经典游戏贡献高增长。 从递延收入看，环比增速高于往年正常水平，有望继续给到Q2一定支撑。 但Q2开 始，不可避 ...