【受一季报业绩提振，大股东 Prosus 股价上涨近 4%，创四年多新高】5 月 14 日晚间，控股发布 2025 年第一季度财报。当季实现营业收入 1800 亿元人民币，同比增长 13%；毛利 1005 亿元，同比增长 20%；净利润（Non-IFRS）613 亿元，同比增长 22%；公司权益持有人应占盈利 478.21 亿元，同比增 长 14%。 为加强投资者回报，截至 2025 年 3 月 31 日止三个月内，控股于港交所以约 171 亿港元购回 共 4298.4 万股股份，购回股份已被注销。 今年一季度，各项业务均维持较快增长态势。增值服务业务 方面，一季度收入同比增长 17%至 921 亿元。多款游戏流水创新高，新游戏表现出色。视频、音乐保 持领先地位。营销服务收入同比增长 20%至 319 亿元。金融科技及企业服务业务收入同比增长 5%至 549 亿元。 AI 能力对多项业务有贡献，公司加大对新 AI 机遇投入。多项 AI 产品团队调整，元宝接入 模型并迭代，微信上线 AI 助手元宝。 4 月 22 日，SPARK2025 游戏发布会举行，发布 46 款产品动态， 重点游戏开启预约/测试，部分游戏 ...

Group 1 - The core investment focus for April is on three sectors: robotics, semiconductor self-sufficiency, and cross-border payments, with robotics being the best-performing technology sector due to advancements in Tesla's Optimus production and emerging domestic commercialization cases [1] - The semiconductor sector is benefiting from changes in "integrated circuit" origin regulations in China, which may impact US IDM manufacturers due to tariff implications, while domestic semiconductor companies, particularly in analog and RF chips, are expected to gain advantages [1] - The importance of cross-border payments is increasing, reflecting a shift in investment priorities [1] Group 2 - Uncertainties surrounding overseas AI chip exports are rising, with Nvidia announcing that it must obtain export licenses for certain integrated circuits to China and other regions, potentially incurring costs up to $5.5 billion related to inventory write-downs and procurement commitments [2] Group 3 - Google and Microsoft are significantly increasing their capital expenditures on AI infrastructure, with Google's Q1 capital spending reaching $17.2 billion, up from $12 billion year-on-year, and Microsoft projecting its FY2025 capital expenditures to exceed $80 billion [3] Group 4 - Major advancements in AI models are being made, with Alibaba releasing the Qwen3 model, ByteDance launching the Doubao 1.5 model, and Xiaomi introducing the MiMo model, which demonstrates superior reasoning capabilities compared to larger models from competitors [4]