Group 1 - Tencent Holdings has appointed multiple banks for its first bond issuance plan in four years, with plans to issue offshore RMB-denominated notes with maturities of 5, 10, and 30 years [1] - The banks designated as global coordinators for this transaction include Bank of China and JPMorgan, while other banks such as Bank of Communications and Morgan Stanley are appointed as joint bookrunners [1] - If initiated, this issuance will mark Tencent's first issuance of dim sum bonds and its first bond issuance in any currency since 2021, with a total of $17.75 billion in outstanding notes remaining [1] Group 2 - Tencent reported its Q2 2025 financial results, achieving revenue of 184.5 billion yuan, a year-on-year increase of 15% [1] - Profit attributable to equity holders reached 55.6 billion yuan, up 17% year-on-year, while non-IFRS profit attributable to equity holders was 63.1 billion yuan, reflecting a 10% increase [1] - The value-added services segment continued to perform well, generating revenue of 91.4 billion yuan in Q2, a 16% year-on-year growth, with domestic game revenue at 40.4 billion yuan (up 17%) and international game revenue at 18.8 billion yuan (up 35%) [1]

Core Insights - Tencent Holdings reported a 15% year-on-year revenue growth to 184.504 billion RMB for Q2 2025 [1] - Gross profit increased by 22% year-on-year to 105.013 billion RMB [1] - Profit attributable to equity holders rose by 17% year-on-year to 55.628 billion RMB, while non-IFRS profit attributable to equity holders grew by 10% to 63.052 billion RMB [1] - Basic earnings per share were 6.115 RMB [1] Business Segmentation - Value-added services revenue grew by 16% year-on-year to 91.4 billion RMB, with domestic game revenue at 40.4 billion RMB (up 17%) and international game revenue at 18.8 billion RMB (up 35%) [1] - Social network revenue increased by 6% year-on-year to 32.2 billion RMB [1] - Marketing services revenue rose by 20% year-on-year to 35.8 billion RMB [1] - Financial technology and enterprise services revenue grew by 10% year-on-year to 55.5 billion RMB [1]

Group 1 - The core point of the article is that Tencent Holdings reported a 22% year-on-year increase in gross profit for Q2 2025, reaching RMB 105 billion, driven by high-margin revenue sources and improved cost efficiency in payment and cloud services [1] - The gross margin improved from 53% in the same period last year to 57% [1]

Core Insights - The company reported a revenue of 180.02 billion RMB for the first quarter, representing a year-on-year growth of 13%, surpassing the forecast of 175.6 billion RMB [1][2] - Net profit attributable to equity holders was 47.82 billion RMB, a 14% increase year-on-year, but below the expected 51.69 billion RMB [1][2] - The gross profit reached 100.49 billion RMB, up 20% year-on-year, with a gross margin improvement from 53% to 56% [1][2] Revenue Breakdown - Value-added services revenue was 92.13 billion RMB, growing 17% year-on-year, accounting for 51% of total revenue [5] - Marketing services revenue increased to 31.85 billion RMB, a 20% growth, driven by strong demand for advertising on platforms like WeChat [3][5] - Financial technology and enterprise services revenue was 54.91 billion RMB, reflecting a 5% year-on-year growth [3][5] Profitability Metrics - Operating profit was reported at 57.57 billion RMB, a 10% increase year-on-year [2] - Non-IFRS operating profit reached 69.32 billion RMB, up 18% year-on-year [2] - Earnings per share (EPS) based on non-IFRS measures was 6.735 RMB, a 25% increase compared to the previous year [2] Investment and R&D - The company invested 18.91 billion RMB in R&D, marking a 21% increase year-on-year [5] - Capital expenditures amounted to 27.48 billion RMB, with a significant year-on-year growth of 91% [5] Future Outlook - The company anticipates continued solid growth in high-quality revenue, with AI capabilities contributing positively to advertising and gaming sectors [6] - Increased investments in AI applications and opportunities within WeChat are expected to support financial stability despite additional costs [6]

未經審核 腾讯控股第一季度营收1,800.2亿元人民币，预估1,756亿元人民币。 第一季度净利润478.2亿元人民币，预估516.9亿元人民币。 第一季度营业利润575.7亿元人民币，预估592亿元人民币。 第一季度调整后净利润613.3亿元人民币，预估596.8亿元人民币。 第一季度金融科技及企业服务业务收入549亿元人民币，预估550.7亿元人民币。 第一季度增值服务业务收入921亿元人民币，预估873.5亿元人民币。 第一季度本土市场游戏收入429亿元人民币，预估402.7亿元人民币。 第一季度社交网络收入326亿元人民币，预估321.7亿元人民币。 第一季度销售费用78.7亿元人民币，预估89.5亿元人民币。 截至下列日期止三個月 二零二五年 二零二四年 三月三十一日 十二月三十一日 (人民幣百萬元) | 收入 | 180,022 | 172.446 | | --- | --- | --- | | 收入成本 | (79,529) | (81.793) | | 毛利 | 100,493 | 90,653 | | 銷售及市場推廣開支 | (7,866) | (10,285) | | 一般及行政開支 | ...