Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market in the next six months [28]. Core Insights - In May 2025, a total of 14 new key mobile games were launched, with standout performances from "杖剑传说" and "胜利女神：新的希望" [2][10]. - "杖剑传说" achieved a peak daily download of 110,436 on May 30, 2025, and generated total iOS revenue of $5,210,438 by June 15, 2025, with a peak daily revenue of $478,432 on June 4, 2025 [3][16]. - "胜利女神：新的希望" reached first place on the App Store free chart on its launch day and accumulated total iOS revenue of $4,576,093 by June 15, 2025, with a peak daily revenue of $643,782 on June 12, 2025 [4][21]. Summary by Sections New Game Releases - In May 2025, 14 new mobile games were launched, including titles from various publishers such as "落日山丘" by 胖布丁游戏 and "热血美职篮" by 腾讯游戏 [2][10]. Game Performance - "杖剑传说" stands out with its unique battle strategy and art style, achieving significant market penetration and high revenue [3][13]. - "胜利女神：新的希望" received positive feedback in the domestic market, optimizing gameplay and community engagement, leading to high download rates [4][19]. Investment Recommendations - The report suggests focusing on high-quality game developers with innovative capabilities and a rich portfolio of overseas products, as the market environment stabilizes and new game performances are expected to improve [26].

受腾讯一季报业绩提振，腾讯大股东Prosus股价上涨近4%，创下四年多来新高。 营销服务业务方面，微信小店商家提供更多的入驻支持，以扩充品牌商品库，微信小店交易额同比迅速 增长。得益于广告主对视频号、小程序及微信搜一搜广告库存的强劲需求，用户参与度提高，广告平台 持续的AI升级以及微信交易生态系统的优化，营销服务收入同比增长20%至人民币319亿元。 金融科技及企业服务业务2025年第一季度的收入同比增长5%至人民币549亿元，主要系消费贷款服务及 理财服务收入增长。企业服务收入乃受云服务收入及商家技术服务费的增长所驱动。 AI生态布局全面加速 财报显示，AI能力已经对公司多项业务产生了实质性的贡献。腾讯亦加大了对元宝应用与微信内的AI 等新AI机遇的投入。 5月14日晚间，腾讯控股（0700.HK）发布2025年第一季度财报。财报显示，公司当季实现营业收入 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为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，腾讯控股于港交 ...

Core Viewpoint - Tencent showcased 46 products at the SPARK 2025 game launch event, highlighting its comprehensive capabilities in research, development, and investment in the gaming sector [3][4]. Group 1: Game Investment and Market Trends - Tencent's separate display of its game investment segment indicates significant achievements in overseas investments, with a clear development strategy for IP and PC games. In Q1 2025, China's self-developed games achieved actual sales of $4.805 billion in overseas markets, reflecting a year-on-year growth of 17.9%. The domestic mobile game market is expected to maintain a global market share of 37.5% in 2024, while the overseas market shows a high degree of consolidation, with PC games accounting for 51% of the market [4]. - Tencent's investment in Ubisoft's subsidiary is expected to enhance its IP portfolio and improve its PC game development capabilities, thereby supporting long-term growth in its overseas gaming business [4]. Group 2: Game Development and Adaptation - The event highlighted Tencent's strong research and development capabilities, showcasing updates on popular mobile adaptations of established PC game IPs, such as "Call of Duty Mobile" and "Valorant: Source Action." This demonstrates Tencent's mature technical handling and industrial production experience in adapting PC games to mobile platforms [5]. - New game developments, including "Honor of Kings World" and "Wilderness Origin," indicate Tencent's expansion into new game genres beyond its traditional strengths [5]. Group 3: User Engagement and Market Position - Tencent's ability to attract quality developers for product distribution is supported by its extensive user base and social ecosystem. According to Quest Mobile data, Tencent's gaming user engagement accounted for 66.5% of the industry in 2024, leading in traffic [6]. - The upcoming release of "Victory Goddess: New Hope" in May is expected to contribute to user growth, while "Dungeon and Fighter: Kazan" is anticipated to enhance the value of the DNF IP [6]. Group 4: Product Release Strategy - The product release schedule is well-managed, with established games expected to drive growth in the first half of 2025, while new products are anticipated to alleviate high baseline pressure in the second half [6]. - Tencent's long-standing games, such as "Honor of Kings" and "Peacekeeper Elite," have shown strong performance, with a collaboration with the popular IP "Nezha" expected to boost game business in Q2 2025 [6].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Viewpoints - Tencent showcased 46 products at the SPARK 2025 game launch event, highlighting its comprehensive capabilities in development, publishing, and investment [1] - The report emphasizes Tencent's strong research and development capabilities, particularly in adapting popular PC game IPs into mobile formats, which is expected to yield ongoing benefits [1][2] - Tencent's investment in external companies is anticipated to enhance its IP portfolio and improve its capabilities in the overseas PC gaming market, contributing to long-term growth [1][2] Summary by Sections Product Development and Investment - Tencent's game publishing strategy has evolved to include a focus on investment, showcasing successful overseas ventures and a clear direction for future IP and PC game development [1] - The report notes that the Chinese mobile gaming market is expected to maintain a significant global share, with Tencent's investments likely to bolster its competitive edge in the PC gaming sector [1] User Engagement and Market Position - Tencent's gaming user engagement remains robust, with a reported 66.5% share of industry usage time, indicating a strong operational advantage [2] - The upcoming release of new titles is expected to mitigate growth pressures from high baseline comparisons in the latter half of 2025 [2] Financial Projections - The report projects Tencent's Non-IFRS net profit to reach 254.72 billion RMB in 2025, with a slight upward revision from previous estimates [2][10] - The target price for Tencent's stock has been adjusted to 605 HKD, reflecting confidence in its sustained performance across gaming and digital content sectors [2][4]