资料图。本文来源：新浪科技 腾讯2025Q2业绩电话会议高管解读财报（附问 答） 8月13日，腾讯控股发布了截至6月30日的2025年第二季度财报：营收为1845亿元，同比增长 15%。权益持有人应占利润为556亿元，同比增长17%。非国际财务报告准则下，权益持有人应 占利润为631亿元，同比增长10%。 财报发布后，腾讯董事长兼CEO马化腾、总裁刘炽平、首席战略官詹姆斯·米歇尔（James Mitchell）及CFO罗硕瀚等公司高管召开了财报电话会议，解读财报要点，并回答分析师提问。 以下为腾讯高管解读财报要点： 黄文迪： 大家好，晚上好。感谢您的收看。欢迎参加腾讯控股有限公司2025年第二季度业绩发 布会。我是腾讯投资者关系团队的黄文迪。 请注意，今天的网络研讨会正在录制中。 在开始演示之前，我们想提醒您，本演示包含前瞻性陈述，这些陈述包含诸多风险和不确定 性，并且由于各种原因，未来可能无法实现。有关一般市场状况的信息来自腾讯以外的各种来 源。本演示还包含一些未经审计的非国际财务报告准则 (Non-IFRS) 财务指标，这些指标应作为 对根据国际财务报告准则 (IFRS) 编制的集团财务业绩指标的补充，但 ...

中经记者 谭伦 北京报道 2025年半年报业绩出炉后，近年来一直是三大运营商最大增速引擎的云业务受到关注。其中，移动云收 入达561亿元，同比增长11.3%；联通云收入达376亿元，同比增长4.6%；天翼云收入达573亿元，同比 增长3.8%。虽然均保持增长，但相比于此前几年三家平均20%以上的增速，运营商"三朵云"呈现出明显 的放缓趋势。 相比之下，在国内政企公有云市场中，以阿里云、腾讯云等为代表的互联网云厂商则开始重回快速增长 通道。最新财报显示，2025财年第一财季（对应2025自然年第二季度），阿里云营收实现同比增长 18%，创下近三年最快增速。作为对照，涵盖云业务的腾讯金融科技及企业服务收入也在2025年第二季 度实现同比增长10%。 据IDC此前统计，截至2024年下半年，中国IaaS市场前五厂商分别为阿里云、华为云、中国电信天翼 云、移动云和腾讯云，市场份额分别为26.1%、13.2%、13.1%、9.3%、8.1%，运营商跻身前五已占两 席。仅半年过去，此前被广泛看好的运营商云再度面临挑战。 对于此番变化，Omida电信战略分析师杨光向《中国经营报》记者表示，经过前几年高速增长后，运营 商云的 ...

Group 1 - The core viewpoint of the articles is that the Chinese AI public cloud service market is experiencing significant growth, driven by the expansion of generative AI applications and increased demand for machine learning training [1][3][5] - In 2024, the market size of China's AI public cloud service is projected to reach 19.59 billion RMB, representing a 55.3% increase compared to 2023 [1] - Major players in the market include Baidu Smart Cloud and Alibaba Cloud, which are tied for first place, followed by Tencent Cloud and Huawei Cloud [1] Group 2 - The computer vision public cloud service market in China is expected to reach 8.1 billion RMB in 2024, with a year-on-year growth of 33.7% [3] - The conversational AI public cloud service market is projected to grow to 2.09 billion RMB in 2024, reflecting a 39.5% increase from 2023 [3] - The intelligent voice public cloud service market is anticipated to reach 1.88 billion RMB in 2024, with a growth of 19.5% [3] - The natural language processing public cloud service market is expected to grow to 2.22 billion RMB in 2024, marking a 51.1% increase [3] - The machine learning platform public cloud service market is projected to reach 5.29 billion RMB in 2024, achieving a remarkable growth of 163.8% [3] Group 3 - IDC advises technology providers to leverage large models to comprehensively restructure cloud service architectures to meet the demands of an intelligent era [4] - Emphasis on AI governance is crucial as AI systems play a significant role in high-risk decision-making, necessitating transparency and accountability [4] - Companies are encouraged to rethink and build new partner ecosystems in the context of large models and generative AI, as the boundaries of the market are being reshaped [4]

Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant year-over-year growth in revenue and profits, driven by robust gaming and advertising businesses, as well as the integration of AI across its ecosystem [1][2][3] Group 1: Operational Data - In Q2 2025, WeChat's monthly active users (MAU) reached 1.411 billion, reflecting a year-over-year increase of 2.9% and a quarter-over-quarter increase of 0.6% [1] - QQ's active accounts showed a slight decline year-over-year, while the number of registered accounts for paid value-added services reached 264 million, marking a year-over-year increase of 0.4% but a quarter-over-quarter decrease of 1.5% [1] Group 2: Overall Performance - The company's overall gross margin improved to 56.9%, an increase of 3.6 percentage points year-over-year and 1.09 percentage points quarter-over-quarter [2] - Non-IFRS operating profit grew by 18% year-over-year, while Non-IFRS net profit increased by 10% to 631 billion yuan, with a 20% growth when excluding investment income [2] Group 3: Value-Added Services - Game revenue experienced a strong year-over-year growth of 22%, with domestic and overseas markets growing by 17% and 35% respectively [2] - Tencent Video maintained its leading position in the domestic long video market, with paid membership reaching 114 million [2] - Tencent Music Entertainment (TME) saw a 17% year-over-year increase in online music subscription revenue, driven by growth in paid members and average revenue per paying user (ARPPU) [2] Group 4: Marketing Services - Marketing services revenue grew by 20% year-over-year, with strong demand for key advertising placements within the WeChat ecosystem, including video accounts and mini-programs [2] - The integration of AI applications into the advertising system enhanced click-through and conversion rates, contributing to the growth of e-commerce advertising potential [2] Group 5: Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year, driven by a recovery in commercial payments due to consumer spending recovery [3] - The cloud business, benefiting from rapid AI demand, saw significant year-over-year growth in international revenue, boosting overall enterprise service income [3] Group 6: Profit Forecast and Investment Rating - The company adjusted its profit expectations, forecasting revenues of 743.8 billion, 820.5 billion, and 900.7 billion yuan for 2025-2027, with Non-IFRS net profits of 255.4 billion, 288.5 billion, and 323 billion yuan respectively [3] - The target market capitalization for Tencent's various businesses in 2025 is set at 5.9 trillion yuan, corresponding to a target price of 708 Hong Kong dollars, maintaining a "buy" rating [3]

Group 1: Core Insights - The report highlights a significant shift in the Chinese stock market, with A-shares showing strong performance, particularly in the technology sector, driven by increased non-bank deposits and a shift in resident investment behavior [1][10][11] - The report notes that non-bank deposits increased by 4.69 trillion yuan year-to-date as of July, marking a new high since 2015, while resident deposits decreased by 1.11 trillion yuan in July, indicating a potential "money migration" towards the stock market [2][17][20] - The report emphasizes that the current market conditions resemble the early stages of a bull market, with small-cap stocks outperforming large-cap stocks and growth sectors leading over cyclical sectors [5][20] Group 2: Industry and Company Recommendations - The report recommends focusing on the copper-clad laminate (CCL) upstream sector, as the demand for high-frequency and high-speed materials is increasing due to AI server and chip requirements, with price increases already observed in the industry [6][23] - The banking sector is also highlighted for its stability amid potential macroeconomic risks, although it may not offer the same growth potential as the technology sector [6][23] - The report suggests that the strong performance of Tencent in Q2 2025, driven by AI integration across its core businesses, positions it as a key player in the technology sector [11][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights Tencent's strong core performance, establishing a foundation for growth, with Q2 2025 revenue reaching 184.5 billion RMB, a 15% year-on-year increase, and operating profit of 69.2 billion RMB, up 18% [5][13] - The report emphasizes the importance of AI in Tencent's long-term growth strategy, with R&D expenditure in Q2 2025 reaching 20.25 billion RMB, a 17% increase, and capital expenditure soaring to 19.1 billion RMB, a 119% increase [6][14] - The report continues to favor investment in the global AIDC computing power industry chain, satellite internet, and 6G, identifying seven key industry directions for investment [7][17] Summary by Sections 1. Investment Insights - Tencent's core performance is robust, with significant contributions from value-added services, marketing services, and fintech, all showing double-digit growth [5][13] - The report suggests focusing on the AIDC computing power industry chain as a core investment direction, alongside AI applications and satellite internet [17] 2. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations since the end of 2024 [26] - The number of 5G mobile phone users reached 1.098 billion, reflecting a year-on-year growth of 21.3% [26][31] - 5G mobile phone shipments in May 2025 totaled 21.19 million units, accounting for 89.3% of total shipments, although this represents a 17% year-on-year decline [26][36] 3. Operator Performance - The report notes strong growth in the cloud services of the three major operators, with China Mobile's cloud revenue reaching 100.4 billion RMB in 2024, a 20.4% increase [43] - The ARPU values for the three major operators remained stable, with slight variations noted [43][49] 4. Recommended Investment Targets - The report recommends specific companies within the AIDC computing power construction, network equipment, IT equipment, cloud computing platforms, AI applications, and satellite internet sectors [18][19][20][21][24]

Core Insights - Tencent reported a revenue of 184.5 billion yuan for Q2 2025, representing a year-on-year growth of 14.5% driven primarily by advertising and gaming sectors [1] - Adjusted operating profit for Q2 2025 was 69.2 billion yuan, up 18% year-on-year, while non-IFRS net profit reached 63 billion yuan, reflecting a 10% increase [1] - The company’s comprehensive gross margin improved to 57%, a 4 percentage point increase year-on-year, with notable improvements in gross margins across value-added services, online advertising, and fintech services [1] Revenue Breakdown - Online gaming revenue for Q2 2025 was 59.2 billion yuan, showing a robust year-on-year increase of 22%, with domestic gaming revenue rising 17% to 40.4 billion yuan [2] - International gaming revenue surged by 35% to 18.8 billion yuan, driven by strong performances from titles like VALORANT and PUBG MOBILE [2] - The deferred revenue at the end of Q2 2025 stood at 120.9 billion yuan, marking a 13% year-on-year increase [2] Advertising and Fintech Performance - The company’s online advertising revenue reached 35.8 billion yuan in Q2 2025, reflecting a 20% year-on-year growth, attributed to higher click-through rates from AI deployment [3] - Fintech and enterprise services revenue grew by 10% year-on-year to 55.5 billion yuan, with commercial payment services and consumer credit driving growth [3] - Cloud service revenue is estimated to have increased by 17% in Q2 2025, benefiting from AI-related service demands [3] Future Outlook - The company is well-positioned for future growth, particularly in areas like WeChat e-commerce and AI applications, which are not fully reflected in current profit forecasts [4] - Projected adjusted net profits for 2025, 2026, and 2027 are 258.7 billion yuan, 296 billion yuan, and 335.2 billion yuan respectively, with slight upward adjustments [4] - Tencent's ecosystem continues to leverage its user and scenario advantages, positioning it as a leading player in the AI era [4]

Core Viewpoint - Tencent's Q2 2025 performance shows robust growth across its core business segments, particularly in gaming, advertising, and financial technology, despite rising administrative costs and fluctuations in joint venture earnings [19][20]. Group 1: Financial Performance - Tencent's stock price rose over 600 HKD post-earnings announcement, closing at 590 HKD, with a market capitalization of 5.4 trillion HKD [1]. - Year-to-date, Tencent's stock has increased by 42.72%, outperforming the Hang Seng Index and Hang Seng Tech Index [1]. - Q2 2025 revenue from value-added services reached 913.68 billion RMB, a year-on-year increase of 15.92% [5]. - Financial technology and enterprise services revenue grew by 10.10% year-on-year to 555.36 billion RMB, driven by consumer loan services and commercial payment activities [5]. Group 2: Gaming Segment - Domestic gaming revenue in Q2 2025 grew by 17% year-on-year to 404 billion RMB, supported by new game releases and existing titles [3]. - International gaming revenue surged by 35% year-on-year to 188 billion RMB, driven by Supercell's games and PUBG MOBILE [4]. Group 3: Advertising and Marketing - Marketing services revenue increased by 19.72% year-on-year to 358.62 billion RMB, benefiting from AI-driven advertising platform improvements [6]. - Video account marketing services saw a revenue increase of approximately 50% year-on-year, attributed to higher traffic and transaction activity [6][7]. - WeChat search revenue grew by about 60% year-on-year, enhanced by AI technology improving ad relevance [7]. Group 4: Profitability and Margins - The gross margin for the value-added services segment returned to over 60%, reaching 60.4%, a year-on-year increase of 3.39 percentage points [9][10]. - Overall gross margin for Q2 2025 rose by 3.60 percentage points year-on-year to 56.92% [10]. Group 5: Cost Management - Sales and marketing expenses increased by only 2.77% year-on-year, indicating effective management of marketing expenditures [11]. - Administrative expenses rose by 16.11% year-on-year, primarily due to increased R&D and employee costs related to AI initiatives [11]. Group 6: AI and Future Outlook - Management is exploring monetization avenues for AI, emphasizing its contribution to existing business growth [12]. - Capital expenditures for Q2 2025 were 191.07 billion RMB, a year-on-year increase of 118.89% [14]. - The company is focused on tracking AI's impact on business efficiency and growth across various sectors [17][18].

Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" [4][34]. Core Insights - Tencent's revenue grew by 15% year-on-year, with adjusted profit increasing by 10%. In Q2 2025, Tencent achieved revenue of 184.5 billion yuan, a year-on-year increase of 14.5%, primarily driven by advertising and gaming businesses. The adjusted operating profit for Q2 2025 was 69.2 billion yuan, up 18% year-on-year [1][10]. - The company is optimistic about the integration of AI applications within its ecosystem, enhancing user experience and driving growth in social e-commerce [2][19]. - The gaming segment saw a 22% year-on-year increase in revenue, with domestic game revenue rising by 17% to 40.4 billion yuan, supported by strong contributions from self-developed games [3][22][26]. - Advertising revenue reached 35.8 billion yuan, reflecting a 20% year-on-year growth, attributed to higher click-through rates from AI deployment and improved transaction activities [4][31]. - Financial technology and enterprise services returned to double-digit growth, with revenue increasing by 10% to 55.5 billion yuan, driven by commercial payment services and consumer credit services [4][32]. Summary by Sections Financial Performance - In Q2 2025, Tencent's total revenue was 184.5 billion yuan, a 14.5% increase year-on-year, with adjusted operating profit at 69.2 billion yuan, up 18% year-on-year. The non-IFRS net profit was 63 billion yuan, reflecting a 10% increase [1][10][11]. - The overall gross margin improved to 57%, up 4 percentage points year-on-year, with specific segments like value-added services and financial technology showing significant margin improvements [11][34]. Gaming Business - The gaming revenue for Q2 2025 was 59.2 billion yuan, a 22% increase year-on-year. Domestic market revenue rose by 17% to 40.4 billion yuan, driven by popular titles like "Delta Action" and "Honor of Kings" [3][22][26]. - International gaming revenue grew by 35% to 18.8 billion yuan, with strong performances from titles like "VALORANT" and "PUBG MOBILE" [3][22][27]. Advertising and Marketing Services - The advertising revenue for Q2 2025 was 35.8 billion yuan, a 20% increase year-on-year, primarily due to enhanced click rates from AI and improved transaction activities through WeChat [4][31]. - The company noted that the current loading rate for video accounts is relatively low, indicating potential for future growth in advertising monetization [31]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue grew by 10% to 55.5 billion yuan, with a notable recovery in growth rates. The cloud service revenue is estimated to have increased by 17% in Q2 2025 [4][32][34].

Core Viewpoint - The article discusses Tencent's transition from AI as a research investment to a significant driver of revenue and profit, highlighting the company's strong financial performance and strategic shifts in AI commercialization and global expansion [6][34]. Group 1: Financial Performance - Tencent's Q2 2025 revenue reached 184.5 billion yuan, a 15% year-on-year increase, with gross profit at 105 billion yuan, up 22% [6][7]. - The company's operating profit under Non-IFRS was 69.25 billion yuan, reflecting an 18% growth [6]. - Following the earnings report, Tencent's ADR surged nearly 7%, pushing its market capitalization back to 700 billion USD [7]. Group 2: AI Strategy and Implementation - Tencent's AI strategy has shifted from heavy investment to realizing commercial benefits, marking a new phase of accelerated returns [7][9]. - The company invested 20.25 billion yuan in R&D during Q2, a 17% increase, with total R&D spending since 2018 exceeding 379.5 billion yuan [9][10]. - Capital expenditures reached 19.11 billion yuan, a 119% increase, indicating significant investment in infrastructure for AI model training [10]. Group 3: AI-Driven Business Growth - Tencent's advertising revenue grew to 35.76 billion yuan, a 20% increase, attributed to AI-driven improvements in its advertising platform [14][15]. - The gaming segment saw total revenue of 59.2 billion yuan, driven by both international and domestic markets, with international game revenue up 35% [20][23]. - The company is leveraging AI in its gaming products, enhancing user engagement through features like AI companions in popular games [24][25]. Group 4: Global Expansion - Tencent's international game revenue growth reflects a strategic focus on global markets, with significant contributions from titles like "PUBG MOBILE" and "Clash Royale" [20][21]. - The company is also expanding its cloud services globally, having served over 10,000 international clients across 80 countries [31][32]. - Tencent's commitment to building a global cloud service network includes investments in data centers in the Middle East and Japan [32][33]. Group 5: To B Strategy - Tencent's enterprise services revenue reached 55.54 billion yuan, a 10% increase, driven by demand for AI-related services [28][29]. - The company is enhancing its AI tools for developers, exemplified by the launch of CodeBuddy IDE, which significantly reduces development time [30]. - Tencent's AI capabilities are being packaged into user-friendly solutions for businesses, facilitating cost reduction and efficiency improvements [30][31].