腾讯（HK00700，股价521港元，市值4.79万亿港元）对AI（人工智能）的大力投入已在财报中初见成 效。 在5月14日晚的2025年第一季度业绩电话会议上，提问也主要围绕AI的投入与回报、元宝、微信生态的 链接等展开。 在业绩会开场，腾讯控股董事会主席兼首席执行官马化腾表示，AI能力已经对效果广告与长青游戏等 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。相信在AI战略 投入阶段，现有高质量收入带来的经营杠杆，将有助于消化这些AI相关投入产生的额外成本，保持财 务稳健。 一季度，腾讯实现营收约1800亿元，同比增长13%；毛利约1005亿元，同比增长20%；经营利润（Non- IFRS）为693亿元，同比增长18%。 每经记者｜黄婉银 每经编辑｜张海妮 一季度，腾讯在营销服务领域，AI驱动的智能广告投放系统显著提升匹配精准度，带动多个垂直行业 广告主投入同比增长。在游戏领域，AI技术通过优化用户体验，提升产品活跃度，增强长青产品黏 性。在金融科技与企业服务板块，AI也带动相关收入增长。财报披露，腾讯云音视频解决方案连续七 年按中国市场收入计排名第一，通过接入大语言模型能 ...

Core Insights - Tencent reported Q1 2025 revenue of 1800.2 billion RMB, a 13% year-on-year increase, with gross profit at 1004.9 billion RMB, up 20% [1][2] - The company's AI strategy is intensifying, with capital expenditures reaching 274.8 billion RMB, a 91% increase, and R&D investments at 189.1 billion RMB, up 21% [1][5] Revenue Breakdown - The value-added services segment, primarily driven by gaming, saw revenue growth of 17% to 921 billion RMB, accounting for 51% of total revenue [2][3] - Marketing services revenue increased by 20% to 319 billion RMB, representing 18% of total revenue [2][3] - The To B segment (financial technology and enterprise services) grew by 5% to 549 billion RMB, making up 30% of total revenue [2][3] Gaming Performance - Tencent's gaming revenue reached 595 billion RMB, with international market revenue growing by 23% to 166 billion RMB, marking a record high [4] - Popular games like "PUBG MOBILE" and "Honor of Kings" contributed significantly to this growth, with "Honor of Kings" seeing a 94% year-on-year revenue increase in January [4] AI Impact on Business - AI technology has significantly boosted Tencent's performance across various sectors, with marketing services revenue up 20% to 318.5 billion RMB, driven by AI upgrades in advertising platforms [5][7] - The gaming segment's revenue grew by 24%, aided by AI enhancements to user experience [5][7] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue increased by 5% to 549.1 billion RMB, with notable growth in AI-related income [7] - Tencent Cloud's audio and video solutions have maintained the top position in the Chinese market for seven consecutive years [7] AI Talent and Strategy - Tencent is focusing on AI talent development through initiatives like the "Qingyun Plan," aiming to recruit 28,000 interns over three years, with a significant portion targeting technical roles [6] - The company is committed to leveraging AI across its ecosystem, enhancing advertising effectiveness and overall business performance [7][8] User Engagement and Retention - Tencent's C-end product "Yuanbao" underwent 30 updates in 35 days, significantly increasing user engagement, with daily active users surging over 20 times [8] - The company is exploring new features for "Yuanbao" to enhance user retention and differentiate its AI offerings from competitors [8]