Core Viewpoint - Bank of America reports that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue growth accelerating to 15% year-on-year, reaching 185 billion RMB, which is 3% higher than expected [1] Financial Performance - Revenue increased by 15% year-on-year, totaling 185 billion RMB, surpassing expectations by 3% [1] - Adjusted operating profit grew by 18% year-on-year, amounting to 69 billion RMB, which is 4% higher than anticipated [1] - Gross margins across various business segments expanded, offsetting the cost impacts from artificial intelligence [1] Future Outlook - The bank maintains a positive view on the group's business growth and has raised profit forecasts for 2025 to 2027 by 2% [1] - Expectations for the second half of the year include continued growth in advertising business above industry rates, further recovery in FBS, and sustained game revenue supported by evergreen titles and potential new game releases [1] - The target price for Tencent has been raised from 631 HKD to 690 HKD, with a reiterated "buy" rating [1]

智通财经APP获悉，美银发布研报称，腾讯控股(00700)次季业绩表现胜于预期，其中收入同比增长加速 至15%，达1,850亿元人民币(较预期高3%)，各业务毛利率扩张，抵消人工智能带来的成本影响。经调 整后营运利润达同比增长18%，达690亿元人民币(较预期高4%)。该行将其目标价由631港元上调至690 港元，重申其"买入"评级。 该行对集团业务增长持正面看法，并将集团在2025年至2027年利润预测上调2%，踏入下半年，该行预 料广告业务保持高于行业的增长速度，FBS将进一步复苏，游戏收入将受到常青游戏的支撑，并有新游 戏的上升潜力，营运利润将继续增长。 ...