Core Viewpoint - The company reported strong Q1 2025 financial results, with total revenue of 180 billion yuan, a year-over-year increase of 13%, exceeding Bloomberg consensus by 3% [1] - Non-IFRS net profit reached 61.3 billion yuan, up 22% year-over-year, also surpassing Bloomberg consensus by 3% [1] Group 1: Gaming Business - Domestic and international gaming revenues exceeded expectations, with a record revenue growth of 24% year-over-year, totaling 59.5 billion yuan [1] - The domestic gaming market showed high growth, with revenue of 42.9 billion yuan, a 24% increase year-over-year, surpassing expectations by 7% [1] - Key games like "Honor of Kings" and "Peacekeeper Elite" achieved historical highs in revenue, while new game "Delta Force" showed strong user growth [1] Group 2: International Market - International gaming revenue reached 16.6 billion yuan, growing 23% year-over-year, exceeding expectations by 8% [2] - The growth was driven by Supercell's ongoing revenue increase and stable performance from existing products like PUBG Mobile and COD Mobile [2] - The company expects a similar revenue growth rate for the entire year of 2025, with a projected year-over-year increase of 10% [2] Group 3: Social Networking and Marketing Services - Social networking revenue was 32.6 billion yuan, a 7% year-over-year increase, meeting expectations [2] - Marketing services revenue reached 31.9 billion yuan, up 20% year-over-year, exceeding expectations by 3% due to increased user engagement and AI-driven advertising solutions [2] Group 4: Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 54.9 billion yuan, a 5% year-over-year increase, in line with expectations [3] - The growth was driven by improvements in cloud services and e-commerce transaction fees, with AI beginning to positively impact revenue [3] Group 5: Capital Expenditure - Capital expenditure (CAPEX) reached 23 billion yuan, a 60% year-over-year increase, accounting for 13% of revenue [3] - The high CAPEX is aligned with previous guidance and reflects the company's focus on optimizing cash flow through AI infrastructure investments [3] Group 6: AI Developments - The company released an upgraded image generation model, enhancing the speed and quality of generated content for advertising [4] - Ongoing updates in application scenarios are being explored, particularly in integrating AI features into existing platforms like WeChat [4] Group 7: Profit Forecast and Investment Recommendations - Revenue forecasts for 2025-2027 have been slightly adjusted to 728.6 billion, 784.5 billion, and 835.6 billion yuan, reflecting year-over-year growth of 10%, 8%, and 7% respectively [5] - Non-IFRS net profit forecasts for the same period are set at 256 billion, 288.6 billion, and 313.1 billion yuan, with expected year-over-year growth of 15%, 13%, and 9% [5] - The company maintains a "recommended" rating with a target price range of 545.69 to 606.33 Hong Kong dollars based on projected earnings [5]

长江商报消息 ●长江商报记者 江楚雅 三大核心主业齐增长，腾讯控股（00700.HK）一季度业绩亮眼。 5月14日晚间，腾讯控股发布的2025年一季度财报显示，报告期，公司实现营收1800.2亿元，同比增长13%；毛利 1004.9亿元，同比增长20%；经营利润（Non-IFRS）693.2亿元，同比增长18%。 腾讯控股三大核心主业——增值服务、营销服务、金融科技及企业服务收入齐增。而核心业务的高质量增长为AI 战略长线布局提供了坚实基础，推动公司持续加大AI领域投入，强化AI战略布局。一季度，公司研发支出达189.1 亿元，同比增长21%；资本开支274.8亿元，同比增长91%。 为加强投资者回报，截至2025年3月31日的3个月内，腾讯控股于港交所以总代价约171亿港元购回共4298.4万股股 份，购回的股份其后已被注销。 三大核心业务齐增长 财报显示，一季度，腾讯控股实现营收1800.2亿元，同比增长13%；毛利1004.9亿元，同比增长20%；经营利润 （Non-IFRS）693.2亿元，同比增长18%。公司的毛利、经营利润增速连续领跑营收增长。 2025年一季度，腾讯控股各项业务均维持较快增长态势 ...