国盛证券:AI驱动腾讯控股业务多元增长,重申买入评级

GS海外研究
May 26, 2025

腾讯发布2025Q1业绩公告。腾讯2025Q1收入录得1800亿元人民币,同比增长13%。毛利率由去年同期53%提升至56%,主要由微信视频号、搜一搜、本土游戏、小游戏等高毛利业务驱动、以及腾讯支付和云效率提升。Non-GAAP归母净利润约613亿元,同比增长22%。从各业务条线来看:1)增值服务本季收入921亿元,同比增长17%。其中,本土游戏收入429亿元,同比增长24%。国际游戏收入166...

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