要点主要财务前瞻:我们预测公司25Q2实现营业收入1799.3亿元(YoY+11.7%)。主要受增值服务中游戏业务、网络广告业务保持较快增长驱动。我们预测公司25Q2毛利率55.1%(YoY+1.8pcts),毛利润990.8亿元(YoY+15.4%),本土游戏、视频号广告等高毛利业务贡献增加;预测公司经营利润587.2亿元,同比增长15.7%,保持降本增效趋势的同时,AI大模型投入的开支或有提升...
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