業績摘要
2025 年第一季度,公司實現總營收 1800 億元(人民幣,下同),同比增長 12.9%;
盈利能力方面,未經調整經營利潤為 576 億元,同比增長 9.5%,經營利潤率由去年
同期 33.0%微降至 32.0%。未經調整期內盈利為 497 億元,同比增長 16.6%。分部收
入方面,1Q25 增值服務業務收入實現強勁增長,同比增長 17.1%至 921 億元,主要
由於本土市場遊戲去年低基數貢獻。營銷服務收入同比增長 20.2%至 319 億元,得益
於用戶參與度提高、廣告平臺持續的 AI 升級以及微信交易生態系統的優化。金融科技
及企業服務業務收入同比增長 5.0%至 549 億元,主要由於消費貸款服務及理財服務
收入增長和雲服務收入及商家技術服務費的增長。
業績點評
遊戲業務
2025 年第一季度,公司遊戲收入同比增長 23.7%至 595 億元,占總營收的比重從去
年同期的 49.0%進一步提升至 51.0%。其中,國際市場遊戲收入為人民幣 166 億元,
同比增長 22.1%,主要由於包括《PUBG MOBILE》及《荒野亂鬥》在內的遊戲表現
強勁。本土市場遊戲收入同比增長 24.3%至 429 億元,得益於去年低基數和長青遊戲
《王者榮耀》等流水創下新高。同時,新遊戲《三角洲行動》DAU 峰值突破 1200
萬,為行業近三年發佈的新遊戲中 DAU 最高的遊戲。根據管理層,國內和國際遊戲業
務的收入增長仍有長期空間,AI 技術助力提升遊戲體驗和使用者黏性,有望減少部分
低基數效應。
社交網路業務
2025 年第一季度,公司社交網路業務收入同比增長 6.9%至 326 億元,主要由於廣告
主對視頻號、小程式及微信搜一搜廣告庫存的強勁需求。騰訊視頻、騰訊音樂保持市
場領先地位,付費會員數分別達到 1.17 億和 1.23 億。
營銷服務業務
2025 年第一季度,公司營銷服務收入同比增長 20.4%至 319 億元,主要得益於廣告
主對視頻號、小程式及微信搜一搜廣告庫存的強勁需求。根據管理層,通過提升生成
式 AI 能力,升級廣告技術平臺,例如改進圖像生成與視頻編輯功能以加速廣告製作,
推出數字人解決方案以促進直播活動,以及加深對商品與用戶興趣的理解以提升推薦
效果。目前,AI 對廣告收入的提升部分通過廣告點擊率來量化。根據歷史資料,橫幅
廣告點擊率約為 0.1%,資訊流廣告約為 1.0%。而借助 AI 優化,部分廣告庫存的點擊
率已提升至 3.0%。
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She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.