$TENCENT(00700.HK) 2025 net profit forecast: 240 billion - 250 billion yuan, PE is 25X, so the market value is 6 trillion - 6.25 trillion yuan, and the stock price is 650 HKD.
Gaming business: Domestic revenue growth of 12% (contributed by new games) + overseas revenue growth of 20% (globalization acceleration), overall gaming revenue growth rate of 15%.
Advertising business: Revenue growth of 15% (Video Accounts + AI efficiency improvement), gross margin increased to 55%.
Fintech: Payment revenue growth of 8% (consumption recovery) + cloud revenue growth of 15% (AI empowerment), overall growth rate of 10%.
Cost control: Employee cost optimization (e.g., "Fluid Workforce Plan") + cloud computing scale effect, operating profit margin increased by 1-2%.
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