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暴涨暴赚
暴涨暴赚
·
04-02 09:02
？
优乐赛共享(02649)3月30日下午停牌
智通财经APP讯，优乐赛共享(02649)公布，公司H股股份将于2026年3月30日下午1点起暂停买卖。
优乐赛共享(02649)3月30日下午停牌
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暴涨暴赚
暴涨暴赚
·
03-20
$小米集团-W(01810)$
小米的大模型怎么把股票打崩了
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暴涨暴赚
暴涨暴赚
·
03-19
yao 只是个 rapper
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暴涨暴赚
暴涨暴赚
·
03-19
不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？
腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”
高盛分析认为，投资者和市场的下一步反应，将主要取决于腾讯在未来几个季度内核心业务的AI整合进展，以及混元3.0、元宝应用和智能体生态的实际落地效果。报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。
腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”
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暴涨暴赚
暴涨暴赚
·
03-19
别还干不过小米啊
腾讯混元新模型HY 3.0即将发布，正在内部业务测试
新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。 据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。 海量资讯、精准解读，尽在新浪财经APP 责任编辑：宋雅芳
腾讯混元新模型HY 3.0即将发布，正在内部业务测试
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暴涨暴赚
暴涨暴赚
·
03-19
腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了
腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元
2025年营业收入7517.66亿元，同比增长14%。
腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元
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暴涨暴赚
暴涨暴赚
·
03-18
**
腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元
2025年营业收入7517.66亿元，同比增长14%。
腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元
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暴涨暴赚
暴涨暴赚
·
03-18
$腾讯控股ADR(TCEHY)$
崩了？
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暴涨暴赚
暴涨暴赚
·
03-18
梭哈 再不上车
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暴涨暴赚
暴涨暴赚
·
03-17
$腾讯控股ADR(TCEHY)$
废物啊
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href=\"http://www.zhitongcaijing.com/content/detail/1421608.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02649":"优乐赛共享","BK1158":"综合支持服务"},"source_url":"http://www.zhitongcaijing.com/content/detail/1421608.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2623937353","content_text":"智通财经APP讯，优乐赛共享(02649)公布，公司H股股份将于2026年3月30日下午1点起暂停买卖。","news_type":1,"symbols_score_info":{"02649":1.5}},"isVote":1,"tweetType":1,"viewCount":15,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":544561403547808,"gmtCreate":1773975129783,"gmtModify":1773975131957,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 小米的大模型怎么把股票打崩了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 小米的大模型怎么把股票打崩了","text":"$小米集团-W(01810)$ 小米的大模型怎么把股票打崩了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/544561403547808","isVote":1,"tweetType":1,"viewCount":4717,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3540337121736898","authorId":"3540337121736898","name":"尔等","avatar":"https://static.tigerbbs.com/1e680ef413e2af2b1352ca43485851c6","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3540337121736898","idStr":"3540337121736898"},"content":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有","text":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有","html":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有"},{"author":{"id":"3540680319507322","authorId":"3540680319507322","name":"BenBina","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3540680319507322","idStr":"3540680319507322"},"content":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌","text":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌","html":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544515070013952,"gmtCreate":1773929011880,"gmtModify":1773929014430,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"yao 只是个 rapper","listText":"yao 只是个 rapper","text":"yao 只是个 rapper","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544515070013952","isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544214014763280,"gmtCreate":1773890313088,"gmtModify":1773890315680,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？","listText":"不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？","text":"不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544214014763280","repostId":"1157495913","repostType":2,"repost":{"id":"1157495913","kind":"news","pubTimestamp":1773886703,"share":"https://www.laohu8.com/m/news/1157495913?lang=zh_CN&edition=full","pubTime":"2026-03-19 10:18","market":"us","language":"zh","title":"腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”","url":"https://stock-news.laohu8.com/highlight/detail?id=1157495913","media":"华尔街见闻","summary":"高盛分析认为，投资者和市场的下一步反应，将主要取决于腾讯在未来几个季度内核心业务的AI整合进展，以及混元3.0、元宝应用和智能体生态的实际落地效果。报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。","content":"<html><head></head><body><blockquote><p>为翻倍加码AI投资，腾讯不惜削减回购，高盛预计这将导致短期盈利承压，在维持"买入"评级的同时，将目标价从752港元下调至700港元，预计明年净利润增速仅7%。当前16倍的低估值能否修复，关键在于混元3.0、元宝及微信AI助手等产品未来3至6个月的商业落地成色。</p></blockquote><p style=\"text-align: justify;\">腾讯已正式步入由人工智能投资驱动的新一轮战略周期，公司明确释放出优先建设长期AI基础设施而非单纯追求短期利润增长的信号。</p><p style=\"text-align: justify;\">在最新的财报电话会上，腾讯管理层宣布，计划2026年将混元及新AI产品投资至少翻倍，为支持不断增加的AI投资，预计今年的股份回购规模将低于2025年。<strong>这一从减少回购转向增加AI投资的表态迅速引发市场波动，市场初步反应显得“不开心”，腾讯ADR盘中大跌4%，其大股东Prosus也下跌8%。</strong></p><p style=\"text-align: justify;\">据追风交易台，高盛在最新研报中指出，腾讯正处于一个“喜忧参半”的转折点。一方面，AI正在赋能其游戏和广告业务；另一方面，公司明确转向由新AI产品驱动的投资阶段。<strong>为此，高盛下调了腾讯2026年的盈利增长预期，预计其调整后净利润同比增长7%，低于此前10%的预期。</strong></p><p style=\"text-align: justify;\">尽管短期盈利预期承压，市场未来的关注焦点将转向腾讯的估值倍数修复。高盛分析认为，投资者和市场的下一步反应，<strong>将主要取决于腾讯在未来几个季度内核心业务的AI整合进展</strong>，以及混元3.0、元宝应用和智能体生态的实际落地效果。</p><h2 id=\"id_1483997713\">盈利预期下行：AI投资激增拖累短期利润</h2><p style=\"text-align: justify;\">腾讯在AI领域的资金投入正在大幅增加，直接对短期利润率形成挤压。</p><p style=\"text-align: justify;\">高盛分析师Ronald Keung等人在报告中表示，由于AI相关成本导致的运营支出增加，预计腾讯2026财年的营业利润率将收窄65个基点。</p><p style=\"text-align: justify;\"><strong>高盛将腾讯2026和2027年的净利润预期下调了1%至2%，并将12个月目标价从752港元下调至700港元。</strong></p><p style=\"text-align: justify;\">根据腾讯披露的数据，仅在2025年第四季度，其在“元宝”及混元大模型上的投入就达到16亿元人民币，全年累计支出达18亿元。这部分战略投资被公司单列，视为新业务的孵化和前期资本开支。管理层预计，2026年对混元及新AI产品的投资将增加一倍以上。随着资源向AI倾斜，收入增速快于利润增速将成为短期内的常态。</p><p style=\"text-align: justify;\">高盛预计，2026至2027年，腾讯的资本支出将分别达到1000亿元和1100亿元人民币，算力资源将优先向这些核心AI产品倾斜。</p><h2 id=\"id_1182797987\">估值倍数修复：核心业务韧性与AI变现潜力</h2><p style=\"text-align: justify;\">尽管盈利预期下行，高盛依然维持对腾讯的“买入”评级，认为其存在估值倍数修复的空间。</p><p style=\"text-align: justify;\">高盛指出，腾讯目前的远期市盈率约为16倍，低于年初的18倍，也低于META和Alphabet等国际同行。<strong>估值修复的催化剂在于腾讯AI叙事的转变——从基础模型的后来者，转变为智能体AI时代的受益者。</strong></p><p style=\"text-align: justify;\">核心业务的强劲表现为AI投资提供了资金缓冲。2025年第四季度，腾讯总营收同比增长13%。游戏业务在AI提效的推动下实现22%的增长，营销服务收入也受升级的AI广告模型驱动同比增长19%。</p><p style=\"text-align: justify;\">高盛对腾讯的核心业务保持乐观预期：</p><blockquote><p style=\"text-align: justify;\">游戏业务：预计2026年第一季度和全年的收入同比增长分别为15%和12%。这得益于《王者荣耀》和《和平精英》等常青游戏的韧性，以及《三角洲行动》和《无畏契约》PC版的强劲表现。此外，苹果和谷歌应用商店抽成比例的降低预计将使腾讯的总营业利润增加1.9%。</p><p style=\"text-align: justify;\">营销服务：预计2026年第一季度和全年的收入同比增长分别为17%和14%。视频号用户使用时长在2025年增长了20%，加上与电商平台的深化合作，将继续推动广告收入增长。</p><p style=\"text-align: justify;\">金融科技与企业服务（FBS）：预计2026年第一季度和全年的收入同比增长分别为7%和9%。财富管理收入增长放缓，但商业支付量持续增长；企业服务则受益于内存和CPU供应紧张带来的定价环境改善，以及国际云业务的健康增长。</p></blockquote><h2 id=\"id_637974703\">估值修复紧盯新产品时间表</h2><p style=\"text-align: justify;\">针对市场的短期悲观情绪，高盛认为，当前的AI前置投资有望在未来释放可观的新价值，这与腾讯云业务经历前期投入后最终实现稳健盈利的路径相似。相比Meta、Alphabet或阿里巴巴等全球同行普遍22倍至29倍的估值水平，腾讯仍具备明显的估值修复空间。</p><p style=\"text-align: justify;\">报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。</p><p style=\"text-align: justify;\"><strong>这包括预计下月发布的混元3.0大模型、元宝AI应用、微信AI助手，以及涵盖SkillHub、OpenClaw和WorkBuddy等在内的生产力AI智能体工具在未来3到6个月内的实际商业表现。</strong></p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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href=https://wallstreetcn.com/articles/3767883><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>为翻倍加码AI投资，腾讯不惜削减回购，高盛预计这将导致短期盈利承压，在维持\"买入\"评级的同时，将目标价从752港元下调至700港元，预计明年净利润增速仅7%。当前16倍的低估值能否修复，关键在于混元3.0、元宝及微信AI助手等产品未来3至6个月的商业落地成色。腾讯已正式步入由人工智能投资驱动的新一轮战略周期，公司明确释放出优先建设长期AI基础设施而非单纯追求短期利润增长的信号。在最新的财报电话会上...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767883\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a0e16df4356317d39c6afb5761b6942b","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://wallstreetcn.com/articles/3767883","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157495913","content_text":"为翻倍加码AI投资，腾讯不惜削减回购，高盛预计这将导致短期盈利承压，在维持\"买入\"评级的同时，将目标价从752港元下调至700港元，预计明年净利润增速仅7%。当前16倍的低估值能否修复，关键在于混元3.0、元宝及微信AI助手等产品未来3至6个月的商业落地成色。腾讯已正式步入由人工智能投资驱动的新一轮战略周期，公司明确释放出优先建设长期AI基础设施而非单纯追求短期利润增长的信号。在最新的财报电话会上，腾讯管理层宣布，计划2026年将混元及新AI产品投资至少翻倍，为支持不断增加的AI投资，预计今年的股份回购规模将低于2025年。这一从减少回购转向增加AI投资的表态迅速引发市场波动，市场初步反应显得“不开心”，腾讯ADR盘中大跌4%，其大股东Prosus也下跌8%。据追风交易台，高盛在最新研报中指出，腾讯正处于一个“喜忧参半”的转折点。一方面，AI正在赋能其游戏和广告业务；另一方面，公司明确转向由新AI产品驱动的投资阶段。为此，高盛下调了腾讯2026年的盈利增长预期，预计其调整后净利润同比增长7%，低于此前10%的预期。尽管短期盈利预期承压，市场未来的关注焦点将转向腾讯的估值倍数修复。高盛分析认为，投资者和市场的下一步反应，将主要取决于腾讯在未来几个季度内核心业务的AI整合进展，以及混元3.0、元宝应用和智能体生态的实际落地效果。盈利预期下行：AI投资激增拖累短期利润腾讯在AI领域的资金投入正在大幅增加，直接对短期利润率形成挤压。高盛分析师Ronald Keung等人在报告中表示，由于AI相关成本导致的运营支出增加，预计腾讯2026财年的营业利润率将收窄65个基点。高盛将腾讯2026和2027年的净利润预期下调了1%至2%，并将12个月目标价从752港元下调至700港元。根据腾讯披露的数据，仅在2025年第四季度，其在“元宝”及混元大模型上的投入就达到16亿元人民币，全年累计支出达18亿元。这部分战略投资被公司单列，视为新业务的孵化和前期资本开支。管理层预计，2026年对混元及新AI产品的投资将增加一倍以上。随着资源向AI倾斜，收入增速快于利润增速将成为短期内的常态。高盛预计，2026至2027年，腾讯的资本支出将分别达到1000亿元和1100亿元人民币，算力资源将优先向这些核心AI产品倾斜。估值倍数修复：核心业务韧性与AI变现潜力尽管盈利预期下行，高盛依然维持对腾讯的“买入”评级，认为其存在估值倍数修复的空间。高盛指出，腾讯目前的远期市盈率约为16倍，低于年初的18倍，也低于META和Alphabet等国际同行。估值修复的催化剂在于腾讯AI叙事的转变——从基础模型的后来者，转变为智能体AI时代的受益者。核心业务的强劲表现为AI投资提供了资金缓冲。2025年第四季度，腾讯总营收同比增长13%。游戏业务在AI提效的推动下实现22%的增长，营销服务收入也受升级的AI广告模型驱动同比增长19%。高盛对腾讯的核心业务保持乐观预期：游戏业务：预计2026年第一季度和全年的收入同比增长分别为15%和12%。这得益于《王者荣耀》和《和平精英》等常青游戏的韧性，以及《三角洲行动》和《无畏契约》PC版的强劲表现。此外，苹果和谷歌应用商店抽成比例的降低预计将使腾讯的总营业利润增加1.9%。营销服务：预计2026年第一季度和全年的收入同比增长分别为17%和14%。视频号用户使用时长在2025年增长了20%，加上与电商平台的深化合作，将继续推动广告收入增长。金融科技与企业服务（FBS）：预计2026年第一季度和全年的收入同比增长分别为7%和9%。财富管理收入增长放缓，但商业支付量持续增长；企业服务则受益于内存和CPU供应紧张带来的定价环境改善，以及国际云业务的健康增长。估值修复紧盯新产品时间表针对市场的短期悲观情绪，高盛认为，当前的AI前置投资有望在未来释放可观的新价值，这与腾讯云业务经历前期投入后最终实现稳健盈利的路径相似。相比Meta、Alphabet或阿里巴巴等全球同行普遍22倍至29倍的估值水平，腾讯仍具备明显的估值修复空间。报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。这包括预计下月发布的混元3.0大模型、元宝AI应用、微信AI助手，以及涵盖SkillHub、OpenClaw和WorkBuddy等在内的生产力AI智能体工具在未来3到6个月内的实际商业表现。","news_type":1,"symbols_score_info":{"00700":2,"TCEHY":2}},"isVote":1,"tweetType":1,"viewCount":465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544163275882592,"gmtCreate":1773877855347,"gmtModify":1773877857699,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"别还干不过小米啊","listText":"别还干不过小米啊","text":"别还干不过小米啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544163275882592","repostId":"2620397522","repostType":2,"repost":{"id":"2620397522","kind":"news","pubTimestamp":1773826740,"share":"https://www.laohu8.com/m/news/2620397522?lang=zh_CN&edition=full","pubTime":"2026-03-18 17:39","market":"sh","language":"zh","title":"腾讯混元新模型HY 3.0即将发布，正在内部业务测试","url":"https://stock-news.laohu8.com/highlight/detail?id=2620397522","media":"新浪科技","summary":"新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。\n 据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","content":"<html><body><div>\n<p> 新浪科技讯 3月18日下午消息，<a href=\"https://laohu8.com/S/00700\">腾讯</a>在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。</p>\n<p> 据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：宋<a href=\"https://laohu8.com/S/AVP\">雅芳</a> </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" 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hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯混元新模型HY 3.0即将发布，正在内部业务测试\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 17:39 北京时间 <a href=https://finance.sina.com.cn/tob/2026-03-18/doc-inhrmayn1536442.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。\n 据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型...</p>\n\n<a href=\"https://finance.sina.com.cn/tob/2026-03-18/doc-inhrmayn1536442.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1733274473.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","BK1517":"云办公","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" 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ACC"},"source_url":"https://finance.sina.com.cn/tob/2026-03-18/doc-inhrmayn1536442.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2620397522","content_text":"新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。\n 据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","news_type":1,"symbols_score_info":{"TCEHY":1.93,"00700":1.93,"HTCD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544162664224736,"gmtCreate":1773877778712,"gmtModify":1773877781667,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了","listText":"腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了","text":"腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544162664224736","repostId":"1139989661","repostType":4,"repost":{"id":"1139989661","kind":"news","pubTimestamp":1773823223,"share":"https://www.laohu8.com/m/news/1139989661?lang=zh_CN&edition=full","pubTime":"2026-03-18 16:40","market":"hk","language":"zh","title":"腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1139989661","media":"腾讯科技","summary":"2025年营业收入7517.66亿元，同比增长14%。","content":"<html><head></head><body><p>3月18日周三， <a href=\"https://laohu8.com/S/00700\">腾讯控股</a> 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。</p><p style=\"text-align: start;\"><strong>董事会主席兼首席执行官马化腾表示：</strong>“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ca49602648a7416f5ce12fd0942cf15\" tg-width=\"1080\" tg-height=\"1080\"/></p><p style=\"text-align: start;\"><strong>2025年财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币7,518亿元，较二零二四年（“同比”）增长14%。</p></li><li><p><strong>毛利</strong>为人民币4,226亿元，同比增长21%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。</p></li><li><p><strong>盈利</strong>为人民币2,670亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币2,596亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币28.577元，<strong>每股摊薄盈利</strong>为人民币27.877元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p>经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。</p></li><li><p>盈利为人民币2,298亿元，同比增长17%。</p></li><li><p>本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。</p></li><li><p>每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。</p></li><li><p><strong>资本开支</strong>为人民币792亿元，同比增加3%。</p></li><li><p><strong>总现金</strong>为人民币 4,949 亿元， 同比增长19%。<strong>自由现金流</strong>为人民币1,826亿元，同比增长18%。<strong>现金净额</strong>为人民币1,071亿元，同比增长40%。</p></li><li><p>截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。</p></li><li><p>2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。</p></li></ul><p style=\"text-align: start;\"><strong>2025年管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。</p><p style=\"text-align: start;\">营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。</p><p style=\"text-align: start;\">金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/173bb6b4367339bc8563e7bd405c7d1d\" title=\"图片\" tg-width=\"960\" tg-height=\"330\"/><span>图片</span></p><p style=\"text-align: start;\"><strong>2025年业务回顾及展望</strong></p><ul style=\"\"><li><p>我们通过《三角洲行动》的突破性成功扩充了<strong>长青游戏</strong>组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。</p></li><li><p>受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的<strong>国际市场游戏</strong>年收入突破100亿美元。</p></li><li><p>我们通过在游戏中部署<strong>AI</strong>，加速了内容制作，改善了用户体验并提升了我们的营销效益。</p></li><li><p>我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，<strong>营销服务</strong>亦取得高于行业的收入增长。</p></li><li><p><strong>视频号</strong>受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。</p></li><li><p>我们提升<strong>微信</strong>的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。</p></li><li><p><strong>腾讯视频</strong>会员数同比上升，保持了其在中国长视频市场的领先地位。<strong>腾讯音乐</strong>ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。</p></li><li><p><strong>腾讯云</strong>实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。</p></li><li><p>通过深化与持牌金融机构的合作及审慎的风险管理，我们<strong>金融科技</strong>业务的收入保持了健康增长。</p></li><li><p>受益于专有的数据及丰富的使用场景，我们的<strong>混元基础模型</strong>在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。</p></li><li><p>我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。</p></li></ul><p style=\"text-align: start;\"><strong>2025 年可持续发展的重点表现</strong></p><ul style=\"\"><li><p>久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。</p></li><li><p>通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。</p></li><li><p>通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。</p></li><li><p>我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币1,944亿元，同比增长13%。</p></li><li><p><strong>毛利</strong>为人民币1,083亿元，同比增长19%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。</p></li><li><p><strong>盈利</strong>为人民币667亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币647亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币7.144元，<strong>每股摊薄盈利</strong>为人民币6.966元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p><strong>经营盈利</strong>为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。</p></li><li><p><strong>盈利</strong>为人民币591亿元，同比增长15%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币583亿元，同比增长14%。</p></li><li><p>每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。</p></li><li><p><strong>资本开支</strong>为人民币196亿元，同比减少46%。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。</p><p style=\"text-align: start;\">营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。</p><p style=\"text-align: start;\">金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。</p></body></html>","source":"txkj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 16:40 北京时间 <a href=https://news.qq.com/rain/a/20260318A061GG00><strong>腾讯科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括...</p>\n\n<a href=\"https://news.qq.com/rain/a/20260318A061GG00\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://news.qq.com/rain/a/20260318A061GG00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139989661","content_text":"3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”2025年财务摘要总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%总收入为人民币7,518亿元，较二零二四年（“同比”）增长14%。毛利为人民币4,226亿元，同比增长21%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。盈利为人民币2,670亿元，同比增长18%。本公司权益持有人应占盈利为人民币2,596亿元，同比增长17%。每股基本盈利为人民币28.577元，每股摊薄盈利为人民币27.877元。按国际财务报告准则：经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。盈利为人民币2,298亿元，同比增长17%。本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。资本开支为人民币792亿元，同比增加3%。总现金为人民币 4,949 亿元， 同比增长19%。自由现金流为人民币1,826亿元，同比增长18%。现金净额为人民币1,071亿元，同比增长40%。截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。2025年管理层讨论及分析增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。图片2025年业务回顾及展望我们通过《三角洲行动》的突破性成功扩充了长青游戏组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的国际市场游戏年收入突破100亿美元。我们通过在游戏中部署AI，加速了内容制作，改善了用户体验并提升了我们的营销效益。我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，营销服务亦取得高于行业的收入增长。视频号受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。我们提升微信的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。腾讯视频会员数同比上升，保持了其在中国长视频市场的领先地位。腾讯音乐ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。腾讯云实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。通过深化与持牌金融机构的合作及审慎的风险管理，我们金融科技业务的收入保持了健康增长。受益于专有的数据及丰富的使用场景，我们的混元基础模型在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。2025 年可持续发展的重点表现久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。4Q2025财务摘要总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%总收入为人民币1,944亿元，同比增长13%。毛利为人民币1,083亿元，同比增长19%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。盈利为人民币667亿元，同比增长18%。本公司权益持有人应占盈利为人民币647亿元，同比增长17%。每股基本盈利为人民币7.144元，每股摊薄盈利为人民币6.966元。按国际财务报告准则：经营盈利为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。盈利为人民币591亿元，同比增长15%。本公司权益持有人应占盈利为人民币583亿元，同比增长14%。每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。资本开支为人民币196亿元，同比减少46%。4Q2025管理层讨论及分析增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。","news_type":1,"symbols_score_info":{"00700":2,"TCEHY":2}},"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544029259867880,"gmtCreate":1773845146788,"gmtModify":1773845148881,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"**","listText":"**","text":"**","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544029259867880","repostId":"1139989661","repostType":2,"repost":{"id":"1139989661","kind":"news","pubTimestamp":1773823223,"share":"https://www.laohu8.com/m/news/1139989661?lang=zh_CN&edition=full","pubTime":"2026-03-18 16:40","market":"hk","language":"zh","title":"腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1139989661","media":"腾讯科技","summary":"2025年营业收入7517.66亿元，同比增长14%。","content":"<html><head></head><body><p>3月18日周三， <a href=\"https://laohu8.com/S/00700\">腾讯控股</a> 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。</p><p style=\"text-align: start;\"><strong>董事会主席兼首席执行官马化腾表示：</strong>“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ca49602648a7416f5ce12fd0942cf15\" tg-width=\"1080\" tg-height=\"1080\"/></p><p style=\"text-align: start;\"><strong>2025年财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币7,518亿元，较二零二四年（“同比”）增长14%。</p></li><li><p><strong>毛利</strong>为人民币4,226亿元，同比增长21%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。</p></li><li><p><strong>盈利</strong>为人民币2,670亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币2,596亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币28.577元，<strong>每股摊薄盈利</strong>为人民币27.877元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p>经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。</p></li><li><p>盈利为人民币2,298亿元，同比增长17%。</p></li><li><p>本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。</p></li><li><p>每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。</p></li><li><p><strong>资本开支</strong>为人民币792亿元，同比增加3%。</p></li><li><p><strong>总现金</strong>为人民币 4,949 亿元， 同比增长19%。<strong>自由现金流</strong>为人民币1,826亿元，同比增长18%。<strong>现金净额</strong>为人民币1,071亿元，同比增长40%。</p></li><li><p>截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。</p></li><li><p>2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。</p></li></ul><p style=\"text-align: start;\"><strong>2025年管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。</p><p style=\"text-align: start;\">营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。</p><p style=\"text-align: start;\">金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/173bb6b4367339bc8563e7bd405c7d1d\" title=\"图片\" tg-width=\"960\" tg-height=\"330\"/><span>图片</span></p><p style=\"text-align: start;\"><strong>2025年业务回顾及展望</strong></p><ul style=\"\"><li><p>我们通过《三角洲行动》的突破性成功扩充了<strong>长青游戏</strong>组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。</p></li><li><p>受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的<strong>国际市场游戏</strong>年收入突破100亿美元。</p></li><li><p>我们通过在游戏中部署<strong>AI</strong>，加速了内容制作，改善了用户体验并提升了我们的营销效益。</p></li><li><p>我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，<strong>营销服务</strong>亦取得高于行业的收入增长。</p></li><li><p><strong>视频号</strong>受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。</p></li><li><p>我们提升<strong>微信</strong>的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。</p></li><li><p><strong>腾讯视频</strong>会员数同比上升，保持了其在中国长视频市场的领先地位。<strong>腾讯音乐</strong>ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。</p></li><li><p><strong>腾讯云</strong>实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。</p></li><li><p>通过深化与持牌金融机构的合作及审慎的风险管理，我们<strong>金融科技</strong>业务的收入保持了健康增长。</p></li><li><p>受益于专有的数据及丰富的使用场景，我们的<strong>混元基础模型</strong>在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。</p></li><li><p>我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。</p></li></ul><p style=\"text-align: start;\"><strong>2025 年可持续发展的重点表现</strong></p><ul style=\"\"><li><p>久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。</p></li><li><p>通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。</p></li><li><p>通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。</p></li><li><p>我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币1,944亿元，同比增长13%。</p></li><li><p><strong>毛利</strong>为人民币1,083亿元，同比增长19%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。</p></li><li><p><strong>盈利</strong>为人民币667亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币647亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币7.144元，<strong>每股摊薄盈利</strong>为人民币6.966元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p><strong>经营盈利</strong>为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。</p></li><li><p><strong>盈利</strong>为人民币591亿元，同比增长15%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币583亿元，同比增长14%。</p></li><li><p>每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。</p></li><li><p><strong>资本开支</strong>为人民币196亿元，同比减少46%。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。</p><p style=\"text-align: start;\">营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。</p><p style=\"text-align: start;\">金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。</p></body></html>","source":"txkj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 16:40 北京时间 <a href=https://news.qq.com/rain/a/20260318A061GG00><strong>腾讯科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括...</p>\n\n<a href=\"https://news.qq.com/rain/a/20260318A061GG00\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://news.qq.com/rain/a/20260318A061GG00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139989661","content_text":"3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”2025年财务摘要总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%总收入为人民币7,518亿元，较二零二四年（“同比”）增长14%。毛利为人民币4,226亿元，同比增长21%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。盈利为人民币2,670亿元，同比增长18%。本公司权益持有人应占盈利为人民币2,596亿元，同比增长17%。每股基本盈利为人民币28.577元，每股摊薄盈利为人民币27.877元。按国际财务报告准则：经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。盈利为人民币2,298亿元，同比增长17%。本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。资本开支为人民币792亿元，同比增加3%。总现金为人民币 4,949 亿元， 同比增长19%。自由现金流为人民币1,826亿元，同比增长18%。现金净额为人民币1,071亿元，同比增长40%。截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。2025年管理层讨论及分析增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。图片2025年业务回顾及展望我们通过《三角洲行动》的突破性成功扩充了长青游戏组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的国际市场游戏年收入突破100亿美元。我们通过在游戏中部署AI，加速了内容制作，改善了用户体验并提升了我们的营销效益。我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，营销服务亦取得高于行业的收入增长。视频号受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。我们提升微信的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。腾讯视频会员数同比上升，保持了其在中国长视频市场的领先地位。腾讯音乐ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。腾讯云实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。通过深化与持牌金融机构的合作及审慎的风险管理，我们金融科技业务的收入保持了健康增长。受益于专有的数据及丰富的使用场景，我们的混元基础模型在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。2025 年可持续发展的重点表现久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。4Q2025财务摘要总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%总收入为人民币1,944亿元，同比增长13%。毛利为人民币1,083亿元，同比增长19%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。盈利为人民币667亿元，同比增长18%。本公司权益持有人应占盈利为人民币647亿元，同比增长17%。每股基本盈利为人民币7.144元，每股摊薄盈利为人民币6.966元。按国际财务报告准则：经营盈利为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。盈利为人民币591亿元，同比增长15%。本公司权益持有人应占盈利为人民币583亿元，同比增长14%。每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。资本开支为人民币196亿元，同比减少46%。4Q2025管理层讨论及分析增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。","news_type":1,"symbols_score_info":{"00700":2,"TCEHY":2}},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543998235308856,"gmtCreate":1773837565721,"gmtModify":1773837567700,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TCEHY\">$腾讯控股ADR(TCEHY)$ </a> 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