国海证券：腾讯控股Q2核心业务延续增长韧性，关注AI生态价值释放

国海证券2025-07-15

1、主要财务指标前瞻：我们预计公司2025Q2实现营业收入1796亿元(YoY+11%)。其中增值服务883亿元(YoY+12%)，增值服务中游戏业务564亿元(YoY+16%)、社交网络319亿元(YoY+5%)，在线广告业务357亿元(YoY+20%)，金融科技和企业服务536亿元(YoY+6%)。预计公司2025Q2毛利率55%(YoY+2.0pct)，毛利润994亿元(YoY+16%)；...

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