去年800多亿元砸向研发投入，腾讯还在等AI收获_老虎社区_美港股上老虎

去年800多亿元砸向研发投入，腾讯还在等AI收获

新京报03-21 15:55

AI时代，腾讯还能守住互联网巨头的位置吗？3月18日，腾讯公布2025四季度及全年财报。财报数据显示，2025年，腾讯全年收入约7517.7亿元，同比增长14%；经营盈利约2415.6亿元，同比增长16%；年度盈利约2298亿元，同比增长17%；本公司权益持有人应占盈利约2248.4亿元，同比增长16%；非国际财务报告准则经营盈利约2806.6亿元，同比增长18%；非国际财务报告准则本公司权益...

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href=https://www.bjnews.com.cn/detail/1774079710169610.html><strong>新京报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AI时代，腾讯还能守住互联网巨头的位置吗？3月18日，腾讯公布2025四季度及全年财报。财报数据显示，2025年，腾讯全年收入约7517.7亿元，同比增长14%；经营盈利约2415.6亿元，同比增长16%；年度盈利约2298亿元，同比增长17%；本公司权益持有人应占盈利约2248.4亿元，同比增长16%；非国际财务报告准则经营盈利约2806.6亿元，同比增长18%；非国际财务报告准则本公司权益...</p>\n\n<a href=\"https://www.bjnews.com.cn/detail/1774079710169610.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1046422090.SGD","symbol_name":"Fidelity Pacific 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harvest","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00700":1.98,"TCEHY":1.98,"TCHmain":0.6,"HTCD.SI":0.6},"content_text":"AI时代，腾讯还能守住互联网巨头的位置吗？3月18日，腾讯公布2025四季度及全年财报。财报数据显示，2025年，腾讯全年收入约7517.7亿元，同比增长14%；经营盈利约2415.6亿元，同比增长16%；年度盈利约2298亿元，同比增长17%；本公司权益持有人应占盈利约2248.4亿元，同比增长16%；非国际财务报告准则经营盈利约2806.6亿元，同比增长18%；非国际财务报告准则本公司权益持有人应占盈利约2596.3亿元，同比增长17%。\n对于这份财报，资本市场给出了摇摆不定的态度。财报公布后，腾讯股价下跌，3月19日收盘下跌6.81%，3月20日收盘下跌0.97%，每股报508港元。另一方面，据Wind数据，截至新京报贝壳财经记者发稿时，共26家机构予以腾讯控股买入的评级，27家机构则予以增持的评级。这或与其能够传递出多少AI信心有关。目前，腾讯向市场传达的确定性只有投入。去年，腾讯仍然重金砸向AI，据腾讯披露，去年全年研发投入857.5亿元；在混元、元宝上全年投入180亿元，未来一年还将翻倍。\n在财报分析师电话会上，腾讯管理层把AI类比为腾讯云，认为都是前期投入后期能带来回报的业务。\n但是目前AI牌桌上，腾讯优势并不明显。在财报分析师电话会上，谈及其他大模型是否会稀释混元价值时，腾讯管理层给出“只想成为其中之一”“不认为最终是垄断局面”的回答。\n今年以来，腾讯通过密集发布“元宝派”、WorkBuddy、QClaw等AI功能或产品，试图把战场拉向自己熟悉的领域，卡位AI应用生态。\n腾讯云规模化盈利\n从财报数据来看，腾讯过去一年业绩依旧符合互联网巨头的表现。\n财报显示，2025年，腾讯增值服务收入约3692.8亿元，同比增长16%，毛利率达60%；营销服务收入约1449.7亿元，同比增长19%，毛利率达58%；金融科技及企业服务约2294.4亿元，同比增长8%，毛利率达51%；其他服务收入约80.8亿元，同比增长4%，毛利率达4%。\n近三年，腾讯各项业务收入变化。新京报贝壳财经记者 韦英姿 制图C端的游戏业务仍然是腾讯现金牛。去年腾讯游戏收入约2416亿元，其中国际市场游戏收入774亿元，同比增长33%；本土市场游戏收入1642亿元，同比增长18%。\n财报将本土市场游戏收入归结为《三角洲行动》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；国际市场游戏收入得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长。B端业务方面，腾讯云在2025年宣布实现规模化盈利。腾讯正式入局云服务市场相对较晚，早期比较擅长视频流媒体方面的服务，也曾陷入优先考虑增长的时期。\n“2022年，我们对腾讯云进行重组，将重心转向高质量服务，而非盲目追求高营收但低附加值的活动，例如转售业务和定制化项目。这使我们失去几个季度的增长，但让腾讯云实现了经营利润，即使是在2024年，亏损也有所收窄。2025年，由于优先保障内部需求导致外部客户的GPU供应有限，腾讯云营收持续承压，但仍实现了收入增长并大幅改善了盈利状况，经调整后的运营利润达50亿元。近几个月来，我们观察到定价环境有所好转，尤其是内存和CPU领域；加之市场需求和海外业务扩张，腾讯云营收增速正在加快。”在财报分析师电话会上，腾讯管理层如此解释腾讯云走向盈利的原因。\n对于近期云服务涨价一事，腾讯也回应称，超大规模服务商一直以低利润率运营，当需求回升时，整个行业几乎别无选择，只能提高价格。\n“混元只想成为其中之一”\n在财报分析师电话会上，外界对腾讯的关注重点已经转向AI，就连对游戏业务的提问也与AI有关。而对于未来留在AI牌桌上的可能，腾讯目前给市场传达的确定性只有投入。\n腾讯管理层把AI投入看作前期投资，随着时间推移，腾讯将能从新产品中获得收入，这些新产品将会给腾讯带来有吸引力的回报。他以腾讯云为例解释称，最初属于必须在遭受损失情况下投资业务，随着时间推移，它实际上变成有利可图的业务。“AI也将会是这样，在投资和回报上有时间差。”\n算力方面，腾讯管理层表示，腾讯一直在积极配置更多算力，将于今年逐步加快使用，特别是下半年。额外算力来自租赁，用例方面将优先混元和新产品。\n据财报分析师会议上披露的数据，腾讯去年四季度在混元和元宝上投入了70亿元，全年投入180亿元。资本开支层面，据财报，腾讯去年资本开支约792亿元。腾讯管理层在财报分析师电话会上还表示，今年在混元、元宝和其他新产品上的投入会翻倍。\n近三年，腾讯资本开支和一般及行政开支统计。新京报贝壳财经记者 韦英姿 制图去年年初，腾讯区分了大模型研发和产品团队，产品线一直在推新，但研发层一直到去年年底才推出姚顺雨这一灵魂人物，相关基础架构和团队搭建也在去年12月左右才完全落定，这一系列动作被外界解读为：腾讯在AI军备竞赛中慢了。\n2025年4月，腾讯围绕算力、算法和数据三大核心板块，对混元大模型研发体系进行重构，成立两个新的部门：大语言模型部和多模态模型部，分别负责探索大语言模型和多模态大模型的前沿技术。另外，由数据平台部、机器学习平台部共同支撑腾讯混元大模型技术研发。\n产品侧，腾讯则整合元宝、ima、QQ浏览器、搜狗输入法四大AI产品线，推进“核心技术自研+拥抱先进开源”的多模型策略。\n2025年12月，腾讯再次升级大模型研发架构，新成立AI Infra 部、AI Data部、数据计算平台部，任命前OpenAI高级研究员姚顺雨为“CEO/总裁办公室”首席AI科学家，并向刘炽平汇报；同时兼任AI Infra部、大语言模型部负责人，并向卢山汇报。\n腾讯大模型研发基础架构和团队就此集结。在财报分析师电话会上，腾讯把这一切视为“必须从零开始构建团队”，也释放出“相信混元团队能力”的信号。\n腾讯的慢节奏传达到基础模型的表现上。过去一年，混元除了上线深度思考模型T1、开源中小规模模型、发布图像和世界模型外，几乎没有对外披露过多的重大进展。\nAPI调用方面，混元也没有绝对领先。OpenRouter（AI模型API聚合平台）数据显示，2025年8月25日至2026年2月8日，MiniMax M2.5、Kimi K2.5、智谱 GLM 5的Token调用量包揽全球模型前三。\n腾讯需要向市场回答混元的价值和应对未来竞争的能力。在财报分析师电话会上，外界已经问出“长远来看，如何防止其他大模型稀释混元作为基础模型的价值”这样的问题。\n对此，腾讯管理层从Claw（“龙虾”）出发谈到：混元是这类产品可以调用的模型之一，每个模型都有自己不同的位置和价格曲线，“混元只想成为其中之一，但不想成为唯一”。相信凭借混元现在的能力，未来会更好、更快，消费者自然也会选择混元，“最终不会是一个垄断的局面”。\n试图先卡位AI应用\n今年1月，腾讯公司董事会主席兼首席执行官马化腾在2025年度员工大会上表示，在AI战略上，腾讯有自己的考虑和节奏。“每个企业的基因不同、体质不同，腾讯的风格就是稳扎稳打。”他认为，腾讯过往业务的长青保证了腾讯在AI上可以长期投入。\n“我们不担心迟到，只担心不够创新。”腾讯管理层在财报电话会上也如此表示。今年，腾讯AI产品密集上新。1月底2月初，先是在元宝上豪掷10亿元现金红包，又增加“元宝派”功能，类似于用户可以在AI Chatbot（聊天机器人）产品中创建群聊，并在群聊中实现与AI、被邀请用户的互动；3月在OpenClaw热潮中推出自己的“龙虾”产品矩阵，例如WorkBuddy、QClaw等。\n之前，互联网厂商把聊天机器人当作AI入口之争，而Agent（智能体）让大模型能够从对话转向任务执行，让大模型的能力更落地，Agent也被看作大模型应用商业化方向之一。腾讯加码对这一AI应用入口的布局。\n今年在国内C端市场先大热起来的Agent产品是OpenClaw，由于其图标是一只龙虾，也被以“龙虾”代称。其他厂商也相继推出自己的“龙虾”产品，相对而言，腾讯更加积极。不仅将QQ、企业微信设置为支持OpenClaw的入口，还推出自己的“龙虾”产品。\n腾讯管理层认为，“龙虾”可以调用不同模型，使用云服务，是一个令人兴奋的、去中心化的事物。他认为这一机会类似于互联网时代的浏览器、搜索引擎，移动互联网时代的应用程序出现的时候。\n腾讯管理层判断，未来现有的应用程序都会推出自己的“龙虾”和Agent能力，不同模型都将争夺这些“龙虾”。同时他也认为，每个“龙虾”（产品）都要找到自己独特的价值主张才能获得用户心智。\n腾讯认为，大模型进入应用层后，来到了腾讯的优势主场。“产品能力和编排能力、连接能力、生态系统、长期投资的安全等基础设施，以及跨手机和PC（个人电脑）访问的能力都是腾讯的核心能力。”腾讯管理层说。\n腾讯把AI战场拉向自己熟悉的产品和生态联动领域。在“元宝派”，用户可以一起听QQ音乐、看腾讯视频等；而WorkBuddy、QClaw这些腾讯版“龙虾”也已打通QQ、企业微信等通道。\n不仅如此，在应用上，腾讯也一直强调AI改造传统业务的能力。目前腾讯旗下《王者荣耀》《和平精英》《三角洲行动》等多款游戏已应用AI。其中，《和平精英》已公布，游戏内所有AI NPC玩法的累计体验用户数达1.1亿。\n过去一年，比起对外披露的基础模型进展，腾讯AI新产品的发布节奏相对较快。但截至目前，这些新产品离完全“种草”到用户心智上仍有距离。以元宝为例，根据Xsignal数据（web端和App端合计），截至今年2月，元宝月活用户数约1.3亿，而豆包、千问、DeepSeek月活用户数量均排在元宝前列。\n新京报贝壳财经记者 韦英姿\n编辑 段文平\n校对 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