腾讯控股中期报告 2025

23582223242528323489116 Ian Charles StoneCharles St Leger Searle 129 Jacobus Petrus (Koos) BekkerCharles St Leger Searle Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands Ian Charles StoneJacobus Petrus (Koos) Bekker Ian Charles Stone Ian Charles StoneCharles St Leger Searle 183171712-1716 Charles St Leger SearleIan Charles Stone Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands www.tencent.com 70080700 Charles St Leger Searle 33518054 17%16%556.281,034.496.11511.3675.99611.126 10%16%630.521,243.816.93113.6676.79313.377 AIAIAIAI AI AIAIAI 20% 2,0001 Supercell AI 1.1421.243 3D3DHuggingFace43D3D 15%1,845 16%91440417%18835%33%SupercellPUBG MOBILE6%322 20%358AI 10%555AIGPUAPI token 6%795 22%1,05053%57% 23%55257%60% 24%20656%58% 21%29048%52% 3%94AI6%5% 16%319AI 7%41 27%39 45776399 12%114 17%55610%63120%568 2%1,845 0.8%9144046%18813%VALORANTSupercellPUBG MOBILE1%322 12%358AI 1%555 795 4%1,05056%57% 0.6%55260%16%20656%58%5%29050%52% 20%94 5%319AI 45466376 16%5563%631 (a)EBITDAEBITDAEBITDA (b)EBITDAEBITDA (c) (d)IT EBITDAEBITDA (a)(b)(c)(d)(e)SSVCPP(f)(g) 9,482.628,176.87 AI 57,1435,6983 , 4 2 33 , 3 5 6 Sea Limited1.04A17.6%NYSESESeaLimited1,1945.9%17Sea Limited403Sea Limited5% D232 106.4728% 746902375 430744229AI6322 35 33 23883434 2410 34 141516141414171819202122 2320211819 3488 3488 1 CricketSquare,Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 2 34 3 3 (a) 21 (b) 1818 9797 18 4 5 (a) 48.741.940.2410 (b) 5 (b) EBITDAEBITDAEBITDA EBITDA 5 (c) 5 (c) 5 (c) 5 (c) 32%82%32%82%0.1%6.64%0.04%6.64% 6 (a) 6 (a) 6 (a) 10% 6 (b) 6(a) 7 (a) (b)202.51391.61172.77329.55151.66301.78140.51271.68 73.61174.6162.13109.07SSVCPP0.210.330.150.30 7 (c)74.10147.8264.22127.02 16.1431.2913.0525.54 (d)SSVCPP1.693.081.903.10 8 9 (a)(b)18(c)17(b)(d) (a)2.51 612.5713.3245.2310.7524.4017 9 (b)17.019.585.3624.65 (c)1.975.311.1611.57 (d)SSVCPP5.826.038.358.47 10 262716 11 (a) (i) (ii) 16.5% (iii) 25% 15% 15% 11 (a) (iv) 39% (v) 10%10%5% 22 11 (b) 50% (c) 15% 11 (c) 12 (a) 12 (b) 13 4.503.40409.66317.43 14 46 15 2450 16 (a) 15 16 (b) 15 16 (b) 36.7831.6832.6527.774.133.91 17 3,401.872,800.88 17 (a)9(a)(b)9 17 (a) (b) 3.5541.525(c) 20%50%50%2,186.7823.841,901.14187.82 18 (a)9 18 (a)711.90 20% 19 19 (a) (a)434.73 20 (a)(b) (b)(c)(a) 20 (a)10.0%10.0% (b) (c) 17.7129.43 21 29.40210.4621.50154.55 22 (i)(ii) 22 23 0303160619090 30906090 50.1666.84 24 50,000,000,0000.00002 85,166,40982,739,793 9,250,00081,867,0004,910,000154,730,00010,610,000 25 (a) II II 25 (a) (i) 25 (a) (i) 24,189,20120,087,43414,359,5029,537,978508.93469.72301.87274.02 (ii) 276.01348.04357.86387.16433.54511.83526.90533.39 25 (a) (iii) 174.85161.48103.1193.53 25 (b) 59,280105,760 519.50479.77287.02260.52 25 (c) (d) (e) 88%88% 26 (a)(a)(a)(a)(a)(a) (b)(b)(b)(b)(a)(a)(a)(a)(a) 26 (a) 112255 26 (b) 21 27 27 112255 9 1,159.881,198.24 28 25(d) 29 98.9987.25 30 0303160619090 31 32 33 100%1288 36 52 34 35 (a) (b) 36 2025 (a) 21.97235.1020.6426.34220.3313.40 25.0613.078.438.5525.3918.8710.378.66 (b) 114.433102.553.09 27.792.5532.152.96 9.278.48 44.3445.42 37 XV(a)XV78(b)352(c) 1.Advance Data Services Limited709,859,70095,000,0002.54,03728,3133.257,32956,6224.36050,3305.36,40628,3136.8,32829,3117.9,165,513,622*+ (B) 25 262,443,505255,780,315958,794 1.50%50%2.33.33%33.33%3.25%25%4.25%25%5.25%25%6.100%7.25%25%8.25%25%9.50%50%10.33.33%33.33%11.100%12.54013.513.6814.174.8515.16.1%17.2518.19. (i)(ii) 4.5%431,457,4603.5%335,578,0240.01%958,794 320,660,039303,432,753236,715,591219,860,239958,794 17,261,79959,28025 192,889 1.5402.519.53.473.994.5. 1.2.3.435.594.473.05 5. 6.7.1%120.1%8.259.10.0.26%11. 53Advance Data Services LimitedXV238,879,900 JacobusPetrus(Koos)Bekker 72KoosM-Net/MultiChoiceMTNKoosMIHNaspersProsus N.V.Koos Charles St Leger Searle61SearleNaspers Internet ListedAssetsNaspersNaspersSearleSearleSearleSearle 68TCLTCL1,000,000 IanCharles Stone 74StoneCSLStoneStoneSummitHealthcare Acquisition Corp.StoneStone1,300,000 691,300,000 701001,000,000 62401,000,000 XV23336 1.MIH Internet Holdings B.V.Naspers LimitedProsus N.V.MIH Internet Holdings B.V.Prosus N.V.XVNaspers LimitedProsus N.V.MIH Internet HoldingsB.V.2,112,481,500 2.Advance Data Services Limited709,859,70095,000,000Advance Data Services Limited 3.9,165,513,622 336 36581,867,000 24 111,221105,506 650543 B.2.2Ian Charles StoneB.2.2Ian Charles StoneB.2.2 B.2.2C.2.1 (i)(ii)