Understanding the Market | Tencent Holdings rose nearly 3%, with a significant year-on-year growth rate in domestic key game revenue in the first quarter and a noticeable acceleration in AI direction layout

Zhitong
2025.04.25 02:43
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Tencent's stock price rose nearly 3%, with an increase of 2.76% as of the time of publication, priced at HKD 484, with a transaction volume of HKD 5.687 billion. China International Capital Corporation (CICC) released a research report indicating that Tencent Games will continue to maintain a good trend in 2025, with an expected year-on-year revenue growth of 10%. In addition, Tencent's layout in the AI direction is accelerating, especially in game design and interactive experiences. At the SPARK 2025 launch event, "Peace Elite" showcased the latest advancements in AI technology, introducing commandable AI teammates

According to Zhitong Finance APP, Tencent Holdings (00700) rose nearly 3%, with a current increase of 2.76%, priced at HKD 484, with a transaction volume of HKD 5.687 billion.

CICC released a research report stating that Tencent's SPARK 2025 game presentation will be held on April 22, during which the latest updates on 46 products will be announced, including testing information for several new games. Overall, CICC believes that the trend for Tencent Games in 2025 remains positive. Although the domestic gaming market in the second half of 2025 faces a high revenue base from last year, the company has a strong foundation in evergreen games, and new games are being steadily advanced, with expectations for Tencent's gaming revenue to still increase by 10% year-on-year for the entire year.

The report pointed out that, in addition to new games, Tencent will continue to focus most of its efforts on evergreen flagship products, such as "Honor of Kings," "Peacekeeper Elite," "League of Legends" IP, "CrossFire" IP, and "Dungeon & Fighter" IP. According to SensorTower, CICC calculated that the year-on-year growth rate of key domestic games for Tencent in the first quarter of 2025 is relatively fast, with "Peacekeeper Elite" showing the fastest year-on-year growth, and "Honor of Kings" and "CrossFire" also experiencing good year-on-year growth. "Delta Force" has seen rapid quarter-on-quarter growth, indicating Tencent's capability in focusing on the operation of evergreen games.

It is worth mentioning that, according to reports, since the beginning of this year, game manufacturers have significantly accelerated their layout in the AI direction, shifting their focus from early-stage auxiliary development and testing tools to core experience aspects such as gameplay design and narrative interaction. The industry is at a critical turning point from "tool empowerment" to "native integration." At the SPARK 2025 Tencent Games presentation, "Peacekeeper Elite" announced its latest progress in AI technology: as the first Tencent mobile game to integrate the DeepSeek large model, it will introduce commandable AI teammates and "Jilly," who can engage in real-time free dialogue, becoming a new experimental case for the sustainable evolution of large models

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