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<Foresight>Brokers Expect TENCENT 2Q Adj. NP to Rise 8%; Focus on Gaming, Advertising, Shr Buyback Guidance
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TENCENT (00700.HK) is set to release its 2Q25 results next Wednesday (13th), given stable gaming performance, AI-driven advertising revenue growth, and cloud business expansion. Based on a compilation of forecasts from 10 brokers by this website, TENCENT’s 2Q25 non-IFRS net profit was projected to range from RMB59.525 billion to RMB65.373 billion, up 3.9-10.9% YoY from RMB57.313 billion in 2Q24, with a median of RMB61.878 billion, reflecting an 8% YoY rise.

A consensus of six brokers predicted the 2Q25 net profit of TENCENT between RMB49.769 billion and RMB55.614 billion, up 4.5-16.8% YoY from RMB47.63 billion, with a median of RMB52.051 billion, a 9.3% YoY rise. Revenue forecasts from 11 brokers estimated 2Q25 revenue between RMB177.193 billion and RMB180.348 billion, up 10-11.9% YoY from RMB161.117 billion, with a median of RMB178.861 billion, up 11% YoY.

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The market will focus on TENCENT’s advertising revenue trends, whether the bottleneck of its gaming business is being broken, and new game plans, updates on its small and micro store business, the latest progress in AI models and their integration with products, the driving force and revenue contribution of its AI search business, payment transaction activities and macro outlook, capex and share repurchases.

Based on forecasts from 10 brokers as compiled by this website, TENCENT’s non-IFRS net profit for 2Q25 was expected to be between RMB59.525 billion and RMB65.373 billion, representing a YoY hike of 3.9-10.9% compared to RMB57.313 billion in 2Q24. The median forecast was RMB61.878 billion, an 8% YoY increase.

Brokers| 2Q25 Non-IFRS Net Profit Forecast| YoY Change
CICC | RMB63.573 billion | +10.9%
Haitong International | RMB63.506 billion | +10.8%
Everbright Securities | RMB62.73 billion | +9.5%
Goldman Sachs | RMB62.712 billion | +9.4%
Morgan Stanley | RMB62.367 billion | +8.8%
Nomura | RMB61.388 billion | +7.1%
Shenwan Hongyuan | RMB60.2 billion | +5%
Citi | RMB60.1 billion | +4.9%
BOC International | RMB60.077 billion | +4.8%
UBS | RMB59.525 billion | +3.9%
Based on TENCENT’s non-IFRS net profit of RMB57.313 billion for 2Q24

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