Lyon released a research report saying that Tencent Holdings' total revenue and adjusted EBIT for the second quarter are expected to increase 9.7% and 9.1% year over year to 202 billion yuan/75.6 billion yuan, and profit margins are relatively stable. Driven by the new games “Operation Delta,” “Fearless Contract Mobile Game,” and “Rock Kingdom: World,” online games are expected to regain a double digit 10% year-on-year increase, but Evergreen Gaming is slowing down. Online advertising revenue should continue to record a 20% year-on-year increase, while commercial service revenue is expected to accelerate to 20% year-on-year growth driven by AI. Maintaining a “Highly Confident Outperforming Market” rating, the target price remained unchanged at HK$740.

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