The Zhitong Finance App learned that China Merchants Securities International released a research report saying that Tencent Holdings (00700) launched BuddyOne cross-app membership to consolidate its ecological advantage; the bank maintained Tencent Holdings as the first choice in China's AI internet industry, maintaining an “increase” rating and target price of HK$620. It is recommended to focus on the flagship model and product update catalyst for the Global Digital Ecology Conference today and tomorrow (October 29-30).
The bank pointed out that Tencent Holdings released WorkBuddy in March this year, iterated 43 versions over three months, launched BuddyOne in October, and completed the path from tools to ecology in seven months. BuddyOne marks the shift of Tencent Holdings' AI office from “being a stronger tool” to “connecting existing products into a network”, and the agent competition focus has also switched from single-point functionality to multi-application ecosystem collaboration. After users bind to a BuddyOne ID, the five apps WorkBuddy, Tencent Conference, Tencent Documents, ima, and Tencent Network Drive can be retrieved and collaboratively called across products under the same identity; the mechanism uses three layers of unified identity, general credits, and shared storage to gather accounts, rights, and data for Tencent office products. The four pricing benefits are the same, with a monthly subscription of 700 yuan, 999 yuan per month, 6,720 yuan for a continuous year, and 8,400 yuan for a single year. The only difference is the discount.
The bank believes that the differentiation of Tencent Holdings is that it has a complete product ecosystem and social barriers. Cross-app members do not add tools, only smooth out gaps between apps, turn “connections” into payment points and raise migration costs; BuddyOne VIP upgraded the monetization unit from a “single product” to a “complete workflow”, which helps increase ARPU for a single user. According to Yiguan data, in September 2026, the total number of monthly visits to 20 mainstream desktop AI office devices exceeded 306 million, with WorkBuddy leading the way with about 85.34 million visits, with a share of about 28%.