腾讯周三公布第二季度支出激增,，高管们宣称该公司在中国竞争激烈的人工智能市场的投资具有"优越"回报的潜力。
Tencent on Wednesday posted a surge in spending in the second quarter, with executives touting the potential of "superior" returns on the company的 investment in China的 cut-throat AI market.
该公司表示，随着公司继续加大购买和建设计算基础设施以实现人工智能模型货币化，第二季度的资本支出较上一季度增长 65% 至 528 亿元人民币($78 亿元),。该公司表示，本季度自由现金流为负138亿元人民币。
The company said capital expenditures for the June quarter rose 65% to 52.8 billion yuan ($7.8 billion) from the previous quarter, as it continues to ramp up buying and building computing infrastructure to monetize its AI models. The company said its free cash flow came in at negative 13.8 billion yuan in the quarter.
"在基础设施层面,，我们大幅加强了计算,的采购，这将使我们能够将应用程序和模型的使用转化为未来的收入,"腾讯首席执行官马化腾在财报发布时发表的声明中表示。
"At the infrastructure level, we substantially stepped up our procurement of compute, which will enable us to convert usage of our applications and models into revenue going forward," Tencent CEO Ma Huateng said in a statement accompanying the earnings release.
在财报电话会议,期间，分析师提出的大多数问题都与腾讯'资本支出:的潜在回报有关，这是美国科技财报季的一个主题，这一主题正在渗透到中国。
During the earnings call, most of the questions asked by analysts related to the potential return on Tencent的 capex: a theme across this tech earnings season in the U.S. that is filtering through to China.
在回答一位分析师'的问题,首席战略官詹姆斯·米切尔(James Mitchell)表示，如果这家科技巨头出租其所有计算能力，该公司可以在短期内"获得可观的回报"。
In response to one analyst的 question, Chief Strategy Officer James Mitchell said the company could achieve a "decent return in an immediate timeframe" if the tech giant rented out all of its compute capacity.
相反, 腾讯正在利用部分能力来构建"最先进的"人工智能模型和自己的,应用程序，米切尔表示，从长远来看，这将转化为"卓越的经济回报。"
Instead, Tencent is using some of the capacity to build "state-of-the-art" AI models and applications of its own, which Mitchell said would translate to "superior economic returns over the longer term."
腾讯还在财报电话会议上表示，得益于人工智能需求和国际扩张，其云业务以 22-22% 的速度增长。该公司表示，可以为腾讯云客户提高价格。
Tencent also said on the earnings call that its cloud business grew at a rate of a "low-twenties" percentage thanks to AI demand and international expansion. The company said it was able to raise prices for Tencent Cloud customers.
Tencent stock was down 26% year-to-date at Wednesday的 closing bell in Hong Kong, as the company faces intense competition in China in AI and investors grow jittery about its rising spending.该公司今年第一季度的游戏增长也有所放缓。
Tencent stock was down 26% year-to-date at Wednesday的 closing bell in Hong Kong, as the company faces intense competition in China in AI and investors grow jittery about its rising spending. The company also saw a slowdown in gaming growth in the first quarter of the year.
这家总部位于深圳的公司致力于利用其超过 14 亿的庞大用户群打造微信和微信, China 最受欢迎的消息应用程序。 6 月, 腾讯开始在中国微信中测试名为小微的人工智能助手。腾讯周三表示，最近几周已开始对小微进行"小规模原型测试"。
The Shenzhen-headquartered firm has sought to leverage its massive user base of more than 1.4 billion people for Weixin and WeChat, China的 most popular messaging app. In June, Tencent started testing an AI assistant called Xiaowei within WeChat in China. Tencent said on Wednesday that it has started a "small-scale prototype test" for Xiaowei in recent weeks.
上个月, 腾讯还推出了其最新的人工智能模型, Hy3,，此后该模型已在全球范围内扩展。腾讯总裁刘炽平表示，公司正在开发下一代模型, Hy4,，该模型将比 Hy3 更大，并且能够在性能方面击败更大尺寸的 AI 模型。
Last month, Tencent also launched Hy3, its latest AI model, which it has since expanded globally. Tencent President Martin Lau said it is developing its next model, Hy4, which will be a bigger model than Hy3 and be able to beat AI models of an even bigger size in terms of performance.
但腾讯在 AI 领域, 面临着一系列竞争，从阿里巴巴等老牌巨头到 DeepSeek 和 Moonshot AI,（Kimi 模型的开发商）等新进入者。
But Tencent is facing a slew of competition in the AI space, from established titans like Alibaba to newer entrants like DeepSeek and Moonshot AI, the developer of the Kimi models.
游戏加速
Gaming accelerates
周三, 腾讯公布第二季度营收好于预期，得益于其中国游戏部门的加速发展和人工智能驱动的广告,，但其核心利润未达到分析师预期。
On Wednesday, Tencent posted a beat on second-quarter revenue thanks to an acceleration at its China gaming unit and AI-driven advertising, but its core profit missed analyst expectations.
这是'腾讯在第二季度的表现与伦敦证交所的预期相比:
Here的 how Tencent did in the second quarter versus LSEG estimates:
Revenue rose 11% year-on-year while profit was up nearly 1%. Tencent said that, stripping out one-time factors and certain non-cash items, its profit was 68.4 billion yuan in the quarter, up 9% versus the same time last year.
腾讯表示，在《三角洲特种部队》、《Valorant》PC 和移动版等主要游戏的推动下，其国内游戏收入达到 473 亿元,，同比增长 17%,。这高于该部门今年第一季度 6%, 的增长以及 2025 年第二季度的相同水平。
Tencent said its domestic games revenue came in at 47.3 billion yuan, up 17% year-on-year, driven by key titles such as Delta Force and Valorant PC and Mobile. That was faster than the 6% growth the division saw in the first quarter of this year, and the same level seen in the second quarter of 2025.
然而，由于汇率变动，, 腾讯表示，公司'的国际游戏收入同比下降了0.8%,。按固定汇率计算，收入增长了 4%。
However, revenue at the company的 international game revenue fell 0.8% year-on-year due to currency movements, Tencent said. Revenue was up 4% on a constant currency basis.
腾讯是全球最大的游戏公司之一，国内和国际收入都受到投资者的密切关注。
Tencent is one of the world的 largest gaming companies and both domestic and international revenue are watched closely by investors.
本季度的另一个增长动力是人工智能辅助下的腾讯的 营销服务,。该部门的收入同比增长 22% 至 436 亿元人民币,，这得益于腾讯 AI 驱动的广告推荐模型, " 增强"。该公司表示。该功能使用人工智能来决定在微信等腾讯的平台上向用户展示哪些广告。
Another driver of growth in the quarter was Tencent的 marketing services, aided by AI. Revenue at the division rose 22% year-over-year to 43.6 billion yuan, supported by "enhancements" to Tencent的 AI-driven ad recommendation model, the company said. This feature uses AI to decide what ads to show users on Tencent的 platforms like WeChat.
总体, 腾讯所有主要部门的毛利润都在增长,，因为它希望让投资者相信其投资正在获得回报。
Overall, Tencent posted rising gross profit at all of its main divisions, as it looks to satisfy investors that its investments are paying off.
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