Below is Dolphin Research's Trans of $TENCENT(00700.HK) FY26 Q1 earnings call. For our post-results take, see 'Tencent: No Longer Resting on Past Laurels; AI Is the Way Forward'.

1) Shareholder returns: Q1 buybacks totaled approx. RMB 7.9bn. Management believes the stock is undervalued, is accelerating monetization of the investment portfolio to fund continued buybacks through the year, and sees now as a particularly attractive window for repurchases.

2) Outlook: CapEx is expected to increase materially vs. last year. Guidance points to a sharp step-up this year...

$TENCENT(00700.HK) Q1 results are out, and the read is mixed with plenty to unpack. There are several points that warrant a closer look.

Below is Dolphin Research's Trans of Tencent's FY25 Q4 and full-year earnings call. For our earnings take, please see '腾讯：到了去登味，AI 上火候的时候了'.

After the Hong Kong close on Mar 18 (Beijing time), $TENCENT(00700.HK) released its 2025 Q3 results. Overall, the print was largely in line with no major surprises, though some line items came in slightly off expectations.

Against the backdrop of the current AI transformation window, management’s guidance on this year’s investment and growth matters more than the reported quarter. This will be more critical for mid-term valuation.

Specifically: 1) Games delivered and are expected to remain the core growth driver this year. The current product cycle is strong, with new titles performing and evergreen franchises supporting durability. Q4 revenue rose 21%...

Over the weekend, the Yuanbao team rolled out a major update, and in doing so also unveiled the AI roadmap for $TENCENT(00700.HK). Dolphin Research jumped in with friends to try it right away.

$Alibaba(BABA.US) $ByteDance(BYTED.NA) $TENCENT(00700.HK) $Baidu(BIDU.US) In our previous discussions of the AI value chain, Dolphin Research focused chiefly on North America. We examined the tangled, interdependent bargaining among upstream players.

The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article "Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness." 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...

After the Hong Kong stock market closed on November 13, Beijing time, $TENCENT(00700.HK) released its third-quarter 2025 results. Overall, while there were not many surprises compared to expectations, stability remains the key theme, with no significant weaknesses in the three major business lines. Since the beginning of this year, Tencent has entered a new investment cycle, yet traces of the management's refined operations and effective capital allocation can still be observed. Specifically: 1. Gaming remains the standout: Tencent Games maintained high growth of 23% in the third quarter, driven by the product cycle. Overseas, under the leadership of Supercell's 'Clash Royale,' it continued to surge (with favorable exchange rate contributions)...

The following are the minutes of the FY25 Q2 earnings call for $TENCENT(00700.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to "Spending and Earning! Is Tencent's Meta Moment Coming?" 1. Review of Core Financial Information 1. Capital Expenditure: ◦ Operating capital expenditure was RMB 17.9 billion, an increase of 149% year-on-year, primarily due to increased investments in GPUs and servers to enhance AI capabilities. ◦ Non-operating capital expenditure was RMB 1.2 billion, a decrease of 20% year-on-year. ◦ Total capital expenditure was RMB 19.1 billion...

After the Hong Kong stock market closed on August 13th Beijing time, $TENCENT(00700.HK) $Tencent(TCEHY.US) released its Q2 2025 earnings. Supported by the two major revenue pillars of gaming and advertising, the performance of the stock king remains reassuringly stable. Specifically: 1. There is still value to be mined from evergreen games: Q2 gaming revenue grew by 22%, continuing its strong growth. Domestic growth was 17%, while overseas growth was 35% (33% on a currency-neutral basis), with the main outperformance coming from overseas revenue. Domestic games relied on new titles like 'Delta Force' and the growth of evergreen titles such as 'Honor of Kings' and 'Peacekeeper Elite'...