D
Tencent (Trans): Sees clear opportunity to ramp up AI investment, expects impact on margin and buybacks
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'.
Key highlights: 1) Shareholder returns: proposed FY DPS of HKD 5.3 (+18% YoY). For FY25, planned buybacks of ~153.4 mn shares (HKD 80 bn total); with AI opportunities in focus, 2026 repurchases may come in below 2025, while the dividend payout will be increased...TencentConference Minutes