Management remarks
Call period: 2026 Q2 · 2026-08-12
Guidance: Chi Ping Lau: More importantly, we're training a larger parameter model, Hunyuan 4, which we expect to release later this year.Demand and orders: Chi Ping Lau: These performance improvements drove accelerated user adoption and growing external customer demand, validating its practical utility in real-world usage as demonstrated by the approximately 6x increase in average daily token usage of Hunyuan 3 compared to the preview version across all channels during the pay period.Margins: Shek Hon Lo: Our second quarter non-IFRS operating margin was 36.9%, down 0.6 percentage points year-on-year. Non-IFRS operating margin, excluding new AI products was 42%, up 2.8 percentage points year-on-year.Analyst Q&A
Analyst Alex Liu asked: I have only one question. So we noted that Tencent has recently increased the buyback. The buyback activity started from May, while at the same time, the CapEx has been accelerated meaningfully as well. So we understand it's still in the relatively early stage in AI investment cycle. But with that in mind, how should investors think about Tencent's capital allocation priority into the next 12 to 24 months? Management James Mitchell answered: I think that -- I know that our capital allocation will be dynamic and reflective of the environment that we see. And so if we identify that there's superior returns from capital expenditure from increasing our compute and then using that compute to build the model, renting out that compute for WorkBuddy tokens, renting out that compute for Model-as-a-Service, then we'll steer more cash toward the capital expenditures than we had in the past and therefore, potentially less cash towards buybacks, but it will be a dynamic situation.管理层陈述
电话会期间：2026 Q2 · 2026-08-12
指引：Chi Ping Lau：我们正在训练参数规模更大的混元4（Hunyuan 4）模型，预计今年晚些时候发布。需求与订单：Chi Ping Lau：这些性能提升推动了用户采用率加速提升和外部客户需求增长，验证了其在实际使用中的实用价值；付费期内，全渠道混元3（Hunyuan 3）的平均每日令牌使用量较预览版增长约6倍。利润率：Shek Hon Lo：我们第二季度的非国际财务报告准则营业利润率为36.9%，同比下降0.6个百分点；若剔除新AI产品的影响，非国际财务报告准则营业利润率为42%，同比上升2.8个百分点。分析师问答
分析师亚历克斯·刘提问：腾讯5月起增加回购，同时资本开支显著加速，尽管AI投资仍处于相对早期阶段，未来12至24个月投资者应如何看待腾讯的资本配置优先级？ 管理层詹姆斯·米切尔回应称，资本配置将根据所处环境动态调整，若增加算力相关资本开支、用该算力打造模型并为WorkBuddy代币及模型即服务提供算力能获得更高回报，便会加大资本开支投入，相应减少回购金额，整体情况将动态变化。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
