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Tencent AI All-Around: Hunyuan 4 Coming Soon, WorkBuddy Continues to Lead, Xiaowei Expands Gray Testing

On August 12, Tencent Holdings (00700.HK) released its Q2 earnings report, and AI is undoubtedly the highlight of this quarter. From completing the restructuring to the launch of the Hunyuan 3 preview version, and then to the official version, Tencent's Hunyuan large model has formed a stable and systematic iteration capability in less than three months. Next, Hunyuan 4 with a larger parameter scale is about to debut. At the same time, Tencent has initially established advantages in the office intelligence field, with multiple products working together; WeChat's AI assistant "Xiaowei" has been expanding the scope of gray testing since its launch in June.

First, let's look at the fundamentals. Tencent performed steadily this quarter: revenue reached 204.79 billion yuan, a year-on-year increase of 11%; non-IFRS operating profit was 75.64 billion yuan, a year-on-year increase of 9%. Excluding the impact of new AI products (mainly Hunyuan, Yuanbao, CodeBuddy, WorkBuddy, and Xiaowei), non-IFRS operating profit increased by 19% to 86.1 billion yuan.

A strong business model and solid fundamentals provide Tencent with the confidence to increase AI investment. R&D expenditure this quarter reached 27.28 billion yuan, a year-on-year increase of 35%; capital expenditure was as high as 52.78 billion yuan, a year-on-year surge of 176%, and a quarter-on-quarter increase of 65%. Excluding prepayments for computing power procurement, free cash flow was 37.6 billion yuan. As AI brings more incremental value to core businesses, the positive cycle between investment, implementation, and commercial returns is gradually strengthening.

Tencent's Chairman and CEO Ma Huateng said: "Entering the third quarter of this year, we are building a new, AI-driven Tencent from three levels: intelligence, applications, and infrastructure, and we have made significant progress. At the intelligence level, the official version of Hunyuan 3 provides users with a widely applicable and cost-effective model, laying the foundation for the Hunyuan series to reach industry-leading levels. At the application level, the AI office efficiency service WorkBuddy and the AI programming tool CodeBuddy have achieved breakthrough user growth and are currently leading in their respective fields in China. At the infrastructure level, we have significantly increased computing power procurement, which will help convert the use of applications and models into revenue. At the same time, we continue to polish existing businesses, marketing service revenue continues to grow, several new games perform well, and WeChat Channels playback volume is growing rapidly."

Hunyuan 3 Performance and Usage Rise Together, Hunyuan 4 to Take Over, Model Foundation Continuously Strengthened

After a comprehensive restructuring of infrastructure such as pre-training and reinforcement learning, Hunyuan quickly completed the iteration from preview to official version this quarter. The upcoming Hunyuan 4 will further enhance model performance and multimodal capabilities.

As the core achievement of this iteration, Hunyuan 3 demonstrates higher "intelligence density," achieving intelligence levels comparable to domestic and international flagship models with parameter sizes 2 to 5 times larger, but with a relatively smaller parameter scale.

Co-design of models and AI products has also become an important path for Hunyuan's iterative upgrades. Currently, Hunyuan 3 has been quickly integrated into products such as WorkBuddy, CodeBuddy, Yuanbao, ima, and Marvis, bringing significant experience improvements. Among them, WorkBuddy's task resolution rate increased from 72% to 90%.

The improvement in model capabilities has led to rapid growth in usage. According to OpenRouter's token consumption data, Hunyuan 3 has consistently ranked in the global top three since its launch. In addition, Hunyuan 3's daily average token usage is 7 times that of the preview version, reflecting faster user adoption and rising paid demand.

User choices provide more direct feedback. In WorkBuddy, 60% of users chose Hunyuan 3; after integration with ima Copilot, Hunyuan 3 became the most used model on that platform within 72 hours.

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WorkBuddy Continues to Lead, Xiaowei Expands Gray Testing, AI Products Achieve Large-Scale Implementation

While model iteration accelerates, Tencent's AI products are moving from single-point breakthroughs to scale: WorkBuddy, CodeBuddy, and other office intelligent agents show obvious growth momentum. Enterprise WeChat AI assistant "Dayuan" was launched, and WeChat's native AI assistant "Xiaowei" continues to expand gray testing. Miora, a creative intelligent agent with the same architecture as WorkBuddy, has also been fully launched.

Among them, office intelligent agents have taken the lead in forming a matrix advantage. WorkBuddy has achieved rapid user growth and healthy user retention, with strong willingness to subscribe and purchase tokens. With strong engineering capabilities, rich model choices, and an industry-leading skill library, WorkBuddy has become China's leading AI-native office intelligent agent.

According to iResearch's "2026 Q2 China Office Intelligent Platform Market Insight Report," WorkBuddy's PC traffic reached 20.97 million visits in June, ranking first among similar domestic products, exceeding the total visits of the second and third place; among the top ten in monthly visits, Tencent occupies four seats, with WorkBuddy, CodeBuddy, QClaw, and Marvis all on the list.

Relying on its ecosystem advantages, Tencent is amplifying the differentiated competitiveness of office intelligent agents. WorkBuddy can be integrated with WeChat and Enterprise WeChat, going deep into real work scenarios. Recently, it also connected document and knowledge base workflows and launched the "human-machine co-writing" feature, exploring new forms of Office in the AI era.

Beyond personal office use, the application boundaries of Tencent's office intelligent agents are expanding to enterprises and industries. Currently, WorkBuddy has been applied in more than 50 industries, covering government affairs, production, life services, and other fields, and has been implemented in scenarios such as Guangdong government affairs and Shenzhen Port. The enterprise version of WorkBuddy has been officially launched, with commercialization and ecosystem cooperation advancing simultaneously.

AI deployment on the enterprise side is also deepening into existing collaboration channels. In Q2, Enterprise WeChat launched multiple AI features including face-to-face meeting recording and intelligent documents, and introduced the intelligent assistant "Dayuan," which is directly embedded in workflows, covering scenarios such as group chats, to-dos, and emails. It can complete tasks such as chat summaries, document and table reading/writing, and project progress summaries, and can also connect to external WeChat group chats, integrating more naturally into enterprise collaboration processes.

Beyond office and enterprise scenarios, Tencent's AI products are also accelerating into personal life scenarios. The WeChat native AI assistant "Xiaowei," launched in June, continues to expand gray testing, with entry points extending from the main WeChat homepage to more scenarios such as Moments, Official Accounts, and Channels. Xiaowei is based on the WeLM model developed by the WeChat team, focusing on user privacy, WeChat scenario adaptation, and inference efficiency, while enhancing personalized AI experience through Official Accounts and Channels.

Yuanbao continues to strengthen core experiences such as search and speech recognition, and reuses AI atomic capabilities accumulated in products such as WeChat, WorkBuddy, and QQ Browser.

AI Drives Cloud Service Growth, Games and Advertising Maintain Growth, Multiple Long-lasting Games Hit Record Daily Active Users

In Q2, all three major business segments of Tencent achieved growth, with the contribution of AI core businesses continuing to deepen. Among them, fintech and enterprise services revenue increased by 9% year-on-year to 60.29 billion yuan, and cloud services became the most direct contributor to AI-driven growth.

Specifically, the growth in demand for model inference, intelligent agent operations, and AI-native applications drove demand for computing power, MaaS, and API calls. AI products and services such as WorkBuddy and CodeBuddy also contributed new revenue. Tencent Cloud's overseas business continued to expand rapidly. This quarter, it supported Indonesia's leading operator XLSMART in a large-scale public cloud migration, applying the AI capabilities of WorkBuddy and CodeBuddy during the migration; general cloud service demand also maintained growth.

In the gaming field, AI has become an important force driving business growth and is deeply integrated into the entire chain of player experience, development and production, and operation services. For example, "Delta Force" uses Agents to improve operational efficiency and leverages Hunyuan 3D capabilities to optimize scene-side hand integration production pipelines.

At the same time, exploration of the integration of AI and gameplay continues. The AI NPC gameplay of "PUBG Mobile" has accumulated 167 million users, with a peak daily active users of 17.7 million; the new game "洛克王国：世界" introduced a game-native coach Agent "Skadi" for complex gameplay decisions, which has effectively promoted PVP ice-breaking and activity since its launch, with PVP activation rate increasing by 20%, and users' win rate improving after participating in related features, thereby enhancing the gaming experience.

In terms of performance, game revenue reached 65.9 billion yuan this quarter, a year-on-year increase of 11%, returning to double-digit growth. Domestic market revenue reached 47.3 billion yuan, a year-on-year increase of 17%. The growth momentum mainly comes from four core products: "Delta Force," "Valorant," "Valorant: Energy Action," and "洛克王国：世界." Among them, the daily active users of "Delta Force" and "Valorant" both hit record highs this quarter, consolidating Tencent's leading position in the shooting and competitive categories.

International game market revenue reached 18.6 billion yuan, a year-on-year increase of 4% at constant exchange rates, mainly driven by "Arknights" and "VALORANT"; at the same time, Tencent's Miniclip achieved breakthrough success in the international market, with its product "Arrows - Puzzle Escape" becoming the world's most downloaded mobile game in Q2.

In marketing services, AI continues to improve advertising delivery efficiency. Marketing service revenue reached 43.57 billion yuan this quarter, a year-on-year increase of 22%, continuing to grow at a rate higher than the industry. The customer coverage rate of the "Tencent Ads AIM+" intelligent advertising product matrix remains above 80%, and AI creative capabilities have increased material production efficiency by nearly 80%.

The advertising recommendation model "Scaling Up" has been upgraded, building a new generation of advertising training and inference infrastructure technology foundation. Taking the video account advertising recommendation scenario as an example, the scale of the ultra-large-scale ranking model has expanded 30 times, and the computation volume has increased 24 times. These capabilities have now been extended to more WeChat scenarios such as Official Accounts and Mini Programs.

AI is also accelerating its integration into WeChat's existing products and ecosystem. In addition to launching the AI assistant Xiaowei, the Mini Program ecosystem's attractiveness to developers continues to strengthen, AI-native applications are emerging rapidly, and AI application Mini Programs have grown by nearly 40% in half a year. The "WeChat Mini Program Growth Plan" has increased the large model token quota to 1 billion, attracting 63,000 Mini Programs to participate, of which more than 60% come from individual developers; Official Accounts launched AI one-click typesetting and are gray-testing AI avatars to improve content creation and user service efficiency; WeChat Pay launched the "AI Special Card," which is first connected with WorkBuddy, allowing users to express consumption needs to the intelligent agent and experience an automated consumption closed loop from intelligent recommendation, ordering, to payment.

Rich AI capabilities continue to activate the WeChat ecosystem. This quarter, WeChat and WeChat combined monthly active accounts reached 1.439 billion, and the total user usage time of Channels increased by more than 20% year-on-year, benefiting from richer content for young users, upgraded interactive features, and a new content mixing system; during this year's "618" shopping festival, transaction volume in the store and card package scenarios increased by 537%, becoming a new battlefield for merchant development, with the number of brands with transaction volume reaching one million increasing by more than 200%, and the number of merchants with transaction volume reaching one million increasing by 564%; Mini Program overseas services further expanded, with monthly transaction volume in Southeast Asia increasing by 160% year-on-year.

Key Points

  • Tencent's Q2 revenue was 204.79 billion yuan, a year-on-year increase of 11%; non-IFRS operating profit was 75.64 billion yuan, a year-on-year increase of 9%.
  • R&D expenditure was 27.28 billion yuan, a year-on-year increase of 35%; capital expenditure was 52.78 billion yuan, a year-on-year increase of 176%.
  • The official version of Hunyuan 3 was released, and Hunyuan 4 is about to be launched; Hunyuan 3's daily average token usage is 7 times that of the preview version.
  • WorkBuddy leads in the office intelligence field, ranking first in PC traffic; Enterprise WeChat AI assistant "Dayuan" was launched.
  • WeChat AI assistant "Xiaowei" expanded gray testing, with entry points extending to scenarios such as Moments, Official Accounts, and Channels.
  • AI drives cloud service growth, game revenue returns to double-digit growth, and advertising revenue increased by 22%.