机构：中银国际 15% YoY topline, 56.9% GPM and RMB69.2bn (18% YoY) adj. OP in 2Q25 all beat consensus/BOCIe. We deem Co. will increasingly benefit from AI demonstrated by sustainable and smooth high quality growth of core business segments and progressive AI commercialisations leveraging various integrated use scenarios within vibrant Weixin ecosystem with diversified AI products and features. Maintain BUY and uplift our TP to HK$705.0, implying 24x/ 20x 2025E/ 2026E adj. PER. 研究员：Raphael CHEN/Michael MENG Key Fact ...