Asia Pacific Equity Research 11 September 2025 Head of China Equity Research and Co-Head of Asia TMT Research Alex Yao AC (86 21) 6106 6505 alex.yao@jpmorgan.com SAC Registration Number: S1730523020001 Nancy Liu (86 21) 6106 6343 nancy.liu@jpmorgan.com SAC Registration Number: S1730524090001 J.P. Morgan Securities (China) Company Limited Quarterly Forecasts (FYE Dec) Tencent (0700) Overweight Analyzing Tencent's potential with AI agent Price (10 Sep 25): HK$633.50 The integration of GenAI agents on mobile i ...

Asia Pacific Equity Research 11 September 2025 Asia Internet: Trends in Motion Unlocking value at the intersection of social, transaction, and GenAI Head of China Equity Research and Co-Head of Asia TMT Research Alex Yao AC (86 21) 6106 6505 alex.yao@jpmorgan.com SAC Registration Number: S1730523020001 J.P. Morgan Securities (China) Company Limited Stanley Yang AC (82-2) 758-5712 stanley.yang@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Ankur Rudra, CFA (65) 6801-3237 ankur.rudra@jpm ...