{"slug":"tencent-holdings-limited","name":"텐센트","name_en":"Tencent Holdings Limited","ticker":"0700.HK","updated_at":"2026-07-12T04:30:28.774+00:00","canonical":"https://valuechain.wiki/tencent-holdings-limited","citable":"밸류체인 그래프 기준 텐센트의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 0·투자 3)이고, 사슬을 2차까지 넓히면 44곳에 닿는다. 링크의 근거 출처는 13건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Tencent Holdings Limited is directly linked to 4 companies (1 supply, 0 revenue, 3 investment relationships) and reaches 44 companies within two hops; the links are backed by 13 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"항셍 지수 · 인터넷 플랫폼 · 위챗","kicker_en":"Hang Seng · Internet platform · WeChat","lead":"위챗(14억+ MAU)이라는 국민 인프라를 게임·광고·핀테크·클라우드로 수익화하는 중국 최대 인터넷 플랫폼(HKEX 0700)으로, 트래픽을 어느 사업으로든 돌릴 수 있는 게 구조적 해자다. FY2025 매출 7,517억위안(+14%)에 매출총이익률이 53%→56%로 오른 건 고마진 축(AI 광고·게임·규모 흑자로 돌아선 클라우드)이 저마진 매출을 대체했다는 신호이고, 특히 해외 게임이 연 100억달러를 처음 넘으며 성장 지역이 국내에서 밖으로 이동했다. 재평가의 핵심 변수는 AI 캡엑스로, FY2025 약 1,800억위안에서 2026년 2배 이상 예고돼 마진 개선과 성장 투자 사이의 트레이드오프가 앞으로의 관전 포인트다.","lead_en":"China's largest internet platform (HKEX 0700), monetizing the national infrastructure of WeChat (1.4bn+ MAU) through games, advertising, fintech and cloud — the structural moat is the ability to redirect that traffic into any business. FY2025 revenue of RMB 751.7bn (+14%) with gross margin rising 53%→56% signals higher-margin lines (AI advertising, games, cloud turned profitable at scale) displacing lower-margin revenue, and international games topped USD10bn for the first time, shifting growth from home to abroad. The key re-rating variable is AI capex — ~RMB 180bn in FY2025, guided to more than double in 2026 — making the trade-off between margin gains and growth investment the thing to watch.","segments":{"fy":2025,"parts":[{"desc":"이익의 중추이자 성장 지역이 바뀌는 축 — 매출 3,693억위안(+16%), 해외 게임(+33%)이 연 100억달러를 처음 넘으며 국내 성숙을 상쇄했다","name":"부가가치서비스(VAS) — 게임·소셜"},{"desc":"AI 타겟팅이 단가·노출을 동시에 끌어올린 고마진 엔진 — 매출 1,450억위안(+19%), 폐쇄형(영상계정·위챗검색) 인벤토리 확대로 낮은 광고 로드에도 성장 여력이 남았다","name":"마케팅 서비스(광고)"},{"desc":"위챗페이 위에서 클라우드가 규모 흑자로 돌아선 전환점 — 매출 2,294억위안(+8%), 비즈니스 서비스가 4Q +22%로 가속하며 AI 수요가 성장을 재점화한다","name":"핀테크·비즈니스 서비스"}],"total":"7,517.7억 위안 (FY2025, +14%)","source":"2025 연차보고서(HKEX 0700)","concentration":"고마진 축(AI 광고·해외 게임·규모 흑자 클라우드)이 매출총이익률을 53→56%로 끌어올린 해 — 다만 2026년 2배 이상 예고된 AI 캡엑스가 이 마진 개선과 상충한다."},"segments_en":{"fy":2025,"parts":[{"desc":"The profit backbone and the axis where growth relocates — revenue RMB 369.3bn (+16%); international games (+33%) topped USD10bn for the first time, offsetting domestic maturity","name":"Value-Added Services (VAS) — games & social"},{"desc":"A high-margin engine where AI targeting lifts pricing and impressions together — revenue RMB 145.0bn (+19%); closed-loop (Video Accounts, Weixin Search) inventory leaves growth headroom even at low ad load","name":"Marketing Services (advertising)"},{"desc":"The inflection where cloud turned profitable at scale atop WeChat Pay — revenue RMB 229.4bn (+8%), with Business Services accelerating to +22% in Q4 as AI demand reignites growth","name":"FinTech & Business Services"}],"total":"RMB 751.77bn (FY2025, +14%)","source":"FY2025 Annual Report (HKEX 0700)","concentration":"The year higher-margin lines (AI advertising, international games, cloud profitable at scale) lifted gross margin 53%→56% — yet AI capex, guided to more than double in 2026, cuts against that margin gain."},"returns_yearly":{"2021":-28.6,"2022":-14.2,"2023":-28.7,"2024":49.8,"2025":52.1,"2026":-23.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":1,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"jd-com","name":"징둥닷컴(JD.com)","name_en":"JD.com","tier":1,"returns_yearly":{"2021":-19.1,"2022":-16.9,"2023":-62.5,"2024":81.5,"2025":-28.2,"2026":-1.5}},{"slug":"meituan","name":"메이퇀","name_en":"Meituan","tier":1,"returns_yearly":{"2021":-38.1,"2022":-20.7,"2023":-64.2,"2024":137.6,"2025":-34.6,"2026":-19}},{"slug":"beijing-kingsoft-office-software","name":"킹소프트 오피스","name_en":"Beijing Kingsoft Office Software","tier":1,"returns_yearly":{"2021":-41.3,"2022":16,"2023":-23.7,"2024":47.1,"2025":7.6,"2026":-30.2}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":2,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":2,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","tier":2,"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":2,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":2,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":2,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":2,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":2,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"corning","name":"Corning","name_en":"Corning","tier":2,"returns_yearly":{"2021":5.9,"2022":-11.6,"2023":-1.2,"2024":60.6,"2025":87.8,"2026":118.8}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":2,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":2,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":2,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":2,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"innolight","name":"InnoLight","name_en":"InnoLight","tier":2,"returns_yearly":{"2021":-30.7,"2022":-18.3,"2023":253.7,"2024":12,"2025":468.1,"2026":68.8}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":2,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":2,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":2,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":2,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":2,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":2,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":2,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":2,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":2,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":2,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"jd-logistics","name":"징둥물류","name_en":"JD Logistics","tier":2,"returns_yearly":{"2022":-25.3,"2023":-60.7,"2024":95.3,"2025":-15.7,"2026":13.3}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":2,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":2,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":2,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":2,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"alibaba","name":"알리바바","name_en":"Alibaba Group","tier":2,"returns_yearly":{"2021":-49,"2022":-25.8,"2023":-10.8,"2024":11.8,"2025":75.8,"2026":-22.7}},{"slug":"baidu","name":"바이두","name_en":"Baidu","tier":2,"returns_yearly":{"2022":-8.2,"2023":-23.4,"2024":-13.5,"2025":74.2,"2026":-24.5}},{"slug":"li-auto","name":"리오토(리샹)","name_en":"Li Auto","tier":2,"returns_yearly":{"2022":1.2,"2023":11.6,"2024":-12.7,"2025":-28.7,"2026":-28.1}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"jd-health","name":"징둥헬스","name_en":"JD Health","tier":2,"returns_yearly":{"2021":-59.1,"2022":3.9,"2023":-60.5,"2024":24.8,"2025":98,"2026":-41}},{"slug":"pony-ai","name":"Pony.ai","name_en":"Pony.ai","tier":2,"returns_yearly":{"2025":1,"2026":-54.6}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"jusung-engineering","name":"주성엔지니어링","name_en":"Jusung Engineering","tier":3,"returns_yearly":{"2021":127.9,"2022":-42.6,"2023":173.3,"2024":-3.1,"2025":30.7,"2026":364.1}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":3,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"psk-inc","name":"피에스케이","name_en":"PSK Inc","tier":3,"returns_yearly":{"2021":22.7,"2022":-19.6,"2023":14.2,"2024":-2.6,"2025":228.2,"2026":208}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":3,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":3,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"kulicke-soffa","name":"Kulicke & Soffa","name_en":"Kulicke & Soffa","tier":3,"returns_yearly":{"2021":92.4,"2022":-25.8,"2023":25.5,"2024":-13.2,"2025":-0.3,"2026":150.1}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":3,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":3,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"formfactor","name":"FormFactor","name_en":"FormFactor","tier":3,"returns_yearly":{"2021":6.3,"2022":-51.4,"2023":87.6,"2024":5.5,"2025":26.8,"2026":110.7}},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":3,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"jcet","name":"JCET","name_en":"JCET (Jiangsu Changjiang Electronics)","tier":3,"returns_yearly":{"2021":-34,"2022":0.2,"2023":-15.2,"2024":73.3,"2025":28,"2026":104.6}},{"slug":"onto-innovation","name":"Onto Innovation","name_en":"Onto Innovation","tier":3,"returns_yearly":{"2021":112.9,"2022":-32.7,"2023":124.6,"2024":9,"2025":-5.3,"2026":103.6}},{"slug":"simmtech","name":"심텍","name_en":"Simmtech","tier":3,"returns_yearly":{"2021":119.6,"2022":-34.6,"2023":12.4,"2024":-63.3,"2025":392.9,"2026":94.9}},{"slug":"daeduck","name":"대덕전자","name_en":"Daeduck Electronics","tier":3,"returns_yearly":{"2021":64.2,"2022":-0.3,"2023":13.3,"2024":-22.7,"2025":250.2,"2026":92.1}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":3,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"tower-semiconductor","name":"Tower Semiconductor","name_en":"Tower Semiconductor","tier":3,"returns_yearly":{"2021":53.7,"2022":8.9,"2023":-29.4,"2024":68.8,"2025":128,"2026":89.7}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":3,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"asmpt","name":"ASMPT","name_en":"ASMPT","tier":3,"returns_yearly":{"2021":-29,"2022":-12.4,"2023":21.8,"2024":-4.8,"2025":47.6,"2026":82}},{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":3,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"macom","name":"MACOM","name_en":"MACOM Technology","tier":3,"returns_yearly":{"2021":42.3,"2022":-19.6,"2023":47.6,"2024":39.8,"2025":31.8,"2026":80.1}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":3,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","tier":3,"returns_yearly":{"2026":76.3}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":3,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"kokusai-electric","name":"Kokusai Electric","name_en":"Kokusai Electric","tier":3,"returns_yearly":{"2024":-35.4,"2025":165.3,"2026":70}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":3,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":3,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"ajinomoto","name":"Ajinomoto","name_en":"Ajinomoto","tier":3,"returns_yearly":{"2021":31,"2022":36,"2023":44.5,"2024":4,"2025":14.1,"2026":63.7}},{"slug":"foosung","name":"후성","name_en":"Foosung","tier":3,"returns_yearly":{"2021":59.9,"2022":-33.5,"2023":-34.5,"2024":-39.1,"2025":67.4,"2026":62.2}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":3,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","tier":3,"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6}},{"slug":"eugene-tech","name":"유진테크","name_en":"Eugene Technology","tier":3,"returns_yearly":{"2021":28.1,"2022":-45.1,"2023":64.1,"2024":-12.6,"2025":202.5,"2026":49.5}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":3,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"gigabyte","name":"기가바이트","name_en":"Gigabyte Technology","tier":3,"returns_yearly":{"2021":82.3,"2022":-3.4,"2023":173.2,"2024":-15.9,"2025":-4.7,"2026":44.4}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":3,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":3,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"camtek","name":"Camtek","name_en":"Camtek","tier":3,"returns_yearly":{"2021":110.1,"2022":-52.3,"2023":215.9,"2024":18.3,"2025":31.7,"2026":35.2}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":3,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":3,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"powertech","name":"파워텍 (PTI)","name_en":"Powertech Technology (PTI)","tier":3,"returns_yearly":{"2021":4.8,"2022":-7.5,"2023":86,"2024":-16,"2025":128.6,"2026":26}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"air-products","name":"에어프로덕츠","name_en":"Air Products and Chemicals","tier":3,"returns_yearly":{"2021":13.8,"2022":3.9,"2023":-9,"2024":8.1,"2025":-12.7,"2026":23.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"mitsubishi-electric","name":"미쓰비시전기","name_en":"Mitsubishi Electric","tier":3,"returns_yearly":{"2021":-8.1,"2022":2.5,"2023":58.7,"2024":19.1,"2025":91,"2026":21.3}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"sumitomo-chemical","name":"스미토모화학","name_en":"Sumitomo Chemical","tier":3,"returns_yearly":{"2021":19.6,"2022":-9.1,"2023":-27.7,"2024":-2.2,"2025":43.9,"2026":16}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nepes","name":"네패스","name_en":"Nepes","tier":3,"returns_yearly":{"2021":-29.5,"2022":-44,"2023":6.7,"2024":-62.7,"2025":179.2,"2026":15.1}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":3,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":3,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"wonik-ips","name":"원익IPS","name_en":"Wonik IPS","tier":3,"returns_yearly":{"2021":-19.7,"2022":-19.8,"2023":-0.2,"2024":-25.5,"2025":408.8,"2026":9.3}},{"slug":"siemens-energy","name":"Siemens Energy","name_en":"Siemens Energy","tier":3,"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":5.7}},{"slug":"hanmi-semiconductor","name":"한미반도체","name_en":"Hanmi Semiconductor","tier":3,"returns_yearly":{"2021":98.5,"2022":-21.7,"2023":313.1,"2024":93.7,"2025":87.9,"2026":5.5}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"softbank","name":"소프트뱅크그룹","name_en":"SoftBank Group","tier":3,"returns_yearly":{"2021":10.2,"2022":9.9,"2023":39.2,"2024":6.5,"2025":8.5,"2026":3.2}},{"slug":"qorvo","name":"코보","name_en":"Qorvo","tier":3,"returns_yearly":{"2021":-5.9,"2022":-42,"2023":24.2,"2024":-37.9,"2025":20.8,"2026":1.5}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":3,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"isc","name":"아이에스시","name_en":"ISC","tier":3,"returns_yearly":{"2021":43.2,"2022":14.2,"2023":116.5,"2024":-11.9,"2025":126.8,"2026":0.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-3.7}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"canon","name":"캐논","name_en":"Canon","tier":3,"returns_yearly":{"2021":22.5,"2022":11.1,"2023":46.4,"2024":27,"2025":-3.2,"2026":-5.6}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":3,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","tier":3,"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":3,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"dongjin-semichem","name":"동진쎄미켐","name_en":"Dongjin Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"hesai","name":"Hesai","name_en":"Hesai Group","tier":3,"returns_yearly":{"2024":55.1,"2025":62.1,"2026":-27.9}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"trip-com-group","name":"트립닷컴그룹(씨트립)","name_en":"Trip.com Group","tier":3,"returns_yearly":{"2022":44.5,"2023":-3,"2024":95.8,"2025":-12.2,"2026":-31.6}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null}],"analysis":"텐센트의 논지는 위챗(14억+ MAU)이라는 국민 인프라를 게임·광고·핀테크·클라우드로 수익화하며, 트래픽을 어느 사업으로든 돌릴 수 있는 구조적 해자다. FY2025 매출 7,517억위안(+14%)에서 매출총이익률이 53→56%로 오른 것은 AI 광고·해외 게임·규모 흑자로 돌아선 클라우드 같은 고마진 축이 저마진 매출을 대체했다는 신호이고, 특히 해외 게임이 연 100억달러를 처음 넘으며 성장 지역이 국내에서 밖으로 이동했다. AI 광고 타겟팅이 단가·노출을 동시에 끌어올리고 폐쇄형 인벤토리(영상계정·위챗검색)가 낮은 광고 로드에도 성장 여력을 남긴 점이 이익 엔진의 질을 바꿨다. 다만 재평가의 핵심 변수는 AI 캡엑스로, FY2025 약 1,800억위안에서 2026년 2배 이상 예고돼 마진 개선과 성장 투자 사이의 트레이드오프가 관건이다. 미 수출규제 대응으로 엔비디아 H20와 화웨이 어센드·엔플레임 국산칩을 병행 조달하는 것이 그 투자의 공급 리스크 축이다.","analysis_en":"Tencent's thesis is monetizing WeChat (1.4B+ MAU), a piece of national infrastructure, across games, advertising, fintech and cloud — the ability to redirect traffic to any business is the structural moat. Within FY2025 revenue of RMB 751.7bn (+14%), the rise in gross margin from 53% to 56% signals high-margin axes — AI advertising, overseas games, and cloud that turned profitable at scale — replacing low-margin revenue, and overseas games passing $10bn for the first time shifted growth from home to abroad. AI ad targeting lifting both price and impressions, and closed-loop inventory (Video Accounts, WeChat Search) leaving room to grow even at low ad load, changed the quality of its profit engine. But the key re-rating variable is AI capex, guided to more than double from ~RMB 180bn in FY2025 into 2026 — the trade-off between margin improvement and growth investment. Dual-sourcing NVIDIA H20 alongside domestic Huawei Ascend and Enflame chips under US export controls is the supply-risk axis of that investment.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"게이머·구독자 (VAS: 게임·소셜)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","parts":{"social":127700000000,"intl_games":77400000000,"domestic_games":164200000000},"value":369300000000,"period":"FY2025 VAS","yoy_pct":16},"note":"이익의 중추이자 성장 지역이 국내에서 해외로 넘어가는 축 — FY2025 매출 3,693억위안(+16%) 중 해외 게임(774억, +33%)이 연 100억달러를 처음 넘으며 국내 게임(1,642억, +18%)의 성숙을 상쇄했다. 델타포스 신작과 슈퍼셀·PUBG모바일 IP가 견인했고, 소셜(1,277억, +5%)은 영상계정·음악 구독이 완만히 받친다.","note_en":"The profit backbone and the axis where growth migrates from home to abroad — of FY2025 revenue RMB 369.3bn (+16%), international games (77.4bn, +33%) topped USD10bn for the first time, offsetting maturing domestic games (164.2bn, +18%). Newly launched Delta Force plus Supercell and PUBG Mobile IP drove it, while social (127.7bn, +5%) is buoyed modestly by Video Accounts and music subscriptions.","sources":[{"stance":"confirms","publisher":"홍콩거래소 공시(HKEX)","publisher_en":"HKEX filing","kind":"filing","lang":"en","published_at":"2026-04-09","url":"https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf","title":"텐센트 2025년 연차보고서 (HKEX 0700)","title_en":"Tencent Holdings — 2025 Annual Report (HKEX 0700)","excerpt":"VAS 매출 3,693억위안(+16%); 국내게임 1,642억(+18%)·해외게임 774억(+33%)·소셜 1,277억(+5%)","excerpt_en":"VAS RMB 369.3bn (+16%); domestic games 164.2bn (+18%), intl 77.4bn (+33%), social 127.7bn (+5%)"},{"stance":"mentions","publisher":"골드만삭스","publisher_en":"Goldman Sachs","kind":"research","lang":"en","published_at":"2026-03-20","url":"https://news.futunn.com/en/post/74436597/goldman-sachs-tencent-00700-hk-valuation-has-bottomed-out-maintains","title":"골드만삭스 — 텐센트(00700.HK) 매수 유지, 목표가 HK$700","title_en":"Goldman Sachs — Tencent (00700.HK) Buy maintained, target HK$700","excerpt":"골드만삭스 매수 유지, 목표가 HK$700 — 밸류에이션 바닥 통과 판단","excerpt_en":"Goldman Sachs maintains Buy, target HK$700; valuation seen bottomed"},{"stance":"confirms","publisher":"뉴스비전e","publisher_en":"NewsVision e","kind":"news","lang":"ko","published_at":"2026-03-18","url":"https://www.nvp.co.kr/news/articleView.html?idxno=317515","title":"텐센트, 2025년 실적 두 자릿수 성장 — AI·게임·클라우드로 수익성 강화","title_en":"Tencent FY2025: double-digit growth, profitability lifted by AI, games, cloud","excerpt":"매출 7,517.66억 위안(+14%), 해외 게임 연 100억달러 돌파, 매출총이익률 53%→56%","excerpt_en":"Revenue RMB 751.766bn (+14%); international games surpassed USD10bn; gross margin 53%→56%"},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-03-18","url":"https://www.cnbc.com/2026/03/18/tencent-2025-annual-revenue-ai-investments.html","title":"텐센트 2025 매출 예상 상회 — AI 투자 확대","title_en":"Tencent's 2025 revenue beats estimates as it ramps up AI investment","excerpt":"Tencent FY2025 revenue beats estimates amid AI investment ramp","excerpt_en":"Tencent FY2025 revenue beats estimates amid AI investment ramp"}]},{"direction":"revenue","counterparty":"위챗페이 상인·클라우드 고객 (핀테크·비즈니스)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":229400000000,"period":"FY2025 핀테크·비즈니스","yoy_pct":8},"note":"위챗페이 결제 기반 위에서 클라우드가 규모의 흑자로 돌아선 전환점 — 매출 2,294억위안(+8%)으로 성장률은 낮지만 비즈니스 서비스가 4Q +22%로 가속했다. AI 관련 클라우드 수요가 저성장하던 이 부문의 재가속 트리거로, 텐센트 AI 캡엑스가 겨누는 매출화 경로다.","note_en":"The inflection where cloud turned profitable at scale on top of WeChat Pay rails — revenue RMB 229.4bn (+8%) grows slowly overall, but Business Services accelerated to +22% in Q4. AI-related cloud demand is the re-acceleration trigger for this once-sluggish segment and the monetization path Tencent's AI capex is aimed at.","sources":[{"stance":"confirms","publisher":"홍콩거래소 공시(HKEX)","publisher_en":"HKEX filing","kind":"filing","lang":"en","published_at":"2026-04-09","url":"https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf","title":"텐센트 2025년 연차보고서 (HKEX 0700)","title_en":"Tencent Holdings — 2025 Annual Report (HKEX 0700)","excerpt":"핀테크·비즈니스 서비스 2,294억위안(+8%); 비즈니스 서비스 4Q +22% 가속, 클라우드 규모 흑자","excerpt_en":"FinTech & Business Services RMB 229.4bn (+8%); Business Services accelerated to +22% in Q4; cloud profitable at scale"},{"stance":"confirms","publisher":"뉴스비전e","publisher_en":"NewsVision e","kind":"news","lang":"ko","published_at":"2026-03-18","url":"https://www.nvp.co.kr/news/articleView.html?idxno=317515","title":"텐센트, 2025년 실적 두 자릿수 성장 — AI·게임·클라우드로 수익성 강화","title_en":"Tencent FY2025: double-digit growth, profitability lifted by AI, games, cloud","excerpt":"클라우드 규모 확대·비용효율 개선으로 수익성 개선","excerpt_en":"Cloud improved profitability via scale and cost efficiency"}]},{"direction":"revenue","counterparty":"광고주 (마케팅 서비스)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":145000000000,"period":"FY2025 마케팅서비스","yoy_pct":19},"note":"마케팅 서비스(광고) FY2025 매출 1,450억위안(+19%). AI 기반 타겟팅으로 광고 단가·노출 동반 상승, 영상계정·위챗 검색 등 폐쇄형 인벤토리 비중 확대. 광고 로드는 여전히 낮은 수준 유지.","note_en":"Marketing Services (advertising) FY2025 revenue RMB 145.0bn (+19%), driven by AI-powered ad targeting lifting pricing and impressions, and a rising share of closed-loop Video Accounts and Weixin Search inventory; ad load stays comparatively low.","sources":[{"stance":"confirms","publisher":"홍콩거래소 공시(HKEX)","publisher_en":"HKEX filing","kind":"filing","lang":"en","published_at":"2026-04-09","url":"https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf","title":"텐센트 2025년 연차보고서 (HKEX 0700)","title_en":"Tencent Holdings — 2025 Annual Report (HKEX 0700)","excerpt":"마케팅 서비스 매출 1,450억위안(+19%), AI 타겟팅으로 단가·노출 상승","excerpt_en":"Marketing Services RMB 145.0bn (+19%) on AI-powered ad targeting"}]},{"direction":"investment","counterparty":"Epic Games","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","value":40,"period":"지분율"},"note":"최대 외부주주 — 지분 약 40%(2012년 $3.3억 취득, 유지 중). 스위니가 50%+ 지배.","note_en":"Largest external shareholder at ~40% (acquired 2012 for $330M, still held); Sweeney retains 50%+ control.","sources":[{"stance":"confirms","publisher":"GamesBeat","publisher_en":"GamesBeat","kind":"news","lang":"en","published_at":"2012-07-01","url":"https://gamesbeat.com/tencent-paid-330m-for-40-of-epic-games/","title":"텐센트, 에픽게임즈 40% 지분에 $330M","title_en":"Tencent paid $330M for 40% of Epic Games","excerpt":"Tencent bought 48.4% of outstanding shares, amounting to 40% considering employee options.","excerpt_en":"40% of Epic (48.4% of outstanding shares) for $330M."}]},{"direction":"cost","counterparty":"CXMT (창신메모리)","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract","unit":"CNY","as_of":"2026-06","basis":"로이터 단독","value":20000000000,"period":"3~5년(보도)","basis_en":"Reuters exclusive","qualifier":"소식통 기반"},"note":"서버급 DDR5 D램 장기공급 계약 — 200억위안+(약 $29억), 기간은 소식통 간 3~5년 상충. 데이터센터·AI 서버용으로 텐센트 고부하 검증 통과, CXMT 사상 최대 단일 고객 주문. 공식 공시 없음(로이터 단독+다수 매체 인용).","note_en":"Long-term server-grade DDR5 supply worth 20bn+ yuan (~$2.9B); sources split between three- and five-year terms. Passed Tencent's high-load validation for AI servers; CXMT's largest single customer order. Not officially disclosed (Reuters exclusive, widely cited).","sources":[{"stance":"mentions","publisher":"Reuters","publisher_en":"Reuters","kind":"news","lang":"en","published_at":"2026-06-29","url":"https://finance.yahoo.com/technology/articles/exclusive-chinas-cxmt-wins-3-070237888.html","title":"로이터 단독: CXMT, 텐센트와 $3B 메모리 공급 계약","title_en":"Exclusive: China's CXMT wins $3B memory deal with Tencent","excerpt":"CXMT signed a 20 billion yuan ($2.94 billion) DRAM supply deal with Tencent for up to five years... two sources said up to three years while a third said up to five.","excerpt_en":"20bn yuan DRAM deal, three to five years per sources."},{"stance":"mentions","publisher":"IT즈자","publisher_en":"ITHome","kind":"news","lang":"zh","published_at":"2026-06-29","url":"https://www.ithome.com/0/970/041.htm","title":"텐센트·CXMT 200억위안+ DDR5 장기공급 협의","title_en":"Tencent-CXMT 20bn-yuan-plus DDR5 long-term supply deal","excerpt":"长鑫存储与腾讯达成超200亿元服务器级DDR5长期供货协议，已通过腾讯7×24小时高负载严苛验证。","excerpt_en":"20bn+ yuan server DDR5 deal, validated under Tencent's 24/7 high-load testing."},{"stance":"confirms","publisher":"Tencent (PR Newswire)","publisher_en":"Tencent (PR Newswire)","kind":"ir","lang":"en","published_at":"2026-03-18","url":"https://www.prnewswire.com/apac/news-releases/tencent-announces-2025-annual-and-fourth-quarter-results-302717280.html","title":"텐센트 2025 연간 실적 발표","title_en":"Tencent announces 2025 annual results","excerpt":"FY2025 revenue RMB 751.8bn; VAS +16% to RMB 369.3bn; FinTech and Business Services +8% to RMB 229.4bn.","excerpt_en":"FY2025 revenue RMB 751.8bn."}]},{"direction":"cost","counterparty":"엔비디아 (H20 GPU 조달)","counterparty_slug":"nvidia","confidence":"mid","metric":{"type":"amount","unit":"USD","basis":"Nikkei 보도","value":16000000000,"period":"H20 비축(3사 합산 보도)","qualifier":"industry_stockpile_reported","tencent_ai_capex_cny":180000000000},"note":"AI 인프라 핵심 공급원 — 중국용 엔비디아 H20 GPU 대량 조달. 美 수출규제 대비 텐센트·알리바바·바이트댄스가 2024~25년 약 160억달러(H20 130~160만개) 비축 후, 2025.4 H20 규제로 조달 다변화. 텐센트는 'GPU 재고로 수세대 학습 가능' 주장. FY2025 AI 캡엑스 약 1,800억위안, 2026년 2배 이상 계획.","note_en":"Key AI-infrastructure supplier — large-scale procurement of China-market NVIDIA H20 GPUs. Ahead of US curbs, Tencent/Alibaba/ByteDance stockpiled ~USD16bn (1.3–1.6M H20 units) in 2024–25; after the April 2025 H20 restriction they diversified sourcing. Tencent says its GPU stockpile can train models 'for a few more generations.' FY2025 AI capex ~RMB 180bn, planned to more than double in 2026.","sources":[{"stance":"confirms","publisher":"홍콩거래소 공시(HKEX)","publisher_en":"HKEX filing","kind":"filing","lang":"en","published_at":"2026-04-09","url":"https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf","title":"텐센트 2025년 연차보고서 (HKEX 0700)","title_en":"Tencent Holdings — 2025 Annual Report (HKEX 0700)","excerpt":"FY2025 AI 관련 캡엑스 대규모 확대(약 1,800억위안 규모), 2026년 추가 확대 계획","excerpt_en":"FY2025 AI-related capex scaled up (~RMB 180bn), planned to expand further in 2026"},{"stance":"mentions","publisher":"The Outpost / Nikkei","publisher_en":"The Outpost / Nikkei Asia","kind":"news","lang":"en","published_at":"2025-08-14","url":"https://theoutpost.ai/news-story/tencent-claims-sufficient-gpu-stockpile-for-ai-model-training-amid-us-export-controls-15407/","title":"텐센트, 美 수출규제 속 엔비디아 H20 GPU 대규모 비축","title_en":"Tencent boasts strong NVIDIA H20 GPU stockpile amid US export controls","excerpt":"텐센트·알리바바·바이트댄스, 규제 전 H20 약 160억달러(130~160만개) 비축","excerpt_en":"Tencent/Alibaba/ByteDance stockpiled ~USD16bn (1.3–1.6M units) of H20 before curbs"}]},{"direction":"cost","counterparty":"국산 AI 가속기 (화웨이 어센드·엔플레임)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"美 수출규제 대응 조달 다변화(엔비디아 외) — 화웨이 어센드 910C의 주요 고객으로 지목(2026년 60만개 생산 목표), 엔플레임 칩 대규모 배치. 국산 칩으로 추론·일부 학습 워크로드 이전.","note_en":"Diversification beyond NVIDIA under US export controls — cited as a major customer of Huawei's Ascend 910C (2026 target 600k units) and deploying Enflame chips at scale, shifting inference and some training onto domestic silicon.","sources":[{"stance":"mentions","publisher":"RCR Wireless","publisher_en":"RCR Wireless","kind":"news","lang":"en","published_at":"2025-09-30","url":"https://www.rcrwireless.com/20250930/ai-infrastructure/huawei-ai-chips-2","title":"화웨이, 어센드 생산 2배 확대 — 텐센트 주요 고객","title_en":"Huawei to double Ascend output; Tencent among main customers","excerpt":"Huawei targeting 600,000 Ascend 910C chips in 2026... Alibaba, Tencent, and DeepSeek expected to be among the main customers.","excerpt_en":"Tencent among expected main customers for Huawei's 910C."}]},{"direction":"investment","counterparty":"징둥닷컴 (지분 대부분 처분)","counterparty_slug":"jd-com","confidence":"low","metric":{"qualifier":"largely_divested_2021","stake_after_pct":2.3},"note":"한정: 과거 전략주주였으나 2021.12 지분(4.57억주·약 $16.4B, 14.7%)을 특별배당으로 처분해 17%→2.3%로 축소. WeChat 쇼핑 접점 등 사업 협력은 유지.","note_en":"Qualified: formerly a strategic shareholder, but distributed shares (457M, ~$16.4bn, 14.7%) as a special dividend in Dec 2021, cutting the stake from 17% to 2.3%; WeChat shopping-access cooperation continues.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2021-12-23","url":"https://www.cnbc.com/2021/12/23/tencent-to-give-16point4-billion-jdcom-stake-to-shareholders-as-dividend.html","title":"텐센트, 164억달러 징둥닷컴 지분 특별배당으로 분배(17%→2.3%)","title_en":"Tencent to give $16.4bn JD.com stake to shareholders as dividend (17%→2.3%)","excerpt":"텐센트, JD 지분 대부분(14.7%) 특별배당 처분(2021)","excerpt_en":"Tencent distributed most of its JD stake (14.7%) as special dividend (2021)"}]},{"direction":"investment","counterparty":"킹소프트 오피스 (모회사 킹소프트 경유 간접)","counterparty_slug":"beijing-kingsoft-office-software","confidence":"low","metric":{"qualifier":"indirect_via_parent","parent_stake_pct":32.5},"note":"간접 노출 — 텐센트는 모회사 킹소프트(3888.HK) 주요주주(2011년 15.68% 취득, 이후 약 6.9%). 킹소프트(3888.HK)가 킹소프트 오피스(688111) 지분 약 32.5% 보유한 지배주주이므로, 오피스에 대한 텐센트 노출은 모회사를 통한 간접. (오피스 노드에도 대칭 investor 엣지 존재)","note_en":"Indirect exposure — Tencent is a substantial shareholder of parent Kingsoft Corp (3888.HK) (acquired 15.68% in 2011, ~6.9% recently). Kingsoft Corp controls Kingsoft Office (688111, ~32.5%), so Tencent's exposure to Office runs through the parent. (A symmetric investor edge exists on the Office node.)","sources":[{"stance":"mentions","publisher":"AIbase","publisher_en":"AIbase","kind":"news","lang":"en","published_at":"2026-03-27","url":"https://www.aibase.com/news/26597","title":"킹소프트 오피스 2025 실적 — WPS AI MAU 8천만·해외 매출 +54%","title_en":"Kingsoft Office FY2025 results — WPS AI MAU 80M, overseas revenue +54%","excerpt":"텐센트 킹소프트 전략 지분.","excerpt_en":"Tencent strategic stake in Kingsoft."}]},{"direction":"investment","counterparty":"메이퇀 (지분 대부분 처분)","counterparty_slug":"meituan","confidence":"low","metric":{"qualifier":"largely_divested_2022","distributed_pct":15.5},"note":"한정: 과거 최대 전략주주였으나 2022.11 약 15.5%(9.58억주·$20.3B)를 특별배당으로 처분해 직접 지분은 소규모 잔여. WeChat 결제·트래픽 등 사업 협력은 유지.","note_en":"Qualified: formerly Meituan's largest strategic shareholder, but distributed ~15.5% (958M shares, $20.3bn) as a special dividend in Nov 2022, leaving only a small residual direct stake; WeChat payments/traffic cooperation continues.","sources":[{"stance":"confirms","publisher":"Inside Retail Asia","publisher_en":"Inside Retail Asia","kind":"news","lang":"en","published_at":"2022-11-17","url":"https://insideretail.asia/2022/11/17/tencent-to-hand-20-billion-meituan-stake-to-shareholders-as-sales-slip/","title":"텐센트, 200억달러 메이퇀 지분 특별배당으로 주주에 분배","title_en":"Tencent to hand $20bn Meituan stake to shareholders","excerpt":"텐센트, 메이퇀 지분 약 15.5% 특별배당 처분(2022)","excerpt_en":"Tencent distributed ~15.5% Meituan stake as special dividend (2022)"}]}]}