Revenue for Q2 2026 rose 11% year-over-year to RMB204.8 billion, with gross profit up 13% to RMB118.4 billion and operating profit up 12% to RMB67.3 billion.
Net profit attributable to equity holders grew 9% year-over-year to RMB68.4 billion on a non-IFRS basis.
AI initiatives accelerated with the launch of Hunyuan 3 (Hy3), strong adoption of WorkBuddy and CodeBuddy, and significant infrastructure investments.
Core services such as Weixin, QQ, and games saw increased user engagement and monetization, with domestic games and marketing services driving growth.
Major CapEx increase for AI infrastructure and new product launches supported operational progress.
Total revenue reached RMB204.8 billion, up 11% year-on-year; gross profit was RMB118.4 billion, up 13%.
Operating profit was RMB67.3 billion, up 12% year-on-year; non-IFRS operating profit was RMB75.6 billion, up 9%.
Net profit attributable to equity holders was RMB68.4 billion, up 9% year-on-year; diluted EPS was RMB7.433.
Free cash flow was negative RMB13.8 billion due to large AI CapEx and prepayments; excluding prepayments, free cash flow would have been RMB37.6 billion.
Net cash at quarter-end was RMB58.2 billion, down from RMB146.9 billion, mainly due to CapEx and dividend payments.
Continued investment in AI infrastructure and model development, with Hunyuan 4 (Hy4) expected later this year.
Monetization of AI products expected to accelerate as user adoption and premium features grow.
AI investments are seen as a lump sum over 2026–2027, not recurring annually, with future CapEx tied to returns.
Emphasis on market education and user penetration for new AI products.
Capital allocation will remain dynamic, balancing CapEx and buybacks based on return potential.
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