On August 20th, Guosen Securities released a research report stating that Tencent's second-quarter revenue met expectations, and its profits exceeded expectations. Strong game performance and advertising growth drove strong performance and profit margin improvement. The company's strong game performance and profit margin expansion are expected to continue to support performance in the second half of the year. Guosen Securities raised the company's target price from HKD 470 to HKD 474 and maintained a 'buy' rating. Guosen Securities expects Tencent's third-quarter revenue to increase by 10% YoY, mainly due to its strong game performance. Profit margin expansion is still ongoing, and the non-IFRS operating profit is expected to increase by 32% YoY, with an operating profit margin of 40.2%, an increase of 6.8 percentage points from the same period last year. The bank said that Tencent maintains its target of repurchasing HKD 100 billion this year, and has repurchased approximately HKD 61.4 billion from the beginning of the year to date. In addition, it raised its non-IFRS net profit forecast for fiscal years 2024 to 2026 by 10% to 12%, and expects the profit margin to further improve.