Seller's Home learned that on May 13th, Tencent Holdings released its financial report for the first quarter of 2026, with revenue reaching 196.46 billion yuan, a year-on-year increase of 9%.

However, this financial report reflects Tencent's anxiety and determination in the field of AI.

Due to the significant increase in AI-related capital expenditures (a year-on-year increase of 16% to 31.9 billion yuan) and R&D investment (a year-on-year increase of 19% to 22.5 billion yuan), Tencent's Non-IFRS operating profit growth rate declined from double digits to 9%.

According to estimates, the investment in new AI products alone "erased" about 8.8 billion yuan of operating profit.

Despite the financial pressure, Tencent has made significant progress in model capabilities. Its new generation model, the Hybrid Yuan Hy3 preview, ranks first in Token usage on OpenRouter, with code and agent scenario usage increasing by more than 16 times.

At the shareholders' meeting, Pony Ma used the metaphor of "boarding a ship" to candidly admit Tencent's situation in the AI wave: "I thought I had boarded the ship, but then I found that the ship was leaking. Now I feel like I'm standing up, but I can't sit down. I still hope the ship can go faster." This indicates that Tencent is willing to spend heavily to "buy a ticket," attempting to accelerate its catch-up in AI infrastructure and model iteration, transforming unique advantages such as the WeChat ecosystem into the second growth curve of the AI era.