Tencent's intraday rise of more than 5% ushered in a narrative reversal: WorkBuddy users rose by two orders of magnitude, WeChat AI opened up more room for imagination
Comparative news. According to Bitget market data, the Hong Kong stock Tencent Holdings rose more than 5% during the intraday session today, and its stock price rose to HK$453. Tencent, which was once questioned about AI slowing down, is facing a narrative reversal. Ma Huateng confessed at the shareholders' meeting in May that he thought he had boarded the boat a year ago, but later discovered that the boat was leaking. But in just a few months, WorkBuddy's monthly activity surpassed 20 million, daily activity exceeded 13 million, and the DAU/MAU ratio reached 65%-75%, making it as sticky as a Slack office tool. 43 versions were released in three months, and updated as usual during the May Day holiday. Tencent internally positioned it as the third phenomenal product after QQ and WeChat.
The key to getting out of WorkBuddy is two barriers: one is minimal installation — the desktop client plus the WeChat applet, the mobile phone sends instructions and automatically executes on the PC after WeChat authorization, completely bypassing the high threshold of command line deployment for similar products abroad; the second is that the Tencent Family Bucket ecosystem was activated in the Agent era — it has already opened Tencent Documents, Tencent meetings, corporate WeChat, and more than 30 external tools. The SkillHub skill library has been expanded from 79,000 to 790,000. Just send last week's sales data as a PPT to colleagues attending the conference Automate data reconciliation, file generation, and distribution, the transition from chat bots to helping you do the work turns a fragmented toolchain into a moat. At the same time, the first phenomenal product to be promoted in Tencent's history is a sign that it is truly determined to sink the B-side.
More room for imagination comes from WeChat AI. WeChat's AI assistant, Xiaowei, launched a small-scale grayscale test on June 20. It supports voice or text messaging, friend circles, calling applets to reserve registration and takeout orders, and even generate applet prototypes through natural language. This is the first time that the 1.43 billion monthly active super app has entered the smart circuit.
According to probabilistic weighted estimates, WeChat AI Agent can bring in incremental revenue of about 126 billion yuan and incremental operating profit of about 88 billion yuan by 2030; however, Goldman Sachs is wary of three major concerns: the self-developed WeLM model and mixed element parallel operation may duplicate resources, inference costs or erode Q4 predicts 5%-17% of the adjusted operating profit, and the short-term monetization path is still unclear. The core of the differences between the two institutions lies in the pace: J.P. Morgan believes that the public beta has turned WeChat AI from an abstract option to a trackable milestone, and Goldman Sachs believes that the asymmetry between short-term costs and benefits requires more quarterly verification.
In terms of the underlying model, Hybrid Yuan 3 Preview has accessed 131 Tencent products. The number of token calls is 10 times higher than the second generation. The OpenRouter platform ranks first in terms of usage, but the judgment that Ma Huateng can't sit still is still valid. Ecology is the natural soil for Tencent to act as an agent, but WeChat AI has to handle the complex proposition of transactions, advertising, payment, merchants, fairness, and supervision. The ceiling is higher and the friction is greater.
