On August 12, Tencent released its financial results for the first half of 2026.

During this period, Tencent's operating revenue soared to RMB 204.79 billion, marking an 11% year-on-year increase. Its net profit attributable to shareholders also rose to RMB 56.022 billion, up 0.7% from the previous year.

Tencent's Strategic Focus: Beyond Benchmarks, Towards WeChat

Shifting our gaze from broad financial metrics to specific strategic moves,

we observe that Martin Lau, President of Tencent, emphasized during a conference call that Tencent is more interested in the practical applications of models in real-world scenarios, rather than merely chasing benchmarks and rankings.

Extending this perspective, the AI transformation of WeChat and the significant investment in WorkBuddy emerge as inevitable focal points in today's discussions.

Once again, it was Martin Lau speaking at Tencent's Q2 2026 earnings call.

When discussing the feedback from testing WeChat's AI assistant "Xiaowei," he drew parallels from the PC and mobile internet eras↓

"During the PC era, QQ primarily served as a communication and social tool. However, in the mobile internet era, WeChat magnified QQ's value manifold."

In Lau's view, if WeChat expanded its 'online socializing' demographic from young people to all age groups through 'mobile number-based socializing' in the mobile internet era, then with the rapid growth of the Agent ecosystem, WeChat can leverage its vast user base to become the primary gateway for people to experience AI and use Agents for transactions and daily life management.

Just as the introduction of Mini Programs transformed WeChat from a mere social tool into a 'super platform' integrating services, content, and even transaction gateways, the emergence of Xiaowei and Agent concepts is now propelling WeChat's transition from 'connecting people with services and content' to 'connecting people with intelligent agents.'

Data reveals that as of the end of Q2, the combined monthly active accounts of WeChat and WeChat stood at 1.439 billion.

This massive user base not only provides unparalleled push advantages and potential user reserves for new features but also positions WeChat to be the first to achieve a virtuous cycle of 'high-frequency usage—data feedback—model iteration' within the Agent ecosystem, gaining a competitive edge in capabilities.

WorkBuddy: A New Strategic Asset

Now, let's delve into WorkBuddy.

Whether it's reports of "Pony Ma personally participating in product meetings" or "nearly unimpeded access to computing power, technology, and market resources for the project," it's evident that compared to WeChat's steady and orderly advancement of its Agent ecosystem, WorkBuddy is pursuing a more aggressive strategy.

Chronologically, WorkBuddy's precursor was CodeBuddy, an AI programming tool launched by Tencent Cloud in 2023. Later, inspired by the official release of Claude Cowork, the head of CodeBuddy developed the initial version of WorkBuddy.

Over time, the popularity of OpenClaw led to the creation of QClaw, a 'lobster product,' within Tencent. Influenced by multiple factors, WorkBuddy, which incorporated some members of QClaw, further enhanced its product competitiveness. Eventually, it garnered a large number of loyal users while integrating with Tencent Docs, Tencent Meeting, Enterprise WeChat, and other Tencent products.

In terms of data, in Q2 2026, WorkBuddy ranked first among domestic office intelligence platforms with 20.97 million monthly PC visits. Media reports indicate that WorkBuddy's monthly and daily active users are currently at the 20 million and million levels, respectively.

When discussing the product's phased progress, James Mitchell, Tencent's Chief Strategy Officer, remained composed. He revealed that the gross margins of WorkBuddy (paid users) and Tencent's model services are now on par with those of Tencent Cloud as a whole.

This information underscores one point:

Although AI productivity scenarios for consumer users are currently dominated by programming and office applications, WorkBuddy has not only been the first to establish a viable commercial pathway but also demonstrated market potential that suggests related businesses could become 'growth engines' for companies in the AI race.

It is foreseeable that as model capabilities improve, reasoning costs decrease, and the platform's reach expands from programmers to ordinary professionals, the 'Tencent AI Production Matrix' centered around WorkBuddy will drive significant economic benefits and user growth in the future.

Tencent: Positioned at the AI Table, Awaiting the Right Wind

Financial data reveals that in Q2 2026, Tencent's capital expenditures surged by 176% year-on-year to RMB 52.78 billion, while R&D spending increased by 35% year-on-year to RMB 27.28 billion.

When discussing the allocation of these funds and the company's future moves, the responses from Martin Lau and James Mitchell were somewhat aligned.

In terms of expenditures, Tencent is indeed making substantial investments in computing power. However, it's crucial to note that AI-related business development is not a 'continuous expense.' After all, model construction or card pools, for instance, are mostly fixed costs. Once 'sufficient computing power' is acquired, investing 'X yuan' this year does not necessitate an additional 'X yuan' every year thereafter.

Moreover, selling computing power itself can generate returns for the company.

Returning to the financial report, for Q3, Tencent disclosed that it is focusing on three areas: intelligence, applications, and infrastructure, to build an 'AI-empowered' 'New Tencent.'

In terms of progress, the official release of the Hy3 full version provides users with a new cost-effective solution and lays the technical foundation for Hy to reach industry-leading levels. Meanwhile, changes in WorkBuddy and WeChat, along with the advancement of computing power procurement plans, have also provided Tencent with certain strategic advantages at the application and infrastructure levels.

As for the more distant future,

media reports indicate that Tencent maintains a cautious and restrained approach to AI investment internally. Until the 'real breakthrough opportunity' emerges, they will not blindly expand their investment scale.

This aligns with Martin Lau's earlier statement↓

"We have always believed that AI is a long-term track (track: referring to a field or domain), and we will continue to make long-term investments. As the scale expands, commercial returns will gradually materialize, ultimately leading to profitability. More importantly, we have a fallback plan: Even if we stop developing our own applications and simply lease our computing power externally, the business itself can still be profitable. Therefore, we dare to make long-term investments."

References:

Lanjing News: Tencent's Martin Lau: Still Awaiting Certain AI Breakthrough Opportunities

Dahe Finance: Tencent Releases First-Half Financial Report! Net Profit Grows 10%, WorkBuddy Achieves Rapid User Growth

Jiemian News: Tencent Pushes WorkBuddy to the Forefront

Sina Tech, Kuaikeji: Martin Lau on Tencent's AI: Currently Cautious, Still Awaiting Real Breakthrough Opportunities