1、ab1 September 2025Global ResearchChina AI Intelligence Q225 results wrap:AI adoption deepening with monetisation progress AI strategy remains at the core with increasing adoptionWe review major internet and software companies Q225 results and recent industry data to gauge the progress of AI in China

2、.Overall,companies place a strong emphasis on AI adoption.Innovation in product features and integration into existing ecosystems is accelerating,as they seek to leverage AI to improve user experience and stay competitive.Notable examples include search,content recommendation,productivity tools,etc.

3、(Figure 1A I a d o p t i o n o f ma j o r C h i n a i n t e r n e t c o mp a n i e s h i g h l i g h t e d i n Q 2 2 5 e a r n i n g s,p a r t 1 ).We also see rising traction in internal efficiency gains,with wider use of AI coding,AIGC,and customer service support,which contributed to margin improv

4、ement at the gross or operating level.In addition,we note progress in direct monetisation of AI products,particularly in content generation.AI monetisation progress in cloud and ads,and beyondCloud and ads remain the most visible areas of AI monetisation:Consensus 2025F revenue of major China CSPs h

5、as been raised 2%/9%post Q2/YTD,mainly driven by growing AI-related demand.In ads,Bilibili and Weibo indicated AI lifted eCPM for performance-based ads by over 10%and a single digit in Q225,while Tencent pointed to improving click-through rates,conversion and ROI for advertisers.Accelerating cloud m

6、igration could also support enterprise software monetisation in vertical use cases:Kingdee and Yonyous Q225 results showed accelerating cloud revenue,underpinned by rising AI adoption from customers,which could also further expand their subscription revenue.We also foresee direct AI monetisation eme