1、Asia Pacific Equity Research11 September 2025 Asia Internet:Trends in MotionUnlocking value at the intersection of social,transaction,and GenAIHead of China Equity Research and Co-Head of Asia TMT ResearchAlex Yao AC(86 21)6106 SAC Registration Number:S1730523020001J.P.Morgan Securities(China)Compan

2、y LimitedStanley Yang AC(82-2)758-J.P.Morgan Securities(Far East)Limited,Seoul BranchAnkur Rudra,CFA(65)6801-J.P.Morgan Securities Singapore Private LimitedRanjan Sharma,CFA(65)6882-J.P.Morgan Securities Singapore Private LimitedNancy Liu(86 21)6106 SAC Registration Number:S1730524090001J.P.Morgan S

3、ecurities(China)Company LimitedSee page 26 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of inter

4、est that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment Kakaos move to partner with OpenAI,integrating GenAI agents into its mobile instant messaging platform KakaoTalk,sparks a compelling exploration of the transf

5、ormative synergies between social interaction,transaction capabilities,and GenAI.This initiative invites us to ponder the profound impact of merging these elements in a smart,GenAI-powered ecosystem.In our inaugural Asia Internet:Trends in Motion series,we delve into Tencents pioneering role in the

6、global mobile Internet market,where it has seamlessly integrated social and transaction capabilities.Using Tencents Weixin(Chinese WeChat)as a benchmark,we analyze the potential synergies across Asia,where four distinct mobile IMs dominate various countries.Our findings suggest that,with strategic e