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Tencent's AI agent product, WorkBuddy, has achieved remarkable results within just a few months of its launch, boasting 20 million monthly active users across platforms and over 13 million daily active users. The DAU/MAU ratio ranges between 65% and 75%, indicating strong user stickiness and engagement. Tencent's management stated that, based on current daily active users, the company has taken a lead in the domestic AI agent deployment sector. CodeBuddy and WorkBuddy have demonstrated robust organic growth, high retention rates, and frequent and lengthy user interactions. Tencent anticipates that AI products will become a key revenue source for Tencent Cloud. Citi believes this reflects the strengths of Tencent's ecosystem and maintains a 'Buy' rating on Tencent with an unchanged target price of HK$763.
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