66,392 43,864 51% 65,210 2% 31,495 23,626 33% 31,681-1% 25,724 13,930 85% 22,746 13% 21,622 10,523 105% 18,047 20% 20,797 10,529 98% 18,006 16% 17,454 12,332 42% 17,070 2% 2.206 1.121 97% 1.912 15% 2.177 1.108 96% 1.888 15% 1.852 1.313 41% 1.812 2% 1.827 1.298 41% 1.790 2% 1
237,760 151,938 56% 116,925 84,499 38% 90,302 56,117 61% 72,471 41,447 75% 71,510 41,095 74% 65,126 45,420 43% 7.598 4.383 73% 7.499 4.329 73% 6.920 4.844 43% 6.830 4.784 43% 0.88 0.61 2
1. QQ QQ WeChat WeChat WeChat 10 58 1.7 Arena of Valor 3
1.37 5,600 QQ K 4
3,000 1,000 100 90% 5
2. 56% 61% 38% 1 74% 43% 70% 3. QQ 783.4 868.5-9.8% 843.2-7.1% QQ 1 683.0 671.6 1.7% 652.9 4.6% QQ 270.8 243.7 11.1% 272.2-0.5% WeChat 988.6 889.3 11.2% 980.0 0.9% QQ 563.3 638.0-11.7% 568.4-0.9% QQ 1 554.0 609.4-9.1% 551.8 0.4% 134.6 110.2 22.1% 125.3 7.4% 1 QQ QQ QQ QQ QQ 6
QQ 1.7% 6.830 11.1% 2.708 21 QQ QQ 9.1% 5.540 WeChat 9.886 11.2% 10 13% 128 59% 169 ARPU 7
QQ 2,000 IP 22% 1.35 44% 1.37 121% 5,600 6,260 49% 8
121% 21 36 4. 9
237,760 151,938 (120,835) (67,439) 116,925 84,499 3,940 2,619 20,140 3,594 (17,652) (12,136) (33,051) (22,459) 90,302 56,117 (2,908) (1,955) 821 (2,522) 88,215 51,640 (15,744) (10,193) 72,471 41,447 71,510 41,095 961 352 72,471 41,447 65,126 45,420 10
56% 2,378 153,983 65% 107,810 71% 40,439 17% 26,970 18% 43,338 18% 17,158 11% 237,760 100% 151,938 100% 43% 1,540 38% 978.83 52% 561 50% 404.39 30% 148.29 65% 256.10 2 153% 433.38 2 67% 262.96 26% 141.43 11
79% 1,208 44% 51% 61,389 40% 37,622 35% 25,586 63% 15,396 57% 33,860 78% 14,421 84% 120,835 67,439 63% 613.89 66% 255.86 135% 338.60 12
201.40 Netmarble Sea 45% 176.52 8% 7% 47% 330.51 15% 14% 49% 29.08 8.21 25.22 54% 157.44 74% 715.10 43% 651.26 13
66,392 43,864 (34,897) (20,238) 31,495 23,626 1,156 653 7,906 1,022 (6,022) (4,462) (8,811) (6,909) 25,724 13,930 (859) (483) (120) (522) 24,745 12,925 (3,123) (2,402) 21,622 10,523 20,797 10,529 825 (6) 21,622 10,523 17,454 12,332 14
51% 663.92 39,947 60% 29,191 66% 12,361 19% 8,288 19% 14,084 21% 6,385 15% 66,392 100% 43,864 100% 37% 399.47 32% 243.67 45% 155.80 49% 123.61 22% 41.21 68% 82.40 3 121% 140.84 3 59% 82.04 33% 41.57 15
72% 348.97 46% 53% 16,268 41% 10,734 37% 7,759 63% 4,424 53% 10,870 77% 5,080 80% 34,897 20,238 52% 162.68 75% 77.59 114% 108.70 16
79.06 Sea 35% 60.22 10% 9% 28% 88.11 16% 13% 78% 8.59 30% 31.23 98% 207.97 42% 174.54 17
66,392 65,210 (34,897) (33,529) 31,495 31,681 1,156 1,017 7,906 3,918 (6,022) (4,812) (8,811) (9,058) 25,724 22,746 (859) (524) (120) 818 24,745 23,040 (3,123) (4,993) 21,622 18,047 20,797 18,006 825 41 21,622 18,047 17,454 17,070 18
2% 663.92 5% 399.47 9% 243.67 2% 155.80 12% 123.61 41.21 19% 82.40 4 17% 140.84 4% 348.97 51% 53% 4% 162.68 4 17% 82.04 3% 41.57 19
10% 77.59 13% 108.70 25% 60.22 3% 88.11 1.20 8.18 37% 31.23 16% 207.97 2% 174.54 20
EBITDA (a) 23,278 24,024 16,775 89,724 62,550 EBITDA (a) 25,127 25,632 18,495 95,861 66,863 EBITDA (b) 38% 39% 42% 40% 44% 839 794 611 3,060 2,167 (c) 16,332 18,862 18,140 16,332 18,140 (d) 4,975 3,492 2,839 13,585 12,100 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 21
EBITDA EBITDA 25,724 22,746 13,930 90,302 56,117 (1,156) (1,017) (653) (3,940) (2,619) (7,906) (3,918) (1,022) (20,140) (3,594) 1,376 1,263 1,007 4,880 3,716 5,240 4,950 3,513 18,622 8,930 EBITDA 23,278 24,024 16,775 89,724 62,550 1,849 1,608 1,720 6,137 4,313 EBITDA 25,127 25,632 18,495 95,861 66,863 22
(a) (b) (c) (d) 25,724 1,874 (6,281) 112 424 21,853 21,622 2,146 (6,229) 474 358 18,371 20,797 2,084 (6,189) 442 320 17,454 2.206 1.852 2.177 1.827 39% 33% 33% 28% (a) (b) (c) (d) 22,746 1,632 (3,169) 110 295 21,614 18,047 1,851 (3,475) 395 356 17,174 18,006 1,816 (3,475) 367 356 17,070 1.912 1.812 1.888 1.790 35% 33% 28% 26% 23
(a) (b) (c) (d) 13,930 1,754 (1,502) 162 602 14,946 10,523 1,980 (1,440) 541 828 12,432 10,529 1,940 (1,440) 493 810 12,332 1.121 1.313 1.108 1.298 32% 34% 24% 28% (a) (b) (c) (d) 90,302 6,253 (17,816) 490 2,794 82,023 72,471 7,080 (18,112) 1,841 3,124 66,404 71,510 6,875 (18,051) 1,706 3,086 65,126 7.598 6.920 7.499 6.830 38% 34% 30% 28% 24
(a) (b) (c) (d) 56,117 4,455 (7,624) 397 4,809 58,154 41,447 5,227 (7,786) 1,651 5,452 45,991 41,095 5,123 (7,770) 1,547 5,425 45,420 4.383 4.844 4.329 4.784 37% 38% 27% 30% (a) (b) (c) (d) 25
105,697 87,343 42,540 63,454 148,237 150,797 (97,790) (97,290) (34,115) (34,645) 16,332 18,862 163.32 2,108 1,711 455.30 241.70 285.94 44.24 26
153,983 107,810 40,439 26,970 43,338 17,158 237,760 151,938 4 (120,835) (67,439) 116,925 84,499 3,940 2,619 3 20,140 3,594 4 (17,652) (12,136) 4 (33,051) (22,459) 90,302 56,117 (2,908) (1,955) 821 (2,522) 88,215 51,640 5 (15,744) (10,193) 72,471 41,447 71,510 41,095 961 352 72,471 41,447 6 7.598 4.383 6 7.499 4.329 27
72,471 41,447 907 863 16,854 2,929 (2,561) (1,176) (9,316) 4,198 756 600 (50) (244) 6,590 7,170 79,061 48,617 78,218 48,194 843 423 79,061 48,617 28
23,597 13,900 3,163 4,674 800 854 5,111 5,174 40,266 36,467 8 113,779 70,042 9 22,976 9,627 10 7,826 630 11 127,218 83,806 11,173 7,363 5,159 1,760 9,793 7,033 5,365 5,415 376,226 246,745 295 263 12 16,549 10,152 17,110 14,118 465 1,649 36,724 50,320 1,606 750 105,697 71,902 178,446 149,154 554,672 395,899 29
22,204 17,324 (3,970) (3,136) 35,158 23,693 202,682 136,743 256,074 174,624 21,019 11,623 277,093 186,247 15 82,094 57,549 16 29,363 36,204 3,862 4,935 2,154 2,576 5,975 5,153 2,391 2,038 125,839 108,455 14 50,085 27,413 29,433 20,873 15 15,696 12,278 16 4,752 3,466 8,708 5,219 934 745 42,132 31,203 151,740 101,197 277,579 209,652 554,672 395,899 30
17,324 (3,136) 23,693 136,743 174,624 11,623 186,247 71,510 71,510 961 72,471 907 907 907 16,854 16,854 16,854 (2,561) (2,561) (2,561) (9,198) (9,198) (118) (9,316) 706 706 706 6,708 71,510 78,218 843 79,061 60 60 1,125 156 1,281 98 1,379 171 171 171 4,254 407 4,661 106 4,767 (2,232) (2,232) (2,232) (1,398) 1,398 244 244 244 519 (519) 7 (5,052) (5,052) (943) (5,995) 728 (952) (224) (69) (293) (133) (133) 6,378 6,378 7,363 13,741 (2,045) (2,045) 2,045 50 50 26 76 4,880 (834) 4,757 (5,571) 3,232 8,553 11,785 22,204 (3,970) 35,158 202,682 256,074 21,019 277,093 31
12,167 (1,817) 9,673 100,012 120,035 2,065 122,100 41,095 41,095 352 41,447 863 863 863 2,929 2,929 2,929 (1,176) (1,176) (1,176) 4,127 4,127 71 4,198 356 356 356 7,099 41,095 48,194 423 48,617 1,414 1,414 311 57 368 35 403 225 225 225 3,453 394 3,847 68 3,915 (1,936) (1,936) (1,936) (617) 617 897 897 897 665 (665) (3,699) (3,699) (914) (4,613) 7,802 7,802 1,785 (2,523) (738) (494) (1,232) (3) (3) 7,842 7,842 300 8,142 (927) (927) 927 516 516 516 5,157 (1,319) 6,921 (4,364) 6,395 9,135 15,530 17,324 (3,136) 23,693 136,743 174,624 11,623 186,247 32
106,140 65,518 (96,392) (70,923) 26,598 31,443 36,346 26,038 71,902 43,438 (2,551) 2,426 105,697 71,902 48,278 39,804 57,419 32,098 105,697 71,902 33
1 12 7 12 9 2 34
153,983 40,439 43,338 237,760 92,594 14,853 9,478 116,925 1,858 561 1,473 3,892 7,836 10,001 17,837 107,810 26,970 17,158 151,938 70,188 11,574 2,737 84,499 1,854 200 537 2,591 2,982 5,295 8,277 35
3 13,518 6,966 4,298 658 3,971 380 (2,794) (4,809) 1,713 563 (820) (570) 254 406 20,140 3,594 (a) 57.36 (b) 36.63 36
4 (a) 34,866 23,433 28,177 17,734 25,109 13,133 11,203 7,876 13,661 9,219 1,335 1,117 1,040 800 (b) 18,622 8,930 4,850 3,699 (a) 174.56 118.45 147.66 92.90 (b) 5 (a) (b) 16.5% (c) 25% 37
15% 10% 10% 50% (d) 12.5% 36% (e) 10% 10% 5% 15,154 10,791 590 (598) 15,744 10,193 38
6 (a) 71,510 41,095 9,411 9,376 7.598 4.383 (b) 71,510 41,095 9,411 9,376 125 118 9,536 9,494 7.499 4.329 39
7 50.52 36.99 0.88 0.61 8 60,935 38,516 52,844 31,526 113,779 70,042 1,569.68 685.65 40
70,042 60,171 (a) (b) 19,122 9,900 3(a) (b) 9,892 2,091 730 (2,549) 907 863 (312) (151) (c) 20,825 (1,092) (253) (614) (d) (1,277) (2,117) (5,897) 3,540 113,779 70,042 (a) 7% 39.93 (b) 151.29 (c) (d) 12.77 21.17 41
9 184.87 36.28 6.07 12.98 10 78.26 6.30 11 53,880 20,477 70,962 62,580 2,376 749 127,218 83,806 42
83,806 44,339 (a) (b) (c) (d) 57,008 37,319 (e) (23,542) (2,755) 16,764 2,567 (f) (671) (1,028) (6,147) 3,364 127,218 83,806 (a) 36.09 243.12 (b) 8% 17.42 114.28 6 39.36 11.42 74.92 (c) 15.97 106.45 (d) 106.23 (e) (f) 186.84 8(c) 6.71 10.28 43
12 0 30 4,399 3,260 31 60 6,394 4,019 61 90 2,259 1,294 90 3,497 1,579 16,549 10,152 90 60 30 120 13 (a) I II III IV I II III IV III IV 44
II III IV 120.95 31,247,436 31.70 2,500,000 33,747,436 225.44 28,526,215 273.79 9,219,035 37,745,250 49.05 (4,102,812) (4,102,812) 142.65 (160,591) 272.36 (63,175) (223,766) 179.90 55,510,248 31.70 2,500,000 273.80 9,155,860 67,166,108 118.70 13,152,006 31.70 1,250,000 14,402,006 80.59 25,697,305 31.70 5,000,000 30,697,305 160.11 11,843,070 11,843,070 29.69 (6,218,788) 31.70 (2,500,000) (8,718,788) 42.72 (74,151) (74,151) 120.95 31,247,436 31.70 2,500,000 33,747,436 86.69 9,617,778 9,617,778 5,250,000 3,750,000 45
(b) 86,365,812 91,786,907 19,071,975 52,371,430 (3,227,554) (3,803,259) (38,573,979) (53,989,266) 63,636,254 86,365,812 159,893 277,291 60,000 61,474 14 0 30 38,420 20,815 31 60 3,030 2,740 61 90 2,050 1,495 90 6,585 2,363 50,085 27,413 46
15 (a) 76,326 57,549 (a) 4,459 (a) 834 (a) 475 82,094 57,549 (b) 14,293 (b) 1,307 12,139 (a) 66 139 (a) 30 15,696 12,278 97,790 69,827 (a) 116.91 83.16 49.64 10 LIBOR/HIBOR 0.70% 1.51% 1.875% 4.18% 4.275% LIBOR 0.85% 1.51% 1.875% (b) 2 17.50 171.33 LIBOR/HIBOR 0.50% 0.55% LIBOR 0.70% 0.75% 47
16 26,697 32,461 2,666 3,743 29,363 36,204 3,919 3,466 833 4,752 3,466 34,115 39,670 47 52 42 42 2.30% 4.70% 2.00% 4.70% 48
17 (a) 50 50 1,000 2.985% 500 LIBOR 0.605% 2,500 3.595% 1,000 3.925% 5,000 49.81 (b) 100 4.12% 49
(a) 183 17 1712-1716 (b) 183 17 1712-1716 44,796 38,775 50
348.66 234.33 A.2.1 A.4.2 (www.hkexnews.hk) (www.tencent.com) 51
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 52
ARPU EBITDA China Literature Limited 53
HIBOR IP LIBOR Netmarble I II Netmarble Games Corporation 54
III IV Sea Sea Limited Sogou Inc. Tencent Music Entertainment Group 55
Yixin Group Limited H 56