2410 73,675 56,606 30% 73,528 34,446 28,306 22% 37,042-7% 21,807 22,560-3% 30,692-29% 18,580 18,254 2% 23,973-22% 17,867 18,231-2% 23,290-23% 19,716 16,391 20% 18,313 8% 1.893 1.939-2% 2.470-23% 1.868 1.914-2% 2.435-23% 2.089 1.743 20% 1.942 8% 2.062 1.721 20% 1.915 8% 1
147,203 106,158 39% 71,488 53,749 33% 52,499 41,832 25% 42,553 32,802 30% 41,157 32,707 26% 38,029 30,602 24% 4.363 3.480 25% 4.303 3.436 25% 4.031 3.256 24% 3.976 3.215 24% 2
1. 30% 11% 2% 20% 2. 2 QQ QQ QQ QQ QQ 55% 3 3
ARPU 3. QQ 803.2 850.1-5.5% 805.5-0.3% QQ 708.6 662.3 7.0% 694.1 2.1% WeChat 1,057.7 962.8 9.9% 1,040.0 1.7% QQ 548.3 605.8-9.5% 562.3-2.5% QQ 542.7 585.7-7.3% 550.0-1.3% 153.9 118.1 30.3% 147.1 4.6% 4
QQ 7.0% 7.086 21 QQ QQ WeChat 10.577 9.9% 19% 19% 176 ARPU MT4 ARPU ios 5
Arena of ValorPUBG MOBILE Arena of Valor 1,300 3,000 PUBG MOBILE 1,400 2,000 5% 8% 129 ARPU (MSI) 30% 1.54 7,400 121% IP 101 IP AI QQ QQ 6
39% 32% 16% 43% 101 55% 27% ecpm QQ 81% 10% 8 40% 280% 42% 52% 100% 7
AI 45 34 8
73,675 56,606 (39,229) (28,300) 34,446 28,306 1,072 959 2,506 5,125 (6,360) (3,660) (9,857) (8,170) 21,807 22,560 (1,151) (834) 1,526 498 22,182 22,224 (3,602) (3,970) 18,580 18,254 17,867 18,231 713 23 18,580 18,254 19,716 16,391 9
30% 736.75 42,069 57% 36,804 65% 14,110 19% 10,148 18% 17,496 24% 9,654 17% 73,675 100% 56,606 100% 14% 420.69 6% 252.02 QQ 30% 168.67 39% 141.10 55% 93.80 QQ 16% 47.30 81% 174.96 10
39% 392.29 50% 53% 17,253 41% 14,501 39% 8,838 63% 6,307 62% 13,138 75% 7,492 78% 39,229 28,300 19% 172.53 40% 88.38 75% 131.38 11
51% 25.06 74% 63.60 6% 9% 21% 98.57 14% 13% 38% 11.51 206% 15.26 9% 36.02 2% 178.67 20% 197.16 12
73,675 73,528 (39,229) (36,486) 34,446 37,042 1,072 1,065 2,506 7,585 (6,360) (5,570) (9,857) (9,430) 21,807 30,692 (1,151) (654) 1,526 (319) 22,182 29,719 (3,602) (5,746) 18,580 23,973 17,867 23,290 713 683 18,580 23,973 19,716 18,313 13
736.75 10% 420.69 12% 252.02 7% 168.67 32% 141.10 27% 93.80 43% 47.30 10% 174.96 8% 392.29 50% 53% 172.53 20% 88.38 10% 131.38 14
14% 63.60 5% 98.57 15.26 3.19 23% 178.67 8% 197.16 EBITDA (a) 26,409 29,247 22,427 55,656 42,422 EBITDA (a) 28,139 30,856 23,802 58,995 45,102 EBITDA (b) 38% 42% 42% 40% 42% 1,188 1,067 760 2,255 1,427 (c) (35,301) (14,533) 21,267 (35,301) 21,267 (d) 7,085 6,318 3,010 13,403 5,118 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) 15
(d) EBITDA EBITDA 21,807 30,692 22,560 52,499 41,832 (1,072) (1,065) (959) (2,137) (1,767) (2,506) (7,585) (5,125) (10,091) (8,316) 1,918 1,664 1,158 3,582 2,241 6,262 5,541 4,793 11,803 8,432 EBITDA 26,409 29,247 22,427 55,656 42,422 1,730 1,609 1,375 3,339 2,680 EBITDA 28,139 30,856 23,802 58,995 45,102 16
(a) (b) (c) (d) 21,807 1,798 (4,010) 99 2,564 22,258 18,580 2,562 (4,033) 813 2,577 20,499 17,867 2,478 (3,986) 779 2,578 19,716 1.893 2.089 1.868 2.062 30% 30% 25% 28% (a) (b) (c) (d) 30,692 1,632 (7,788) 100 636 25,272 23,973 1,682 (7,765) 531 709 19,130 23,290 1,585 (7,766) 495 709 18,313 2.470 1.942 2.435 1.915 42% 34% 33% 26% 17
(a) (b) (c) (d) 22,560 1,408 (5,619) 115 1,572 20,036 18,254 1,553 (5,691) 472 1,899 16,487 18,231 1,492 (5,670) 439 1,899 16,391 1.939 1.743 1.914 1.721 40% 35% 32% 29% (a) (b) (c) (d) 52,499 3,430 (11,798) 199 3,200 47,530 42,553 4,244 (11,798) 1,344 3,286 39,629 41,157 4,063 (11,752) 1,274 3,287 38,029 4.363 4.031 4.303 3.976 36% 32% 29% 27% 18
(a) (b) (c) (d) 41,832 2,747 (8,366) 268 2,075 38,556 32,802 3,083 (8,408) 972 2,410 30,859 32,707 2,975 (8,387) 897 2,410 30,602 3.480 3.256 3.436 3.215 39% 36% 31% 29% (a) (b) (c) (d) 19
104,623 117,072 29,553 25,454 134,176 142,526 (105,985) (96,732) (63,492) (60,327) (35,301) (14,533) 239,690 212,616 353.01 153.74 215.78 62.04 20
42,069 36,804 88,946 71,912 14,110 10,148 24,799 17,036 17,496 9,654 33,458 17,210 73,675 56,606 147,203 106,158 4 (39,229) (28,300) (75,715) (52,409) 34,446 28,306 71,488 53,749 1,072 959 2,137 1,767 3 2,506 5,125 10,091 8,316 4 (6,360) (3,660) (11,930) (6,818) 4 (9,857) (8,170) (19,287) (15,182) 21,807 22,560 52,499 41,832 (1,151) (834) (1,805) (1,525) 1,526 498 1,207 123 22,182 22,224 51,901 40,430 5 (3,602) (3,970) (9,348) (7,628) 18,580 18,254 42,553 32,802 21
17,867 18,231 41,157 32,707 713 23 1,396 95 18,580 18,254 42,553 32,802 6 1.893 1.939 4.363 3.480 6 1.868 1.914 4.303 3.436 22
18,580 18,254 42,553 32,802 (123) 66 (28) 177 10,190 17,416 (1,832) 5,579 (3,232) 200 (4,217) 332 (162) 1,193 (103) (535) 535 (72) (47) (113) (390) 5,181 6,815 1,787 11,051 23,761 25,069 44,340 43,853 22,636 25,063 42,780 43,780 1,125 6 1,560 73 23,761 25,069 44,340 43,853 23
30,814 23,597 3,740 3,163 756 800 6,846 5,111 46,729 40,266 8 152,802 113,779 1 22,976 6,618 7,826 1,9 121,655 1,10 66,956 1 127,218 14,301 11,173 1 2,568 5,159 11,172 9,793 5,365 24 464,957 376,226 306 295 11 21,558 16,549 23,499 17,110 1 394 465 1,9 5,782 23,638 36,724 2,051 1,606 104,623 105,697 181,851 178,446 646,808 554,672
25,215 22,204 (4,184) (3,970) 17,204 35,158 256,551 202,682 294,786 256,074 25,956 21,019 320,742 277,093 14 77,876 82,094 15 49,433 29,363 5,843 3,862 1,618 2,154 9,097 5,975 3,325 2,391 147,192 125,839 13 60,838 50,085 26,731 29,433 14 28,109 15,696 15 14,059 4,752 7,485 8,708 825 934 40,827 42,132 178,874 151,740 326,066 277,579 646,808 554,672 25
22,204 (3,970) 35,158 202,682 256,074 21,019 277,093 9 1 (16,210) 16,210 22,204 (3,970) 18,948 218,892 256,074 21,019 277,093 41,157 41,157 1,396 42,553 (28) (28) (28) 520 520 15 535 51 51 149 200 1,080 1,080 1,080 1,623 41,157 42,780 1,560 44,340 (3,313) 3,313 577 577 577 26
76 76 884 38 922 35 957 336 336 336 2,035 226 2,261 121 2,382 (701) (701) (701) (487) 487 140 140 140 35 (35) 7 (6,776) (6,776) (432) (7,208) 988 988 (34) (34) 243 (234) 9 (110) (101) 474 474 1,829 2,303 (904) (904) 904 (406) (406) (406) 3,011 (214) (631) (6,811) (4,645) 3,377 (1,268) 25,215 (4,184) 17,204 256,551 294,786 25,956 320,742 27
17,324 (3,136) 23,693 136,743 174,624 11,623 186,247 32,707 32,707 95 32,802 177 177 177 17,416 17,416 17,416 (1,832) (1,832) (1,832) (4,195) (4,195) (22) (4,217) (493) (493) (493) 11,073 32,707 43,780 73 43,853 209 209 394 101 495 60 555 82 82 82 1,868 215 2,083 47 2,130 (664) (664) (664) (287) 287 118 118 118 (5,052) (5,052) (461) (5,513) 412 (636) (224) (262) (486) (133) (133) (103) (103) 103 (465) (465) 465 2,469 (377) (770) (5,052) (3,730) 28 (3,702) 19,793 (3,513) 33,996 164,398 214,674 11,724 226,398 28
41,403 47,082 (72,896) (50,333) 30,123 2,590 (1,370) (661) 105,697 71,902 296 (940) 104,623 70,301 44,058 31,527 60,565 38,774 104,623 70,301 29
1 34 9 9 9 9 9 30
9 9 39 127,218 22,976 5,624 155,818 (68,703) 68,703 (58,515) 58,515 (22,976) 22,976 (3,818) 3,818 9 1,806 95,497 58,515 155,818 39 31,152 202,682 (16,210) 16,210 (14,942) 14,942 (31,152) 14,942 16,210 9 14,942 218,892 31
2 42,069 14,110 17,496 73,675 24,816 5,272 4,358 34,446 457 294 830 1,581 2,854 3,178 15 6,047 36,804 10,148 9,654 56,606 22,303 3,841 2,162 28,306 490 109 319 918 1,734 2,864 4,598 32
88,946 24,799 33,458 147,203 54,473 8,605 8,410 71,488 891 529 1,505 2,925 5,164 6,142 73 11,379 71,912 17,036 17,210 106,158 43,694 6,240 3,815 53,749 1,013 168 543 1,724 3,843 4,158 8,001 33
3 725 3,132 2,297 5,860 2,946 8,988 339 2,487 513 2,506 (2,564) (1,572) (3,200) (2,075) 704 1,014 1,928 1,818 274 97 319 773 (570) (550) 82 (33) (184) (16) 2,506 5,125 10,091 8,316 29.46 89.88 9 34
4 (a) 10,363 8,594 19,938 16,017 (b) 8,647 7,172 16,478 13,763 (b) 7,684 5,105 15,537 9,418 3,737 2,660 7,148 5,091 5,176 2,723 9,750 5,048 399 319 754 625 334 246 607 440 (c) 6,262 4,793 11,803 8,432 1,911 1,151 3,567 2,227 (a) 57.22 107.28 42.41 78.38 (b) (c) 35
5 (a) (b) 16.5% (c) 25% 15% 10% 15% 25% 10% 50% 36
(d) 12.5% 36% (e) 10% 10% 5% 4,049 3,824 8,538 7,516 (447) 146 810 112 3,602 3,970 9,348 7,628 37
6 (a) 17,867 18,231 41,157 32,707 9,438 9,403 9,434 9,400 1.893 1.939 4.363 3.480 (b) 38
17,867 18,231 41,157 32,707 9,438 9,403 9,434 9,400 125 121 130 120 9,563 9,524 9,564 9,520 1.868 1.914 4.303 3.436 7 0.88 0.61 67.76 50.52 39
8 67,214 60,935 85,588 52,844 152,802 113,779 1,622.58 1,569.68 113,779 70,042 (a) (b) (c) (d) (e) 31,976 5,234 1,185 2,400 1,127 97 577 (26) 177 (226) (4) (f) 5,020 265 (661) (79) (g) (959) (790) 1,010 (3,140) 152,802 74,202 40
(a) 10.19 64.62 18% (b) 33.17 28% 14.15 44% (c) 6.31 39.98 43% (d) 12% 29.85 (e) 137.99 (f) 46.71 (g) 9.59 7.90 41
9 11,247 105,900 4,508 121,655 5,782 127,437 9 1 95,497 (a) (b) (c) (d) (e) 33,444 8(f) (5,205) 3 8,988 (f) (7,434) 2,147 127,437 42
(a) 4% 2% 52.52 42.16 (b) 35% 4.62 29.22 (c) 5.39 34.01 (d) 4 25.36 14% (e) 208.76 (f) 43
10 57,048 5,920 3,217 66,185 771 66,956 9 1 58,515 (a) (b) (c) (d) (e) 14,044 438 (f) (6,341) 300 66,956 (a) 5% 42.16 44
(b) 3% 5.70 37.12 (c) 5% 3.71 29 (d) 3.95 25.08 (e) (f) 7.08 33.13 11 0 30 6,311 4,399 31 60 6,111 6,394 61 90 3,373 2,259 90 5,763 3,497 21,558 16,549 90 60 30 120 45
12 (a) I II III IV I II III IV III IV 46
II III IV 179.90 55,510,248 31.70 2,500,000 273.80 9,155,860 67,166,108 410.21 22,491,840 22,491,840 106.48 (3,170,239) 31.70 (2,500,000) (5,670,239) 131.47 (37,139) 272.36 (91,490) (128,629) 184.38 52,302,870 371.03 31,556,210 83,859,080 160.05 22,212,605 22,212,605 120.95 31,247,436 31.70 2,500,000 33,747,436 225.44 28,526,215 28,526,215 34.84 (2,718,805) (2,718,805) 116.62 (75,220) (75,220) 177.38 56,979,626 31.70 2,500,000 59,479,626 114.53 13,108,559 31.70 1,250,000 14,358,559 3,215,800 5,250,000 47
(b) 63,636,254 86,365,812 3,766,965 4,555,895 (1,181,802) (1,622,414) (7,806,084) (11,131,651) 58,415,333 78,167,642 89,313 193,648 39,500 60,000 13 0 30 45,040 38,420 31 60 4,382 3,030 61 90 4,751 2,050 90 6,665 6,585 48 60,838 50,085
14 (a) 72,591 76,326 (a) 4,444 4,459 (a) 475 (a) 841 834 77,876 82,094 (b) 5,293 1,307 (b) 17,547 14,293 (a) 4,764 66 (a) 30 30 (a) 475 28,109 15,696 105,985 97,790 (a) 116.91 116.91 49.49 49.64 10 10 LIBOR/HIBOR 0.70% 1.51% 1.875% 4.18% 4.275% LIBOR/HIBOR 0.70% 1.51% 1.875% 4.18% 4.275% 49
(b) 8 2 208.50 171.33 LIBOR/HIBOR 0.50% 0.55% LIBOR/HIBOR 0.50% 0.55% 15 46,743 26,697 2,690 2,666 49,433 29,363 13,218 3,919 841 833 14,059 4,752 63,492 34,115 91 47 42 42 2.30% 4.70% LIBOR 0.605% 2.30% 4.70% 50
50 1,000 2.985% 500 LIBOR 0.605% 2,500 3.595% 1,000 3.925% 5,000 6 16 (a) 15 (b) 8(b) 155 53 102 51
48,684 40,678 199.38 160.17 A.2.1 A.4.2 52
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 53
AI ARPU EBITDA ecpm China Literature Limited 54
55 HIBOR IP LIBOR I II
III IV PUBG PlayerUnknown s Battlegrounds 56