2410 85,465 73,528 16% 84,896 1% 39,820 37,042 7% 35,152 13% 36,742 30,692 20% 17,288 113% 27,856 23,973 16% 14,026 99% 27,210 23,290 17% 14,229 91% 20,930 18,313 14% 19,730 6% 2.877 2.470 16% 1.505 91% 2.844 2.435 17% 1.489 91% 2.213 1.942 14% 2.087 6% 2.187 1.915 14% 2.065 6% 1
1. 218 2
2. 16% 13% 20% 14% 17% 3. QQ 823.0 805.5 2.2% 807.1 2.0% QQ 700.4 694.1 0.9% 699.8 0.1% WeChat 1,111.7 1,040.0 6.9% 1,097.6 1.3% QQ 571.9 550.0 4.0% 532.4 7.4% 165.5 147.1 12.5% 160.3 3.2% 3
WeChat11.12 6.9%QQ 7 QQ QQ QQ 8.0 QQQQ 10%1%285 2%212 11% IP 3D App Annie PUBG MOBILE 4
1 Royale Pass PUBG MOBILE QQ 138 2% 24% 13% 1.655 43% 8,900IP IP 2019 101 2019 QQ 5
25%134 21%34%99 5% 35 44%218 IaaS PaaS SaaS 6
(a) (b) 7
85,465 73,528 (45,645) (36,486) 39,820 37,042 1,408 1,065 11,089 7,585 (4,244) (5,570) (11,331) (9,430) 36,742 30,692 (1,117) (654) (2,957) (319) 32,668 29,719 (4,812) (5,746) 27,856 23,973 27,210 23,290 646 683 27,856 23,973 20,930 18,313 8
16%854.65 48,974 57% 46,877 64% 21,789 25% 15,182 21% 13,377 16% 10,689 14% 1,325 2% 780 1% 85,465 100% 73,528 100% 4%489.74 285.13 13% 204.61 44% 217.89 25%133.77 34%98.98 QQ5% 34.79 9
25%456.45 50% 53% 20,781 42% 17,220 37% 15,581 72% 11,221 74% 7,776 58% 7,356 69% 1,507 114% 689 88% 45,645 36,486 21% 207.81 39% 155.81 6%77.76 10
110.89 24% 42.44 8% 5% 20% 113.31 13% 71%11.17 29.57 16%48.12 14%209.30 17%272.10 11
85,465 84,896 (45,645) (49,744) 39,820 35,152 1,408 1,350 11,089 (2,139) (4,244) (5,730) (11,331) (11,345) 36,742 17,288 (1,117) (1,372) (2,957) 16 32,668 15,932 (4,812) (1,906) 27,856 14,026 27,210 14,229 646 (203) 27,856 14,026 20,930 19,730 12
854.65 12%489.74 18%285.13 5%204.61 217.89 21%133.77 16%98.9833% 34.79 8%456.45 59%53% 2%207.81 13
4% 155.81 28%77.76 26% 42.44 113.31 152%48.12 6%209.30 91%272.10 EBITDA(a) 33,566 27,180 29,247 EBITDA(a) 35,598 29,701 30,856 EBITDA(b) 42% 35% 42% 1,499 1,345 1,067 (c) (9,595) (12,170) (14,533) (d) 4,506 4,564 6,318 14
(a) EBITDA EBITDAEBITDA (b) EBITDAEBITDA (c) (d) EBITDA EBITDA 36,742 17,288 30,692 (1,408) (1,350) (1,065) (11,089) 2,139 (7,585) 2,804 2,520 1,664 602 5,915 6,583 5,541 EBITDA 33,566 27,180 29,247 2,032 2,521 1,609 EBITDA 35,598 29,701 30,856 15
(a) (b) (c) (d) 36,742 2,033 (10,546) 114 127 28,470 27,856 2,564 (10,397) 1,061 589 21,673 27,210 2,477 (10,366) 1,020 589 20,930 2.877 2.213 2.844 2.187 43% 33% 33% 25% 16
(a) (b) (c) (d) 17,288 2,459 1,579 198 864 22,388 14,026 2,879 517 1,882 936 20,240 14,229 2,804 (125) 1,814 1,008 19,730 1.505 2.087 1.489 2.065 20% 26% 17% 24% (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% (a) (b) (c) (d) 17
109,692 97,814 64,985 69,305 174,677 167,119 (120,475) (114,271) (63,797) (65,018) (9,595) (12,170) 310,712 238,040 95.95 121.70 239.33 287.9948.66 18
48,974 46,877 21,789 15,182 13,377 10,689 1,325 780 85,465 73,528 4 (45,645) (36,486) 39,820 37,042 1,408 1,065 3 11,089 7,585 4 (4,244) (5,570) 4 (11,331) (9,430) 36,742 30,692 (1,117) (654) (2,957) (319) 32,668 29,719 5 (4,812) (5,746) 27,856 23,973 27,210 23,290 646 683 27,856 23,973 6 2.877 2.470 6 2.844 2.435 19
27,856 23,973 (26) 95 (1,999) (5,379) (648) 861 14,265 1,070 (1) (41) 11,591 (3,394) 39,447 20,579 38,491 20,144 956 435 39,447 20,579 20
39,192 35,091 1 10,130 1,975 4,879 916 725 7,154 7,106 56,170 56,650 8 228,382 219,215 8,387 8,575 9 98,805 91,702 10 58,207 43,519 22,921 21,531 1,098 1,693 16,329 15,755 549,666 506,441 300 324 11 29,471 28,427 22,883 18,493 1,454 339 9 4,967 6,175 60,085 62,918 2,229 2,590 109,692 97,814 231,081 217,080 780,747 723,521 21
29,393 27,294 (4,096) (4,173) 11,806 729 326,859 299,660 363,962 323,510 34,341 32,697 398,303 356,207 14 92,204 87,437 15 41,222 51,298 4,140 4,797 1,560 3,306 11,520 10,964 1 8,180 6,191 7,077 165,017 164,879 13 76,494 73,735 25,536 33,312 14 28,271 26,834 15 22,575 13,720 9,951 10,210 1,659 1,049 1,166 1,200 1 2,305 49,470 42,375 217,427 202,435 382,444 367,314 780,747 723,521 22
27,294 (4,173) 729 299,660 323,510 32,697 356,207 27,210 27,210 646 27,856 (26) (26) (26) 13,903 13,903 362 14,265 (1,947) (1,947) (52) (1,999) (649) (649) (649) 11,281 27,210 38,491 956 39,447 695 695 695 170 170 567 10 577 10 587 22 22 22 1,263 122 1,385 80 1,465 (176) (176) (176) (253) 253 2 2 2 14 (14) 3 3 (23) (20) (4) (4) 12 (50) (38) (20) (58) (49) (49) 31 (18) 488 (948) (460) 444 (16) 2,099 77 (899) (11) 1,266 688 1,954 29,393 (4,096) 11,806 326,859 363,962 34,341 398,303 23
22,204 (3,970) 35,158 202,682 256,074 21,019 277,093 9 (16,210) 16,210 22,204 (3,970) 18,948 218,892 256,074 21,019 277,093 23,290 23,290 683 23,973 95 95 95 1,070 1,070 1,070 (5,131) (5,131) (248) (5,379) 820 820 820 (3,146) 23,290 20,144 435 20,579 49 49 365 65 430 58 488 149 149 149 995 86 1,081 39 1,120 (412) (412) (412) (287) 287 127 127 127 32 (32) (5) (5) 417 417 125 (102) 23 (103) (80) 435 435 1,095 1,530 (508) (508) 508 1,347 (125) 135 (32) 1,325 2,058 3,383 23,551 (4,095) 15,937 242,150 277,543 23,512 301,055 24
1 28,799 20,753 (21,376) (39,303) 5,580 32,144 13,003 13,594 97,814 105,697 (1,125) (2,219) 109,692 117,072 45,066 43,068 64,626 74,004 109,692 117,072 25
1 34 16 16 1617 26
9,688 (9,955) (23) 290 16 16 2 (a) (b) 27
48,974 21,789 13,377 1,325 85,465 28,193 6,208 5,601 (182) 39,820 731 1,398 484 25 2,638 3,107 2,237 341 5,685 46,877 15,182 10,689 780 73,528 29,657 3,961 3,333 91 37,042 434 655 235 20 1,344 2,310 2,964 58 5,332 28
3 (a) 5,183 6,042 (b) 3,667 1,572 1,696 174 (127) (636) 883 1,224 242 45 (700) (570) 245 (266) 11,089 7,585 (a) 51.83 9 18.86 32.97 60.42 (b) 36.09 8 29
4 (a) 18,463 14,883 (b) 11,616 9,575 11,257 7,831 4,078 3,411 3,321 4,574 334 273 (c) 5,915 5,541 3,406 1,664 (a) (b) 64.89 50.06 (c) 5 (a) (b) 16.5% 30
(c) 25% 15% 10% 50% (d) 12.5% 35% (e) 10% 10%5% 31
4,442 4,489 370 1,257 4,812 5,746 6 (a) 27,210 23,290 9,457 9,429 2.877 2.470 (b) 32
27,210 23,290 9,457 9,429 111 135 9,568 9,564 2.844 2.435 7 1.00 0.88 33
8 136,459 130,633 91,923 88,582 228,382 219,215 2,433.61 1,873.39 219,215 113,779 (a) 5,700 21,109 (b) 3,303 363 3(b) 3,609 576 (2,771) (303) (26) 98 695 (33) (68) (414) (c) (127) 1,605 (1,115) (1,695) 228,382 135,118 (a) 57 34
(b) (c) 52.86 19.83 32.02 1.27 16.15 9 11,024 9,123 82,464 78,234 5,317 4,345 98,805 91,702 4,967 6,175 103,772 97,877 97,877 9 95,497 9,249 19,542 8(b) (3,303) (521) 3(a) 5,183 6,042 (3,316) (235) (1,918) (3,832) 103,772 116,493 35
92.49 10 46,834 33,120 6,138 5,365 3,355 3,093 56,327 41,578 1,880 1,941 58,207 43,519 43,519 9 58,515 1,132 13,336 14,354 1,142 (798) (2,371) 58,207 70,622 11.32 36
11 0 30 10,000 11,200 31 60 8,309 7,695 61 90 5,509 4,201 90 5,653 5,331 29,471 28,427 90 60 90 12 (a) I II III IV I II III IV III IV 37
II III IV 185.25 51,499,010 374.52 36,277,234 87,776,244 164.33 (63,087) 272.36 (55,513) (118,600) 342.83 (82,218) (82,218) 185.28 51,435,923 374.75 36,139,503 87,575,426 172.08 34,234,411 279.92 1,756,195 35,990,606 179.90 55,510,248 31.70 2,500,000 273.80 9,155,860 67,166,108 444.20 155,050 155,050 66.43 (1,636,649) 31.70 (2,500,000) (4,136,649) 131.47 (37,139) 272.36 (67,970) (105,109) 183.38 53,836,460 276.67 9,242,940 63,079,400 159.40 23,614,945 23,614,945 (b) 50,247,895 63,636,254 2,937,998 290,680 (702,568) (649,768) (3,713,496) (4,711,789) 48,769,829 58,565,377 992,996 105,831 38
13 0 30 56,873 56,506 31 60 6,035 6,264 61 90 1,937 1,557 90 11,649 9,408 76,494 73,735 14 (a) 74,984 70,938 (a) 1,134 (a) 10,888 11,189 (a) 5,198 5,310 92,204 87,437 (b) 16,403 (b) 17,853 3,368 (b) 528 628 (a) 5,522 5,628 (a) 4,368 332 (a) 475 28,271 26,834 120,475 114,271 39
(a) (b) 119.56 111.56 1.50 152.56 119.9660.70 60.70 LIBOR/HIBOR 0.70% 1.51% 0.52% 1.875% 4.18% 9.00% LIBOR/HIBOR 0.70% 1.51% 1.875% 4.18% 9.00% 23.905.28 6.28208.50 38.50 LIBOR/HIBOR 0.50% 0.55% 5.22% 5.44% LIBOR/HIBOR 0.50% 0.55% 5.22% 5.44% 15 40,196 48,501 1,026 2,797 41,222 51,298 20,863 13,720 1,712 22,575 13,720 63,797 65,018 91 91 32 32 2.875% 4.70% LIBOR 0.605%2.875% 4.70% LIBOR 0.605% 40
16 60 100200 60 1,250 3.280% 750 LIBOR 0.910% 500 3.575% 3,000 3.975% 500 4.525% 6,000 59.80 41
54,623 46,049 116.16 95.75 A.2.1 A.4.2 42
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 43
EBITDA 44
45 HIBOR IaaS IP LIBOR PaaS I II III IV
PUBG SaaS PlayerUnknown s Battlegrounds 46