2410 73,528 49,552 48% 66,392 11% 37,042 25,443 46% 31,495 18% 30,692 19,272 59% 25,724 19% 23,973 14,548 65% 21,622 11% 23,290 14,476 61% 20,797 12% 18,313 14,211 29% 17,454 5% 2.470 1.540 60% 2.206 12% 2.435 1.522 60% 2.177 12% 1.942 1.512 28% 1.852 5% 1.915 1.494 28% 1.827 5% 1
1. 48% 59% 42% 3 36% 3 61% 29% 2. QQ 805.5 860.6-6.4% 783.4 2.8% QQ 694.1 678.0 2.4% 683.0 1.6% WeChat 1,040.0 937.8 10.9% 988.6 5.2% QQ 562.3 631.5-11.0% 563.3-0.2% QQ 550.0 604.6-9.0% 554.0-0.7% 147.1 119.0 23.6% 134.6 9.3% 2
QQ 2.4% 6.941 21 QQ QQ 8,000 QQ 300% WeChat 10.400 10.9% 500 PUBG Xbox Epic Games 4,000 ios ios PUBG QQ 217 68% 28% ios 3
QQ ios QQ 141 10% 24% 1.47 60% 85% 4
QQ QQ 55% 31% 64% 69% CPC QQ 111% O2O 100% 5
73,528 49,552 (36,486) (24,109) 37,042 25,443 1,065 808 7,585 3,191 (5,570) (3,158) (9,430) (7,012) 30,692 19,272 (654) (691) (319) (375) 29,719 18,206 (5,746) (3,658) 23,973 14,548 23,290 14,476 683 72 23,973 14,548 18,313 14,211 6
48% 735.28 46,877 64% 35,108 71% 10,689 14% 6,888 14% 15,962 22% 7,556 15% 73,528 100% 49,552 100% 34% 468.77 26% 287.78 MUQQ 47% 180.99 K 55% 106.89 69% 73.90 CPC 31% 32.99 111% 159.62 7
51% 364.86 49% 50% 17,220 37% 13,717 39% 7,356 69% 4,489 65% 11,910 75% 5,903 78% 36,486 24,109 26% 172.20 64% 73.56 102% 119.10 8
75.85 76% 55.70 6% 8% 34% 94.30 14% 13% 5% 6.54 57% 57.46 61% 232.90 29% 183.13 9
73,528 66,392 (36,486) (34,897) 37,042 31,495 1,065 1,156 7,585 7,906 (5,570) (6,022) (9,430) (8,811) 30,692 25,724 (654) (859) (319) (120) 29,719 24,745 (5,746) (3,123) 23,973 21,622 23,290 20,797 683 825 23,973 21,622 18,313 17,454 10
11% 735.28 17% 468.77 18% 287.78 MU QQ 16% 180.99 K 14% 106.89 10% 73.90 20% 32.99 13% 159.62 5% 364.86 53% 50% 6% 172.20 5% 73.56 10% 119.10 11
8% 55.70 7% 94.30 12% 232.90 5% 183.13 EBITDA (a) 29,247 23,278 19,995 EBITDA (a) 30,856 25,127 21,300 EBITDA (b) 42% 38% 43% 1,067 839 667 (c) (14,533) 16,332 27,572 (d) 6,318 4,975 2,108 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 12
EBITDA EBITDA 30,692 25,724 19,272 (1,065) (1,156) (808) (7,585) (7,906) (3,191) 1,664 1,376 1,083 5,541 5,240 3,639 EBITDA 29,247 23,278 19,995 1,609 1,849 1,305 EBITDA 30,856 25,127 21,300 13
(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) 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% 14
(a) (b) (c) (d) 19,272 1,339 (2,747) 153 503 18,520 14,548 1,530 (2,717) 500 511 14,372 14,476 1,483 (2,717) 458 511 14,211 1.540 1.512 1.522 1.494 39% 37% 29% 29% (a) (b) (c) (d) 15
117,072 105,697 25,454 42,540 142,526 148,237 (96,732) (97,790) (60,327) (34,115) (14,533) 16,332 145.33 163.32 2,126 2,108 665.97 130.00 198.25 68.25 46% 16
46,877 35,108 10,689 6,888 15,962 7,556 17 73,528 49,552 4 (36,486) (24,109) 37,042 25,443 1,065 808 3 7,585 3,191 4 (5,570) (3,158) 4 (9,430) (7,012) 30,692 19,272 (654) (691) (319) (375) 29,719 18,206 5 (5,746) (3,658) 23,973 14,548 23,290 14,476 683 72 23,973 14,548 6 2.470 1.540 6 2.435 1.522
23,973 14,548 95 111 7,226 (1,832) (5,379) (985) 861 59 1,070 (41) (343) (3,394) 4,236 20,579 18,784 20,144 18,717 435 67 20,579 18,784 18
25,884 23,597 3,325 3,163 771 800 6,883 5,111 41,239 40,266 8 135,118 113,779 1 22,976 5,598 7,826 1,9 111,471 1,10 70,622 1 127,218 12,977 11,173 1 2,118 5,159 10,369 9,793 5 5,365 426,380 376,226 285 295 11 20,627 16,549 22,349 17,110 1 466 465 1,9 5,022 20,287 36,724 1,694 1,606 117,072 105,697 187,802 178,446 614,182 554,672 19
23,551 22,204 (4,095) (3,970) 15,937 35,158 242,150 202,682 277,543 256,074 23,512 21,019 301,055 277,093 14 78,695 82,094 15 59,528 29,363 4,939 3,862 1,898 2,154 8,808 5,975 3,592 2,391 157,460 125,839 13 53,890 50,085 27,433 29,433 14 18,037 15,696 15 799 4,752 8,748 8,708 1,552 934 45,208 42,132 155,667 151,740 313,127 277,579 614,182 554,672 20
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 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 21
17,324 (3,136) 23,693 136,743 174,624 11,623 186,247 14,476 14,476 72 14,548 111 111 111 7,226 7,226 7,226 (1,832) (1,832) (1,832) (980) (980) (5) (985) (284) (284) (284) 4,241 14,476 18,717 67 18,784 195 195 134 41 175 24 199 8 8 8 984 105 1,089 23 1,112 (339) (339) (339) (143) 143 30 30 30 (419) (419) 217 (260) (43) (75) (118) (12) (12) 42 42 (42) 1,200 (196) (42) 962 (306) 656 18,524 (3,332) 27,892 151,219 194,303 11,384 205,687 22
19,825 26,614 (39,303) (34,100) 33,072 4,571 13,594 (2,915) 105,697 71,902 (2,219) (126) 117,072 68,861 43,068 32,049 74,004 36,812 117,072 68,861 23
1 34 9 9 9 24
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 25
2 46,877 10,689 15,962 73,528 29,657 3,333 4,052 37,042 434 235 675 1,344 2,310 2,964 58 5,332 35,108 6,888 7,556 49,552 21,391 2,399 1,653 25,443 523 59 224 806 2,109 1,294 3,403 26
3 1,572 2,728 6,042 (636) (503) 1,224 804 45 676 (570) (550) (92) 36 7,585 3,191 60.42 9 4 (a) 9,575 7,423 (b) 7,831 6,591 (b) 7,853 4,313 3,411 2,431 4,574 2,325 355 306 273 194 (c) 5,541 3,639 1,656 1,076 (a) 50.06 35.97 43.93 29.81 27
(b) (c) 5 (a) (b) 16.5% (c) 25% 15% 10% 10% 50% 28
(d) 12.5% 36% (e) 10% 10% 5% 4,489 3,692 1,257 (34) 5,746 3,658 29
6 (a) 23,290 14,476 9,429 9,398 2.470 1.540 (b) 30
23,290 14,476 9,429 9,398 135 114 9,564 9,512 2.435 1.522 7 0.88 0.61 8 62,808 60,935 72,310 52,844 135,118 113,779 1,454.86 1,569.68 31
113,779 70,042 (a) (b) (c) (d) 21,109 1,164 576 107 (303) (387) 98 111 363 43 (414) (79) (e) 1,605 (31) (1,695) (987) 135,118 69,983 (a) 9% 10.19 64.62 (b) 33.17 28% (c) 12% 29.85 (d) 83.45 (e) 16.15 32
9 11,179 96,273 4,019 111,471 5,022 116,493 9 1 95,497 (a) (b) (c) 19,542 (756) 3 6,042 (3,832) 116,493 (a) 35% 4.62 29.22 (b) 2% 4 25.36 (c) 140.84 33
10 46,310 6,774 2,867 55,951 14,671 70,622 9 1 58,515 (a) (b) (c) (d) 13,336 1,142 (2,371) 70,622 (a) 5% 42.16 (b) 3% 5.70 37.12 (c) 5% 3.71 29 (d) 3.95 25.08 34
11 0 30 4,853 4,399 31 60 7,233 6,394 61 90 3,618 2,259 90 4,923 3,497 20,627 16,549 90 60 30 120 12 (a) I II III IV I II III IV III IV 35
II III IV 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 23,614,945 120.95 31,247,436 31.70 2,500,000 33,747,436 225.44 28,526,215 28,526,215 38.85 (250,062) (250,062) 124.30 (14,625) (14,625) 171.38 59,508,964 31.70 2,500,000 62,008,964 103.93 14,927,718 31.70 1,250,000 16,177,718 5,250,000 36
(b) 63,636,254 86,365,812 290,680 3,275,615 (649,768) (943,791) (4,711,789) (6,149,853) 58,565,377 82,547,783 105,831 260,503 60,000 13 0 30 35,437 38,420 31 60 5,915 3,030 61 90 4,733 2,050 90 7,805 6,585 53,890 50,085 37
14 (a) 73,451 76,326 (a) 4,444 4,459 (a) 800 834 (a) 475 78,695 82,094 (b) 16,211 14,293 (b) 1,258 1,307 (a) 475 (a) 63 66 (a) 30 30 18,037 15,696 96,732 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% (b) 2 2 202.73 171.33 LIBOR/HIBOR 0.50% 0.55% LIBOR/HIBOR 0.50% 0.55% 38
15 56,972 26,697 2,556 2,666 59,528 29,363 3,919 799 833 799 4,752 60,327 34,115 91 47 42 42 2.30% 4.70% LIBOR 0.605%2.30% 4.70% 50 1,000 2.985% 500 LIBOR 0.605% 2,500 3.595% 1,000 3.925% 5,000 6 39
46,049 39,258 95.75 74.23 A.2.1 A.4.2 40
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 41
CPC EBITDA Epic Games Epic Games, Inc. 42
HIBOR LIBOR O2O I 43
II III IV PUBG Player Unknown s Battlegrounds 44