2410 88,821 73,675 21% 85,465 4% 39,126 34,446 14% 39,820-2% 27,521 21,807 26% 36,742-25% 24,684 18,580 33% 27,856-11% 24,136 17,867 35% 27,210-11% 23,525 19,716 19% 20,930 12% 2.550 1.893 35% 2.877-11% 2.520 1.868 35% 2.844-11% 2.486 2.089 19% 2.213 12% 2.456 2.062 19% 2.187 12% 1
174,286 147,203 18% 78,946 71,488 10% 64,263 52,499 22% 52,540 42,553 23% 51,346 41,157 25% 44,455 38,029 17% 5.427 4.363 24% 5.362 4.303 25% 4.699 4.031 17% 4.643 3.976 17% 2
1. (NBA)NBA NBA 2. 21% 26%23% 35% 19% 3
3. QQ 807.9 803.2 0.6% 823.0-1.8% QQ 706.7 708.6-0.3% 700.4 0.9% WeChat 1,132.7 1,057.7 7.1% 1,111.7 1.9% QQ 553.5 542.7 2.0% 571.9-3.2% 168.9 153.9 9.7% 165.5 2.1% WeChat 11.33 7% QQ7.07 100 4
QQ QQQQ 8%273 26%222 5% AR 5,000 ios PUBG MOBILE 5,000 QQ Chess Rush 5
9%117 15% 10% 1.689 30% 9,690 NBA 2018-2019 4.9 2014-2015NBA NBA NBA 16416% 120 28% QQ 6
447% FIFA 2019 101 22937% 57% 8,000 WeCity IaaS 7
88,821 73,675 (49,695) (39,229) 39,126 34,446 1,652 1,072 4,038 2,506 (4,718) (6,360) (12,577) (9,857) 27,521 21,807 (1,982) (1,151) 2,370 1,526 27,909 22,182 (3,225) (3,602) 24,684 18,580 24,136 17,867 548 713 24,684 18,580 23,525 19,716 8
21%888.21 48,080 54% 42,069 57% 22,888 26% 16,666 23% 16,409 18% 14,110 19% 1,444 2% 830 1% 88,821 100% 73,675 100% 14%480.80 8%273.07 PUBG MOBILE OL 23%207.73 37% 228.88 16%164.09 28%120.09 QQ 7%44.00 FIFA 9
27%496.95 53%56% 22,783 47% 17,253 41% 17,391 76% 12,327 74% 8,432 51% 8,838 63% 1,089 75% 811 98% 49,695 39,229 32%227.83 41% 173.91 5%84.32 10
40.38 26% 47.18 9%5% 28% 125.77 13%14% 72%19.82 60 10%32.25 35%241.36 19%235.25 11
88,821 85,465 (49,695) (45,645) 39,126 39,820 1,652 1,408 4,038 11,089 (4,718) (4,244) (12,577) (11,331) 27,521 36,742 (1,982) (1,117) 2,370 (2,957) 27,909 32,668 (3,225) (4,812) 24,684 27,856 24,136 27,210 548 646 24,684 27,856 23,525 20,930 12
4%888.21 2%480.80 4%273.07 PUBG MOBILE 2%207.73 5% 228.88 23%164.09 21%120.09 26%44.00 9%496.95 53%56% 10%227.83 12% 173.91 8%84.32 13
11% 47.18 11% 125.77 23.70 29.57 11%241.36 12%235.25 EBITDA (a) 32,649 33,566 26,409 66,215 55,656 EBITDA (a) 35,102 35,598 28,139 70,700 58,995 EBITDA (b) 40% 42% 38% 41% 40% 1,757 1,499 1,188 3,256 2,255 (c) (15,766) (9,595) (35,301) (15,766) (35,301) (d) 4,362 4,506 7,085 8,868 13,403 14
(a) EBITDA EBITDA EBITDA (b) EBITDAEBITDA (c) (d) EBITDA EBITDA 27,521 36,742 21,807 64,263 52,499 (1,652) (1,408) (1,072) (3,060) (2,137) (4,038) (11,089) (2,506) (15,127) (10,091) 2,989 2,804 1,918 5,793 3,582 748 602 1,350 7,081 5,915 6,262 12,996 11,803 EBITDA 32,649 33,566 26,409 66,215 55,656 2,453 2,032 1,730 4,485 3,339 EBITDA 35,102 35,598 28,139 70,700 58,995 15
(a) (b) (c) (d) (e) 27,521 2,453 (4,950) 118 2,139 27,281 24,684 2,373 (6,523) 1,486 2,492 (321) 24,191 24,136 2,296 (6,522) 1,432 2,492 (309) 23,525 2.550 2.486 2.520 2.456 31% 31% 28% 27% 16
(a) (b) (c) (d) (e) 36,742 2,033 (10,546) 114 127 28,470 27,856 2,868 (10,374) 1,084 589 (350) 21,673 27,210 2,782 (10,351) 1,033 589 (333) 20,930 2.877 2.213 2.844 2.187 43% 33% 33% 25% (a) (b) (c) (d) (e) 21,807 1,798 (4,010) 99 2,564 22,258 18,580 2,562 (4,232) 831 2,578 180 20,499 17,867 2,478 (4,170) 790 2,578 173 19,716 1.893 2.089 1.868 2.062 30% 30% 25% 28% 17
(a) (b) (c) (d) (e) 64,263 4,486 (15,496) 232 2,266 55,751 52,540 5,241 (16,897) 2,570 3,081 (671) 45,864 51,346 5,078 (16,873) 2,465 3,081 (642) 44,455 5.427 4.699 5.362 4.643 37% 32% 30% 26% (a) (b) (c) (d) (e) 52,499 3,430 (11,798) 199 3,200 47,530 42,553 4,244 (12,378) 1,381 3,292 537 39,629 41,157 4,063 (12,319) 1,296 3,290 542 38,029 4.363 4.031 4.303 3.976 36% 32% 29% 27% 18
(a) (b) (c) (d) (e) 122,838 109,692 61,588 64,985 184,426 174,677 (107,729) (120,475) (92,463) (63,797) (15,766) (9,595) 329,012 310,712 157.66 206.98 250.05 43.07 19
48,080 42,069 97,054 88,946 22,888 16,666 44,677 31,848 16,409 14,110 29,786 24,799 1,444 830 2,769 1,610 88,821 73,675 174,286 147,203 4 (49,695) (39,229) (95,340) (75,715) 39,126 34,446 78,946 71,488 1,652 1,072 3,060 2,137 3 4,038 2,506 15,127 10,091 4 (4,718) (6,360) (8,962) (11,930) 4 (12,577) (9,857) (23,908) (19,287) 27,521 21,807 64,263 52,499 (1,982) (1,151) (3,099) (1,805) 2,370 1,526 (587) 1,207 27,909 22,182 60,577 51,901 5 (3,225) (3,602) (8,037) (9,348) 24,684 18,580 52,540 42,553 24,136 17,867 51,346 41,157 548 713 1,194 1,396 24,684 18,580 52,540 42,553 6 2.550 1.893 5.427 4.363 6 2.520 1.868 5.362 4.303 20
24,684 18,580 52,540 42,553 (2) (123) (28) (28) 3,059 5,579 1,060 200 (1,388) 332 (2,036) 1,193 2,582 (535) 16,847 535 (70) (72) (71) (113) 4,181 5,181 15,772 1,787 28,865 23,761 68,312 44,340 28,080 22,636 66,571 42,780 785 1,125 1,741 1,560 28,865 23,761 68,312 44,340 21
40,157 35,091 1 10,816 7,180 7,106 2,318 4,879 909 725 56,256 56,650 8 227,187 219,215 8,560 8,575 9 107,575 91,702 10 69,068 43,519 26,491 21,531 187 1,693 16,883 15,755 573,587 506,441 312 324 11 32,199 28,427 23,504 18,493 714 339 9 4,659 6,175 57,037 62,918 2,014 2,590 122,838 97,814 243,277 217,080 816,864 723,521 22
31,667 27,294 (3,936) (4,173) 16,038 729 342,687 299,660 386,456 323,510 34,576 32,697 421,032 356,207 14 82,038 87,437 15 82,096 51,298 2,873 4,797 2,025 3,306 10,547 10,964 1 8,662 5,643 7,077 193,884 164,879 13 67,764 73,735 32,314 33,312 14 25,691 26,834 15 10,367 13,720 9,711 10,210 1,248 1,049 1,228 1,200 1 2,778 50,847 42,375 201,948 202,435 395,832 367,314 816,864 723,521 23
27,294 (4,173) 729 299,660 323,510 32,697 356,207 51,346 51,346 1,194 52,540 (27) (27) (1) (28) 16,373 16,373 474 16,847 986 986 74 1,060 (2,107) (2,107) (2,107) 15,225 51,346 66,571 1,741 68,312 881 881 881 237 237 1,090 22 1,112 22 1,134 110 110 110 3,018 209 3,227 144 3,371 (369) (369) (369) (606) 606 14 (14) (8,305) (8,305) (23) (8,328) 51 51 273 (258) 15 (628) (613) (212) (212) 267 55 488 (572) (84) 68 (16) 4,373 237 (797) (8,319) (4,506) 138 (4,368) 31,667 (3,936) 16,038 342,687 386,456 34,576 421,032 24
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 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 25
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) (6,776) (6,776) (432) (7,208) 988 988 243 (234) 9 (110) (101) (34) (34) 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 26
1 53,804 43,265 (36,300) (72,896) 7,252 28,261 24,756 (1,370) 97,814 105,697 268 296 122,838 104,623 53,244 44,058 69,594 60,565 122,838 104,623 27
1 34 16 16 16 17 28
9,688 (9,955) (23) 290 16 16 2 (a) (b) 29
48,080 22,888 16,409 1,444 88,821 25,297 5,497 7,977 355 39,126 846 1,585 469 28 2,928 3,580 2,896 378 6,854 30
42,069 16,666 14,110 830 73,675 24,816 4,339 5,272 19 34,446 457 810 294 20 1,581 2,854 3,178 15 6,047 97,054 44,677 29,786 2,769 174,286 53,490 11,705 13,578 173 78,946 1,577 2,983 953 53 5,566 6,687 5,133 719 12,539 31
88,946 31,848 24,799 1,610 147,203 54,473 8,300 8,605 110 71,488 891 1,465 529 40 2,925 5,164 6,142 73 11,379 3 (a) 1,816 2,946 6,999 8,988 (b) 2,850 725 6,517 2,297 (c) (2,139) (2,564) (2,266) (3,200) 284 339 1,980 513 978 704 1,861 1,928 300 274 542 319 (700) (570) (51) 82 194 (184) 4,038 2,506 15,127 10,091 32
(a) 69.99 9 18.86 17.45 51.13 72.43 (b) 65.17 40.1111.85 8 25.06 9.84 (c) 8(d) 2,139 2,564 2,266 3,196 4 2,139 2,564 2,266 3,200 33
4 (a) 20,210 16,419 38,673 31,302 (b) 12,643 10,363 24,259 19,938 11,295 8,647 22,552 16,478 (c) 7,081 6,262 12,996 11,803 3,991 3,737 8,069 7,148 3,737 1,918 7,143 3,582 3,661 5,176 6,982 9,750 387 334 721 607 (a) (b) 71.17 136.06 57.22 107.28 57.86 112.15 46.97 90.90 24.53 44.86 17.98 34.30 (c) 34
1.18 2.32 0.99 1.99 5 (a) (b) 16.5% (c) 25% 15% 10% 15% 35
(d) 12.5% 35% (e) 10% 10% 5% 4,354 4,049 8,796 8,538 (1,129) (447) (759) 810 3,225 3,602 8,037 9,348 36
6 (a) 24,136 17,867 51,346 41,157 9,464 9,438 9,461 9,434 2.550 1.893 5.427 4.363 (b) 37
24,136 17,867 51,346 41,157 9,464 9,438 9,461 9,434 113 125 114 130 9,577 9,563 9,575 9,564 2.520 1.868 5.362 4.303 7 1.00 0.8883.0567.76 TME 2.50 2.19 TME 38
8 136,532 130,633 90,655 88,582 227,187 219,215 2,526.70 1,873.39 219,215 113,779 (a) 8,459 31,976 (b) 823 5,020 3(b) 4,011 1,185 (538) 1,127 (22) (26) 881 577 (100) (226) (c) (3,549) (661) (d) (2,266) (959) 273 1,010 227,187 152,802 39
(a) 84.59 (b) 53.09 32.02 44.86 (c) A 5%35.26 (d) 22.66 9.59 40
9 10,806 9,123 90,056 78,234 6,713 4,345 107,575 91,702 4,659 6,175 112,234 97,877 97,877 9 95,497 (a) 16,801 33,444 (b)8(b) (2,952) (5,205) 3(a) 6,999 8,988 (6,953) (7,434) 462 2,147 112,234 127,437 41
(a) 168.01 (b) 8(b) 13.95 10 52,528 33,120 9,561 5,365 3,009 3,093 438 65,536 41,578 3,532 1,941 69,068 43,519 42
43,519 9 58,515 (a)8(c) 6,001 14,044 2,129 16,920 438 (6,341) 499 300 69,068 66,956 8(c) 24.75 11 0 30 11,807 11,200 31 60 10,554 7,695 61 90 4,561 4,201 90 5,277 5,331 32,199 28,427 43
9060 90 12 (a) I II III IV I II III IV III IV 44
II III IV 185.25 51,499,010 374.52 36,277,234 87,776,244 376.00 23,696,575 23,696,575 168.17 (509,236) 272.36 (154,184) (663,420) 148.90 (1,225) 325.28 (158,662) (159,887) 185.42 50,988,549 375.50 59,660,963 110,649,512 172.04 33,919,512 382.40 7,793,394 41,712,906 179.90 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 3,506,580 3,215,800 45
(b) 50,247,895 63,636,254 28,190,873 3,766,965 (1,359,202) (1,181,802) (8,726,893) (7,806,084) 68,352,673 58,415,333 34,630 89,313 53,500 39,500 13 0 30 47,329 56,506 31 60 7,012 6,264 61 90 1,077 1,557 90 12,346 9,408 67,764 73,735 46
14 (a) 65,832 70,938 (a) 1,172 (a) 10,578 11,189 (a) 4,456 5,310 82,038 87,437 (b) 16,403 (b) 16,294 3,368 (b) 503 628 (a) 2,543 5,628 (a) 5,472 332 (a) 475 (a) 879 25,691 26,834 107,729 114,271 47
(a) 99.46 LIBOR 0.70% 1.27% 1.875% 111.56 LIBOR 0.70% 1.51% 1.875% 1.50 0.520% 60.70 HIBOR 0.70% 0.80% 60.70 HIBOR 0.70% 0.85% 160.50 4.18% 5.70% 119.96 4.18% 9.00% (b) 23.90 LIBOR 0.50% 0.55% 185.40 HIBOR 0.45% 0.55% 38.50 HIBOR 0.50% 0.55% 5.03 3.92% 5.44% 6.28 5.22% 5.44% 48
15 82,096 48,501 2,797 82,096 51,298 7,556 13,720 2,811 10,367 13,720 92,463 65,018 131 91 32 322.875% 4.70% LIBOR 0.605% 0.910% 2.875% 4.70% LIBOR 0.605% 60 1,250 3.280% 750 LIBOR 0.910% 500 3.575% 3,000 3.975% 500 4.525% 6,000 49
56,31048,684 242.59 199.38 A.2.1 A.4.2 50
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 51
AR EBITDA FIFA 52
HIBOR IaaS LIBOR 53
54 I II III IV PUBG PlayerUnknown s Battlegrounds TME Tencent Music Entertainment Group