700 2410 40,388 26,594 52% 35,691 13% 21,828 15,580 40% 20,456 7% 14,460 10,331 40% 14,329 1% 10,776 7,584 42% 10,880-1% 10,646 7,445 43% 10,737-1% 11,737 8,280 42% 11,319 4% 1.134 0.800 42% 1.146-1% 1.121 0.792 42% 1.133-1% 1.251 0.890 41% 1.208 4% 1.236 0.881 40% 1.194 4% 1
108,074 72,422 49% 60,873 43,452 40% 42,187 29,739 42% 30,924 21,910 41% 30,566 21,642 41% 33,088 23,457 41% 3.263 2.328 40% 3.222 2.298 40% 3.532 2.524 40% 3.488 2.490 40% 2
QQ CMC 3
+ O2O IT QuestMobile TalkingData 4
QQ 876.7 859.7 2.0% 899.0-2.5% QQ 647.2 639.1 1.3% 666.5-2.9% QQ 250.0 239.1 4.6% 246.9 1.3% WeChat 846.1 649.5 30.3% 805.7 5.0% QQ 631.9 653.1-3.2% 651.5-3.0% QQ 583.6 576.8 1.2% 595.8-2.0% 105.0 88.5 18.6% 105.1-0.1% QQ 1% 6.47 QQ 1 QQ QQ 1% 5.84 WeChat 8.46 30% 5
10% ARPU 1 99 87% 4 7 LBS 1 6
40,388 26,594 (18,560) (11,014) 21,828 15,580 637 559 1,155 614 (3,277) (2,042) (5,883) (4,380) 14,460 10,331 (604) (481) (619) (702) 13,237 9,148 (2,461) (1,564) 10,776 7,584 10,646 7,445 130 139 10,776 7,584 11,737 8,280 7
52% 403.88 27,975 69% 20,547 77% 7,449 19% 4,938 19% 4,964 12% 1,109 4% 40,388 100% 26,594 100% 36% 279.75 27% 181.66 58% 98.09 51% 74.49 83% 43.68 21% 30.81 348% 49.64 8
69% 185.60 41% 46% 9,748 35% 7,364 36% 4,748 64% 2,524 51% 4,064 82% 1,126 102% 18,560 11,014 32% 97.48 88% 47.48 261% 40.64 9
11.55 60% 32.77 8% 34% 58.83 16% 15% 26% 6.04 57% 24.61 43% 106.46 42% 117.37 10
40,388 35,691 (18,560) (15,235) 21,828 20,456 637 626 1,155 911 (3,277) (2,365) (5,883) (5,299) 14,460 14,329 (604) (377) (619) (292) 13,237 13,660 (2,461) (2,780) 10,776 10,880 10,646 10,737 130 143 10,776 10,880 11,737 11,319 11
13% 403.88 9% 279.75 6% 181.66 15% 98.09 14% 74.49 18% 43.68 9% 30.81 22% 185.60 43% 46% 14% 97.48 33% 47.48 39% 32.77 12
11% 58.83 1% 106.46 4% 117.37 EBITDA (a) 15,865 15,581 10,806 45,775 31,009 EBITDA (a) 16,963 16,401 11,569 48,368 32,974 EBITDA (b) 42% 46% 44% 45% 46% 585 494 373 1,556 1,101 (c) 8,368 24,037 21,239 8,368 21,239 (d) 3,651 1,505 1,653 9,261 5,826 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 13
EBITDA EBITDA 14,460 14,329 10,331 42,187 29,739 (637) (626) (559) (1,966) (1,678) (1,155) (911) (614) (2,572) (1,637) 933 907 781 2,709 2,333 2,264 1,882 867 5,417 2,252 EBITDA 15,865 15,581 10,806 45,775 31,009 1,098 820 763 2,593 1,965 EBITDA 16,963 16,401 11,569 48,368 32,974 14
(a) (b) (c) (d) 14,460 1,098 34 (2,404) 139 1,710 15,037 10,776 1,259 34 (2,309) 426 1,743 11,929 10,646 1,224 33 (2,297) 389 1,742 11,737 1.134 1.251 1.121 1.236 36% 37% 27% 30% (a) (b) (c) (d) 14,329 820 42 (2,990) 49 2,437 14,687 10,880 1,014 42 (3,251) 328 2,483 11,496 10,737 995 42 (3,247) 317 2,475 11,319 1.146 1.208 1.133 1.194 40% 41% 30% 32% 15
(a) (b) (c) (d) 10,331 763 17 (1,020) 46 379 10,516 7,584 981 18 (783) 275 375 8,450 7,445 959 17 (783) 267 375 8,280 0.800 0.890 0.792 0.881 39% 40% 29% 32% (a) (b) (c) (d) 42,187 2,593 108 (6,122) 235 4,207 43,208 30,924 3,139 108 (6,346) 1,110 4,624 33,559 30,566 3,076 107 (6,330) 1,054 4,615 33,088 3.263 3.532 3.222 3.488 39% 40% 29% 31% 16
(a) (b) (c) (d) 29,739 1,965 67 (3,346) 152 1,654 30,231 21,910 2,345 68 (3,021) 873 1,660 23,835 21,642 2,282 65 (3,021) 845 1,644 23,457 2.328 2.524 2.298 2.490 41% 42% 30% 33% (a) (b) (c) (d) 17
52,417 64,206 47,919 44,808 100,336 109,014 (49,790) (43,110) (42,178) (41,867) 8,368 24,037 83.68 65% Supercell 37 12 940 247.62 141.21 166.69 25.48 18
27,975 20,547 78,619 57,601 7,449 4,938 18,682 11,735 4,964 1,109 10,773 3,086 40,388 26,594 108,074 72,422 4 (18,560) (11,014) (47,201) (28,970) 21,828 15,580 60,873 43,452 637 559 1,966 1,678 3 1,155 614 2,572 1,637 4 (3,277) (2,042) (7,674) (4,969) 4 (5,883) (4,380) (15,550) (12,059) 14,460 10,331 42,187 29,739 (604) (481) (1,472) (1,255) (619) (702) (2,000) (1,464) 13,237 9,148 38,715 27,020 5 (2,461) (1,564) (7,791) (5,110) 10,776 7,584 30,924 21,910 19
10,646 7,445 30,566 21,642 130 139 358 268 10,776 7,584 30,924 21,910 6 1.134 0.800 3.263 2.328 6 1.121 0.792 3.222 2.298 20
10,776 7,584 30,924 21,910 214 287 499 189 1,042 1,298 4,368 7,867 79 (10) 688 1,303 1,782 1,123 149 (172) 225 (103) 2,318 2,888 6,453 9,169 13,094 10,472 37,377 31,079 12,953 10,316 36,989 30,808 141 156 388 271 13,094 10,472 37,377 31,079 21
12,519 9,973 4,449 4,248 685 292 5,201 2,293 33,193 13,439 8(a) 66,613 60,171 8(b) 9,124 6,230 606 544 9 56,211 44,339 32,122 5,480 6,410 757 5,414 3,674 232,547 151,440 231 222 10 9,507 7,061 12,981 11,397 1,765 1,198 42,505 37,331 11 809 54,731 52,417 43,438 120,215 155,378 352,762 306,818 22
15,554 12,167 (2,918) (1,817) 24,307 9,673 126,855 100,012 163,798 120,035 10,151 2,065 173,949 122,100 14 37,235 12,922 15 34,840 37,092 3,737 3,626 4,406 3,668 2,546 3,004 82,764 60,312 13 23,900 15,700 11 17,832 70,199 14 12,555 11,429 15 7,338 3,886 5,196 1,608 110 462 29,118 21,122 96,049 124,406 178,813 184,718 352,762 306,818 23
12,167 (1,817) 9,673 100,012 120,035 2,065 122,100 30,566 30,566 358 30,924 499 499 499 4,368 4,368 4,368 79 79 79 1,752 1,752 30 1,782 (275) (275) (275) 6,423 30,566 36,989 388 37,377 233 233 211 30 241 18 259 155 155 155 2,009 282 2,291 45 2,336 (1,608) (1,608) (1,608) (507) 507 811 811 811 24 (24) 7 (3,699) (3,699) (907) (4,606) 7,392 7,392 1,519 (1,741) (222) 180 (42) (2) (2) 9,244 9,244 300 9,544 (439) (439) 439 3,387 (1,101) 8,211 (3,723) 6,774 7,698 14,472 15,554 (2,918) 24,307 126,855 163,798 10,151 173,949 24
5,131 (1,309) 2,129 74,062 80,013 2,111 82,124 21,642 21,642 268 21,910 189 189 189 7,867 7,867 7,867 (10) (10) (10) 1,120 1,120 3 1,123 9,166 21,642 30,808 271 31,079 99 99 131 127 258 18 276 135 135 135 1,456 194 1,650 45 1,695 (601) (601) (601) (43) 43 5 (5) (2,640) (2,640) (171) (2,811) 264 264 114 114 (132) (18) (44) (44) (254) (254) 254 (1,195) (1,195) (1,195) 1,679 (558) (1,009) (2,645) (2,533) 333 (2,200) 6,810 (1,867) 10,286 93,059 108,288 2,715 111,003 25
45,518 27,240 (56,169) (37,034) 18,552 13,580 7,901 3,786 43,438 42,713 1,078 215 52,417 46,714 26,847 18,061 25,570 28,653 52,417 46,714 26
1 34 2 27
27,975 7,449 4,964 40,388 18,227 2,701 900 21,828 473 50 128 651 928 1,181 2,109 (318) (1) (300) (619) 20,547 4,938 1,109 26,594 13,183 2,414 (17) 15,580 491 42 9 542 118 654 772 (190) 67 (579) (702) 28
78,619 18,682 10,773 108,074 51,731 7,710 1,432 60,873 1,370 146 357 1,873 1,804 3,237 5,041 (653) (5) (1,342) (2,000) 57,601 11,735 3,086 72,422 37,562 5,588 302 43,452 1,481 127 28 1,636 333 1,619 1,952 (318) 86 (1,232) (1,464) 3 (1,710) (379) (4,207) (1,654) 2,404 1,020 5,464 3,346 658 27 41 313 106 341 30 392 244 (350) (250) 93 (98) 302 (155) 1,155 614 2,572 1,637 29
4 (a) 6,012 4,968 16,217 13,570 6,580 4,599 16,800 11,854 2,044 1,471 5,616 3,980 2,071 1,180 5,619 3,124 2,486 1,457 5,603 3,401 (b) 2,264 867 5,417 2,252 (a) 926 780 2,697 2,329 295 226 813 662 220 168 561 438 (a) 2,434 1,975 6,410 5,263 204 177 609 523 527 309 1,225 774 3,165 2,461 8,244 6,560 (b) 30
5 (a) (b) 16.5% (c) 25% 15% 50% (d) 12.5% 36% (e) 10% 10% 5% 31
3,241 1,531 8,503 5,201 (780) 33 (712) (91) 2,461 1,564 7,791 5,110 6 (a) 10,646 7,445 30,566 21,642 9,384 9,307 9,368 9,295 1.134 0.800 3.263 2.328 (b) 32
10,646 7,445 30,566 21,642 9,384 9,307 9,368 9,295 110 90 118 125 9,494 9,397 9,486 9,420 1.121 0.792 3.222 2.298 7 0.47 0.36 36.99 26.40 33
8 (a) 37,115 36,040 29,498 24,131 66,613 60,171 (b) 9,124 6,230 75,737 66,401 (a) 60,171 51,131 (i) 8,669 8,522 2,068 1,910 (2,015) (1,471) 499 185 (149) (233) (ii) (2,256) (3,827) (iii) (1,841) (634) 1,467 1,848 66,613 57,431 (i) JD.com, Inc. 86.69 34
(ii) CMC 16 (iii) 18.41 6.34 (b) 37.99 10.94 2.86 9 19,577 9,435 36,545 34,879 89 25 56,211 44,339 35
44,339 13,277 (a) 7,555 9,713 (b) 4,070 8,182 (c) (981) (586) 1,228 860 56,211 31,446 (a) 75.55 (b) 40.70 81.82 (c) 9.81 5.86 10 0 30 3,417 3,616 31 60 3,480 2,209 61 90 1,616 798 90 994 438 9,507 7,061 36
90 30 120 60 11 1,250 12 (a) I II III I II III 37
II III 80.59 25,697,305 31.70 5,000,000 30,697,305 160.11 11,843,070 11,843,070 26.38 (3,966,160) 31.70 (2,500,000) (6,466,160) 36.35 (68,775) (68,775) 115.21 33,505,440 31.70 2,500,000 36,005,440 77.94 11,600,244 11,600,244 57.36 36,432,000 31.70 5,000,000 41,432,000 149.22 1,470,875 1,470,875 18.76 (9,053,283) (9,053,283) 32.62 (504,500) (504,500) 74.90 28,345,092 31.70 5,000,000 33,345,092 48.57 11,029,341 31.70 1,250,000 12,279,341 3,750,000 (b) 38
91,786,907 43,198,880 (2,996,432) (47,581,468) 84,407,887 7,706 82,035,522 28,082,850 (4,795,470) (26,172,920) 79,149,982 61,474 75,000 13 0 30 17,845 10,019 31 60 1,829 1,774 61 90 1,282 1,518 90 2,944 2,389 23,900 15,700 39
14 (a) 37,235 12,922 (b) 12,421 10,715 (a) 134 714 12,555 11,429 49,790 24,351 (a) 55.96 21 LIBOR 0.91% 1.51% LIBOR 1.02% 1.52% (b) 18.60 16.50 LIBOR 0.70% 0.75% LIBOR 0.75% 0.85% 1.125% 40
15 31,238 33,583 3,602 3,509 34,840 37,092 7,338 3,886 42,178 40,978 58 58 42 42 2.00% 4.70% 2.00% 4.70% 16 CMC CMC CMC CMC CMC CMC CMC 15.8% CMC 61.6% CMC CMC CMC 153.79 27.14 CMC CMC CMC CMC 41
17 Supercell Supercell 84.3% Supercell Supercell 37 12 Supercell 50% 50% Supercell Supercell 76.9% 42
38,072 30,164 60.12 49.68 A.2.1 A.4.2 43
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 44
ARPU CMC EBITDA China Music Corporation 45
LBS LIBOR O2O I II III Supercell Supercell Oy 46
47