騰訊2023年第三季度業(yè)績發(fā)布會PPT（英）

2023ThirdQuarter

ResultsPresentation

Nov15,2023

2

CautionaryNote

Thispresentationmaycontainforward-lookingstatementsrelatingtotheforecasts,targets,outlook,estimatesoffinancialperformance,opportunities,challenges,businessdevelopments,businessplansandgrowthstrategiesofTencentHoldingsLimited(the“Company”or“Tencent”)anditsgroupcompanies.Theseforward-lookingstatementsarebasedoninformationcurrentlyavailabletoTencentandarestatedhereonthebasisoftheoutlookatthetimethatthispresentationwasproduced.TheCompanyundertakesnoobligationtopubliclyupdateanyforward-lookingstatement,whetherwrittenororal,thatmaybemadefromtimetotime,whetherasaresultofnewinformation,futuredevelopmentsorotherwise.Theforward-lookingstatementsarebasedoncertainexpectations,assumptionsandpremises,someofwhicharesubjectiveorbeyondourcontrol.Theforward-lookingstatementsmayprovetobeincorrectandmaynotberealisedinthefuture.Underlyingtheforward-lookingstatementsarealargenumberofrisksanduncertainties.Thereforeyoushouldnotrelyonanyoftheseforward-lookingstatements.Pleaseseeourvariousotherpublicdisclosuredocumentsforadetaileddiscussionofthoserisksanduncertainties.

Thispresentationalsocontainssomeunauditednon-IFRSfinancialmeasureswhichshouldbeconsideredinadditionto,butnotasasubstitutefor,measuresoftheCompany'sfinancialperformancepreparedinaccordancewithIFRS.Inaddition,thesenon-IFRSfinancialmeasuresmaybedefineddifferentlyfromsimilartermsusedbyothercompanies.TheCompany'smanagementbelievesthatthenon-IFRSfinancialmeasuresprovideinvestorswithusefulsupplementaryinformationtoassesstheperformanceoftheCompany’scoreoperationsbyexcludingcertainnon-cashitemsandcertainimpactofacquisitions.Forfurtherexplanationofournon-IFRSmeasuresandreconciliationsbetweenourIFRSandnon-IFRSresults,pleaserefertoourearningsannouncement.

Inaddition,informationrelatingtoothercompaniesandthemarketingeneralpresentedinthesematerialshasbeenobtainedfrompubliclyavailableinformationandothersources.TheaccuracyandappropriatenessofthatinformationhasnotbeenverifiedbyTencentandcannotbeguaranteed.Allmaterialscontainedwithinthispresentationareprotectedbycopyrightlawandmaynotbereproduced,distributed,transmitted,displayed,publishedorbroadcastwithouttheprior,expresswrittenconsentofTencent.

ThereportingcurrencyofthecompanyisRenminbi.Forthepurposeofthispresentation,allfiguresquotedinUSdollarsarebasedontheexchangerateofUS$1toRMB7.1798for3Q2023.

1.Overview

4

FinancialHighlights

3Q2022

140.1

3Q2023

154.6

QoQ

+4%

YoY

+10%

2Q2023

149.2

InbillionRMB

TotalRevenue

Value-addedServices

75.7

72.7

+4%

74.2

+2%

SocialNetworks

29.7

29.8

-0.4%

29.7

stable

DomesticGames

32.7

31.2

+5%

31.8

+3%

InternationalGames

13.3

11.7

+14%

12.7

+5%

OnlineAdvertising

25.7

21.5

+20%

25.0

+3%

FinTechandBusinessServices

52.0

44.8

+16%

48.6

+7%

Others

1.2

1.1

+3%

1.4

-18%

GrossProfit

76.5

62.0

+23%

70.8

+8%

Non-IFRS

OperatingProfit

55.5

40.9

+36%

50.1

+11%

OperatingMargin

35.9%

29.2%

+6.7ppt

33.6%

+2.3ppt

NetProfitAttributabletoEquityHolders44.932.3+39%37.5+20%

DomesticGamesreferstoourgamesbusinessinthePRCexcludingtheHongKongSpecialAdministrativeRegion,theMacaoSpecialAdministrativeRegionandTaiwan

FinTech

DigitalContent

PremiumContent

?#1bypaid

subscriptions

includingvideo,music,literature

Utilities

MobileBrowser

?#1byMAU

MobileSecurity

?#2byMAU

Cloud

Weixin&WeChat

KeyServicesUpdate

?#1mobilecommunity

?MAUat1,336m

QQ

?MobiledevicesMAUat558m

China

Games

?#1byusersand

revenue

Global

?#1byrevenue

Communications

&SocialNetworks

MobilePayment

?#1byMAU&DAU

IaaS

?Largescale,high-performanceIaaSnetwork

PaaS

?#2byrevenue

SaaS

?#1standalonecloud

conferencingapp

5

AllrankingsaboverefertoChinamarket,unlessotherwisestated.RankingforPaaSisbasedonIDCQuarterlyPublicCloudServicesTrackerreport.CompanydataasofSep30,2023

2.StrategyReview

7

1

2

3

Weixin-PlatformContinuouslyEnhancingValuetoUsers

Messaging-mostindispensableandhighestdailyuserfrequencyservice

.DAUanddailymessagessentperuserconsistentlyincrease,benefittingfrom:

?Perpetualdemandtocommunicateandinteractamongfriends,familymembers,andcolleagues

?WeixinchatmeetingsocialnetworkingneedsthroughgroupfunctionalitiesandMoments

?Weixinchatenablingnewformsofconnections,suchaswithcustomersupportservices

Openplatform-extendingconnectivitywithexternalservices

.OfficialAccounts:enablecreatorstosharecontentwiththeirfollowers

.MiniPrograms:connectuserswithmerchantsandserviceproviders,onlineandoffline

?Severalhundredmillionusersinteractwithover1millionuniqueMiniProgramsondailybasis

?MiniProgramsenableseamlessconversionofuserinteractionsintotransactionsanddriverepeatsales,facilitatedoverRMB1.5trillionGMVin3Q23

?DynamiccommunityofmerchantsandserviceprovidersdevelopandupdatetheirownMiniPrograms,providingecosystemgrowthandinnovation

.MiniGames:operatethelargestcasualgamecommunityinChina

VideoAccounts-boostingengagementandincrementalrevenue

.RapidgrowthinDAUandusertimespent,bothYoYandQoQ

.Shortvideocomplementarytoourmessaging,groupchat,andsocialnetworkingservices;doesnotcannibalisetheirusertimespent

.Substantialmonetisationopportunities–advertisingandeCommerce

8

VideoAccountsstartingtocontributehighqualityrevenue

?AlreadyincurredplatformcoststhroughP&Lpriortomonetisation

?OnceVideoAccountsattainedcriticalmass,wefurtherstreamlinedoperatingcosts(e.g.,bandwidth,servers,content)leveragingourtechnologyinfrastructureandplatformexpertise

?Nowgeneratinghighcontributionmarginadrevenue,withlongrunwayforgrowthgivenincreasingvideoviews,lowadloadcomparedtopeers,anddeploymentofAItechnologytoboostadclick-throughrates

?VideoAccountseCommerceGMVatearlystageofdevelopment;webookeCommercetechnologyservicefeesonnetbasis,sohealthycontributionmargin

Weixin-NewServicesGeneratingHighIncrementalMargins

Futuremonetisationalsohighqualityandhighmargin

?MiniGames:contributingrevenuethroughplatformfeesandadvertisements;webookplatformfeesonnetbasis,sohigherreportedmarginversusapp-basedgames

?WeixinSearch:increasingvolumeoftransactionswithinWeixindrivingrapidgrowthincommercialqueryvolume,enablingustodeployhighmarginsponsoredsearchbusinessonowntraffic

9

subsidies,marketing

HighQualityRevenueGrowthModel-RevenueMixShift

andCostDisciplinePoweringOperatingLeverage

RevenueYoY(%)Non-IFRSGrossProfitYoY(%)Non-IFRSOperatingProfitYoY(%)

35%

33%

30%

28%

23%

21%

16%

12%

10%

7%

-1%-2%-4%

FY20FY21FY22YTD233Q23

36%

11%

Revenuemixshift

?Nurturingnew,highqualityrevenuestreams(e.g.,VideoAccountsin-feedads,VideoAccountseCommercetechnologyservicefees,MiniGamesplatformservicefees)whichcontributeincrementalrevenueathighermarginsthangroupaverage

?Scalingbackcertainlow-qualityrevenuestreams(e.g.,entertainmentlivestreaming,SMSre-selling)whichhadoperatedatlowermarginsthangroupaverage

One-timecostoptimisation

?Streamlinedoperationsbystrategicallyexitingcertainnon-corebusinesses

?Cutbackoverlyaggressivespendingonoperations,andactivities

Ongoingcostdiscipline

?Movingtowardaquality-notquantity-drivengrowthmodel

?Continuouslyimprovingoperatingefficiency,thoughtfullyallocatingheadcount,andeffectivelymanagingmarketingexpensestomaintainaleancoststructureforfuture

10

Durableandexpandingfranchiseincompetitivemultiplayergames

Games-InvestingforLongTermGrowth

?Flagshipevergreenfranchisesenjoythrivingpopularityanddeliverconsistentfinancialperformance(e.g.,HoK,LoL,PeacekeeperElite)

?Recentlyreleasedcompetitivemultiplayergamesdemonstrateourinnovationandreinforceourleadership(e.g.,FightofGoldenSpatula,ArenaBreakout,VALORANT)

Investingtoexpandintocontent-drivenandcasualgames

?Wehavesomesuccessfulcasestudiesinoperatingcontent-drivengames(e.g.,NarutoMobile,LostArk,NIKKE)butaspireto,andareinvestingfor,biggerhits

?WealreadyoperatethelargestplatformforcasualgamesviaMiniGames;wearealsoworkingonhighproductionvalueapp-basedcasualgameswithindustry-leadingUGCcapabilities(e.g.,DreamStars)

Futuregamestowatchinclude:

ExpansionofourownIPs

DeltaForce:

HawkOps

HoKWorldVALORANTMobile

BringingnewIPstomobile

OnePiece

MonsterHunter

Assassin'sCreed

Newtitlesinhighpotentialgenres

DreamStars

NightingaleAshEchoes

3.BusinessReview

12

138.3

2%

1%

1%

1%

1%

125.4

1%

RevenuebySegment

InbillionRMB

154.6

1%

149.2

1%

150.0

145.0

144.2

1%

140.1

142.4

1%

135.5

135.3

134.0

133.7

1%

1%

3%

34%

32%

32%

30%

33%

33%

32%

30%

32%

29%

32%

29%

26%

16%

14%

17%

16%

15%

16%

17%

15%

13%

17%

14%

17%

18%

9%

9%9%

8%

7%

8%

9%

8%

9%

8%

8%

7%

10%

24%

23%

21%

21%

24%

22%

25%

24%

25%

21%

23%

22%

19%

21%

21%

20%

19%

21%

22%

20%

21%

22%

20%

23%

21%

21%

3Q204Q201Q212Q213Q214Q211Q22

SocialNetworksDomesticGamesInternationalGames

2Q223Q224Q221Q232Q233Q23

OnlineAdvertisingFBSOthers

+2%

QoQ

75.7

75.7

74.2

72.7

11.7

13.3

+5%

12.7

+14%

Value-addedServices

InbillionRMB

+4%

YoY

13.3

31.2+5%32.7

31.8

+3%

32.7

29.8-0.4%29.729.7stable29.7

3Q223Q232Q233Q23

SocialNetworksDomesticGamesInternationalGames

1.AsofSep30,2023

2.Source:Enlightent,byvideoviewsacrossallonlineplatformsinChinafor3Q23

3.Theaveragenumberofsubscriptionsasofthelastdayofeachmonthduring3Q23

SocialNetworks

?RevenuewasstableYoY.Revenuefrommusic-andgames-relatedlivestreamingservicesdecreasedwhilerevenuefrommusicsubscriptionsandminigamesincreased

?Long-formvideosubscriptionrevenueincreased2%YoY,benefittingfromhigherARPU.VideosubscriptionsdeclinedslightlyYoY,thoughgrewQoQ,to117million1.Ourexclusivedramaseries,LostYouForever,ranked#1industry-wide2in3Q23

?Musicsubscriptionrevenueincreased42%YoY.TMEoptimiseduseroperations,enrichedmembershipprivilegesanddeepenedcollaborationswithlabelsandartists.Musicsubscriptionsgrew21%YoYto103million3andARPUwasup17%YoY

DomesticGames

?Revenuegrew5%YoY,drivenbynewreleasesVALORANTandLostArk,aswellaskeytitlesHoKandDnF

InternationalGames

?Revenueincreased14%YoY,or7%inconstantcurrency,asarecoveryforPUBGMOBILE,andsustainedcontributionsfromNIKKE,VALORANTandTripleMatch3D,offsetatoughcomparisonfromTowerofFantasy’slaunchquarter

13

14

Communications&SocialNetworks

Cultivatingoriginalcontentcreatorson

VideoAccounts

?Totalvideoviewsincreasedover50%YoY,supportedbyathrivingcreatorcommunityandgrowingusermindshare

?Originalcontentcontributeslargemajorityofourtotalvideoviews

?Promotedoriginalcontentthroughenhancedrecommendationalgorithmsandtrafficsupportprograms

Originalcontentcreators

Strengtheningsocialecosystemvia

QQChannel

?QQChannelenablesuserstocreateinterest-basedcommunities(“Channels”)withinQQforpeoplewhosharesamehobby,activityormembership

?Channelsfacilitateactivitiesanddiscussionsthrougheventmanagement,collaboration,andcommunicationtoolsviatext,voiceandlivestreaming

?Hostover700kactiveChannelsacrosscategoriessuchascolleges&universities,games,knowledge-basedcontentandmusic

QQChannel

covers3,000+collegesanduniversitiesinChina

DomesticGames

EsportsdebutatAsianGames

AsianGamesincludedesportsasamedaleventforfirsttime,demonstratingpublicinterestandgovernmentendorsement

Wepublish4of7titlesselectedfortheAsianGames-AoVAsianGamesVersion,PeaceEliteAsianGamesVersion,LoL,EASportsFCOnline

1.Source:QuestMobile,for1Q23-3Q23

2.Source:data.ai,for1Q23-3Q23

3.Source:data.ai,forAug17-Sep16,2023

Extendingleadership

inMOBAandFPSgenres

MOBA:HoK#1byDAUandtotaltimespentacrossallmobilegamesYTD1;LoL:WildRiftgrossreceiptsup~20%YoYin3Q23andconsistentlyamongtop10mobilegamesbygrossreceiptsYTD2

FPS:launchednewtitleswithdistinctivegameplay-PCtacticalfirstpersongameVALORANT,mobileherofirstpersongameHyperLegends

Investingincontentandcasualgenres

MMORPG:MapleStory:TheLegendsofMapleranked#4amongmobilegamesbygrossreceiptsinfirstmonthoflaunch3,successfullyreachedfansofMapleStoryIP

Casual:DreamStars,in-housemobilepartygamewithUGCmode,hasaccumulated27millionpre-registrations

15

16

InternationalGames

PUBGMOBILE

GrossreceiptsandDAUresumedYoYandQoQgrowthin3Q23,benefittingfromappealingcontentandthemedevents,suchasDragonBallSupercollaboration

CallofDutyMobile

MonthlygrossreceiptsachievedrecordinJuly,drivenbywell-receivednewseasoncontent,includingtop-tieroperatorandnew4v4v4Arenamode

NIKKE

MaintainedrobustgrossreceiptsandDAUin3Q23,ledbyhigh-qualitycontentupdates,e.g.,collaborationwithNieR:Automata

17

+3%

QoQ

OnlineAdvertising

InbillionRMB

+20%YoY

25.725.025.7

21.5

3Q223Q232Q233Q23

Overall

?Revenueincreased20%YoY,bolsteredbystrongaddemandforVideoAccounts,mobileadnetworkandWeixinSearch.AdspendfromlocalservicesplatformsandFMCGrosenotably

?YoYrevenuegrowthslowedversuspreviousquarteras:1)eCommercehasbecomeabiggercontributorandisseasonallyweakerinthethirdquarter;2)VideoAccounts’in-feedadmonetisationstartedin3Q22

?WeexpandedouradvertisingAImodelswithmoreparameterstoincreasetargetingandattributionaccuracy.UsingourgenerativeAItechnology,weareprovidingtoolsforautomatedtext-to-imageadcreationandsmartadsizeoptimisationtoselectedpartners

Weixin

?Closed-loopadrevenue(adslinkingtoMiniPrograms,VideoAccounts,OfficialAccountsandWeComlandingpages)increasedover30%YoY,accountingformorethanhalfofWeixinadrevenue

?VideoAccountsadrevenuegrewnotablyQoQ,drivenbyincreasesinvideoviewsandtimespent,whileadloadremainedconstant

ContentPlatforms

?Long-formvideoadrevenueincreasedYoY,benefittingfromsponsorshipoftop-tierdramaseries,varietyshowsandsportsevents

?MusicadrevenuemaintainedrobustYoYgrowth,drivenbyhigherimpressionsforourad-supportedmusicstreamingservice

18

+16%YoY

FinTechandBusinessServices

InbillionRMB

+7%

QoQ

52.0

48.6

44.8

52.0

3Q223Q232Q233Q23

*Model-as-a-Service

FinTechServices

?RevenuesustainedteensYoYgrowth,benefittingfromincreasesincommercialpaymentactivitiesandwealthmanagementaggregatedcustomerassets

?MiniProgramscontributedtoagreaterportionofcommercialpaymentvolume,asenhancedmerchantsolutionsdrovetransactionsinretail,travel&transportation,anddiningservices

BusinessServices

?Revenuegrewatadouble-digitrateYoY,fasterthanthatin2Q23.GrossmarginincreasedsignificantlyYoY

-Cloudservicesrevenuemainlybenefittedfromrestructuringundertakeninpriorperiodsandfrommorespendingbyfinanceandautomotiveindustries

-FeescollectedonVideoAccountseCommercetransactionsincreasedrevenueandimprovedmargins

?UpgradingTencentHunyuan,ourproprietaryfoundationmodel

-TencentHunyuanBotisbeingmadeavailabletoasmall,butexpanding,numberofusersviaaMiniProgram

-TencentHunyuanispoweringgenerativeAIfunctionalitieswithinourproductivityapplications,suchasmeetingsummarisationinTencentMeetingandcontentgenerationinTencentDocs

-EnterprisescustomerscanutiliseTencentHunyuaninourcloudviaAPIsorMaaS*,forfunctionssuchascoding,dataanalysis,andcustomerserviceautomation

4.FinancialReview

20

IncomeStatement

InbillionRMB

3Q2023

3Q2022

YoY

2Q2023

QoQ

Revenue

154.6

140.1

+10%

149.2

+4%

COPS

(78.1)

(78.1)

stable

(78.4)

-0.3%

Grossprofit

76.5

62.0

+23%

70.8

+8%

Interestincome

3.6

2.3

+51%

3.4

+3%

Othergains/(losses),net

2.6

20.9

-87%

(0.2)

N/A

Operatingexpenses

(34.2)

(33.6)

+2%

(33.7)

+1%

Operatingprofit

48.5

51.6

-6%

40.3

+20%

Financecosts

(2.8)

(2.0)

+43%

(3.4)

-15%

Shareofprofit/(loss)ofassociates&JVs,net

2.1

(3.7)

N/A

1.2

+81%

Incometaxexpense

(11.0)

(7.1)

+55%

(11.1)

-1%

Netprofit

36.8

38.8

-5%

27.0

+36%

Netprofitattributabletoequityholders

36.2

39.9

-9%

26.2

+38%

DilutedEPSinRMB

3.752

4.104

-9%

2.695

+39%

Non-IFRS

OperatingProfit

55.5

40.9

+36%

50.1

+11%

Netprofitattributabletoequityholders

44.9

32.3

+39%

37.5

+20%

DilutedEPSinRMB

4.657

3.306

+41%

3.875

+20%

21

Non-IFRSAdjustments

InbillionRMB

IFRS

3Q2023

SBC

Net(gains)/

lossesfrom

investee

companies1

Amortisation

ofintangible

assets

Impairmentprovisions/(reversals)2

SSV&CPP3

Taxeffects

Non-IFRS

3Q2023

YoYchange

QoQchange

Operatingprofit

48.5

5.7

(0.7)

1.4

0.3

0.3

-

55.5

+36%

+11%

Netprofit

36.8

6.9

(0.6)

2.7

0.3

0.3

(0.6)

45.8

+37%

+19%

Netprofitattributabletoequityholders

36.2

6.8

(0.6)

2.5

0.3

0.3

(0.6)

44.9

+39%

+20%

Operatingmargin

31.4%

35.9%

+6.7ppt

+2.3ppt

Netmargin

23.8%

29.6%

+5.8ppt

+3.7ppt

Note:

1.Includingnet(gains)/lossesondeemeddisposals/disposalsofinvesteecompanies,fairvaluechangesarisingfrominvesteecompanies,andotherexpensesinrelationtoequitytransactionsofinvesteecompanies.

2.Mainlyincludingimpairmentprovisions/(reversals)forassociates,jointventures,goodwillandotherintangibleassetsarisingfromacquisitions.

3.MainlyincludingdonationsandexpensesincurredfortheGroup’sSustainableSocialValue&CommonProsperityProgrammeinitiatives.

22

GrossMargins

47.549.5

44.245.5

OverallGrossMargin(%)

40.142.143.242.6

45.244.046.345.444.1

48.750.450.651.749.8

Value-addedServices(%)

55.152.9

________________

53.954.055.5

53.0

52.6

51.5

45.148.846.446.344.248.9

OnlineAdvertising(%)

50.953.352.3

36.7

42.740.641.7

40.9

38.4

32.0

27.1

FinTechandBusinessServices(%)

28.5

28.5

27.9

33.3

33.3

34.5

33.6

31.6

32.3

3Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221