2023年第一季度騰訊業(yè)績(jī)財(cái)報(bào)-PPT版本（英）

2023FirstQuarter

ResultsPresentation

May17,2023

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$1toRMB6.8717for1Q2023.

1.Overview

4

FinancialHighlights

InbillionRMB

TotalRevenue

1Q2023

150.0

1Q2022

135.5

YoY

+11%

4Q2022

145.0

QoQ

+3%

Value-addedServices

79.3

72.7

+9%

70.4

+13%

SocialNetworks

31.0

29.1

+6%

28.6

+8%

DomesticGames

35.1

33.0

+6%

27.9

+26%

InternationalGames

13.2

10.6

+25%

13.9

-5%

OnlineAdvertising

21.0

18.0

+17%

24.7

-15%

FinTechandBusinessServices

48.7

42.8

+14%

47.2

+3%

Others

1.0

2.0

-50%

2.7

-63%

GrossProfit

68.2

57.1

+19%

61.9

+10%

Non-IFRS

OperatingProfit

48.4

36.5

+32%

39.4

+23%

OperatingMargin

32.3%

27.0%

+5.3ppt

27.2%

+5.1ppt

NetProfitAttributabletoEquityHolders

32.5

25.5

+27%

29.7

+10%

DomesticGamesreferstoourgamesbusinessinthePRCexcludingtheHongKongSpecialAdministrativeRegion,theMacaoSpecialAdministrativeRegionandTaiwan

Games

FinTech

Digital

Content

PremiumContent

?#1bypaidsubscriptionincludingvideo,music,literature

Utilities

MobileBrowser

?#1byMAU

MobileSecurity

?#2byMAU

Cloud

Weixin&WeChat

KeyServicesUpdate

?#1mobilecommunity

?MAUat1,319m

QQ

?MobiledevicesMAUat597m

China

?#1byusersand

revenue

Global

?#1byrevenue

Communications

&SocialNetworks

MobilePayment

?#1byMAU&DAU

IaaS

?Largescale,high-performanceIaaSnetwork

PaaS

?#2byrevenue

SaaS

?#1standalonecloud

conferencingapp

5

AllrankingsaboverefertoChinamarket,unlessotherwisestated.RankingforPaaSisbasedonIDCQuarterlyPublicCloudServicesTrackerreport.CompanydataasofMar31,2023

2.BusinessReview

7

1Q20

2Q20

4Q20

SocialNetworksDomesticGames

2Q21

InternationalGames

4Q21

OnlineAdvertisingFBS

2Q22

Others

3Q224Q22

total

1Q23

3Q20

1Q21

3Q21

1Q22

RevenuebySegment

InbillionRMB

108.1

1%

25%

16%

7%

28%

114.9

1%

26%

16%

8%

26%

125.4

1%

26%

17%

8%

25%

133.7

3%

29%

18%

7%

22%

135.3

1%

29%

16%

7%

25%

138.3

1%

30%

17%

8%

23%

142.4

1%

30%

16%

8%

24%

144.2

2%

33%

15%

9%

21%

135.5

1%

32%

13%

8%

24%

134.0

1%

32%

14%

8%

24%

140.1

1%

32%

15%

9%

22%

145.0

1%

33%

17%

10%

19%

150.0

1%

32%

14%

9%

23%

23%23%23%21%22%21%21%20%22%21%21%20%21%

8

+9%

YoY

Value-addedServices

InbillionRMB

+13%QoQ

79.3

79.3

72.7

13.2

13.2

70.4

-5%

+25%

10.6

13.9

35.1

35.1

+6%

33.0

+26%

27.9

31.0

31.0

+6%

29.1

28.6

+8%

1Q221Q234Q221Q23

SocialNetworksDomesticGamesInternationalGames

SocialNetworks

?Revenuewasup6%YoY,reflectinggrowthofin-gameitemsalesandmusicsubscriptionrevenue

?Long-formvideosubscriptionrevenuedecreased6%YoYduetodelayedcontentreleases.Weareenhancingourcontentandextendingourcollaborationwithshort-formvideoservicestoexpandlong-formcontentpopularityandcapturemoremonetisationopportunities

?Musicsubscriptionrevenueincreased30%YoY,drivenbygrowthinpayingusersandARPU.Weupgradedthelisteningexperienceandstrengthenedcooperationwithlabelsandartists,improvinguserengagementandpayingpropensity

DomesticGames

?Revenueresumedgrowthto6%YoY,benefittingfromgrowthinHoK,DnF,CrossFireMobileand3Q22releasedgameArenaBreakout

InternationalGames

?Revenueincreased25%YoY,or18%inconstantcurrency.GrowthwasdrivenbyrobustperformanceofVALORANT,and2022releasesofNIKKEandTripleMatch3D

9

Communications&SocialNetworks

NurturingVideoAccountscreatorcommunitywithenhancedtrafficandmonetisationsupport

?Upgradedourcreatoronboardingsupportwithgreatertrafficincentives,wider

creatorcoverageandmoreeffectivecontentcreationtools

a

?EnhancedeCommerceinfrastructure,enablingcreatorstobenefitfromsalescommissionsassociatedwitheCommercetransactions

?DailyactivecreatorsandvideouploadsmorethandoubledYoY,whilecreatorswith10k+followersmorethantripledYoY

Upgradedtechnologyforbetteruserexperience

?Deployedanewcross-platformarchitecturetooptimisedevelopmentefficiency,strengthensecurityandenhancegraphicalexperience

Forcustomers toconnectwithcreator(onWeCom)

AneCommerce-focusedVideoAccount

VideoAccountsShop

Promotealivestreamingshow

10

1.RankingbygrossreceiptsamongactiongamesreleasedbetweenJan1–May16,2023,accordingtodata.ai

DomesticGames

Resumedsolidgrowthwithahealthieruserbase

?Asaresultofourcontinuedanddedicatedminorprotectionprogram,usersagedunder18contributed0.4%of1Q23domesticgamestotaltimespentand0.7%oftotalgrossreceipts,significantlyreducedfrom1Q20level

?Wecontinuetotakeoursocietalresponsibilitywithregardtogamescontentandminorprotectionveryseriously

Strongperformanceofmostpopulargames

?HoKachievedrecordhighgrossreceiptsin1Q23onhighlyappealingShanHaiJing-themedoutfitscoupledwithtargetedmarketingprograms

?CrossFirePCreachedall-timehighgrossreceiptsin1Q23onpromotionstargetingInternetcafés.CrossFireMobilesethistoricalhighgrossreceiptsin1Q23onvirtualidolgroupthemedcontent

Expansioninhighpotentialgenres

?FightoftheGoldenSpatula,anauto-battlerreleasedinAug2021,increasedgrossreceiptsbymorethan30%YoYin1Q23andreachedrecordhighaverageDAUofover10millioninApril2023

?ArenaBreakout,anextractionshooterreleasedinJul2022,grewandachievednewmilestonesinDAUandgrossreceiptsin1Q23

?MetalSlug:Awakeningranked#1amongnewactiongames1releasedYTD,aswemovedclassicarcadegameIPtomobileandmultiplayerexperience

Timespentfromusersagedunder18

-96%

1Q201Q23

Grossreceiptsfromusersagedunder18

-90%

1Q201Q23

VirtualidolgroupfromCrossFireMobile

NewgamemodeforArenaBreakout

11

1.Top10matchgamesbygrossreceiptsin1Q23,accordingtodata.ai

InternationalGames

VALORANT:

Newitemsand

gamemode

1Q23grossreceiptsincreasedbyover30%YoY,drivenbymoreactiveusers,popularJapan-andalien-themedweaponitems

PUBGMOBILE:

Enhancedgameplay

DAUresumedQoQgrowth,benefittingfromnewcombatfeaturesandenhancedPvPgameplay

Newmapeditingtoolfacilitatesuser-generatedcontent,enhancinguserengagementandlongevity

TripleMatch3D:

Breakthroughin

matchgames

Brokeintotop10matchgamesranking1,leveragingcreativegameplayandMiniclip’seffectiveuseracquisition

Miniclipachievedrecordhighgrossreceiptsin1Q23

12

OnlineAdvertising

InbillionRMB

-15%QoQ

24.7

21.0

18.0

1Q221Q234Q221Q23

+17%YoY

21.0

Overall

?Revenuewasup17%againsta1Q22baseperiodwhichincludedseveralpercentage-pointcontributionfromBeijingWinterOlympics

?AdspendgrewYoYacrossmostcategories,benefittingfromconsumptionrecovery.LargeeCommerceplatformsincreasinglyrecognisedusasakeyuseracquisitionchannelandboostedadspend

?Upgradedourmachinelearningadvertisingplatformtoincludedeep-learningmodelandstandardproductunit(SPU)database,deliveringhigherconversionsforadvertisers

Weixin

?Weixinoutpacedoveralladbusiness,contributingoverhalfoftotaladrevenue.VideoAccountsrevenuerampedupasweattractednewadvertisersandincrementalspendingfromexistingadvertisers;eCPMsustainedatapremiumlevel

ContentPlatforms

?Musicadgrewprimarilyduetomonetisationofad-supportedmusiccontent,whilelong-formvideoaddeclinedwithfewerreleasesofpopularcontent

MobileAdNetwork

?RevenueincreasedrobustlyYoY,asweincreasedadinventoryinhigh-conversion-ratepropertiesandattractedspendingfromROI-focusedeCommerceplatformadvertisers

13

+3%

QoQ

48.748.7

42.8

47.2

FinTechandBusinessServices

InbillionRMB

+14%YoY

1Q221Q234Q221Q23

FinTechServices

?Revenueresumeddouble-digitYoYgrowth,mainlybenefittingfromtherecoveryofpaymentactivities.Withincommercialpayment,offlineactivitiesreboundedmoresharplythanonline

?YoYrevenuegrowthinwealthmanagementandconsumerloansremainedhealthy

BusinessServices

?YoYrevenuegrowthturnedpositivein1Q23,benefittingfromstabilisationforourcloudservicesafteraperiodofextensiverestructuring,andinitialcontributionfromtechnologysupportfeecollectedonVideoAccountslivestreamingeCommercetransactions.GrossmarginincreasednotablyYoYduetoreductioninloss-makingactivities,costoptimisationandnewrevenuestreams

?TencentSmartTransportationsolutionsareassistingthedigitalisationoflarge-scaletransportationprojects,suchassmarthighwaysinSichuanandmetrosystemsinGuangzhou,leveragingourstrengthsincloudinfrastructure,digitalmapand3Drenderingtechnologies

3.FinancialReview

15

IncomeStatement

InbillionRMB

1Q2023

1Q2022

YoY

4Q2022

QoQ

Revenue

150.0

135.5

+11%

145.0

+3%

COPS

(81.8)

(78.4)

+4%

(83.1)

-2%

Grossprofit

68.2

57.1

+19%

61.9

+10%

Interestincome

2.9

1.7

+71%

2.5

+15%

Othergains,net

0.9

13.1

-93%

85.8

-99%

Operatingexpenses

(31.6)

(34.7)

-9%

(33.4)

-5%

Operatingprofit

40.4

37.2

+9%

116.8

-65%

Financecosts,net

(2.6)

(1.9)

+37%

(3.7)

-28%

Shareofprofit/(loss)ofassociates&JVs,net

0.1

(6.3)

N/A

(1.6)

N/A

Incometaxexpense

(11.5)

(5.3)

+118%

(4.6)

+151%

Netprofit

26.4

23.7

+11%

106.9

-75%

Netprofitattributabletoequityholders

25.8

23.4

+10%

106.3

-76%

DilutedEPSinRMB

2.639

2.404

+10%

10.977

-76%

Non-IFRS

OperatingProfit

48.4

36.5

+32%

39.4

+23%

Netprofitattributabletoequityholders

32.5

25.5

+27%

29.7

+10%

DilutedEPSinRMB

3.353

2.620

+28%

3.042

+10%

16

Non-IFRSAdjustments

InbillionRMB

IFRS

1Q2023

SBC

Net(gains)/

lossesfrom

investee

companies1

Amortisation

ofintangible

assets

Impairmentprovisions/(reversals)2

SSV&

CPP3

Others4

Taxeffect

Non-IFRS1Q2023

YoYchange

QoQchange

Operatingprofit

40.4

5.8

(0.6)

1.1

0.2

1.5

-

-

48.4

+32%

+23%

Netprofit

26.4

7.3

(5.2)

2.2

1.9

1.5

-

(0.7)

33.4

+27%

+9%

Netprofitattributabletoequityholders

25.8

7.1

(5.2)

2.1

1.9

1.5

-

(0.7)

32.5

+27%

+10%

Operatingmargin

27.0%

32.3%

+5.3ppt

+5.1ppt

Netmargin

17.6%

22.3%

+2.9ppt

+1.2ppt

Note:

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

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

3.MainlyincludingdonationsandexpensesincurredfortheGroup’sSustainableSocialValue&CommonProsperityProgrammeinitiatives.

4.Mainlyincludingnon-recurringcompliance-relatedcostsandexpensesincurredforcertainlitigationsettlementsoftheCompanyand/orarisingfrominvesteecompanies.

17

FinTechandBusinessServices(%)

GrossMargins

48.9

44.0

42.1

40.1

OverallGrossMargin(%)

46.3

45.4

46.3

45.2

45.5

43.2

42.6

44.1

44.2

59.0

52.9

48.7

ValueAddedServices(%)

49.8

53.9

55.1

53.7

53.0

52.6

51.7

51.5

50.6

50.4

48.8

45.1

40.6

36.7

OnlineAdvertising(%)

49.2

46.4

46.3

51.4

50.9

53.3

44.2

42.7

41.7

28.5

28.5

28.9

27.1

27.9

27.9

33.3

33.3

31.6

32.3

32.0

33.6

34.5

1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q23

18

R&D

inbillionRMB

-1%

YoY

15.415.215.915.2

1Q221Q234Q221Q23

-5%QoQ

G&A(excl.R&D)

inbillionRMB

-17%QoQ

11.2

9.4

1Q221Q234Q221Q23

-16%YoY

11.4

9.4

Non-IFRS

1Q23R&Dgrewby4%YoYordeclinedby7%QoQ

Non-IFRS

1Q23G&A(excl.R&D)declinedby7%YoYand19%QoQ

OperatingExpenses

S&M

inbillionRMB

-13%

YoY

8.1

7.0

6.1

1Q221Q234Q221Q23

+15%QoQ

7.0

Non-IFRS

1Q23S&Mdeclinedby14%YoYorgrewby14%QoQ

19

Non-IFRSNetMargin(%)