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1、May 14,20242024 First Quarter Results PresentationThis presentation may contain forward-looking statements relating to the forecasts,targets,outlook,estimates of financial performance,opportunities,challenges,business developments,business plans and growth strategies of Tencent Holdings Limited(the“

2、Company”or“Tencent”)and its groupcompanies.These forward-looking statements are based on information currently available to Tencent and are stated here on the basis of the outlook atthe time that this presentation was produced.The Company undertakes no obligation to publicly update any forward-looki

3、ng statement,whether writtenor oral,that may be made from time to time,whether as a result of new information,future developments or otherwise.The forward-looking statementsare based on certain expectations,assumptions and premises,some of which are subjective or beyond our control.The forward-looki

4、ng statements mayprove to be incorrect and may not be realised in the future.Underlying the forward-looking statements are a large number of risks anduncertainties.Therefore you should not rely on any of these forward-looking statements.Please see our various other public disclosure documents for ad

5、etailed discussion of those risks and uncertainties.This presentation also contains some unaudited non-IFRS financial measures which should be considered in addition to,but not as a substitute for,measures of the Companys financial performance prepared in accordance with IFRS.In addition,these non-I

6、FRS financial measures may be defineddifferently from similar terms used by other companies.The Companys management believes that the non-IFRS financial measures provide investorswith useful supplementary information to assess the performance of the Companys core operations by excluding certain non-

7、cash items and certainimpact of acquisitions.For further explanation of our non-IFRS measures and reconciliations between our IFRS and non-IFRS results,please refer to ourearnings announcement.In addition,information relating to other companies and the market in general presented in these materials

8、has been obtained from publicly availableinformation and other sources.The accuracy and appropriateness of that information has not been verified by Tencent and cannot be guaranteed.Allmaterials contained within this presentation are protected by copyright law and may not be reproduced,distributed,t

9、ransmitted,displayed,published orbroadcast without the prior,express written consent of Tencent.The reporting currency of the company is Renminbi.For the purpose of this presentation,all figures quoted in US dollars are based on the exchange rateof US$1 to RMB7.0950 for 1Q2024.2Cautionary Note1.Over

10、viewIn billion RMB 1Q20241Q2023YoY4Q2023QoQTotal Revenue159.5150.0+6%155.2+3%Value-added Services78.679.3-0.9%69.1+14%Social Networks30.531.0-2%28.2+8%Domestic Games34.535.1-2%27.0+28%International Games13.613.2+3%13.9-3%Online Advertising26.521.0+26%29.8-11%FinTech and Business Services52.348.7+7%5

11、4.4-4%Others2.11.0+110%1.9+6%Gross Profit 83.968.2+23%77.6+8%Non-IFRSOperating Profit58.645.0+30%49.1+19%Operating Margin36.8%30.0%+6.8ppt31.7%+5.1pptNet Profit Attributable to Equity Holders50.332.5+54%42.7+18%Financial HighlightsDomestic Games refers to our games business in the PRC excluding the

12、Hong Kong Special Administrative Region,the Macao Special Administrative Region and Taiwan4Weixin&WeChat#1 mobile communityMAU at 1,359mQQMobile devices MAU at 553mMobile Payment#1 by MAU&DAUMobile Browser#1 by MAUMobile Security#2 by MAUKey Services Update GamesCommunications&Social NetworksUtiliti

13、es51.All rankings above refer to China market,unless otherwise stated.Company data as of Mar 31,20242.IDC Quarterly Public Cloud Services Tracker,4Q233.IDC China Cloud Conferencing Market Share report,1H23IaaSLarge scale,high-performance IaaS networkPaaS#2 by revenue2SaaS#1 standalone cloud conferen

14、cing solution by revenue3China#1 by users and revenueGlobal#1 by revenuePremium Content#1 by paid subscriptions including video,music,literature FinTechCloudDigital Content2.Business ReviewRevenue722%21%21%20%22%21%21%20%21%20%19%18%19%25%23%24%21%24%24%22%19%23%21%21%18%22%7%8%8%9%8%8%9%10%9%9%9%9%

15、8%16%17%16%15%13%14%15%17%14%17%16%19%17%29%30%30%33%32%32%32%33%32%32%34%35%33%1%1%1%2%1%1%1%1%1%1%1%1%1%135.3138.3142.4144.2135.5134.0140.1145.0150.0149.2154.6155.2159.51Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24Social NetworksDomestic GamesInternational GamesOnline AdvertisingFBSOthers+2

16、5%+20%+13%+8%+0.1%-3%-2%+0.5%+11%+11%+10%+7%+6%Revenue Growth(YoY%)Revenue by Segment(billion RMB)+19%+18%+11%-2%-9%-8%-1%+7%+19%+22%+23%+25%+23%64%61%63%61%64%63%61%57%63%57%55%48%54%16%18%17%16%12%13%16%17%13%17%17%22%17%20%21%20%22%24%24%24%26%24%26%28%31%28%62.6 62.7 62.7 57.8 57.1 57.9 62.0 61.

17、9 68.2 70.8 76.5 77.6 83.9 1Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24Value-added ServicesOnline AdvertisingFinTech and Business ServicesOthersGross Profit 8Gross Profit Growth(YoY%)Gross Profit by Segment(billion RMB)Value-added ServicesIn billion RMB9Social Networks 31.0 30.5 28.2 30.5 35

18、.1 34.5 27.0 34.5 13.2 13.6 13.9 13.6 79.378.6 69.1 78.6 1Q231Q244Q231Q24Domestic GamesInternational Games-0.9%YoY+14%QoQ-2%-2%+28%+8%+3%-3%Social NetworksRevenue was down 2%YoY.Revenue from music and video subscriptions,Video Accounts live streaming service and mini games increased,whilerevenue fro

19、m music-and games-related live streaming services declinedsharplyLong-form video subscription revenue increased 12%YoY.Average daily videosubscriptions increased 8%YoY to 116 million1,benefitting from popular self-commissioned drama series and animated seriesMusicsubscriptionrevenueincreased39%YoY,r

20、eflectinggrowthinsubscriptions and ARPU.TME strengthened collaboration with Tencent Videoand released original soundtrack of a popular drama series The Legend ofShen LiDomestic GamesRevenue was down 2%YoY,as growth from VALORANT,Fight of the GoldenSpatula and Lost Ark was offset by decrease from HoK

21、 due to high base inCNY 2023,and decrease from Peacekeeper Elite reflected weak monetisablecontent in recent quarters.However,1Q24 gross receipts increased 3%YoYInternational GamesRevenue increased 3%YoY,or stable in constant currency,temporarily lagginggross receipts increase of 34%YoY,due to long

22、deferral periods forSupercells gamesGross receipts grew sharply driven by PUBG MOBILE and Supercells games1.The average daily number of subscriptions for 1Q24aa10Communications&Social Networks10Communications&Social NetworksEnable creators to share insights under their own accounts with interested f

23、ollowersPage views resumed healthy YoY growth,as AI-powered recommendation algorithms allow us to providetargeted high-quality content more effectivelyaVideo AccountsTotal user time spent grew over 80%YoY in 1Q24As Weixin users increasingly consume more algorithm-recommended content in addition to s

24、ocial graph content,time spent on Video Accounts is now over 2x of MomentsStrengthened live streaming eCommerce ecosystem by diversifying merchandise categories and enabling morecontent creators to monetise through eCommerce activitiesFacilitate merchants and content providers to engage user base,on

25、line and offlineTotal user time spent increased over 20%YoY in 1Q24Daily activations of non-game Mini Programs increased at double-digit rate YoY in 1Q24,especially forproductivity tools,dining services and transportationMini Games gross receipts increased 30%YoY in 1Q24,with notable growth from new

26、 releases as well asgames released for over 3 yearsOfficial AccountsMini ProgramsDomestic Games111.Source:data.ai,for 1Q24Multiple games achieved record high gross receiptsFight of the Golden Spatula:popularity of new content resulted in record DAU in 1Q24,while new Chibi Champions and customisable

27、arena boosted ARPU;ranked#3 across allmobile games in China by gross receipts1CrossFire Mobile:new PvE content and enhanced reward system boosted userengagement;paying users and gross receipts reached historical highs in 1Q24Arena Breakout:1)enlarged map with vehicles and 2)armour and weapons inspir

28、ed byancient Chinese culture,contributed to new highs in average DAU,paying users andgross receipts in 1Q24Arena BreakoutPeacekeeper Elite DnF MobileUpcoming high production value games includingDnF Mobile,Tarisland,Need forSpeed Mobile,One Piece Mobile,Delta Force:Hawk OpsTop two flagship games gro

29、ss receipts declined YoY,recovering in MarchGross receipts of HoK in 1Q24 declined YoY due to high base during CNY 2023,but werewell above the level in 1Q22Gross receipts of Peacekeeper Elite declined YoY due to weak monetisable contentHowever,gross receipts for both games grew YoY in March due to n

30、ew monetisationcadence and enhanced content designPUBG MOBILEGross receipts grew over 70%YoYto new high in 1Q24Introduced new fast-moving primewarframe,Gauss PrimeWarframeBrawl StarsAverage DAU and gross receipts grewby double-digit%YoY in 1Q24 due topopularnewmodesandfeaturedeventsEvolving from gam

31、e product to gameplatform:increasing time spent onnewmodesbeyondoriginalbattleroyalemode,suchasextractionshooter gameplayAverage DAU more than doubledYoY and gross receipts more thanquadrupled YoY in 1Q24;ranked#3mobile game by DAU1Enlarged development team enablednew5v5mode,simplifiedrewardsystem a

32、nd successful communityevents,increasing user engagementInternational Games1.Source:ranked#3 mobile game by DAU in international markets in March 2024,according to data.ai 12Online AdvertisingIn billion RMB21.0 26.5 29.8 26.5 1Q231Q244Q231Q24+26%YoY-11%QoQ13OverallRevenue grew 26%YoY,benefitting fro

33、m increased engagement and AI-powered ad targetingAd spend from all major categories except automotive increased YoY,particularly from games,internet services and consumer goodsUpgraded ad tech platform to help advertisers establish ad campaigns moreeffectively,and made generative AI-powered ad crea

34、tion tools available toall advertisersWeixinVideo Accounts ad revenue grew 100%+YoY,underpinned by higher click-through rate and video viewsMini Programs ad revenue grew 40%+YoY,as mini games developers aresubstantial advertisers,and mini games provide attractive ad inventoryContent PlatformsLong-fo

35、rm video ad revenue increased double-digit YoY,as popular self-commissioned drama series attracted marketing budgetsFinTech and Business ServicesFinTech ServicesRevenue slowed to single-digit YoY growth rateCommercial payment growth moderated due to slow offline consumptionspendingWithdrawal fee rev

36、enue decreased YoY as consumers are increasinglyfunding commercial transactions with cash balances,and placing cashbalances in money market funds,rather than withdrawingWealth management fees grew robustly YoY,with rapid increases in numberof users and average fund investments per user,primarily fro

37、m low-riskmoney market fundsBusiness ServicesRevenue grew at a teens rate YoY,mainly driven by cloud services revenueand fees collected on Video Accounts eCommerce transactions.Gross profitmore than doubled YoY due to higher-margin revenue streams and improvedefficiencyRevenue from our Tencent Cloud

38、 Media Services for short video/live-streaming processing and delivery grew over 50%YoY,with notable tractionfrom international clientsWeCom revenue tripled YoY,as merchants increasingly willing to pay for useof customer communication functionalitiesTencent Meeting revenue doubled YoY driven by incr

39、easing adoption andupselling among enterprise clients;rolled out smart framing and AI-poweredspeaker tracking14In billion RMB48.7 52.3 54.4 52.3 1Q231Q244Q231Q24+7%YoY-4%QoQ3.Financial ReviewIncome StatementIn billion RMB1Q20241Q2023YoY4Q2023QoQRevenue159.5150.0+6%155.2+3%COPS(75.6)(81.8)-8%(77.6)-3

40、%Gross profit83.968.2+23%77.6+8%Operating expenses(32.3)(31.6)+2%(38.2)-15%Other gains,net11.01.4-32%2.0-48%Operating profit152.638.0+38%41.4+27%Net gains/(losses)from investments and others10.6(0.6)N/A(6.7)N/AInterest income14.23.0+43%3.9+8%Finance costs(2.8)(2.6)+7%(3.5)-20%Share of profit of asso

41、ciates&JVs,net2.20.1+2633%2.4-11%Income tax expense(14.1)(11.5)+24%(9.7)+47%Net profit42.726.4+62%27.8+53%Net profit attributable to equity holders41.925.8+62%27.0+55%Diluted EPS in RMB4.3862.639+66%2.807+56%Non-IFRSOperating profit158.645.0+30%49.1+19%Net profit attributable to equity holders50.332

42、.5+54%42.7+18%Diluted EPS in RMB5.2633.353+57%4.443+18%Weighted average number of sharesin million29,4849,657-1.8%9,546-0.6%161.Starting 4Q23,we present investment-related gains/(losses),donations and others(previously within“Other gains/(losses),net”)and interest income below operating profit line

43、to better reflect results of day-to-day operations2.Weighted average number of shares for calculation of diluted EPS includes the dilutive effect of share options and awarded shares as determined under the treasury stock method.Non-IFRS AdjustmentsIn billion RMBIFRS1Q2024SBCNet(gains)/losses from in

44、vestee companies1Amortisationof intangible assetsImpairment provisions2SSV&CPP3Tax effectsNon-IFRS1Q2024YoY changeQoQ changeOperating profit 52.64.7-1.2-0.1-58.6+30%+19%Net profit42.76.2(1.5)2.81.60.1(0.6)51.3+54%+17%Net profit attributable to equity holders 41.96.0(1.4)2.61.50.1(0.4)50.3+54%+18%Ope

45、rating margin33.0%36.8%+6.8ppt+5.1pptNet margin26.7%32.2%+9.9ppt+4.0ppt17Note:1.Including net(gains)/losses on deemed disposals/disposals of investee companies,fair value changes arising from investee companies,and other expenses in relation to equity transactions of investee companies.2.Mainly incl

46、uding impairment provisions for associates,joint ventures,goodwill and other intangible assets arising from acquisitions.3.Mainly including donations and expenses incurred for the Groups Sustainable Social Value&Common Prosperity Programme initiatives.45.1 48.8 46.4 42.7 36.7 40.6 46.3 44.2 41.7 48.

47、9 52.3 56.8 54.8 Online Advertising(%)55.1 52.9 53.0 48.7 50.4 50.6 51.7 49.8 53.9 54.0 55.5 53.7 57.3 Value-added Services(%)Gross Margins32.3 32.0 28.5 27.1 31.6 33.3 33.3 33.6 34.5 38.4 40.9 43.9 45.6 1Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24FinTech and Business Services(%)1846.3 45.4

48、44.1 40.1 42.1 43.2 44.2 42.6 45.5 47.5 49.5 50.0 52.6 Overall Gross Margin(%)9.4 9.1 10.8 9.1 1Q231Q244Q231Q24S&Min billion RMBOperating Expenses19R&Din billion RMBG&A(excl.R&D)in billion RMB15.2 15.7 16.4 15.7 1Q231Q244Q231Q24Non-IFRSNon-IFRSNon-IFRS7.0 7.5 11.0 7.5 1Q231Q244Q231Q24+7%YoY-31%QoQ1Q

49、24 S&M grew by 10%YoY or declined by 32%QoQ+3%YoY-5%QoQ1Q24 R&D grew by 6%YoY or declined by 2%QoQ1Q24 G&A(excl.R&D)grew by 2%YoY or declined by 12%QoQ-3%YoY-15%QoQ31.4 28.9 27.3 21.7 25.6 25.2 27.3 25.1 30.0 30.9 33.4 31.7 36.8 Non-IFRS Operating Margin(%)25.5 25.4 22.8 17.9 19.4 21.6 23.8 21.1 22.

50、3 25.9 29.6 28.2 32.2 1Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24Non-IFRS Net Margin(%)Non-IFRS Margin Ratios20In billion RMB1Q20241Q2023YoY4Q2023QoQOperating CAPEX6.61.0+557%6.7-1%Non-operating CAPEX7.83.4+127%0.8+832%Total CAPEX14.44.4+226%7.591%Operating Cash Flow72.362.3+16%54.0+34%Less

51、:CAPEX Paid(15.2)(4.6)+229%(9.3)+62%Payments for media content(3.7)(4.4)-17%(7.7)-52%Payments for lease liabilities(1.5)(1.5)+2%(2.8)-45%Free Cash Flow51.951.8+0.4%34.2+52%Total Cash445.2370.5+20%403.3+10%Less:Total Debt(352.7)(339.0)+4%(348.6)+1%Net Cash92.531.5+194%54.7+69%CAPEX,FCF and Cash Posit

52、ion21Repurchased 51 million shares with an aggregated cost of RMB13.5 billion during 1Q24As at 31 Mar 2024,the fair value of our shareholdings1in listed investee companies(excluding subsidiaries)was RMB522 billion(USD74 billion)and the carrying book value of our unlisted investee companies was RMB329 billion(USD46 billion)1.Including those held via special purpose vehicles,on an attributable basis.4.Q&ATencent Holdings Limited2024 First Quarter Results PresentationThank you!https:/