Games

Honour of Kings
Peacekeeper Elite
League of Legends: Wild Rift
Fight of the Golden Spatula
Moonlight Blade Mobile
Call of Duty Mobile
Valorant
Clash of Clans
PUBG Mobile
Return to Empire
Dune Spice Wars
Apex Legends Mobile (EA)

Other
Sogou
WeChat
Mini Programs
Tencent Meeting
WeCom
Tencent News
Tencent Video
Weixin
QQ
VOD PaaS
Price HKD 325.00
Shares 10 Q122
MC HKD 3,100
Cash HKD 1,086 Q122
Debt HKD 324 Q122
EV HKD 2,338
Main
Q120 Q220 Q320 Q420 Q121 Q221 Q321
WeChat MAU 1,251 1,242 1,251 1,263
QQ MAU 617 606 591 574
Fee-based Subs 213 226 229 235

VAS 62,429 65,002 69,802 66,979 72,443 72,013 75,203

Mobile Games
PC Games
Other VAS (Social)
Domestic Games
International Games
Social Networks

Ads 17,713 18,552 21,351 24,655 21,820 22,833 22,495

Fintech 26,475 29,862 33,255 38,494 39,028 41,892 43,317
Others 1,448 1,467 1,039 3,541 2,012 1,521 1,353
Revenue 108,065 114,883 125,447 133,669 135,303 138,259 142,368
COGS 55,271 61,673 68,800 74,788 72,668 75,514 79,621
Gross Profit 52,794 53,210 56,647 58,881 62,635 62,745 62,747
G&A 14,158 16,499 17,189 19,779 18,967 22,638 23,862
S&M 7,049 7,756 8,920 10,033 8,530 10,013 10,435
Operating Expenses 21,207 24,255 26,109 29,812 27,497 32,651 34,297
Operating Income 31,587 28,955 30,538 29,069 35,138 30,094 28,450
Interest Income 3,708 8,056 14,100 34,009 21,116 16,594 17,077
Pretax Income 35,295 37,011 44,638 63,078 56,254 46,688 45,527
Taxes 6,399 5,210 6,096 3,776 8,487 4,101 6,017
Net Income 28,896 31,801 38,542 59,302 47,767 42,587 39,510
Non-IFRS NI 27,079 30,153 32,203 33,207 33,118 34,039 31,751

Revenue Growth 25% 20% 13%

Cash
AR
Inventories
DT
Prepayments
Goodwill
PP&E
Right of Use
Assets

Debt
AP
Taxes
Lease
DR
SE
L+SE
 Q421 Q122 Q222 Q322 Q422 2020 2021
1,268 1,288
552 564
236 239

71,913 72,738 264,212 291,572

40,300
12,100
20,338
33,000
10,600
29,100

21,518 17,988 82,271 88,666

47,958 42,768 128,086 172,195
2,799 1,977 7,495 7,685
144,188 135,471 482,064 560,118
86,371 78,397 260,532 314,174
57,817 57,074 221,532 245,944
24,380 26,669 67,625 89,847
11,616 8,058 33,758 40,594
35,996 34,727 101,383 130,441
21,821 22,347 120,149 115,503
77,772 6,655 59,873 132,559
99,593 29,002 180,022 248,062
4,635 5,589 20,175 23,240
94,958 23,413 159,847 224,822
24,880 25,545 122,742 123,788

8% 0% 16%

1,086,031
52,774
2,712
27,616
37,093
178,712
68,678
40,542
1,494,158

324,212
170,326
28,948
23,908
101,487
845,277
1,494,158
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
2032 2033 2034 2035