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From the financial report, Tencent has taken another step away from the investment company.

via:网易科技     time:2018/5/17 8:01:18     readed:49

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The younger ancestor of Wen/Ai sees the financial report

I. Where does the growth of value-added services come from?

Value-added service business isTencentThe main source of income for the game, this quarter's revenue increased by 34% to 46.877 billion yuan, accounting for 64% of total revenue.

According to the financial report, in the Tencent value-added service business this quarter, online game revenue increased by 26% year-on-year to 28.778 billion yuan, and social network revenue increased by 47% year-on-year to 18.099 billion yuan; at the same time, financial reports showed revenue from smart phone games (including social networking services). Revenue from smartphone games was 21.7 billion yuan, and personal computer client games revenue was 14.1 billion yuan, totaling 35.8 billion yuan.

Based on this calculation, the income of social networking services in addition to the income from smart phone-based social games should be 11.077 billion yuan, and the revenue from social network business games on smartphones should be approximately 7.022 billion yuan, and smartphone games other than social gaming revenue should be eliminated. The income should be 14.678 billion yuan.

Similarly, it can be known that in the fourth quarter of 2017, Tencent’s revenue from social network business games on smartphones was about RMB 5.333 billion, and revenue from smartphone games other than social gaming revenue should be RMB 11.567 billion; in 2017 In the first quarter, Tencent’s revenue from social network business games on smartphones was approximately 4.189 billion yuan, and revenue from smartphone games other than social gaming revenue was 8.711 billion yuan.

As a result, with the growth of personal computer client games, Tencent’s revenue from social network business games on smartphones increased by 67.63% year-on-year, an increase of 31.67% year-on-year; revenue from smart phone games excluding social game revenues increased year-on-year. 68.5%, an increase of 26.9% from the previous quarter.

After removing social gaming revenue, Tencent’s social network revenue increased by 36.62% year-on-year, an increase of 8.1% from the previous quarter.

2. Where does the profit growth rate exceeding revenue growth come from?

First of all, let's take a look at the gross profit margin of various businesses of Tencent.

According to the financial report, it can be seen that the gross profit margin of Tencent's value-added services has increased from 61% to 63%, the gross margin of online advertising business has been reduced from 35% to 31%, and the gross margin of other businesses has increased from 22% to 25%.

Among the various expenses, sales and marketing expenses increased by 76% year-on-year, general and administrative expenses increased by 34% year-on-year, net financial costs decreased by 5% year-on-year, and income tax expenses increased by 57% year-on-year; of which general and administrative expenses, The growth of net financial cost is less than the growth rate of revenue, but as the absolute value of the net financial cost is too small and the growth rate of general and administrative expenses is not low, it is not considered that net profit growth is faster than revenue growth rate. The main reason.

Therefore, the growth rate of other net income of up to 137.7% is considered as the main reason for the growth of net profit.

Looking at other net income, it can be found that the proceeds from disposal and deemed disposal of investment company’s income (RMB 1.572 billion) and fair value of financial assets at fair value through profit or loss (RMB 6.042 billion). It has reached 7.614 billion yuan, compared with 2.728 billion yuan in the same period last year.

This is not the first time Tencent has benefited from this.

According to Tencent’s previous financial report, the other net income of Tencent in the previous four quarters was respectively 7.906 billion yuan, 3.918 billion yuan, 5.13 billion yuan, and 3.191 billion yuan.

According to projections, in the last quarter, Tencent disposes of and deemed to dispose of the investment company's income is 5.927 billion yuan, fair value income of other financial instruments is 354 million yuan; In the third quarter of last year, Tencent disposes and regards as the income that disposes the investment company This was RMB 1.731 billion and the fair value income of other financial instruments was RMB 1.438 billion. In the second quarter of last year, the income of Tencent’s disposal and deemed disposal of investment companies was RMB 3.132 billion, and the fair value income of other financial instruments was RMB 2.487 billion; In the first quarter, Tencent disposes of and deems to dispose of the investment company's income of 2.728 billion yuan. The provision for impairment of investment companies and intangible assets arising from the acquisition is a loss of 503 million yuan.

It can thus be seen that Tencent’s investment income is not only an explosion of net profit growth during the quarter, but its investment income has started to become a point of its profitability one year ago.

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