01
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user data
On the user side:
The overall number of users of Tencent has basically peaked. The increase in WeChat users is also speculated to be due to the fact that people open more people under the same identity; the rest, including music, live streaming, and reading, all have declined by varying degrees.
For paid users:
The overall number of payers increased by 30 million over the same period last year, an increase of 12.4%, mainly due to the increase in the number of paid members of Tencent Music; the number of people paying for Tencent Video and Reading Articles was basically the same as the same year on year.
Looking at recent quarterly data, the overall user size and value-added payment ceiling is quite obvious. There is not much room for growth, and user growth bottlenecks also reflect weak growth in value-added revenue in the social sector.
02
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Revenue, gross profit
Quarterly data:
Quarterly revenue reached a record high, up 8% year on year, and also increased month-on-month, in line with expectations;
Gross profit continued to maintain a year-on-year increase of more than 20% year-on-year. Gross margin hit a seven-year high of 53.3%, which is a highlight, indicating that the share of high-profit businesses is still increasing, and the business content continues to rise.
Half year data:
Last year's annual revenue was 320.6 billion, up 7.2% year on year, gross profit was 169.8 billion, up 22.1% year on year, and gross profit margin was 52.9%. Not a big surprise, but it also met expectations.
03
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Net profit, free cash flow
Quarterly data:
Adjusted net profit reached a record 57.31 billion, up 52.6% year on year, profit margin 35.6%; free cash flow was 40.4 billion, up 35.1 year on year...