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如何网上赚钱不犯法,腾讯 2019第三季度财报_互联网_IT/计算机_专业资料

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如何网上赚钱不犯法,腾讯 2019第三季度财报_互联网_IT/计算机_专业资料。????????????????????Υ????????????б???????d?????????? ??????????О????d?????????d??????б??????О???????


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Ν??? ???????d?????????? 271,522 227,798 19% 121,425 106,968 14% 90,090 80,360 12% 73,516 65,958 11% 71,728 64,490 11% 68,867 57,739 19% 7.578 6.832 11% 7.486 6.741 11% 7.276 6.116 19% 7.188 6.035 19% 2 ??????? 1. ?????? ??????λ????????????????f??????d??????????? ???????d???????????????????f?νj ? ???Υ?????d?п?Б???Б?ο????????d????? ??????????????????d?????????f ? ???????Υ?????????????????Зd?ν???e????e ??e??e??????f????????????????????d?? ?????????i??????????????????????d????? ????????????dν????????????f ? ?????????????????d?????????????d?????? ????????Υd???????????f???????????????3 ?f??d?????????????????????d?ν??????e?Б ?????????f ? ????????????d???????˙?d?????e?Б? ? ??? ???????d?ν?PUBG MOBILE???Call of Duty Mobile?d???? ???????f???d??????????????????10%???f ? ??????d????????d?ν???????????????????? ???????????f 3 ?????б???????d??Σ???????f?????????????? ????d????????f??d??????????????d???????????????? ?????dЪ????????Ъ?????d??????Σ???????Б?f 2. ???????? ?????????d??Ν?????21%d???????????????????????? ?e??????e??????????????f ???лΝ???7%f????????????????лΝ?????27%f ?????????Ц?лΝ???13%f?????????????????????? Ц?лΝ?????24%f 3. ?????? ???? QQ????????? QQ????????????? ?????WeChat?Υ????????? QQ??????????????? ????????????? ???????? ???????? ???????? ????? ????? Ν??? ????? ????d?????????? ???? 731.0 802.6 -8.9% 807.9 -9.5% 653.4 697.9 -6.4% 706.7 -7.5% 1,151.0 1,082.5 6.3% 1,132.7 1.6% 517.0 531.1 -2.7% 553.5 -6.6% 170.6 154.1 10.7% 168.9 1.0% 4 ??????? ???????????d?????WeChat?Υ??????????11.51?dΝ????? 6%fQQ????????????????6.534?d????Ν???6%f?????τ ???d?????????????????????????f ???˙??d??????????????f?νd??????????????????? ??d????????????????????d????????????f??? ???Б?п??d?п??????????????????d???????f? ?d??????????????????Ν???????f QQ˙?d?????????п???????dν???????????????f? ?d????????????????????d???????????f ???? ????????Ν?????11%????286??f ????????????????????????????????????Ν?? ???25%????243??f??????????????????????????????? ????????f ??????????????9%f???d????????????????????? ????f????????????????dШ?????????????????????f??? ?????????????????d?????????f????????????? ??????п??????????f????˙?d?PUBG MOBILE?????????? Ν???????d????Activision BlizzardΥЪ????Call of Duty Mobile?d?? ??????????????1?d??????????????????f 5 ?????????????????????115??dΝ???7%d????2%d ???????????????????????????d??????????f?? ??ε??????????????????IP?????????d???????? ???????????????????Зf????????????????????? ?????d???????f???d??????????????????????Ν?? ???f ????????????Б????d????????d????????????? ??????f??d???????????????????Б???????????? ???????f ?ο?? ?????????????Ν?????11%?1.706?d???????????????? ?????f?????????Ν?????22%?1.002?f?????????d ???????Ν?????42%?3,540?f ??d?????????????d???????????????????????? ? ? ? ? ? e Q Q ? ? ? ? ? ? ? ? ?? ? ? d ? ? ? ? б ? ? ? ? ? ? ? ? ? ? ? ???????????f ???? ?????????Ν?????13%????184??f??e?????????? ???????????d???????????????????f ????????????37??dΝ???28%d????17%d????????? ???????????????????????f???????????????????d?? ?????????d???????????????????????f 6 ??????????????????d???????147??dΝ???32%d? ???23%f?????????????????π?????????f????? ???????ε??????πd???????????f?????????? ????????????d??????????????????????d?????? ????????????f ????????????? ?????????????????????268??dΝ?????36%f ??????????˙?d?????????????????d???????????? ???f????????e?Τ???????e?Б????????????????d???? ???????????????????????????????????f ????????????????d???ε???????????????????d? ??????????????????d?п?????л?f?й?d????˙?d ???????Ν?????????d??????????????f ??????˙?d???Ν?????80%????47??d??????????????? ??d????e????e????????????????????f?νd????? ???????????????Υ?d?????????????????? ?f?????Б???˙????????d?????????f???бSaaS? ?? ? ω ? ? ?d ? ? ? Υ ν ? ? ??? ? ? ? ? ? ??? ? ? ? ? ? ? d ? Υ ? ? S a a S ? ?d????ε????SaaS??˙?f?????????????????d ??????????????????f 7 ???????? ???????????????????? ???????????????????????????οj ?? ???? ???? ?????????? ????? ????? ????? ????? ???????? 97,236 (54,757) 80,595 (45,115) ?л л??? ?????? ????????? ???Б??? 42,479 1,674 932 (5,722) (13,536) 35,480 1,082 8,762 (6,573) (10,890) ???л ?????? ?Ц?????Υ????л 25,827 (1,747) 234 27,861 (1,492) 264 ??????л ??????? 24,314 (3,338) 26,633 (3,228) ???л 20,976 23,405 ?????Цj ???????? ?????????? 20,382 594 23,333 72 20,976 23,405 ??????????????????????Ц?л 8 24,412 19,710 ?? f???????????Ν?????21%????972.36??f????????? ????????????????????????????j ???? ?????????? ?????????? ?????????? Ц???? Ц???? ???? ??? ???? ??? ????? ????? ???????d?????????? ?????? ????????????? ???? ?? 50,629 52% 44,049 55% 26,758 28% 19,693 24% 18,366 19% 16,247 20% 1,483 1% 606 1% ???? 97,236 100% 80,595 100% ? ????????????????????Ν?????15%????506.29??f ??????????11%????286.04??f?????????????????? ????????????????????e?PUBG MOBILE???????? ?????????????d??????????????????????ν???? ?????????????????f???????? ??21% ???? 220.25 ??f? ?????????ο???????ν??????e?????????????????????? ??????????f ? ???????????????????????????Ν?????36%???? 267.58??f?????????????????????????????????? ???????????d????????????????????????????f 9 ? ????????????????????Ν?????13%????183.66? ?f?????????????32%????147.16??f????????????? ??????????π???????d?????????????f??? ?????28%????36.50??f???ˇ???????????????? ????????????????????????????????????ˇ??? ?f ???? f?????????????Ν?????21%????547.57??f??? ??????????????e?????????????????f???????d? ?????????????????56%d???????????????????f????? ??????????????????????????????????j ???? ?????????? ?????????? ?????????? Ц???? Ц???? ???? ??? ???? ??? ????? ????? ???????d?????????? ?????? ????????????? ???? ?? 24,402 19,339 9,411 1,605 48% 72% 51% 108% 19,158 14,740 10,279 938 43% 75% 63% 155% ?????? 54,757 45,115 10 ? ??????????????????????Ν?????27%????244.02? ?f????????????e????????????????????????? ????d???????????????f ? ?????????????????????????????Ν?????31%??? ?193.39??f???????????????????????????????f ? ??????????????????????Ν???8%????94.11 ??f???ˇ?????????????????????f ?????? f????????????????????????9.32??d??? ??????????????????dν???????????????????Ν?? ????d????????ν????????????????????f ????????? f??????????????????Ν???13%?? ??57.22??f???ˇ?????????????Э????????????????? ??????????f???????d??????????????????? 8%????????????6%f ???Б??? f????????????Б???Ν?????24%????135.36 ??f?????????????????????????f???????d??? Б?????????????????14%d???????????????????f 11 ?????? f???????????????Ν?????17%????17.47? ?f??????????????????????л?????d??????г?? ?????f ??????? f????????????????Ν???3%????33.38??f?? ??????????л??f ?????????Ц?л f??????????????????Ц?лΝ? ??13%????203.82??f????????????????????????? ??????e??????????????d???????????????????? ??Ц?л????24%????244.12??f 12 ???????????????????? ???????????????????????????οj ?? ???? ???? ?????????? ????? ????? ????? ????? ???????? 97,236 (54,757) 88,821 (49,695) ?л л??? ?????? ????????? ???Б??? 42,479 1,674 932 (5,722) (13,536) 39,126 1,652 4,038 (4,718) (12,577) ???л ?????? ?Ц?????Υ????л 25,827 (1,747) 234 27,521 (1,982) 2,370 ??????л ??????? 24,314 (3,338) 27,909 (3,225) ???л 20,976 24,684 ?????Цj ???????? ?????????? 20,382 594 24,136 548 20,976 24,684 ??????????????????????Ц?л 24,412 23,525 13 ?? f?????????????????9%????972.36??f ? ??????????????????????????5%????506.29??f? ?????????5%????286.04??f???????????????????? ?ν?????????????PUBG MOBILE????????f????? ?????6%????220.25??f?????????????????????? ?ο???????ν???????????????????f ? ?????????????????????????????????17%???? 267.58??f????????????????????????????????f ? ????????????????????????12%????183.66??f ?????????????23%????147.16??f??????????????? ????????????????????f????????17%???? 36.50 ??f???ˇ????????????ν???????????? ???????????????ˇ???????Эf ???? f???????????????????10%????547.57??f?? ??????????????e??????????????????????f?????? ?d??????????????????56%d???????????????????f ? ????????????????????????????7%????244.02? ?f?????????????????????????????????????? ??d???????????????????????f 14 ? ???????????????????????????????????11%??? ?193.39??f????????????????????????????????? ?????f ? ??????????????????????????12%????94.11? ?f????????????????????????Σ??ΥЪ?М???ε??? ?????d????????f ????????? f????????????????????????21%?? ??57.22??f???????????ο??e???????????????????? ???????????????f ???Б??? f????????????Б?????????8%????135.36 ??f?????????????????????f ?Ц?????Υ????л f??????????Ц?????Υ????л ????90%????2.34??d?????????????????Υ?????????? ????f??????????????Ц?????Υ????л????14%f ?????????Ц?л f??????????????????Ц?л?? ??16%????203.82??f??????????????????????Ц?л???? 4%????244.12??f 15 ?????? ???? ???? ?????????? ?????????? ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? ???????d?????????? EBITDA (a) ????EBITDA (a) ????EBITDA??(b) л?????? ????(c) ????(d) 35,378 38,123 39% 2,086 (7,173) 6,632 32,649 35,102 40% 1,757 (15,766) 4,362 27,568 29,577 37% 1,298 (29,227) 5,974 101,593 108,823 40% 5,342 (7,173) 15,500 83,224 88,572 39% 3,553 (29,227) 19,377 ????j (a) EBITDA?????л??л???????? ? ????d??????e?????e????? ??????????e??????????f????EBITDA??EBITDA????? ????????????f (b) ????EBITDA????????EBITDA??????f (c) ???????????d????????????????????π????d??????????f (d) ??????????????Υ??????e?????e??????e??????e?????? ?????????????e???????????f 16 ??????????????????л?EBITDA?????EBITDA?????j ???? ???? ?????????? ?????????? ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? ???????d?????????? ???л ??j л??? ??????? ???? ????e??????? ????????? ??????? ?????? 25,827 (1,674) (932) 3,232 806 8,119 27,521 (1,652) (4,038) 2,989 748 7,081 27,861 (1,082) (8,762) 2,321 – 7,230 90,090 (4,734) (16,059) 9,025 2,156 21,115 80,360 (3,219) (18,853) 5,903 – 19,033 EBITDA ???????????? 35,378 2,745 32,649 2,453 27,568 2,009 101,593 7,230 83,224 5,348 ????EBITDA 38,123 35,102 29,577 108,823 88,572 ????????????????? ????????????????????????Υ??d?????????????? ????????????лe??л??e???лe?л?e?????????Ц ?лe?????л??????л???????б?я?f????????????? ?????????????????????????????????????????? ???????f??d????????????????????????????????? ??Ч???????Νf 17 ???????????d?????????????????????????????????? ????????????????П???????????????????f??d ??????????????????????????????????????????? ?d????????????????????б??????????????????? ????e????e??????????Ъ??П?f ??????????????????????????e????????????? ?????????????????????????????????????????? ?????????????j ???л ???л ?????????Ц?л ???л???????? ? ?? ? ?? ??л?? ?л? ???????????????????? ?? ???? ??? ????? ??? ???? ?????? ?????? ???? ????? ??????? ?? ?????? (a) (b) (c) (d) (e) ???????d?????????? 25,827 2,745 (1,814) 118 1,668 20,976 3,568 (2,509) 1,544 1,981 20,382 3,475 (2,444) 1,491 1,971 – 28,544 (474) 25,086 (463) 24,412 2.151 2.577 2.127 2.548 27% 29% 22% 26% 18 ???л ???л ?????????Ц?л ???л???????? ? ?? ? ?? ??л?? ?л? ???л ???л ?????????Ц?л ???л???????? ? ?? ? ?? ??л?? ?л? ???????????????????? ?? ???? ??? ????? ??? ???? ?????? ?????? ???? (a) (b) (c) (d) ???????d?????????? ????? ??????? ?? ?????? (e) 27,521 2,453 (4,950) 118 2,139 24,684 2,373 (6,523) 1,486 2,492 24,136 2,296 (6,522) 1,432 2,492 – 27,281 (321) 24,191 (309) 23,525 2.550 2.486 2.520 2.456 31% 31% 28% 27% ???????????????????? ?? ???? ??? ????? ??? ???? ?????? ?????? ???? (a) (b) (c) (d) ???????d?????????? ????? ??????? ?? ?????? (e) 27,861 2,011 (20,949) 23,405 3,531 (20,718) 23,333 3,458 (20,694) 127 13,513 943 13,511 892 12,935 – 22,563 (249) 20,423 (214) 19,710 2.469 2.085 2.440 2.061 35% 28% 29% 25% 19 ???л ???л ?????????Ц?л ???л???????? ? ?? ? ?? ??л?? ?л? ???л ???л ?????????Ц?л ???л???????? ? ?? ? ?? ??л?? ?л? ???????????????????? ?? ???? ??? ????? ??? ???? ?????? ?????? ???? (a) (b) (c) (d) ???????d?????????? ????? ??????? ?? ?????? (e) 90,090 7,231 (17,310) 350 3,934 – 84,295 73,516 8,809 (19,406) 4,114 5,062 (1,145) 70,950 71,728 8,553 (19,317) 3,956 5,052 (1,105) 68,867 7.578 7.276 7.486 7.188 33% 31% 27% 26% ???????????????????? ?? ???? ??? ????? ??? ???? ?????? ?????? ???? (a) (b) (c) (d) ???????d?????????? ????? ??????? ?? ?????? (e) 80,360 5,441 (32,747) 326 16,713 65,958 7,775 (33,096) 2,324 16,803 64,490 7,521 (33,013) 2,188 16,225 – 70,093 288 60,052 328 57,739 6.832 6.116 6.741 6.035 35% 31% 29% 26% 20 ????j (a) ??????????????????????????????????????????? ??Б????????? (b) ???Ν?? ? ??????e????????????????? ?????????? ?????????????? (c) ????????????? (d) ???????eΥ?????????????????? (e) ??????????????????????? ????????????? ????????????????????????d??????????ν?j ?????????????? ??π???? ???? ???? ????? ????? ????? ????? ???????? 145,607 54,499 122,838 61,588 ?? ???? 200,106 (112,148) (95,131) 184,426 (107,729) (92,463) ???? (7,173) (15,766) ???????????????????? ??????? 352,656 329,012 ?????????????d??????????????71.73??f??????? ˇ?????????????????d????????????????????f ????????d???????????????377.32??d???????????? ????????????441.82??d???????????64.50???????f 21 ???? ?Υ????? ???????????????????? ?? ?????? ????????????? ???? ?? ???? ???? ??????????? ??????????? ????? ????? ????? ????? ???? ?????? ?????? ?????? ?????? 50,629 26,758 18,366 1,483 44,049 19,693 16,247 606 147,683 71,435 48,152 4,252 132,995 51,541 41,046 2,216 ???? 97,236 80,595 271,522 227,798 4 (54,757) (45,115) (150,097) (120,830) ?л л??? ?????? ????????? ???Б??? 42,479 35,480 121,425 106,968 1,674 1,082 4,734 3,219 3 932 8,762 16,059 18,853 4 (5,722) (6,573) (14,684) (18,503) 4 (13,536) (10,890) (37,444) (30,177) ???л ?????? ?Ц?????Υ??? ?л ????? 25,827 (1,747) 234 27,861 (1,492) 264 90,090 (4,846) (353) 80,360 (3,297) 1,471 ??????л ??????? 24,314 26,633 84,891 78,534 5 (3,338) (3,228) (11,375) (12,576) ???л 20,976 23,405 73,516 65,958 ?????Цj ???????? ?????????? ?????????????? ???л???????? ? ?? 6(a) 20,382 594 20,976 23,333 72 23,405 71,728 1,788 73,516 64,490 1,468 65,958 2.151 2.469 7.578 6.832 ? ?? 6(b) 2.127 2.440 7.486 6.741 22 ?Υ??????? ???????????????????? ???л ???? ??????????? ????? ????? ?????? ?????? ???? ??????????? ????? ????? ?????? ?????? 20,976 23,405 73,516 65,958 ????????????j ????????????????? ?Ц?????Υ??? ????????? ?? ?Ν??????????Ц?? ???????? ?????? ??????????? ?? ???????????????? ??????????????? ???????????????? ??????? ???? ??????????? ?? (21) 41 (49) 13 (3) – (3) – 2,069 4,462 3,129 4,662 (475) 223 (2,511) 1,416 (3,213) (96) (7,864) 22 13,634 (167) (7,329) (91) (1,739) (3,116) 14,033 (1,329) ???????? 19,237 20,289 87,549 64,629 ?????Цj ???????? ?????????? 18,885 352 19,761 528 85,456 2,093 62,541 2,088 19,237 20,289 87,549 64,629 23 ?Υ??????? ????????????? ?? ??????? ????e????? ????? ????? ?????? ?????? ???? ?????????? ???Υ?????? ????????????? ????????? ????????????? ????????????? ????e????????? ???????? ????????? ?????? π? ???? ????e????????? ???????? ????????????? ????????? ??π? ??????? ?????????????? ???? ???? ??? ????? ????? ????? ??????? ???? ?????? ?????? 1 8 9 10 11 9 24 43,104 10,820 7,136 2,702 890 54,422 230,009 8,478 122,249 68,332 30,167 116 17,832 596,257 412 32,069 24,110 377 5,748 49,596 2,046 145,607 259,965 856,222 35,091 – 7,106 4,879 725 56,650 219,215 8,575 91,702 43,519 21,531 1,693 15,755 506,441 324 28,427 18,493 339 6,175 62,918 2,590 97,814 217,080 723,521 ?? ?????????Ц?? ?? ???? ?π? ???????????? ???? ?????л ?????????? ???? ?? ??????? ?? ???? ???????? ???????? ????????? ???? ???? ?????? ???? ??????????? ?? ???? ??????????? ?????? ???????? ???? ???? ???? ??????? ???? ??? ????? ????? ????? ??????? ???? ?????? ?????? – 32,811 (66) (3,988) 12,078 363,147 403,982 37,555 441,537 – 27,294 – (4,173) 729 299,660 323,510 32,697 356,207 14 15 1 13 14 15 1 25 90,013 84,474 3,172 2,597 9,461 8,534 4,910 203,161 71,212 37,464 22,135 10,657 10,175 1,279 1,141 2,989 54,472 211,524 414,685 856,222 87,437 51,298 4,797 3,306 10,964 – 7,077 164,879 73,735 33,312 26,834 13,720 10,210 1,049 1,200 – 42,375 202,435 367,314 723,521 ?Υ??????? ???????????????? ??????????????? ???? ?????????Ц ?????? ?? ???? ?π? ? ????????? ?????л Υ? ?????????? ???? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? – 27,294 – (4,173) 729 299,660 323,510 32,697 356,207 ???? ???л ????????????j ? ?Ц?????Υ??? ?????? ? ?Ν??????????Ц ?????????? ? ????????????? ?????????????? ?????????? ? ?????? ? ?????????? – – – – – 71,728 71,728 1,788 73,516 – – – – (48) – (48) (1) (49) – – – – (3) – (3) – (3) – – – – 13,657 – 13,657 (23) 13,634 – – – – 2,800 – 2,800 329 3,129 – – – – (2,678) – (2,678) – (2,678) ???????? – – – – 13,728 71,728 85,456 2,093 87,549 ??Ν????????????? ???????????????? ?????????л ?Ц???????????? ?Ν??????????Ц???? ???????????? – – – – (76) 76 – – – – – – – 1,630 – 1,630 – 1,630 – – – – (149) – (149) – (149) 26 ???? ?????????Ц ?????? ?? ???? ?π? ? ????????? ?????л Υ? ?????????? ???? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ???????Б????? ???? ???????j ? ????????? ? ??Б????????? ????????j ? ????????? ? ?????????? ? ??????? ??????? ?????????? ??????????? л?????????? ?? ??Υ?????????????? ?????????????????? ???????????? ?????????????????????? – – – 1,564 – 169 – 5,063 – – – (1,302) – (740) – – – – – – – – – – – 275 – – – 488 – – – – – – – 40 – 1,604 – – – – 169 – – 304 – 5,367 – (1,117) – – (1,117) – 1,302 – – – – – – – (740) (66) – – – (66) – – 578 – 578 – – 12 (12) – – – – (8,305) (8,305) – – – – – – – (504) – (229) – – (282) – (282) – – (3,932) – (3,444) 273 273 41 1,645 – 169 217 5,584 – (1,117) – – – (740) – (66) – 578 – – (25) (8,330) 29 29 (790) (1,019) 306 24 2,714 (730) ????????????? ????????Б??????? – 5,517 (66) 185 (3,784) (8,317) (6,465) 2,765 (3,700) ???????????????? – 32,811 (66) (3,988) 12,078 363,147 403,982 37,555 441,537 27 ???? ?????????Ц ?????? ?? ???? ?π? ? ????????? ?????л Υ? ?????????? ???? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????????????????? ?ν????я?? – 22,204 – (3,970) 35,158 202,682 256,074 21,019 277,093 ??????????????9???? – – – – (16,210) 16,210 – – – ??????????????? – 22,204 – (3,970) 18,948 218,892 256,074 21,019 277,093 ???? ???л ????????????j ? ?Ц?????Υ??? ?????? ? ??????????????? ???????????????? ??????? ???? ? ?????? ? ?????????? – – – – – 64,490 64,490 1,468 65,958 – – – – 13 – 13 – 13 – – – – (7,483) – (7,483) 154 (7,329) – – – – 4,196 – 4,196 466 4,662 – – – – 1,325 – 1,325 – 1,325 ???????? – – – – (1,949) 64,490 62,541 2,088 64,629 ???????????????? ?????????????? ?????????л ?Ц???????????? – – – – (9,381) 9,381 – – – – – – – 1,936 – 1,936 – 1,936 28 ???? ?????????Ц ?????? ?? ???? ?π? ? ????????? ?????л Υ? ?????????? ???? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ?????? ???????Б????? ???? ???????j ? ????????? ? ??Б????????? ????????j ? ????????? ? ?????????? ? ??????? ??????? ?????????? ??????????? л?????????? ?? ??Υ?????????????? ?????????????????? ?????????? ???????????? ?????????????????????? ?????Υ?????????? ?????? – – – 1,434 – 461 – 3,303 – – – (1,558) – (368) – – – – – – – – – – – 291 – – – – – – – – – – – – – – – 50 – 1,484 – – – – 461 – – 333 – 3,636 – (1,887) – – (1,887) – 1,558 – – – – – – – (368) (102) – – – (102) – – 153 – 153 – – 35 (35) – – – – (6,776) (6,776) – – – – – – – (515) – (224) – – – – – – – 478 – 478 – – (2,619) – (2,619) – – (406) – (406) 76 76 44 1,528 – 461 185 3,821 – (1,887) – – – (368) – (102) – 153 – – (453) (7,229) 988 988 (60) (284) (34) (34) 1,909 2,387 2,619 – – (406) ????????????????? ????Б??????? – 3,563 (102) (329) (2,491) (6,811) (6,170) 5,274 (896) ???????????????? – 25,767 (102) (4,299) 7,063 285,952 314,381 28,381 342,762 29 ?????Υ????????? ???????????????? ?????????????????? ???????????????? ?????????????????? ???????????????? ???ˇ??? ??????????????????? ????????????????г?? ????????????????? ???????????????????j ?Б??????? ???????????????π?? ?????????? ???? ??????????? ????? ????? ?????? ?????? ????? ?????1? 97,986 (56,382) 4,207 76,545 (102,224) 23,010 45,811 97,814 1,982 (2,669) 105,697 2,366 145,607 105,394 53,329 92,278 145,607 38,671 66,723 105,394 30 ????j 1 ????e???я??? ??????????????????????f???????????????????? ???????f ????????????f?????????????e?????????????????????? ?f ??????Υ???????????????????????Υ???????e???????? ????????Υ???????Υ???????e????????????Υ????????? Υ?????????d?????????????????????????????f??????????d? ??????????я?f ???????????????????????б??????????34 ?????????? ?d???Ν??????????????????????????????????????? ????????????????????????????????????Υ????????????? ????????????f ????????d?????????????????????˙?????????????????? ???f????????????????????????????d???????????? ????????????????????e???????????????????????? ??e???????????Ъ??П??f ????????????????????л??????П???Ъ???f ?????????????????????????????16?d????????Ъ???? ??????????????Ъ???f?????????????16??????d??????? ??????d?????????????????????????????О???????????? Ъ????f??????????????????οf ????????????????16??d???????????????????17????????????? ???????????????f??????????????????d????????? ???????????????л??Б??f 31 ?????????????????????????d?????????????????Υ??? ?????????????О????????????Ъ???f???????ν?j ????? ???? ????e????????? ??????????? ????????? ?????? 9,688 (9,955) (23) 290 ??????????????????16??d?????????????????Б?????j ? ???Υ??Ч??????Υ???????i ? ??????????????????ˇ????????????????????Ъ??? ?i? ? ??????????????????????????f ?????????????16????d??????????????л???????????????f ??????????d??????????я????л?????????????????????d ??λ?????????f??????????Υ??я?f 32 2 ???? ??????e??????Σ????????????????????d?????п????λ????? ????????л???d??????????dΤ????????????????????? ?????????d???????Σ????????????????????Υ??????f ? ? ?? ? ??? ? ? ? ? ? ? ??? ?? ? ? ? j ( a ) ? ? ? ? ? ???? ? ?? ? ? ? ? ? ? ? e ? ? ? ? ???????????i?(b)??????????????????????????Σ?????????ν? ????f???ο??????Υ?я?f???????d??????????λ???? ??????????????????????????f ????????????????????????????????????????j ? ??????i ? ?????????????i ? ????i? ? ??f ?????d??????????????e?????˙?Ъ??Б???????e????d? ????????????f ??????????????????????????d??????О??????fΣ? ???????????????????????Υ??????????˙???f ??????????????????????????Σ?????????????? ???я?ν?j 33 ???? ?л ???? ?? ?? ???? ?л ???? ?? ?? ???? ???????????????? ??????? ?????? ?????? ???? ?? Υ? ?????? ?????? ?????? ?????? ?????? 50,629 26,758 18,366 1,483 97,236 26,227 7,419 8,955 (122) 42,479 897 4,349 1,744 – 528 2,948 26 3,195 594 7,891 ???? ???????????????? ??????? ?????? ?????? ???? ?? Υ? ?????? ?????? ?????? ?????? ?????? ????? ????? 44,049 19,693 16,247 606 80,595 24,891 4,953 5,968 (332) 35,480 521 3,504 1,007 – 395 3,413 45 1,968 56 6,973 34 ???? ?л ?? ?? ???? ?л ???? ?? ?? ???? ???????????????? ??????? ?????? ?????? ???? ?? Υ? ?????? ?????? ?????? ?????? ?????? 147,683 71,435 48,152 4,252 271,522 79,717 19,124 22,533 51 121,425 2,474 11,036 4,727 – 1,481 8,081 79 1,313 8,761 20,430 ???? ???????????????? ??????? ?????? ?????? ???? ?? Υ? ?????? ?????? ?????? ?????? ?????? ????? ????? 132,995 51,541 41,046 2,216 227,798 79,364 13,253 14,573 (222) 106,968 1,412 8,668 2,472 – 924 9,555 85 4,893 129 18,352 35 3 ?????? ???? ??????????? ????? ????? ?????? ?????? ???? ??????????? ????? ????? ?????? ?????? ????Ν????????? ??(a) ?????????????? ??????????????? ??(b) ???????????????? ??????(c) ????? ????????????????? ???? Σ?????????????? ???? ?? 1,899 528 33 (1,668) 1,214 (118) (150) 209 (487) 20,146 (13,513) 692 275 – 299 335 8,416 2,825 7,032 (3,934) 3,075 1,862 (850) 751 (293) 29,134 (16,713) 2,620 788 (570) 618 151 932 8,762 16,059 18,853 ????j (a) ????????????????d????Ν????????84.16??d??? ?????j ? ????????Б???????????????????????????? ??????48.13 ???????????????????j???15.17 ? ???????8?f?????????????????i? ? ??e????????Ν???????????????????36.03 ???? ???????????????j??? 13.08 ???f 36 (b) ???????????????????????????????????????? ????????????????? 70.32 ??????? 9?d????????j ? ???????????18.86 ???????????????????j?? ? 222.15 ??????ε????????????????????????? ????????????????????????????d???????????? ???d???????????????????d?????Зi? ? ?????????????????51.46 ???????????????? ???j???69.19 ?????????????????????????????? П???f (c) ??????????????????????????????j ???? ??????????? ????? ????? ?????? ?????? ???? ??????????? ????? ????? ?????? ?????? ????????Υ???? ???????8(d)? ????????? 1,648 20 12,337 1,176 3,914 20 15,533 1,180 1,668 13,513 3,934 16,713 37 4 ?????????? ???? ??????????? ????? ????? ?????? ?????? ???? ??????????? ????? ????? ?????? ?????? ??????(a) ???л??(b) ??????????????? ??????(c) ???????????????? ??????? ????e?????e??????? ???????? ?????? ??????? 22,260 13,580 12,226 8,119 3,946 4,038 4,422 454 18,810 11,251 9,799 7,230 4,365 2,321 5,409 400 60,933 37,839 34,778 21,115 12,015 11,181 11,404 1,175 50,112 31,189 26,277 19,033 11,513 5,903 15,159 1,007 ????j (a) ???????????Б???e???????f (b) ????????????????????d????????????й?????? ? 79.24 ?????? 215.30 ???????????????????????j?й ??????? 62.54 ?????? 169.82 ???d?????????л???й???? 62.68 ?????? 174.83 ???????????????????????j?й? ??? 51.49 ?????? 142.39 ???f ????????????????????d???л?????????????й? ??? 27.45 ?????? 72.31 ???????????????????????j? й???? 20.11 ?????? 54.41 ???f ??????????????????????????d???????????f (c) ????????????????????????f ????????????????????d????????????????? ?????й???? 1.18 ?????? 3.50 ??????????????????? ????j?й???? 1.27 ?????? 3.26 ???f 38 5 ??????? ????????????????????????????????????????f (a) ?????????????????? ???????????????????????????????????????? ?????????О??f (b) ??л?? ??????????????????????????d??л??????П? ????л??16.5%???Ъ?f (c) ????????? ??????????????????????????d????????????? ?????????????????П?????л?????????????? ?Ъ?d?????????????е?????f?????????????? ????????????d????????????????25%f ????????????????????????????d??d?????????? ????????????????d??????????15%????????????? ?f??d???????????б??????d?????????????????? ?????10%????????????f ??d???????????б???????d????????????????? ???d???????е???????d??З???????????????????? ??????˙?????????????15%?????f 39 (d) ???????????????? ??????????????????????????d??????????????? ?e????e???????????????????????????????Б???????12.5% ?35%???П?????л??f (e) ??????? ?????Б???????d????????????Σ??????????????? ????????????л?????????d?????10%????????f????? ???????????d??????????????τ?d??Υ????d??? ????????????????????10%??5%f ?????????????????????????????????????????????f ???????????????????????????????????????ν?j у?????? ??????? ???? ??????????? ????? ????? ?????? ?????? ???? ??????????? ????? ????? ?????? ?????? 3,521 (183) 4,056 (828) 12,317 (942) 12,594 (18) 3,338 3,228 11,375 12,576 40 6 ???л (a) ?? ?????л?????????????Ц?л????Б???????????f ?????????Ц?л ???????? ???? ??????????? ????? ????? ???? ??????????? ????? ????? 20,382 23,333 71,728 64,490 ??Б????????? ?????? 9,475 9,452 9,465 9,440 ?????л ???????? 2.151 2.469 7.578 6.832 (b) ?? ??????????????????л????????f?????л???? ?Б??????????????d????г???????????????? ????????????Ъ?????????????????л????f????л ????Ъ???f ??d?????????????????????????????????????л? ???????f??????????????????????????d??? ?????????????????л?????????????????f 41 ?????????Ц?л ???????? ???? ??????????? ????? ????? ???? ??????????? ????? ????? 20,382 23,333 71,728 64,490 ??Б????????? ?????? ?????????Ъ? ???????? 9,475 107 9,452 109 9,465 116 9,440 127 ??????????л???? ???????????? 9,582 9,561 9,581 9,567 ?????л ???????? 2.127 2.440 7.486 6.741 7 ?? ????????????????????????????????????????????? ??????d?????????????????????????????????? 1.00 ???? ????j?? 0.88 ???f??????? 83.05 ????????????j??? 67.76 ? ??????????????????????????f ???????????d???????????????????TME?????????????Б????dΣ ??????????й??? 2.50 ???????????? 2.19 ???f?????????????? ???????????TME????f ??????????О???????????????????????????f 42 8 ?????????? ?????????? ? ?????????? ? ??????? ???? ????? ????? ?????? ??? ????? ??????? ?????? 140,561 89,448 230,009 130,633 88,582 219,215 ????j ?????????????d??????????????????????? 2,789.08 ??????? ????????j??? 1,873.39 ???f ???????????????ν?j ???? ??(a) ??(b) ?Ν?????????3(a)? ?Ц????????? ?л ?Ц????????????? ?? ?Ц???????????? ?? ??(c) ????(d) ?????? ?? ???? ??????????? ????? ????? ?????? ?????? 219,215 11,966 (1,202) 4,813 (285) (43) 1,630 (443) (3,555) (3,914) 1,827 113,779 38,765 68,656 1,517 1,318 15 1,936 (908) (661) (13,207) 2,968 230,009 214,178 43 ????j (a) ????????????????d????????????????????Ъ ?????dΥ?????119.66??f??????????????e????? ???????f (b) ????????????????d????????????????Υ????? 61.27??d?????????????????????????d????????????? ??????d????????????????????????????????????? ????32.02??d????????????З??????????d??????????? ????28.74??f??d?????????????????????????????????Υ ?????73.29??f (c) ????????????????d?????????????????????d? ???????????????????????????f?????????d???? ???????Б??5%????d??????35.26??f?????????????? ????????З?????????????????d??????????????? ??????????????????????f (d) ????????????????d???????????????????П??? ????d?????????????Ъ?????Υ????? 39.14 ?????????? ?????????j???? 132.07 ???f 44 9 ?????????????????????? ????????????????????????j ?????????j ?????????? ??????????? ?? ????????j ??????? ???? ????? ????? ?????? ??? ????? ??????? ?????? 9,344 105,912 6,993 122,249 9,123 78,234 4,345 91,702 5,748 127,997 6,175 97,877 ???????????????????????????ν?j ???? ??????????????9???? ??(a) ???(b)?????8(b)? ???????????3(b)? ?? ?????? ???? ??????????? ????? ????? ?????? ?????? 97,877 – 34,545 (998) 7,032 (13,644) 3,185 – 95,497 50,625 (70,632) 29,134 (13,081) 6,823 ?? 127,997 98,366 45 ????j (a) ????????????????d??????????????????????? ?????????????j (i) ??5????????????35.50??????????Ъ???d?????? ????21%??Б????i? (ii) ?Υ?????309.95??????????e????????????????????? ???Ъ???????????f????????????e?????e ?????????????f (b) ????????????????d???????8(b)???????d???????? ?????????????????????????????????????????? ?????????????????????13.95??f 10 ?????????????????????????? ????????????????????????????j ???????????? ? ?? ? ???? ? ???? ? ?? ???? ????? ????? ?????? ??? ????? ??????? ?????? 53,111 7,949 2,876 468 33,120 5,365 3,093 – 64,404 41,578 ????????????? 3,928 1,941 68,332 43,519 46 ???????????????????????????????ν?j ???? ??????????????9???? ???(a)?????8(c)? ?? ?????? ?? ?????? ???? ??????????? ????? ????? ?????? ?????? 43,519 – 6,769 2,228 13,538 – 2,278 – 58,515 14,619 1,791 (7,457) (21,581) 2,590 ?? 68,332 48,477 ????j (a) ????????????????d???????8(c)???????d?????Υ??? ??32.43??Ъ???????????d???????????????f 11 ???? ??????????????????????ν?j 0?30? 31?60? 61?90? ??90? ???? ????? ????? ?????? ??? ????? ??????? ?????? 12,118 9,636 5,134 5,181 11,200 7,695 4,201 5,331 32,069 28,427 47 ????????????????????????????????????????????? ?????e????????????e??˙??????????Ъ?????????f ??????????????????????????????????????????Б?? ???????90???f??˙??????????60??????f???????Ъ????? ?e??????????????????????????????90???f 12 ??????????? (a) ????? ?????????????d?й?????????????????e?????????? ????Ie??????????????IIe??????????????III?????? ?????????IVf ??????????????e??????????????Ie?????????????? II???????????????III??й???????????????e?????? ?????e???????????????????????f?????????d ????????????О???dШ???????????????????????? ????Б?f ????????????????????IV??d??????Σ?ОΥ?????? ????d????????d?????????????????fБ??????? ???????f??d????????????d???????????????????? ????????????????IV????????f 48 ??Б????????????????Б?????ν?j ???????????? ??? ?Б? ??? ? ?? ????????????? ????????? ?????II ??Б?? ????? ????????? ?????III ??Б?? ????? ????????? ?????IV ??Б?? ????? ?? ????? 185.25?? 51,499,010 – – – – 163.40?? (776,424) – 148.90?? (1,225) – – 374.52?? 36,277,234 87,776,244 – 374.09?? 26,196,870 26,196,870 – 272.36?? (243,955) (1,020,379) – 317.51?? (203,365) (204,590) 185.59?? 50,721,361 – – 374.92?? 62,026,784 112,748,145 ??????????????Б? 172.07?? 34,198,270 – – 361.69?? 11,208,862 45,407,132 ???????????? ??? ?Б? ??? ? ?? 179.90?? – 107.28?? 131.47?? 55,510,248 – (3,629,242) (37,139) 31.70?? – 31.70?? – 2,500,000 – (2,500,000) – 273.80?? 405.73?? 272.36?? 282.21?? 9,155,860 27,723,850 (341,207) (111,992) 67,166,108 27,723,850 (6,470,449) (149,131) ????????????? 185.02?? 51,843,867 – – 374.20?? 36,426,511 88,270,378 ??????????????Б? 160.37?? 22,736,587 – – 272.36?? 1,814,266 24,550,853 ????????????????d?????Τ???? 3,506,580 ??????? ??????????????j?????Τ???? 3,215,800 ?????f 49 (b) ?????? ????????????d????????????????????????? ??f??????????????f ???????????????????????????????????ν?j ???? ??? ??? ? ?? ?????? ?????? ??????????? ????? ????? 50,247,895 50,811,743 (2,427,590) (22,479,105) 63,636,254 17,385,515 (2,144,043) (26,384,636) ?? 76,152,943 52,493,090 ????????Ш??? 145,090 296,324 ????????????????d?????Τ??????Б????59,484??? ???????????????????j?????Τ??????Б???? 39,500 ? ?????f 13 ???? ??????????????????????ν?j 0?30? 31?60? 61?90? ??90? ???? ????? ????? ?????? ??? ????? ??????? ?????? 48,586 7,291 2,210 13,125 56,506 6,264 1,557 9,408 71,212 73,735 50 14 ?? ?????????j ???????Б??????????d??(???a) ???????Б??????????d??(???a) ????????Б??????????d??(???a) ???????Б??????????d??(???a) ????????j ???Б??d??(???b) ???Б??d??(???b) ????Б??d??(???b) ????Б??d??(???b) ???????Б?????????d??(???a) ????????Б?????????d ? ??(???a) ? ??(???a) ???????Б?????????d??(???a) ???? ????? ????? ?????? ??? ????? ??????? ?????? 74,089 1,163 10,196 4,565 90,013 70,938 – 11,189 5,310 87,437 1,415 14,614 211 65 141 4,733 56 900 22,135 112,148 16,403 3,368 628 – 5,628 332 475 – 26,834 114,271 51 ????j (a) ?????Б????????????л?ν?j ???Б?? ???Б?? ???Б?? ????Б?? ???? ?????????? ???? ?л? ??? ???????????? ???? ?л? 104.95??? 1.50??? 60.70??? ???149.85?? LIBOR? 0.70%?1.27% 111.56??? 0.52% HIBOR? 0.70%?0.80% 4.18%?5.70% – 60.70??? ???119.96?? LIBOR?0.70% ?1.51%????? л?1.875% – HIBOR? 0.70%?0.85% 4.18%?9.00% (b) ???Б????????????л?ν?j ???Б?? ???Б?? ????Б?? ???? ?????????? ???? ?л? 2.00??? 162.30??? ???2.76?? LIBOR? 0.50% HIBOR? 0.45%?0.50% 3.92%?5.44% ??? ???????????? ???? ?л? 23.90??? 38.50??? ???6.28?? LIBOR? 0.50%?0.55% HIBOR? 0.50%?0.55% 5.22%?5.44% 52 15 ???? ?????????j ?????????????????? ?????????????????? ???? ????? ????? ?????? ??? ????? ??????? ?????? 84,474 – 48,501 2,797 84,474 51,298 ????????j ????????????????? ????????????????? 7,776 2,881 13,720 – 10,657 13,720 95,131 65,018 ????j ?????????????????????й? ??131 ????????????????j91 ? ???? 32 ????????????????j32 ????f???л?? ??2.875% ? 4.70% ? ?????LIBOR?0.605%?0.910%?????????????j2.875%?4.70%???? ??LIBOR?0.605%?f ????Б??????????????????f ?????????????d??????????????Б????????????60????? ???d????ν?f ???? ?????? ?л? ???? ??????? ???????л??? ??????? ??????? ??????? 1,250 3.280% 750 ?????LIBOR?0.910% 500 3.575% 3,000 3.975% 500 4.525% ????? ????? ????? ????? ????? 6,000 53 16 ?????? ??????Supercell Oy??Supercell?????????????????????? ????????????????d????????????Halti S.A?. ?Halti???Б?4,000?? ?????????????????????л?????????????????????d?? Halti???44,000??????????fHalti????????????d????????? ?Supercell??????????Supercellf?????d????????Halti?????50%?? ?51.2%d????????????????Haltif??dHalti????????Ъ????????????? ????????????d??????????????????????Ъ????Ν????f Halti???????????????????????????Υ??d?????????? ?????????????????f ????????????????????d???????d???????П?Ъ??????d??d ????????????Υ??????????ν?????????????л???я?f 54 ???? ??e?????????????? ?????????????????d????????????????8.924??? ???????? 2,656,700 ???f?????????????f????Б???? ??????????f???????ν?j ????????????? ??????? ?? ?? ?? ???? 362,200 2,294,500 ?????? ???? ??? ?? ???? ?Э? ?? 327.00 351.00 312.40 323.60 ???? ??? ?? 116,330,916 776,104,729 ?? 2,656,700 892,435,645 ???????????????????d????????О???????????????? ??????????????e???????????О??f ????????? ?????????????d????60,860Τ????????????? m52,612 Τ?f???????????????????????d?????????????? ??f ???????????????????????f??????????????d??? ???й???????????????e????????f ???????????????????????????????????? 135.80 ???? ??????????????? m ???112.51???f 55 ????? ??????Ν????????????????????????????? ???????????f???????????????????????????d ???????e????e???????????f ???????????? ?????????????????????????????????????????d ????????????О????Υ???????????????????? ?????????????????????????????????f ????????????????????????A.2.1?A.4.2???d??????????? ?????d??????Ъ??????d???????f ?? ??????????????????????????e?????????f? ??Σ??????л?????????????????f????d??????? ?d?????????????????????????Ъ?????????? ????d??????????????f ??d??????????? ??????? ??? ?? 56 ?????б????d????????j ?Б??j ???????i ????Б??j Jacobus Petrus (Koos) Bekker ? Charles St Leger Searlei? ??????Б??j ???eIain Ferguson BruceeIan Charles Stonee??????????f ??б???????????d??????????e??????П?e???????????d????? ?????????????????d????б????????????d???б???f?????? ????????????e???????d???????????????????f??????????????? ??????????????????f??????????????ε??????????f??????????? ???d??б??????????????????????????????????????????????d?? ??????????????f 57 ?? ?????б?d??????????d??????????j ?? ?? ????????????? ?????????????????Б????? ?? ??????? ????????? ????? ?ж?????????????d??????? ????? ?????? ???????????? ????????????????????????? ????? ????????d?????????????? ?π????????d????????????? ????????? ??????? ?????????? ???????? ?EBITDA? ?л?e??e?????????л ????л? ???л ???? ???????????? ???????? ?????? ?????????????? ??????????????????????? ?????????????? ??? 58 ?????????????? ?????????????????????? ?????????? ?????????? ???????? ????? ??????????? ?HIBOR? ??Ν?????л? ???? ???????? ???? ?????йБ?? ?????????? ???????? ???????????? ?????????? ?IP? ???? ???????? ?????? ?LIBOR? ??Ν?????л? ???????? ????????????? ???? Υ???? ????????? ??????? ?????? ????d?????????????????? ?е????d????????????? ?ε?????????? ε????????? ?????? ???? 59 ?????????? ?????I? ?????????? ?????II? ?????????? ?????III? ?????????? ?????IV? ???? ??????????? ?????????? ?????? ?PUBG? ???? ????? ?SaaS? ???????? ??????? ????????????? ??????????????????????? ??????????? ??????????????????????? ?????????? ??????????????????????? ?????????? ??????????????????????? ?????????? ??????? ?????????????????????????? ??????? ??????????????????????? ??????????? PlayerUnknown’s Battlegrounds ????? ???????? ??у???? ??????????????????????? ????????d??????????????? ????????????????? ???Υ????????? ??????????????? 60 ?TME? ???? ???? ???????? Tencent Music Entertainment Group?????? ??d???????????????????? ???d????????????? ?л?Υ?? ???????? ?????? 61

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wenxin_温馨

贡献于2019-11-13

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