2024-03-20 Tencent Holdings Limited (TCEHY) Q4 2023 Earnings Call Transcript
Tencent Holdings Ltd. (OTCPK:TCTZF) Q4 2023 Earnings Conference Call March 20, 2024 8:00 AM ET
腾讯控股有限公司（OTCPK:TCTZF）2023 年第四季度财报电话会议 2024 年 3 月 20 日 上午 8:00（东部时间）
Company Participants 公司参与者
Pony Ma - Chairman, Chief Executive Officer
马化腾 - 主席，首席执行官
Martin Lau - President
马丁·刘 - 总裁
James Mitchell - Chief Strategy Officer
詹姆斯·米切尔 - 首席战略官
John Lo - Chief Financial Officer
约翰·洛 - 首席财务官
Wendy Huang - Investor Relations
黄文迪 - 投资者关系
Conference Call Participants
会议电话参与者
Kenneth Fong - UBS 肯尼斯·方 - 瑞银
William Packer - Exane BNP
威廉·帕克 - Exane BNP
Alicia Yap - Citigroup
艾丽西亚·叶 - 花旗集团
Ronald Keung - Goldman Sachs
罗纳德·强 - 高盛
Robin Zhu - Bernstein
罗宾·朱 - 伯恩斯坦
Charlene Liu - HSBC
刘查琳 - 汇丰银行
Alex Yao - JP Morgan
亚历克斯·姚 - 摩根大通
James Lee - Mizuho
詹姆斯·李 - 瑞穗
Operator 操作符
Good day and good evening. Thank you for standing by. Welcome to Tencent Holdings Limited 2023 fourth quarter and annual results announcement webinar. This is Wendy Huang from the Tencent IR team.
大家好，晚上好。感谢您的耐心等待。欢迎参加腾讯控股有限公司 2023 年第四季度及年度业绩公告网络研讨会。我是来自腾讯投资者关系团队的黄文迪。
At this time, all participants are in a listen-only mode. After management’s presentation, there will be a question and answer session. For participants who dial in by phone, if you wish to ask a question, please press 5 on your telephone to raise your hand. If you are accessing from the Tencent meeting or WeMeet application, please click the Raise Hand button on the bottom left, and please be advised that today’s webinar is being recorded.
此时，所有参与者处于仅听模式。在管理层的演示之后，将进行问答环节。对于通过电话拨入的参与者，如果您希望提问，请在电话上按 5 以举手。如果您是通过腾讯会议或 WeMeet 应用程序访问，请点击左下角的举手按钮，并请注意，今天的网络研讨会正在录制。
Before we start the presentation, we will like to remind you that this includes forward-looking statements which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of Tencent.
在我们开始演示之前，我们想提醒您，这包括前瞻性声明，这些声明受到多种风险和不确定性的影响，可能由于各种原因在未来无法实现。有关一般市场状况的信息来自腾讯以外的多种来源。
This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to but not as a substitute for measures of the group’s financial performance prepared in accordance with IFRS. For a detailed discussion of risk factors and non-IFRS measures, please refer to our disclosure documents on the IR section of our website.
本次演示文稿还包含一些未经审计的非国际财务报告准则（IFRS）财务指标，这些指标应与根据 IFRS 编制的集团财务业绩指标一起考虑，而不是替代它们。有关风险因素和非 IFRS 指标的详细讨论，请参阅我们网站投资者关系部分的披露文件。
Now let me introduce the management team on the webinar tonight. Our Chairman and CEO, Pony Ma will kick off with a short overview. President Martin Lau will discuss the strategy review, Chief Strategy Officer James Mitchell will provide a business review, and Chief Financial Officer John Lo will conclude with a financial discussion before we open the floor for questions.
现在让我介绍一下今晚网络研讨会的管理团队。我们的董事长兼首席执行官马化腾将首先进行简要概述。总裁刘炽平将讨论战略审查，首席战略官詹姆斯·米切尔将提供业务回顾，首席财务官罗杰将以财务讨论结束，然后我们将开放提问环节。
I will now pass it to Pony.
我现在将把它交给 Pony。
Pony Ma 马化腾
Thank you Wendy. Good evening. Thank you everyone for joining us.
谢谢你，Wendy。晚上好。感谢大家的参与。
In 2023, we sharpened our strategic focus and achieved substantial progress in our major products following our high quality revenue growth model, notably video accounts total user time spent more than doubled as we enriched our short video content ecosystem. Our mini-cams platform increased gross receipts by over 50% year-on-year. Our number of major hit games in China achieving both high DAU and substantial monetization increased from six in 2022 to eight in 2023 and in connection with games achieved double digit revenue growth and rose to 30% of games revenue.
在 2023 年，我们加强了战略重点，并在主要产品上取得了实质性进展，遵循我们的高质量收入增长模型，特别是视频账户的总用户观看时间超过翻倍，因为我们丰富了短视频内容生态系统。我们的迷你摄像头平台的总收入同比增长超过 50%。我们在中国的主要热门游戏数量从 2022 年的六款增加到 2023 年的八款，这些游戏都实现了高日活跃用户数和可观的货币化，并且与游戏相关的收入实现了两位数的增长，达到了游戏收入的 30%。
Tencent Video and Tencent Music extended their leadership with 117 million and 107 million paid subscribers respectively. WeCom and Tencent meeting strengthened their enterprise software leadership and increased monetization, and we also achieved significant technology breakthroughs. Our Tencent Hunyuan foundation model is now among the top tier of large language models in China with notable strength in advanced logical reasoning. Our upgraded advertising AI model enables us to deliver better ad targeting and higher revenue.
腾讯视频和腾讯音乐分别拥有 1.17 亿和 1.07 亿付费用户，进一步巩固了它们的领导地位。WeCom 和腾讯会议加强了它们在企业软件领域的领导地位并提高了盈利能力，我们还取得了显著的技术突破。我们的腾讯混元基础模型现在已成为中国顶尖的大型语言模型之一，在高级逻辑推理方面具有显著优势。我们升级的广告 AI 模型使我们能够提供更好的广告定位和更高的收入。
We invested further in sustainable social value initiatives. Our digital philanthropy platform helped raise RMB 3.8 billion in public donations during the 99 Giving Day campaign in 2023. Our new cornerstone investigator program supported 104 scientists contributing to fundamental science research.
我们进一步投资于可持续社会价值倡议。我们的数字慈善平台在 2023 年的 99 公益日活动中帮助筹集了 38 亿元人民币的公众捐款。我们的新基石研究者计划支持了 104 位为基础科学研究做出贡献的科学家。
Looking at our financial numbers for the quarter, total revenue was RMB 155 billion, up 7% year-on-year and stable quarter-on-quarter. Gross profit was RMB 78 billion, up 25% year-on-year and 1% quarter-on-quarter. Non-IFRS operating profit was RMB 49 billion, up 35% year-on-year or down 5% quarter-on-quarter. Non-IFRS net profit attributable to equity holders was RMB 43 billion, up 44% year-on-year or down 5% quarter-on-quarter.
查看我们本季度的财务数据，总收入为 1550 亿元人民币，同比增长 7%，环比持平。毛利润为 780 亿元人民币，同比增长 25%，环比增长 1%。非国际财务报告准则（Non-IFRS）营业利润为 490 亿元人民币，同比增长 35%或环比下降 5%。归属于股东的非国际财务报告准则（Non-IFRS）净利润为 430 亿元人民币，同比增长 44%或环比下降 5%。
Now I will hand over to Martin for the strategy review.
现在我将把时间交给马丁进行战略回顾。
Martin Lau 马丁·刘
Thank you Pony. Good evening and good morning to everybody.
谢谢你，Pony。晚上好，大家早上好。
During the course of 2023, we have established a high quality revenue growth model which will support our continued economic value creation. This together with our increased focus on capital allocation discipline will further enhance shareholder value.
在 2023 年期间，我们建立了一个高质量的收入增长模型，这将支持我们持续的经济价值创造。结合我们对资本配置纪律的更大关注，将进一步提升股东价值。
Starting with our financial performance, we have seen a healthy increase in revenue since the first quarter of 2023 by increasing high quality revenue streams and reducing low quality ones. Importantly, our gross profit growth has consistently surpassed revenue growth due to the margins of our incremental revenue being significantly higher than the 50% overall gross margins for the entire company. This incremental revenue is generated predominantly from our leading social and payment platforms, which have already been built and had their costs covered. We now consider gross profit growth as a key proxy and, frankly, a better proxy than revenue growth for our organic growth given this shift in terms of the revenue mix.
从我们的财务表现开始，自 2023 年第一季度以来，我们的收入健康增长，主要通过增加高质量的收入来源和减少低质量的收入来源。重要的是，由于我们增量收入的利润率显著高于公司整体 50%的毛利率，我们的毛利润增长始终超过收入增长。这部分增量收入主要来自我们领先的社交和支付平台，这些平台已经建立并且成本已被覆盖。考虑到收入结构的变化，我们现在将毛利润增长视为有机增长的一个关键指标，坦率地说，它比收入增长更能反映我们的有机增长。
We further enhanced our operating profit growth from gross profit growth through operating leverage. First, we streamlined operations and prudently reduced aggressive marketing expenditures. We perceive these measures as a less recurring strategy. Second and more importantly, we are committed to operational efficiency and disciplined resource allocation, which includes thoughtful staff distribution and effective marketing expense management. This approach ensures a focused organization and a lean cost structure moving forward. In the next few slides, I will provide more details on the drivers for our earnings growth going forward.
我们进一步通过经营杠杆增强了营业利润的增长，源于毛利润的增长。首先，我们精简了运营，并谨慎地减少了激进的营销支出。我们将这些措施视为一种不太频繁的策略。其次，更重要的是，我们致力于运营效率和有序的资源分配，这包括合理的员工分配和有效的营销费用管理。这种方法确保了一个专注的组织和精简的成本结构。接下来的几张幻灯片中，我将提供更多关于我们未来盈利增长驱动因素的细节。
Weixin provides the first set of examples of how we nurtured high quality revenue streams. The Weixin platform is delivering consistent growth in both DAU and daily time spent per user. New services within Weixin, such as video accounts, mini-games and Weixin Search contribute to greater engagement and overall platform health while at the same time generating additional revenue at very high margins, given they are offered on top of a relatively stable platform cost base.
微信提供了第一组关于我们如何培育高质量收入来源的示例。微信平台在日活跃用户（DAU）和每用户每日使用时间方面都实现了持续增长。微信内的新服务，如视频账号、迷你游戏和微信搜索，促进了更高的用户参与度和整体平台健康，同时在相对稳定的平台成本基础上产生了额外的高利润收入。
Going into each one of them, firstly for video accounts, total user time spent more than doubled in 2023 driven by strong growth in DAU and time spent per user. Video accounts advertising revenue has substantially increased thanks to the increased traffic and improved ad targeting, despite ad load was kept to a much lower level than industry peers, which then offers a better user experience overall.
进入每一个视频账户，2023 年用户总花费时间超过翻倍，主要得益于日活跃用户（DAU）和每用户花费时间的强劲增长。尽管广告投放量保持在低于行业同行的水平，视频账户的广告收入因流量增加和广告定位改善而大幅增长，从而整体提供了更好的用户体验。
Secondly, mini-games experienced a 50% increase in gross receipts in 2023, benefiting from more DAU and high revenue per user. The growth in gross receipts drove an increase in high margin platform fees for us. Weixin mini-games are the clear industry leader with mini-games user retention rate and time spent per user notably higher than in peer services as a result of Weixin’s platform stickiness, well developed ecosystem such as social sharing and notification, and our game knowledge and know-how.
其次，迷你游戏在 2023 年的总收入增长了 50%，受益于更多的日活跃用户和每用户高收入。总收入的增长推动了我们高利润平台费用的增加。微信迷你游戏是行业的明显领导者，迷你游戏的用户留存率和每用户花费的时间显著高于同行服务，这得益于微信平台的粘性、完善的生态系统（如社交分享和通知）以及我们的游戏知识和专业技能。
Thirdly, Weixin Search has now achieved over 100 million DAU, up over 20% year-on-year, and Weixin Search content QV grew over 30% year-on-year. Our search revenue grew multiple times year-on-year in 2023 as we ramped up monetization on this under-monetized asset.
第三，微信搜索现在的日活跃用户超过 1 亿，同比增长超过 20%，微信搜索内容的浏览量同比增长超过 30%。随着我们加大对这一未充分货币化资产的变现力度，2023 年我们的搜索收入同比增长了数倍。
In addition, our fintech service provides a second set of examples of high quality revenue streams. We have spent many years building a solid base for fintech services in the form of our widely used payment services with our strict adherence to regulatory requirements and with careful risk management. In recent months, we completed a comprehensive self-inspection and corresponding ratification process, upgrading our operational compliance capability. We also strengthened our payment ecosystem by improving use of security, refining mini program-based transaction tools, and enhancing cross-border payment experience. On top of this solid base, we are providing additional products and services in collaboration with licensed financial institutions, which generated high incremental margins as these revenues are recorded on a net fee basis.
此外，我们的金融科技服务提供了一组高质量收入来源的第二组示例。我们花费了多年时间建立一个坚实的金融科技服务基础，形式为我们广泛使用的支付服务，严格遵守监管要求并进行仔细的风险管理。最近几个月，我们完成了一次全面的自检和相应的确认过程，提升了我们的运营合规能力。我们还通过提高安全性、完善基于小程序的交易工具和增强跨境支付体验来加强我们的支付生态系统。在这个坚实的基础上，我们与持牌金融机构合作提供额外的产品和服务，这些收入以净费用的方式记录，产生了高额的增量利润。
In wealth management, we generate low take rates but higher margin fee income from a large and growing pool of aggregated customer assets by offering customers high quality products and superb convenience. The products are primarily low risk money market funds and, to a lesser extent, fixed income mutual funds. In consumer loans, our partners with WeBank and other licensed banks facilitate us distributing small sized cash loans and installment payment services, and we kept the default rate low by applying stringent tech-enabled risk management procedures. For both wealth management and consumer loans, we offer substantially better economics to consumers, partners and ourselves versus standalone fintech businesses as we reduce customer acquisition costs and credit charges.
在财富管理方面，我们通过向客户提供高质量的产品和卓越的便利性，从一个庞大且不断增长的聚合客户资产池中产生低的成交率但更高的利润费用收入。这些产品主要是低风险的货币市场基金，较少涉及固定收益共同基金。在消费贷款方面，我们与微众银行及其他持牌银行合作，帮助我们分发小额现金贷款和分期付款服务，并通过应用严格的技术驱动风险管理程序保持低违约率。对于财富管理和消费贷款，我们为消费者、合作伙伴和我们自己提供的经济效益远远优于独立的金融科技企业，因为我们降低了客户获取成本和信用费用。
芒格的担心是有道理的，AMEX玩的客户忠诚度计划很难面对大型科技企业的竞争，如果微信突破了，其他大型科技企业会迅速复制。
Now moving onto games, our domestic game business revenue has been soft during 2023, but we expect it to improve from the second quarter of 2024. The reason for slow growth in 2023 was that our two biggest games, Honour of Kings and Peacekeeper Elite, have maintained their leading positions in terms of DAU, but monetization has temporarily stagnated which caused us to take remedial actions.
现在转向游戏，我们的国内游戏业务在 2023 年的收入表现疲软，但我们预计从 2024 年第二季度开始会有所改善。2023 年增长缓慢的原因是我们的两款最大游戏《王者荣耀》和《和平精英》在 DAU 方面保持了领先地位，但变现暂时停滞，这导致我们采取了补救措施。
For Peacekeeper Elite, we identified the need for more creative monetization strategies and have revamped the leadership of its monetization team. We look forward to the game delivering more innovative and engaging experiences that will also help monetization. We’re optimistic that our new monetization team can deliver on this front given its sister product, PUBG Mobile has already delivered a notable rebound in its monetization internationally.
对于《和平精英》，我们意识到需要更多创造性的货币化策略，并已重新调整其货币化团队的领导层。我们期待这款游戏能够提供更多创新和引人入胜的体验，同时也有助于货币化。我们对新的货币化团队能够在这一方面取得成功感到乐观，因为其姊妹产品《PUBG Mobile》在国际市场上已经实现了显著的货币化反弹。
看着是一套赛马的机制。
For Honour of Kings, our monetization activities had been overly concentrated within the Chinese New Year period in 2023. We are rolling out a more evenly distributed monetization strategy in the year 2024, which we’d expect to benefit year-round revenue generation.
对于《王者荣耀》，我们的盈利活动在 2023 年的春节期间过于集中。我们将在 2024 年推出更均匀分布的盈利策略，预计这将有利于全年收入的生成。
Looking beyond these two games, several of our recent releases have performed well in terms of DAU and are now converting that DAU success into monetization. The number of major hit games in China increased from six in ’22 to eight in ’23. We define major hit games as games exceeding average quarterly DAU of 5 million for mobile and 2 million for PC, and at the same time generating over RMB 4 billion annual gross receipts. We view these thresholds as indicative of a major and enduring hit, and games surpassing such DAU and revenue thresholds will contribute to long term stability and growth of our game portfolio.
超越这两款游戏，我们最近发布的几款游戏在日活跃用户（DAU）方面表现良好，并且现在正在将这种 DAU 成功转化为盈利。中国的主要热门游戏数量从 2022 年的六款增加到 2023 年的八款。我们将主要热门游戏定义为移动端平均季度 DAU 超过 500 万，PC 端超过 200 万，同时年总收入超过 40 亿元人民币的游戏。我们认为这些门槛表明了一款游戏的重大和持久的成功，超过这些 DAU 和收入门槛的游戏将有助于我们游戏组合的长期稳定和增长。
Having a large and expanding portfolio of major hits illustrates our ability in continually developing new major hits and in operating model for highly popular games at the same time. During the year, our new major titles are: one, Fight of the Golden Spatula, it has transitioned from a niche auto chess game to one of the most popular mobile games in the domestic market, ranking top five by DAU and total time spent. Second, LOL Wild Rift now also ranks among the top five mobile games by total time spent and gross receipts in China. We expect to keep adding major hits through our portfolio in the course of this year.
拥有一个庞大且不断扩展的主要热门游戏组合展示了我们在持续开发新热门游戏和同时运营高度受欢迎游戏方面的能力。在过去的一年中，我们的新主要标题包括：第一款，《金色铲子之战》，它已经从一个小众的自走棋游戏转变为国内市场上最受欢迎的移动游戏之一，按日活跃用户和总时长排名前五。第二款，《英雄联盟：狂野裂谷》现在也在中国的移动游戏中按总时长和总收入排名前五。我们预计在今年的过程中将继续通过我们的组合增加主要热门游戏。
We’re looking forward to releasing several major new games which should also contribute to improving revenue trends through 2024. DnF mobile is a key title for us given the success and longevity of DnF PC and given a general scarcity of successful action games on mobile. DnF mobile has just completed a major closed beta test successfully and given the positive results, we intend to launch the game in the second quarter of this year. Other high potential games in our portfolio for 2024 include Honour of Fight, Need for Speed mobile, and One Piece mobile.
我们期待发布几款主要的新游戏，这些游戏也应该有助于改善 2024 年的收入趋势。考虑到 DNF PC 的成功和持久性，以及移动平台上成功动作游戏的普遍稀缺，DNF 移动是我们的一款关键标题。DNF 移动刚刚成功完成了一次重要的封闭测试，鉴于积极的结果，我们打算在今年第二季度推出该游戏。我们 2024 年投资组合中的其他高潜力游戏包括《荣耀之战》、《极品飞车移动版》和《海贼王移动版》。
In 2023, we also made notable progress in core technologies, especially those involving AI that will serve as our growth multiplier going forward. After deploying leading edge technologies such as the mixture of experts, or MoE architecture, our foundation model Tencent Hunyuan is now achieving top tier Chinese language performance among large language models in China and worldwide. The enhanced Hunyuan excels particularly in multi-turn conversations, logical inference, and numerical reasoning, areas which have been challenging for large language models. We have scaled the model up to the trillion parameter mark leveraging the MoE architecture to enhance performance and reducing [indiscernible] costs, and we are rapidly improving the model’s text-to-picture and text-to-video capabilities.
在 2023 年，我们在核心技术方面也取得了显著进展，特别是在涉及人工智能的技术上，这将成为我们未来增长的倍增器。在部署了前沿技术，如专家混合（MoE）架构后，我们的基础模型腾讯混元现在在中国和全球的大型语言模型中实现了顶级的中文语言表现。增强版混元在多轮对话、逻辑推理和数值推理方面表现尤为出色，这些领域一直是大型语言模型的挑战。我们利用 MoE 架构将模型规模扩大到万亿参数，以提升性能并降低[无法辨识]成本，同时我们正在快速改善模型的文本到图像和文本到视频的能力。
We are increasingly integrating Hunyuan to provide copilot services for our enterprise SaaS products, including Tencent Meeting and Tencent Docs, and we are also developing new gen-AI tools for effective content production internally. More generally, deploying AI technology in our existing businesses has begun to deliver significant revenue benefits. This is most obvious in our advertising business where our AI-powered ad tech platform is contributing to more accurate ad targeting, higher ad click-through rates and thus faster advertising revenue growth rates. We also see earlier stage business opportunities from providing AI services to Tencent Cloud customers.
我们正在越来越多地整合混元，以为我们的企业 SaaS 产品提供助手服务，包括腾讯会议和腾讯文档，同时我们也在内部开发新的生成式 AI 工具，以实现有效的内容生产。更一般来说，在我们现有业务中部署 AI 技术已经开始带来显著的收入收益。这在我们的广告业务中最为明显，我们的 AI 驱动广告技术平台正在帮助实现更准确的广告定位、更高的广告点击率，从而加快广告收入增长率。我们还看到为腾讯云客户提供 AI 服务的早期商业机会。
Finally, with this high quality revenue growth model, we have resources to keep investing in our businesses while at the same time returning more capital to our shareholders. Historically, we have continually paid cash dividends to our shareholders and periodically repurchased shares at times when we believed our share price was undervalued, which is particularly true today. With our record high and growing profit and cash flow, we propose to increase our upcoming cash dividend by 42% year-on-year to HKD 3.4 per share, and we intend to at least double our buyback activity year-on-year from HKD 49 billion in 2023 to at least HKD 100 billion in ’24. We believe this commitment to return at least HKD 132 billion or US $16.9 billion to shareholders during the year is well supported by our free cash flow, which was US $24 billion for the full year of ’23, along with our gross cash position of US $57 billion and our investment portfolio of US $126 billion.
最后，凭借这一高质量的收入增长模型，我们有资源继续投资于我们的业务，同时向股东返还更多资本。历史上，我们一直向股东支付现金股息，并在我们认为股价被低估时定期回购股票，今天尤其如此。鉴于我们创纪录的高利润和现金流，我们提议将即将到来的现金股息同比增加 42%，至每股 3.4 港元，并计划将我们的回购活动同比至少翻倍，从 2023 年的 490 亿港元增加到 2024 年的至少 1000 亿港元。我们相信，承诺在一年内向股东返还至少 1320 亿港元或 169 亿美元的资金得到了我们自由现金流的有力支持，2023 年全年自由现金流为 240 亿美元，现金总额为 570 亿美元，投资组合为 1260 亿美元。
Now with that, I will pass to James to talk about the business review.
现在我将把时间交给詹姆斯，让他谈谈业务审查。
James Mitchell 詹姆斯·米切尔
Thank you Martin. For the fourth quarter of 2023, our total revenue was up 7% year-on-year. EAS represented 45% of our revenue, within which the social network sub-segment was 18%, domestic games was 18%, and international games 9%. Online advertising was 19% of our revenue and fintech and business services represented 35%.
谢谢你，马丁。2023 年第四季度，我们的总收入同比增长了 7%。EAS 占我们收入的 45%，其中社交网络子细分市场占 18%，国内游戏占 18%，国际游戏占 9%。在线广告占我们收入的 19%，金融科技和商业服务占 35%。
The value-added services segment revenue was RMB 69 billion in the fourth quarter, down 3% year-on-year. Social network revenue of RMB 28 billion was also down 3% year-on-year. Revenue from music-related and game-related livestreaming services decreased while revenue from the video accounts streaming service, music subscriptions and mini-games increased. Long form video subscription revenue increased 1% year-on-year, driven by higher ARPU, while their video subscriptions declined slightly to RMB 117 million. Our self-commissioned drama series, Blossoms Shanghai, ranks first by video views across all online platforms in China year-to-date, extending Tencent Video’s audience lead within the online video industry.
增值服务板块的收入在第四季度为 690 亿元人民币，同比下降 3%。社交网络收入为 280 亿元人民币，同比也下降 3%。与音乐相关和游戏相关的直播服务收入下降，而视频账号直播服务、音乐订阅和迷你游戏的收入则有所增加。长视频订阅收入同比增长 1%，主要受 ARPU 提高的推动，而视频订阅略微下降至 1.17 亿元人民币。我们自制的电视剧《繁花上海》在中国所有在线平台的视频观看量中排名第一，进一步巩固了腾讯视频在在线视频行业的观众领先地位。
Music subscription revenue increased 45% year-on-year on 21% growth in subscription count and 20% growth in ARPU. Domestic games revenue was down 3% year-on-year to RMB 27 billion. Recently released PC games, Valorant and Lost Ark contributed to PC game revenue increasing but were offset by decreased revenue from Honour of Kings and Peacekeeper Elite. International games revenue increased 1% year-on-year in RMB terms, or decreased 1% in constant currency terms to RMB 14 billion as Superstar was repositioning some of its games. PUBG mobile extended its revenue recovery and Valorant maintained solid growth.
音乐订阅收入同比增长 45%，订阅用户增长 21%，每用户平均收入（ARPU）增长 20%。国内游戏收入同比下降 3%，降至 270 亿元人民币。最近发布的 PC 游戏《Valorant》和《失落的方舟》推动了 PC 游戏收入的增长，但被《王者荣耀》和《和平精英》的收入下降所抵消。国际游戏收入在人民币计价下同比增长 1%，在固定汇率下下降 1%，降至 140 亿元人民币，因为 Superstar 正在重新定位其部分游戏。《PUBG Mobile》延续了收入复苏，而《Valorant》保持了稳健增长。
In aggregate, our domestic-plus international game sub-segment reported revenue was down 2% year-on-year, although game gross receipts were slightly up year-on-year. We expect our domestic and international game reported revenue to improve from the second quarter of 2024 onwards as rebounds within existing games, such as Brawl Stars and Peacekeeper Elite have started to yield results and as we will be launching new games, including Dungeon Fighter mobile.
总体而言，我们的国内加国际游戏子部门报告的收入同比下降了 2%，尽管游戏总收入同比略有上升。我们预计，从 2024 年第二季度开始，我们的国内和国际游戏报告收入将有所改善，因为现有游戏（如《荒野乱斗》和《和平精英》）的反弹已开始产生效果，并且我们将推出新游戏，包括《地下城与勇士》手游。
Moving to communications and social networks, for Weixin video accounts on the content consumption side, time spent increased over 80% year-on-year in the fourth quarter driven partly by DAU and mostly by time spent per user, benefiting from our enhanced content recommendation engine. On the content creation side, daily video uploads grew rapidly year-on-year. We provided targeted traffic support for creators in key categories such as knowledge base content, lifestyle and music, which contributed to a sharp increase in the number of creators with over 10,000 followers, and with more followers and better livestreaming tools, the number of creators that directly generate revenue from their video accounts more than tripled year-on-year. For QQ, the number of active QQ channels grew at a double-digit rate quarter on quarter, and we launched a new version of QQ that features a refreshed user interface and enriched functionalities.
在通讯和社交网络方面，微信视频号在内容消费方面，第四季度的用户花费时间同比增长超过 80%，这部分得益于日活跃用户（DAU）的增加，主要得益于每用户的使用时间，受益于我们增强的内容推荐引擎。在内容创作方面，日均视频上传量同比快速增长。我们为知识库内容、生活方式和音乐等关键类别的创作者提供了有针对性的流量支持，这促成了拥有超过 10,000 名粉丝的创作者数量的急剧增加，随着粉丝数量的增加和更好的直播工具，直接从视频号中产生收入的创作者数量同比增长超过三倍。对于 QQ，活跃的 QQ 频道数量季度环比增长了两位数，我们推出了新版本的 QQ，具有更新的用户界面和丰富的功能。
Moving onto some domestic games highlights, the release of Set 10 drove Fight of the Golden Spatula to double its average DAU year-on-year in the fourth quarter to a new high. Arena Breakout increased its gross receipts and average DAU each by over 30% year-on-year, driven by a new competitive PVE mode, an upgraded battle pass and more appealing virtual items, and Arena Breakout is now the seventh biggest mobile game in China by total time spent. Naruto mobile, an eight-year-old game developed by our More Fun Studio, achieved record high gross receipts and average DAU in January, benefiting from extensive content updates. We view the success of Naruto as a positive leading indicator for our upcoming One Piece game, also from More Fun.
转向一些国内游戏的亮点，Set 10 的发布使《金铲铲之战》的平均日活跃用户数同比在第四季度翻倍，达到了新高。《竞技场突破》的总收入和平均日活跃用户数同比均增长超过 30%，这得益于新的竞争性 PVE 模式、升级的战斗通行证和更具吸引力的虚拟物品，而《竞技场突破》现在是中国第七大移动游戏，按总游戏时长计算。由我们的 More Fun Studio 开发的八年老游戏《火影忍者手游》在一月份创下了总收入和平均日活跃用户数的历史新高，受益于广泛的内容更新。我们将《火影忍者》的成功视为我们即将推出的《海贼王》游戏（同样来自 More Fun）的积极领先指标。
We launched our party game, Dream Stars in December. Party games aggregate a range of game modes, and we’re still building out the number and variety of Dream Stars games modes to compete with the games modes featured in incumbent party games, as well as releasing tools for players to create their own game modes. We vie party games as a genre that will require sustained effort over a long period, but we’re encourage that Dream Stars ranked among the top 10 mobile games in China by DAU during the Chinese New Year, and we believe that Dream Stars is already the industry leader in party games measured by DAU within certain game modes, such as social deduction and tower defense.
我们在 12 月推出了我们的派对游戏《梦之星》。派对游戏聚合了多种游戏模式，我们仍在不断增加《梦之星》的游戏模式的数量和种类，以与现有派对游戏中的游戏模式竞争，同时发布工具供玩家创建自己的游戏模式。我们认为派对游戏作为一个类型需要在较长时间内持续努力，但我们感到鼓舞的是，《梦之星》在中国春节期间按日活跃用户数（DAU）排名前 10 的移动游戏中，我们相信《梦之星》在某些游戏模式（如社交推理和塔防）中已经是派对游戏行业的领导者。
Among our international games, PUBG mobile increased its DAU and gross receipts year-on-year in the fourth quarter, benefiting from the introduction of the Frozen Kingdom theme mode and an innovative top tier outfit with upgradable weapons. Nikke released a new storyline and new characters, and encouraging Nikke’s average DAU reached a 2023 year high level in the fourth quarter. Supercell’s five-year-old game, Brawl Stars achieved record high gross receipts and DAU in February 2024, due to enhancements to its friend invitation system, the introduction of a new 5v5 game mode, and a complete redesign of its battle pass. Brawl Stars’ resurgence demonstrates the latent franchise value of our evergreen titles and their potential to unleash new growth.
在我们的国际游戏中，PUBG Mobile 在第四季度的日活跃用户（DAU）和总收入同比增长，受益于冰冻王国主题模式的引入和可升级武器的创新顶级装备。Nikke 发布了新的故事情节和新角色，鼓励 Nikke 的平均 DAU 在第四季度达到了 2023 年的最高水平。Supercell 五年前推出的游戏《Brawl Stars》在 2024 年 2 月创下了总收入和 DAU 的历史新高，这得益于其好友邀请系统的增强、新的 5v5 游戏模式的引入以及战斗通行证的全面重新设计。《Brawl Stars》的复苏展示了我们常青标题的潜在特许经营价值及其释放新增长的潜力。
Moving to online advertising, our ad revenue was RMB 30 billion in the fourth quarter, up 21% year-on-year, benefiting from upgrades to our ad tech platform and more advertising revenue and video accounts. We generated increased ad revenue from all major categories except automotive with notable step-ups in revenue from internet services, healthcare and consumer goods categories. We refined our ad targeting by utilizing more real-time data in the AI powering our ad tech, enabling us to match target users with more relevant ads in a more timely manner across both our owned and our ad network properties.
转向在线广告，我们的广告收入在第四季度达到了 300 亿元人民币，同比增长 21%，受益于我们广告技术平台的升级以及更多的广告收入和视频账户。除了汽车类之外，我们在所有主要类别中都实现了广告收入的增长，互联网服务、医疗保健和消费品类别的收入显著提升。我们通过利用更多实时数据来优化广告定位，这些数据由驱动我们广告技术的人工智能提供，使我们能够在自有和广告网络属性中更及时地将目标用户与更相关的广告匹配。
Our video accounts ad revenue more than doubled year-on-year despite maintaining a very low ad load, due to increased video views and upgraded ad targeting. Weixin Search increased its revenue several-fold year-on-year in the quarter on growth on commercial queries and RPM.
我们的在线视频账户广告收入同比增长超过一倍，尽管广告负载保持在非常低的水平，这得益于视频观看量的增加和广告定位的升级。微信搜索在这一季度的商业查询和每千次展示收入（RPM）增长的推动下，收入同比增长了数倍。
Summarizing fintech and business services, segment revenue was RMB 54 billion in the fourth quarter, up 15% year-on-year. Fintech services revenue sustained a teens year-on-year growth rate on increased commercial payment volume, wealth management fees and consumer loan fees. Gross profit grew faster than revenue due to a shift in social to commercial payments.
总结金融科技和商业服务，第四季度的细分收入为 540 亿元人民币，同比增长 15%。金融科技服务收入由于商业支付量、财富管理费用和消费贷款费用的增加，维持了两位数的同比增长率。由于社会支付向商业支付的转变，毛利润增长速度快于收入。
Within commercial payments, daily active users and transactions per user both increased. We enhanced mini program-based QR code and palm payment solutions, helping offline merchants boot repeat sales. For business services, revenue grew around 20% year-on-year in the fourth quarter, benefiting from higher cloud spending by industries such as retail and finance, and increased technology service fees on video accounts’ ecommerce transactions. Business services gross profit more than quadrupled year-on-year due to those technology service fees, as well as supply chain optimization initiatives.
在商业支付方面，日活跃用户和每用户交易量均有所增加。我们增强了基于小程序的二维码和掌上支付解决方案，帮助线下商家提升重复销售。对于商业服务，第四季度收入同比增长约 20%，受益于零售和金融等行业的云支出增加，以及视频账户电商交易的技术服务费用上升。由于这些技术服务费用以及供应链优化举措，商业服务的毛利润同比增长超过四倍。
Among our enterprise software-as-a-service products, we deployed AI for real-time content comprehension in Tencent Meeting, deployed AI for prompt-based document generation in Tencent Docs, and rolled out a paid customer acquisition tool for WeCom. We deepened our enterprise SaaS penetration among domestic companies such as Vivo, as well as multinationals such as Novo Nordisk. As a result, our enterprise software revenue in WeCom, Tencent Meetings and Tencent Docs together more than doubled year-on-year.
在我们的企业软件即服务产品中，我们在腾讯会议中部署了实时内容理解的人工智能，在腾讯文档中部署了基于提示的文档生成的人工智能，并推出了 WeCom 的付费客户获取工具。我们在国内公司如 Vivo 以及跨国公司如诺和诺德中加深了企业 SaaS 的渗透。因此，我们在 WeCom、腾讯会议和腾讯文档中的企业软件收入同比增长超过一倍。
I’ll now pass to John.
我现在将交给约翰。
John Lo 约翰·洛
Thank you James. Hello everyone.
谢谢你，詹姆斯。大家好。
For quarter four 2023 and full year 2023, we have reclassified interest income from above to below the operating profit line. Additionally, investment related gains and losses and donations, both previously included in other gains or losses net above the operating line, are now combined as net gains or losses from investments and others and presented below the operating profit line. The reclassification aims to better reflect the results of day-to-day operations. Comparative figures have also been restated.
对于 2023 年第四季度和 2023 年全年，我们已将利息收入从营业利润线以上重新分类至营业利润线以下。此外，投资相关的收益和损失以及捐赠，之前包含在营业线以上的其他收益或损失净额中，现在合并为投资和其他的净收益或损失，并呈现在营业利润线以下。此重新分类旨在更好地反映日常运营的结果。比较数据也已重新表述。
For fourth quarter 2023, total revenue was RMB 155.2 million, up 7% year-on-year. Gross profit was RMB 77.6 billion, up 25% year-on-year. Operating profit was RMB 41.4 billion, up 42% year-on-year. Net losses from investments and others were RMB 6.7 billion, primarily reflecting payment provisions against certain investees. Interest income was RMB 3.9 billion, up 52% year-on-year driven by growth in cash reserves and improved yield on term deposits. Finance costs were RMB 3.5 billion, down 3% year-on-year due to reduced forex losses, partially offset by higher interest expenses.
2023 年第四季度，总收入为人民币 1.552 亿元，同比增长 7%。毛利润为人民币 776 亿元，同比增长 25%。营业利润为人民币 414 亿元，同比增长 42%。投资及其他净损失为人民币 67 亿元，主要反映对某些被投资公司的支付准备。利息收入为人民币 39 亿元，同比增长 52%，主要受现金储备增长和定期存款收益改善的推动。财务成本为人民币 35 亿元，同比下降 3%，由于外汇损失减少，部分被更高的利息支出抵消。
Share of profit of associates and JVs was RMB 2.4 billion versus a loss of RMB 1.6 billion in the same period last year. On a non-IFRS basis, share of profit increased to RMB 4.5 billion, up from profit of RMB 3.1 billion last year, driven by better profitability at certain domestic associates and a successful game release by an overseas video investee.
联营公司和合资企业的利润份额为 24 亿元人民币，而去年同期为亏损 16 亿元人民币。在非国际财务报告准则基础上，利润份额增加至 45 亿元人民币，较去年 31 亿元人民币的利润有所上升，主要得益于某些国内联营公司的盈利能力改善以及海外视频投资公司的成功游戏发布。
Income tax expense rose by 111% year-on-year to RMB 9.7 billion, driven by operating profit growth and increased reporting tax position.
所得税费用同比增长 111%，达到 97 亿元人民币，主要受经营利润增长和报告税务状况增加的推动。
IFRS net profit attributable to equity holders was RMB 27 billion, down 75% year-on-year primarily due to the RMB 106.6 billion gain from the disposal Meituan recognized in the same quarter last year. Diluted EPS was RMB 2.807, down 74% year-on-year.
根据国际财务报告准则，归属于股东的净利润为人民币 270 亿元，同比下降 75%，主要是由于去年同期美团处置所确认的人民币 1066 亿元的收益。稀释每股收益为人民币 2.807 元，同比下降 74%。
Now I’ll share our non-IFRS financial figures.
现在我将分享我们的非国际财务报告准则（non-IFRS）财务数据。
For quarter four, operating profit was RMB 49.1 billion, up 35% year-on-year. Net profit attributable to equity holders was RMB 42.7 billion, up 44% year-on-year. Diluted EPS was RMB 4.443, up 46% year-on-year.
第四季度，营业利润为 491 亿元人民币，同比增长 35%。归属于股东的净利润为 427 亿元人民币，同比增长 44%。稀释每股收益为 4.443 元人民币，同比增长 46%。
Moving onto gross margins, for quarter four overall gross margin was 50%, up 7.4 percentage points year-on-year. By segment, gross margin for value-added services was 53.7%, up 3.9 percentage points year-on-year. This was due to higher mix of high margin mini-games, platform service fee, and reduced contribution from low margin music and games-related livestreaming revenue, along with our cost control measures.
转向毛利率，第四季度整体毛利率为 50%，同比上升 7.4 个百分点。按细分市场来看，增值服务的毛利率为 53.7%，同比上升 3.9 个百分点。这是由于高毛利迷你游戏的比例增加、平台服务费的提升，以及低毛利音乐和游戏相关直播收入的贡献减少，加上我们的成本控制措施。
Gross margin for online advertising increased to 56.8%, up 12.6 percentage points year-on-year. As Martin highlighted, our high quality revenue streams, particularly video accounts ad revenue generated from our own traffic with platform costs already paid for, contributed to our incremental margins. Our efficiency efforts also led to margin improvement.
在线广告的毛利率提高至 56.8%，同比增长 12.6 个百分点。正如马丁所强调的，我们的高质量收入来源，特别是来自我们自己流量的视频账户广告收入，已经支付的平台成本，促进了我们的增量利润。我们的效率提升努力也带来了利润改善。
Gross margin for fintech and business services was 43.9%, up 10.3 percentage points year-on-year. This was driven by margin enhancements following our business restructuring, emerging high quality revenues including video accounts, ecommerce, technology service fees, a structural shift towards high margin products within fintech services, and our efficiency initiatives.
金融科技和商业服务的毛利率为 43.9%，同比上升 10.3 个百分点。这得益于我们业务重组后的利润提升、新兴的高质量收入，包括视频账户、电子商务、技术服务费、金融科技服务中向高毛利产品的结构性转变，以及我们的效率提升举措。
For quarter four operating expenses, selling and marketing expenses were RMB 11 billion, up 79% year-on-year against a low base last year, driven by more spending on promotion advertising to support new content releases. It represented 7.1% of revenues. R&D expenses were RMB 16.4 billion, up 3% year-on-year. G&A expenses excluding R&D were RMB 10.8 billion, down 6% year-on-year due to lower [indiscernible] and optimized operating lease expenses. At quarter end, we had approximately 105,000 employees, down 3% year-on-year or stable quarter-on-quarter.
第四季度的运营费用中，销售和市场费用为人民币 110 亿元，同比增长 79%，主要是由于在推广广告上的支出增加，以支持新内容的发布。这占收入的 7.1%。研发费用为人民币 164 亿元，同比增长 3%。不包括研发的管理和行政费用为人民币 108 亿元，同比下降 6%，主要是由于[无法辨识]的减少和优化的运营租赁费用。季度末，我们的员工人数约为 105,000 人，同比下降 3%，环比持平。
Let’s look at our operating and net margin ratios. For fourth quarter 2023, non-IFRS operating margin was 31.7%, up 6.6 percentage points year-on-year. Non-IFRS net margin was 28.2%, up 7.1 percentage points year-on-year.
让我们看看我们的营业和净利润率。2023 年第四季度，非国际财务报告准则营业利润率为 31.7%，同比上升 6.6 个百分点。非国际财务报告准则净利润率为 28.2%，同比上升 7.1 个百分点。
Next I will highlight some key cash flow and balance sheet metrics. For quarter four, total capex was RMB 7.5 billion, up 33% year-on-year. Within total capex, operating capex was RMB 6.7 billion, more than triple year-on-year driven by increased investment in GPUs and servers. Non-operating capex decreased by 78% year-on-year to RMB 0.8 billion. Free cash flow was RMB 34.2 billion for quarter four, up 42% year-on-year. For full year 2032, as highlighted by Martin, our free cash flow was US $24 billion or RMB 167 billion, up 89% year-on-year. Net cash position was RMB 54.7 billion, up 15% quarter-on-quarter, reflecting strong free cash flow generation partly offset by cash outflows for share repurchases and strategic investments.
接下来，我将重点介绍一些关键的现金流和资产负债表指标。第四季度，总资本支出为 75 亿元人民币，同比增长 33%。在总资本支出中，运营资本支出为 67 亿元人民币，同比增长超过三倍，主要受 GPU 和服务器投资增加的推动。非运营资本支出同比下降 78%，为 8 亿元人民币。第四季度自由现金流为 342 亿元人民币，同比增长 42%。对于 2032 财年，正如马丁所强调的，我们的自由现金流为 240 亿美元或 1670 亿元人民币，同比增长 89%。净现金头寸为 547 亿元人民币，环比增长 15%，反映出强劲的自由现金流生成，部分被股票回购和战略投资的现金流出所抵消。
To conclude, I will discuss our share repurchase and annual dividend. For the full year of 2023, we repurchased 152 million shares with a total consideration of HKD 49 billion. As a result, our total issued shares after accounting for employee share options and one issuance decreased by 0.9% year-on-year as at the end of 2023. The weighted average number of shares for calculating our 2023 diluted EPS also decreased 0.9% year-on-year.
最后，我将讨论我们的股票回购和年度股息。在 2023 年全年，我们回购了 1.52 亿股，总对价为 490 亿港元。因此，截至 2023 年底，考虑到员工股票期权和一次发行后，我们的总发行股份同比减少了 0.9%。用于计算我们 2023 年稀释每股收益的加权平均股份数也同比减少了 0.9%。
Subject to shareholders’ approval at the upcoming 2024 AGM, we are proposing an annual dividend of HKD 3.4 per share, reflecting a 42% increase from the previous year. This dividend will be payable to shareholders on 31 May 2024. Thank you.
根据股东在即将召开的 2024 年年度股东大会上的批准，我们提议每股派发年度股息 3.4 港元，比去年增加 42%。该股息将于 2024 年 5 月 31 日支付给股东。谢谢。
Question-and-Answer Session
问答环节
Operator 操作符
A - Wendy Huang A - 黄文迪
Thank you John. We shall now open the call for questions. If you are dialing in by phone, please press five to raise a question, then press six to un-mute yourself. If you’re accessing from Tencent Meeting or WeMeet application, please click the Raise Hand button at the bottom. We will take one main question and answer one follow-up question each time.
谢谢你，约翰。我们现在开始提问环节。如果您是通过电话拨入，请按五提问，然后按六解除静音。如果您是通过腾讯会议或 WeMeet 应用程序访问，请点击底部的举手按钮。我们每次将接受一个主要问题和一个后续问题。
We will take the first question from Kenneth Fong from UBS.
我们将从瑞银的 Kenneth Fong 那里提取第一个问题。
Kenneth Fong 方凯宁
Hi, good evening management. Thanks for taking my question.
嗨，晚上好，管理层。感谢您回答我的问题。
My first question is for online games. As we highlight in our strategy for online games, we will work on enhancing the flagship titles, building emerging franchise games, and launch of new titles. Can management share with us the timing and when we should see it benefiting our overall online game growth?
我第一个问题是关于在线游戏的。正如我们在在线游戏战略中强调的，我们将致力于增强旗舰标题，建立新兴特许经营游戏，并推出新标题。管理层能否与我们分享时间安排，以及我们何时可以看到这些对我们整体在线游戏增长的好处？
For the industry top down, we also see some gradual relaxation on the number of banhou [ph] being approved and also games with high commercial value, but at the same time, we also see some industry headwinds like lower player spend with more competition, so how should we think about the medium term growth for the online games ahead?
对于行业的整体趋势，我们也看到对批准的“版号”数量逐渐放宽，以及具有高商业价值的游戏，但与此同时，我们也看到一些行业逆风，比如玩家消费下降和竞争加剧，那么我们应该如何看待未来在线游戏的中期增长？
I have a follow-up question for the livestreaming ecommerce. Last year, we made very meaningful progress and have stepped up hiring and building of our team for livestreaming ecommerce. Can management share with us some updates, like our current scale, the road map ahead, and how we are differentiating from our peers? Thank you.
我有一个关于直播电商的后续问题。去年，我们取得了非常有意义的进展，并加大了对直播电商团队的招聘和建设。管理层能否与我们分享一些更新，比如我们目前的规模、未来的路线图，以及我们如何与同行区分开来？谢谢。
James Mitchell 詹姆斯·米切尔
Hi Kenneth. Perhaps I’ll answer the online game question.
嗨，肯尼斯。也许我会回答在线游戏的问题。
You identified a number of potential factors that could affect our growth, including banhou issuance, lower player spend, and I think more competition. In reality, we don’t think any of those are the key issue that we have been facing. We’ve received a decent number of banhou, certainly sufficient for our aspirations. Our games are generally much lower ARPU than the industry and therefore we haven’t seen, and we wouldn’t expect to see lower player spend as an external macro factor. Then continued competition is sort of an inevitability in an industry that’s still a high growth, high returns industry, so we believe that the key challenge for us is just getting our own house in order.
您识别了一些可能影响我们增长的因素，包括版号发行、玩家消费降低，以及我认为更多的竞争。实际上，我们认为这些都不是我们面临的关键问题。我们已经收到了相当数量的版号，绝对足够满足我们的期望。我们的游戏通常的 ARPU 远低于行业水平，因此我们没有看到，也不期望看到玩家消费降低作为外部宏观因素。持续的竞争在一个仍然是高增长、高回报的行业中是不可避免的，因此我们相信，对我们来说，关键挑战就是理顺我们自己的内部事务。
We have three strategies that are underway now for getting our own house in order. One is revamping, changing the leadership for our existing games, and we did that with Brawl Stars and we’ve seen a very sharp upturn in Brawl Stars revenue reaching new records and becoming the biggest super sell game. We’ve done that--we’ve made changes with PUBG mobile, and that’s seen a big upturn, and more recently we’ve made changes with Peacekeeper Elite, so where we need to make changes, we’re now making those changes.
我们现在有三项正在进行的策略，以使我们自己的业务井井有条。一个是重组，改变我们现有游戏的领导层，我们在《荒野乱斗》中做到了这一点，看到《荒野乱斗》的收入急剧上升，达到了新纪录，成为最大的超级畅销游戏。我们也对《PUBG Mobile》进行了调整，取得了显著的增长，最近我们对《和平精英》进行了调整，因此在需要进行更改的地方，我们现在正在进行这些更改。
Secondly, we have a number of games that over the last two to three years have aggregated very substantial user bases, and now we’re in the process of monetizing those games and you can see that relatively clearly with Fight for the Golden Spatula, with Wild Rift, with Arena Breakout, among others.
其次，我们有一些游戏在过去两到三年中积累了相当可观的用户基础，现在我们正在对这些游戏进行货币化，您可以相对清楚地看到《争夺金色铲子》、《狂野裂谷》、《竞技场突破》等游戏的情况。
Then thirdly, we have been focusing on bringing bigger budget games that iterate on prior successes to market, and you will see those coming through the rest of this year, including Dungeon and Fighter mobile, where as a result of a very successful internal test, we’ve actually accelerated the launch date to be in the second quarter of this year, over the next three months. As a result of the above, we believe that our game revenue would improve in the second quarter of this year onwards, and the extent of our success in those three strategies will determine the medium term growth rate.
然后第三，我们一直专注于推出更大预算的游戏，这些游戏在之前的成功基础上进行迭代，您将在今年剩下的时间里看到这些游戏的推出，包括《地下城与勇士》移动版，由于内部测试非常成功，我们实际上将发布日期提前到了今年第二季度，在接下来的三个月内。因此，我们相信我们的游戏收入将在今年第二季度及以后有所改善，而这三项策略的成功程度将决定中期增长率。
Thank you. 谢谢。
Martin Lau 马丁·刘
In terms of the livestreaming and video accounts ecommerce, I think we have made very good progress in the course of 2023, but that’s only the beginning of nurturing of this exciting opportunity. In terms of GMV in the course of 2023, that’s grown a lot to more than 100 billion, but to put it in context, it’s still very small compared to the size of video accounts. It’s also a fraction of mini-programs ecommerce GMV, so in order for us to really capture the very big opportunity within this business, we have a number of strategies that’s ongoing.
在直播和视频账号电商方面，我认为我们在 2023 年取得了很好的进展，但这仅仅是培养这一激动人心的机会的开始。在 2023 年的 GMV 方面，增长了很多，超过了 1000 亿，但放在背景中看，与视频账号的规模相比，这仍然非常小。它也只是小程序电商 GMV 的一小部分，因此为了真正抓住这个业务中的巨大机会，我们有多项正在进行的策略。
Number one, we want to really upgrade the management of the overall ecosystem, including improving the product quality control, improving the process through which we handle user complaints and user feedback, and overall we want to improve the shopping experience for the customers.
第一，我们希望真正提升整体生态系统的管理，包括改善产品质量控制，优化处理用户投诉和用户反馈的流程，总体上我们希望改善客户的购物体验。
Second is actually through better category management. We actually want to work through each one of the high potential product categories and make sure that we have high quality merchants and attractive products for the customers, and that actually requires very meticulous work, quite a bit of work force addition, and also have to be rolled out one by one. We also want to work on better tools for merchants and brands so that we can do business and look at their business analytics and help them to make pricing decisions better. There’s a whole set of merchant tools that we’re going to be adding.
第二个实际上是通过更好的类别管理。我们实际上希望逐一处理每一个高潜力的产品类别，确保我们拥有高质量的商家和吸引顾客的产品，这实际上需要非常细致的工作，相当多的劳动力增加，并且还必须逐一推出。我们还希望为商家和品牌提供更好的工具，以便我们可以开展业务，查看他们的业务分析，并帮助他们更好地做出定价决策。我们将添加一整套商家工具。
Overall, we also want to market this overall platform and the availability of these products to the consumers that’s on WeChat and that’s using video accounts, so that we can actually increase the awareness of our shopping experience within video accounts. Finally, we are looking to increase the integration between video accounts, shopping experience and infrastructure, and the mini programs that are already operated at scale by a lot of merchants, and we believe by doing a combination of the above, we can continue to grow the GMV of our video accounts ecommerce in a healthy way. It’s very important for us to build a very solid foundation for this platform at this point in time, so that we can actually usher in a very long and significant growth track for this business going forward.
总体而言，我们还希望将这个整体平台及其产品的可用性推广给在微信上使用视频账号的消费者，以便我们能够提高消费者对我们在视频账号内购物体验的认知。最后，我们希望增强视频账号、购物体验和基础设施之间的整合，以及许多商家已经大规模运营的小程序。我们相信，通过以上的组合，我们可以继续以健康的方式增长我们视频账号电子商务的 GMV。在这个时候，为这个平台建立一个非常坚实的基础对我们来说非常重要，以便我们能够为这个业务的未来带来一个长期而重要的增长轨迹。
零售领域的竞争太激励了，很多企业只能红一段时间，一旦不红了就很麻烦，比如，现在的京东，以及以前的苏宁和国美。
Wendy Huang 黄文迪
Thank you. We will take the next question from William Packer from Exane BNP.
谢谢。我们将接下来的问题交给来自 Exane BNP 的 William Packer。
William Packer 威廉·帕克
Hi management, thanks for taking my questions. Firstly, domestic gaming growth weakened during the 2021 - 2022 rectification period, and then last August, we talked to weaker Q2 trends reflecting seasonality and less commercial content. You’re again talking to a weak monetization at key games for Q4 and Q1. Should we think of these challenges as the new normal for evergreen domestic games? Does this reflect that these games are now ex-growth, so you therefore need to rely on new releases?
嗨，管理层，谢谢你们回答我的问题。首先，国内游戏增长在 2021 - 2022 年的整顿期间减弱，然后在去年八月，我们谈到了反映季节性和较少商业内容的较弱 Q2 趋势。你们再次提到 Q4 和 Q1 关键游戏的弱货币化。我们是否应该将这些挑战视为常青国内游戏的新常态？这是否反映这些游戏现在已经没有增长，因此你们需要依赖新发布的游戏？
Then my follow-up question is regarding regulation. The market was somewhat alarmed in Q4 regarding new draft rules for the video games industry which could curtail in-game monetization. Could you update us on latest developments there? When should we expect a new draft, how should we think about the potential impact on your business? Thanks very much.
然后我的后续问题是关于监管的。市场在第四季度对视频游戏行业的新草案规则感到有些担忧，这可能会限制游戏内的货币化。您能更新一下那里的最新进展吗？我们应该期待何时发布新草案，我们应该如何看待对您业务的潜在影响？非常感谢。
James Mitchell 詹姆斯·米切尔
Hi Will, so perhaps I’ll start on your first question. If you look at our commentary in Q2, what we reported in Q4 is actually sort of a consequence of the commentary in Q2, if you will, in that as you may know for our two biggest games, we have a roughly nine--we have a nine-month amortization period from gross receipts into reported revenue, and so we saw weak monetization, therefore weak gross in receipts from Q2 onwards last year. That impacts us most heavily in Q4, because in Q4 we lose the benefit of relatively strong gross in receipts from Q1, and as a result, that’s why if you look at the reported revenue for Q4, it was down year-on-year because of the lag effect of weak monetization in Q2 and Q3. But if you looked at the gross in receipts, the actual cash inflows, it was slightly up year-on-year in Q4, so what we saw in Q2 is the driver of what we saw in Q4, as opposed to being two sort of separate or contradictory phenomena.
嗨，Will，也许我可以先回答你的第一个问题。如果你查看我们在第二季度的评论，我们在第四季度报告的内容实际上是第二季度评论的一个结果，正如你所知道的，对于我们两个最大的游戏，我们有大约九个月的摊销期，从总收入到报告的收入，因此我们从去年第二季度开始看到的货币化疲软，导致总收入疲软。这在第四季度对我们影响最大，因为在第四季度我们失去了第一季度相对强劲的总收入的好处，因此，如果你查看第四季度的报告收入，年同比下降是因为第二季度和第三季度货币化疲软的滞后效应。但如果你查看总收入，实际现金流入在第四季度年同比略有上升，所以我们在第二季度看到的情况是第四季度情况的驱动因素，而不是两种独立或矛盾的现象。
In terms of whether our big games are ex-growth, we clearly don’t think that’s the case. We are very active investors across the game industry, we can see that big games with longevity, with substantial user bases enjoy--they experience upswings and down-swings, but over the longer term they’re only becoming more powerful, whether you look at a Call of Duty or a Grand Theft Auto or a Fortnite. We certainly believe that that is the case in China, that longevity is an asset rather than a liability, just as it is in the luxury goods industry. No one would say a luxury goods brand with longevity is inferior to a newly emerged luxury goods brand.
在我们的大型游戏是否处于增长停滞方面，我们显然不认为情况是这样的。我们在游戏行业中是非常活跃的投资者，我们可以看到，拥有长久生命力和庞大用户基础的大型游戏经历着起伏，但从长远来看，它们只会变得更强大，无论是《使命召唤》、《侠盗猎车手》还是《堡垒之夜》。我们确实相信在中国也是如此，长久性是一种资产，而不是负担，就像奢侈品行业一样。没有人会说一个拥有长久生命力的奢侈品牌比一个新兴的奢侈品牌更差。
We can see it with our own games. We can see that PUBG mobile is now rebounding strongly, we can see that Brawl Stars and also actually the entire Supercell portfolio of games is rebounding strongly. We expect a number of our other games to also see substantial rebounds.
我们可以通过自己的游戏看到这一点。我们可以看到 PUBG Mobile 现在正在强劲反弹，我们可以看到 Brawl Stars，以及实际上整个 Supercell 的游戏组合都在强劲反弹。我们预计我们的其他一些游戏也会有显著的反弹。
Again, because of the time lag between cash inflows versus reported revenue, that will show up in our P&L from the second quarter, but we are already experiencing improvements in cash inflow, so that’s on the first question around where we are with games.
再次，由于现金流入与报告收入之间的时间滞后，这将在我们的损益表中反映在第二季度，但我们已经在现金流入方面看到改善，因此这是关于我们在游戏方面进展的第一个问题。
Then maybe on the game regulation side--?
然后也许在游戏监管方面——？
Martin Lau 马丁·刘
Yes, on the regulation, we actually don’t know when the new draft will be released or whether it will be released, but it’s no longer our concern because after the original draft was released, there was concern by the market, and I think the regulators have actually come out very explicitly in explaining that the purpose of the draft was actually to provide a healthy environment for growing the industry, rather than constraining the industry. Two is we’re actually very encouraged by the supportive measures that were unleashed after the initial concern was expressed by the market, including in the very beginning of this year, there is a single batch of domestic banhou which is more than 100, including there’s expedited approval of imported game licenses, and also our flagship mobile game, DnF mobile has been approved in that batch.
是的，关于法规，我们实际上不知道新草案何时会发布或是否会发布，但这不再是我们的关注点，因为在原始草案发布后，市场上出现了担忧，我认为监管机构实际上已经非常明确地解释了草案的目的是为了为行业的健康发展提供环境，而不是限制行业。第二，我们实际上对市场表达初步担忧后出台的支持措施感到非常鼓舞，包括在今年年初，有一批国内的“版号”超过 100 个，包括加快审批进口游戏许可证，以及我们的旗舰手机游戏《地下城与勇士手机版》已在该批次中获得批准。
Also, if you just look at what’s the focus of people’s concern, right, it’s about high ARPU games, and that’s really now relevant to us because our ARPU is actually on the very low end of the overall industry, so I think to be frank, it’s no longer one of our concerns anymore.
此外，如果你看看人们关注的焦点是什么，实际上是高 ARPU 游戏，而这对我们来说确实相关，因为我们的 ARPU 实际上处于整个行业的非常低端，所以坦率地说，这不再是我们关心的问题了。
Wendy Huang 黄文迪
Thank you Martin. 谢谢马丁。
Next we will take a question from Alicia Yap from Citigroup.
接下来我们将听取来自花旗集团的 Alicia Yap 的问题。
Alicia Yap 阿莉西亚·叶
Hi, good evening. Can you hear me, management? Thanks for taking my questions.
嗨，晚上好。你们能听到我吗，管理层？谢谢你们回答我的问题。
I have--my main question is on the AI power functionality. In addition to enhancing and powering the internal advertising targeting capability, what is your expectation of the AI power functionality to generate decent tractions of revenue from the external cloud and business-to-business customer near term, or should we actually expect any near term benefit more reflecting on the continued improvement on the advertiser ROI and also ecommerce merchant conversion rate?
我有一个主要问题是关于 AI 能力功能。除了增强和提升内部广告定位能力外，您对 AI 能力功能在短期内从外部云和企业客户生成可观收入的期望是什么？或者我们是否应该期待任何短期利益，更多地反映在广告客户的投资回报率和电子商务商户转化率的持续改善上？
Second, a very quick follow-up is I understand the user profile for mini-games is quite different from the mobile APP game user, but just curious to see if there’s any profit shift or cannibalization of the time spend from the APP games to the mini-games that will also contribute to the slower growth of domestic game in the past few quarters. Thank you.
其次，我很快跟进一下，我了解到迷你游戏的用户画像与移动 APP 游戏用户有很大不同，但我只是好奇是否存在从 APP 游戏到迷你游戏的时间消费转移或相互侵蚀，这也可能导致国内游戏在过去几个季度的增长放缓。谢谢。
Martin Lau 马丁·刘
Yes, in terms of the AI short term benefit, I think the financial benefits should be much more indexed towards the advertising side, because if you think about the size of our advertising business as, call it RMB 100 billion a year, and if you can just have a 10% increase, that’s RMB 10 billion and mostly all profit, so that’s the scale of the benefits on the advertising side. Especially as we see continued growth of our advertising business and when we add in the video accounts ecommerce ecosystem, that just has a very long track of growth potential and also the low ad load right now within video accounts.
是的，就短期人工智能的好处而言，我认为财务收益应该更多地与广告方面挂钩，因为如果你考虑到我们的广告业务规模，假设每年为人民币 1000 亿元，如果能仅仅增加 10%，那就是人民币 100 亿元，而且几乎全部是利润，所以这就是广告方面收益的规模。特别是我们看到广告业务的持续增长，以及当我们将视频账号电商生态系统纳入其中时，这就有着非常长的增长潜力，并且目前视频账号的广告负载也很低。
On the other hand, if you look at the cloud and business services customers, then you are really facing a relatively nascent market. We still have to sell to these customers, and we spend a lot of time working with all the customers in different industries and trying to figure out what’s the best way of leveraging AI for their business, and then you have to go through a long sell cycle, and then at the same time it’s competitive because your competitors will actually come in and say they can also provide a similar service, and despite we believe we have a superior technology and product, it’s actually very cutthroat and your competitor may actually come in and say, oh, they’re going to cut prices even though there’s an inferior product.
另一方面，如果你看看云和商业服务客户，那么你实际上面临的是一个相对新兴的市场。我们仍然需要向这些客户销售，我们花费大量时间与不同行业的客户合作，试图找出利用人工智能为他们的业务提供最佳方式，然后你必须经历一个漫长的销售周期，同时竞争也很激烈，因为你的竞争对手实际上会进来并声称他们也可以提供类似的服务，尽管我们相信我们拥有更优越的技术和产品，但实际上竞争非常激烈，你的竞争对手可能会进来并说，他们会降价，即使产品质量较差。
All these things, all the low margin, highly competitive and long sales cycle of 2B business would actually come into play in that side of the business, so when you compare the two sides of the equation, you can actually clearly see that ramping up advertising is actually going to be much more profitable in the short term.
所有这些事情，所有低利润、高竞争和长销售周期的 2B 业务实际上都会在业务的那一侧发挥作用，因此当你比较这两个方面时，你可以清楚地看到，增加广告支出在短期内实际上会更有利可图。
腾讯对TO B不感兴趣。
Of course, we will continue to do both and we believe that the value that we provide to our customers is not just measured in how much profit we make from them, but also in how much improvement we make to their business over the long run, and we believe as China moves into an economy which is much more focused on productivity and as the costs of--human costs, actually, you might increase it, right, so some of the dynamics of the U.S. market in having a more profitable business services business would actually come in, but that will take quite some time to realize.
当然，我们将继续做这两件事，我们相信我们为客户提供的价值不仅仅体现在我们从他们身上赚取的利润上，还体现在我们在长期内为他们的业务带来的改善上。我们相信，随着中国进入一个更加注重生产力的经济，以及人力成本的增加，实际上，您可能会提高它，对吧，因此美国市场在拥有更盈利的商业服务业务方面的一些动态实际上会出现，但这将需要相当长的时间才能实现。
James Mitchell 詹姆斯·米切尔
And on your question about whether our mini-games are cannibalizing time spent or revenue generation for our app-based games, we’re very confident that our mini-games are not a tribe of cannibals. They’re a tribe of pioneers and explorers and developers of new territory, and I say that because from a time spent perspective, our app-based games have been performing fine and we can see the increased time spent for games, like Fight for the Golden Spatula, Arena Breakout were very substantial, and we’ve disclosed previously that only less than half of the mini-game MAU were also app-based game MAU.
关于您提到的我们的迷你游戏是否在侵占我们应用游戏的时间或收入生成的问题，我们非常有信心我们的迷你游戏并不是一群食人族。它们是一群开拓者、探索者和新领域的开发者，我这样说是因为从时间花费的角度来看，我们的应用游戏表现良好，我们可以看到像《争夺金色铲子》和《竞技场突破》这样的游戏的时间花费有了显著增加，我们之前也披露过，迷你游戏的月活跃用户中只有不到一半也是应用游戏的月活跃用户。
When we look at it from a user spend perspective, there’s an even starker illustration because only a teens percentage of the mini-game paying users are also app-based game paying users, and only a single digit percentage of the app-based game paying users are also mini-game paying users, so we don’t believe that there’s cannibalization taking place between mini-games and app-based games.
从用户消费的角度来看，这里有一个更明显的例证，因为只有极少数的迷你游戏付费用户也是应用程序游戏的付费用户，而应用程序游戏的付费用户中只有个位数的百分比也是迷你游戏的付费用户，因此我们认为迷你游戏和应用程序游戏之间并不存在相互侵蚀的情况。
Wendy Huang 黄文迪
Thank you. We will take the next question from Ronald Keung from Goldman Sachs.
谢谢。我们将接下来的问题交给高盛的 Ronald Keung。
Ronald Keung 罗纳德·邱
Thank you. Thank you Pony, Martin, James, John and Wendy. I have two questions.
谢谢。谢谢 Pony、Martin、James、John 和 Wendy。我有两个问题。
One is we’ve read about the shorter return, so combined with just regular dividends, buybacks, and we used to have some distribution [indiscernible], how should we view 2024, and maybe in the medium term, outside potential to a total annual shorter return, let’s say in dollar terms or in percentage of market cap, which one will you usually kind of assess more and how do we plan to report shareholders, maybe around the investment portfolio value?
我们已经了解到较短的回报，因此结合常规的股息、回购，以及我们曾经有一些分配[听不清]，我们应该如何看待 2024 年，以及在中期内，除了潜在的总年度较短回报，假设以美元或市场资本的百分比来计算，您通常会更倾向于评估哪一个，我们计划如何向股东报告，可能围绕投资组合的价值？
Then my second question is on video accounts ecommerce. Martin, you mentioned about the video accounts ecommerce and looking at combining with mini-program ecommerce. Is it fair to say we are eventually building a more open platform in transactions, not forcing every transaction through our own shop infrastructure, because mini-program is like more like a platform, so that would look more like Meta, which is a Facebook-style open platform building that ecommerce system, versus the very closed system in the short video platform? Thank you.
然后我的第二个问题是关于视频账号电商的。马丁，你提到了视频账号电商，并考虑与小程序电商结合。可以说我们最终是在构建一个更开放的交易平台，而不是强迫每笔交易都通过我们自己的商店基础设施吗？因为小程序更像是一个平台，这样看起来更像是 Meta，即构建电商系统的 Facebook 风格开放平台，而不是短视频平台中非常封闭的系统？谢谢。
James Mitchell 詹姆斯·米切尔
Hi Ronald. On the shareholder return question, we assess the total return dynamically. Now for the dividend and the buyback, we view those as more programmatic in nature versus the distributions are somewhat more opportunistic in nature, but overall with the intent of returning very substantial share of capital to shareholders during the course of this year.
嗨，罗纳德。关于股东回报的问题，我们动态评估总回报。现在对于股息和回购，我们认为这些更具程序性，而分配则更具机会性，但总体上我们意图在今年期间向股东返还相当可观的资本份额。
In terms of the role of the investment portfolio, actually over the last two years, the investment portfolio has returned substantially more capital to shareholders than it has absorbed, and even if you exclude the JV and Meituan distributions, the investment portfolio has been self-funding, meaning new investments that we’ve made have been funded by divestments or dividends or distributions from what we already own in the investment portfolio. Looking at 2024 at this point in time, our expectation is that the investment portfolio will be once again self-funding and therefore a source of cash, rather than a use of cash.
在投资组合的角色方面，实际上在过去两年中，投资组合向股东返还的资本远远超过了其吸收的资本，即使排除合资企业和美团的分配，投资组合也一直是自我融资的，这意味着我们所做的新投资是通过剥离或从我们已经拥有的投资组合中获得的股息或分配来资助的。到目前为止，展望 2024 年，我们的预期是投资组合将再次实现自我融资，因此将成为现金的来源，而不是现金的使用。
Martin Lau 马丁·刘
In terms of the video accounts ecommerce, I would say--I think that’s a good question, and we actually had a lot of discussion on that topic in the sense that what’s the architecture of the ecommerce activities that should be happening on the platform, given we have mini-program ecommerce, and that actually is a very significant platform already.
在视频账号电商方面，我想说——我认为这是个好问题，我们实际上在这个话题上进行了很多讨论，考虑到我们有小程序电商，实际上这已经是一个非常重要的平台，应该在这个平台上进行什么样的电商活动架构。
I think our view is that going forward, we’ll have actually both open platform and closed platform, and they serve actually different purposes. Open platform is along the line of mini-programs, and these are actually much more suitable for brands which actually are well recognized. They actually have a very large self channel for promoting mini-programs, for example if they have a very large chain of offline stores, they can actually ask their customers to add the mini-programs and then shop online. At the same time, they need to have pretty strong brand recognition for the consumers to keep coming back to the mini-programs. But the shortcoming of the mini-program is that the merchants, basically it’s very hard for them to get new customers online, they can only rely on their own channels. But even with that, the mini-program ecommerce platform has actually grown to a very large size.
我认为我们的观点是，未来我们将同时拥有开放平台和封闭平台，它们实际上服务于不同的目的。开放平台类似于小程序，这些实际上更适合那些知名度较高的品牌。它们实际上拥有非常大的自有渠道来推广小程序，例如，如果它们有非常大的线下门店连锁，可以要求顾客添加小程序，然后在线购物。同时，它们需要在消费者中拥有相当强的品牌认知度，以便让消费者不断回到小程序。但小程序的缺点是，商家基本上很难在线获取新客户，他们只能依赖自己的渠道。但即便如此，小程序电商平台实际上已经发展到一个非常大的规模。
Now on the other hand when we look at video accounts, livestreaming platform, the new platform is actually a closed platform in the sense that we actually want to be put in much more active management of the ecosystem, so that the shopping quality is actually very--much better than an open platform, especially for merchants which are not well known, because if these are smaller merchants, white label merchants, then we want to make sure that the products actually exceed a certain level so that it will create a good experience for the users. It also has the access to the video accounts traffic, so that they can actually acquire new customers.
现在另一方面，当我们看视频账号、直播平台时，新平台实际上是一个封闭的平台，因为我们希望对生态系统进行更积极的管理，以便购物质量实际上比开放平台要好得多，特别是对于那些不太知名的商家，因为如果这些是较小的商家、白标商家，那么我们希望确保产品实际超过某个水平，以便为用户创造良好的体验。它还可以访问视频账号的流量，从而能够获取新客户。
Now, over time we’re going to connect the open platform with the closed platform. We will provide a curated connection so that the open platform can actually benefit from the traffic of the video accounts while at the same time the small merchants can actually also benefit from their private domain when they actually start selling on our platform. When we curate the connection between the open platform mini-programs with video account shops, then I think we can actually get the best of both worlds and help different types of merchants to maximize their sales and maximize their exposure to consumers on the platform, while at the same time making sure that our user actually has a great shopping experience on our platforms, either on the open platform or the closed platform.
随着时间的推移，我们将把开放平台与封闭平台连接起来。我们将提供一个精心策划的连接，以便开放平台能够真正受益于视频账户的流量，同时小商家在我们平台上开始销售时也能从他们的私域中获益。当我们将开放平台的小程序与视频账户商店之间的连接进行策划时，我认为我们可以真正实现双赢，帮助不同类型的商家最大化他们的销售和在平台上对消费者的曝光，同时确保我们的用户在我们的平台上，无论是在开放平台还是封闭平台，都能拥有良好的购物体验。
Ronald Keung 罗纳德·邱
Got it, thank you Martin and James.
明白了，谢谢马丁和詹姆斯。
Wendy Huang 黄文迪
Thank you. The next question comes from Robin Zhu from Bernstein.
谢谢。下一个问题来自 Bernstein 的 Robin Zhu。
Robin Zhu 朱罗宾
Thank you management for taking my questions. I guess a couple of questions, please.
谢谢管理层回答我的问题。我想请问几个问题。
One on AI - I mean, you guys have talked a lot about ads and fintech and so on. Gaming is commonly thought to be one of these areas where generative-AI could have quite a big impact potentially when it comes to game design, function, AI and PCs and so on. There’s been different views on how much is hype and how much is reality. I’d be curious on where you stand on how quickly you want to move on some of these areas.
关于人工智能 - 我的意思是，你们已经谈了很多关于广告和金融科技等方面的内容。游戏通常被认为是生成式人工智能在游戏设计、功能、人工智能和个人电脑等方面可能产生重大影响的领域之一。对于这其中有多少是炒作，有多少是现实，存在不同的看法。我很想知道你们在这些领域希望多快推进的立场。
Then a follow-up, again on gaming, I think a couple of quarters ago you mentioned that there was a periodic slow-down in the productivity of triple-A game development. Just wanted to get your thoughts on where you are on that, the aspiration to do a new big title on the level of your top games every so often, every few years, aspiration to do console and PC beyond just the mobile ecosystem. Thank you.
然后再跟进一下，关于游戏的事，我记得几季度前你提到过三 A 级游戏开发的生产力有周期性的放缓。想听听你对此的看法，关于每隔几年做一个与你们顶级游戏水平相当的新大作的愿望，以及在主机和 PC 平台上超越仅仅是移动生态系统的愿望。谢谢。
James Mitchell 詹姆斯·米切尔
I think in terms of the application of AI to games, like many things, the boundary between hype and reality is a function of how far forward one’s willing to look, and we’re willing to look very far forward. All of the areas you mentioned, such as AI-powered NPCs, such as AI-accelerated graphic content generation, graphical asset generation are areas that over the years to come, not over the months to come, we’ll benefit meaningfully from the deployment of AI.
我认为在将人工智能应用于游戏方面，像许多事情一样，炒作与现实之间的界限取决于一个人愿意展望多远，而我们愿意展望得非常远。你提到的所有领域，比如人工智能驱动的非玩家角色（NPC）、人工智能加速的图形内容生成、图形资产生成，都是在未来几年内，而不是未来几个月内，我们将从人工智能的部署中获得实质性收益的领域。
I think it’s also fair to say that the game industry has always been a mixture of, on the one hand, innovation around game play techniques, and on the other hand deployment of enhanced content, renewed content into existing game play. It’s reasonable to believe that AI will be most beneficial for the second of those activities, but one will continue to require very talented individuals and teams to focus on the first of those opportunities, which is the creation of innovative game play.
确实可以公平地说，游戏行业一直是一方面是围绕游戏玩法技术的创新，另一方面是将增强的内容、更新的内容部署到现有的游戏玩法中。合理地相信，人工智能在这些活动中将对后者最为有益，但人们仍将继续需要非常有才华的个人和团队专注于前者的机会，即创新游戏玩法的创造。
Secondly in terms of a productivity related to triple-A game development, I think that for our international studios, there were some bumps due to COVID in the current game development cycle, and those are now largely behind us and so we believe that productivity is now on a more normal footing. Looking forward, we have a number of what we expect to be substantial hits in the pipeline, both domestically and internationally, and we’re doing some things the same as before and some things differently.
其次，在与三 A 级游戏开发相关的生产力方面，我认为对于我们的国际工作室，由于 COVID，当前游戏开发周期中出现了一些波动，这些问题现在基本上已经过去，因此我们相信生产力现在已经恢复到更正常的水平。展望未来，我们有多款我们预计将成为重大成功的游戏在筹备中，包括国内和国际市场，我们在一些方面与之前相同，而在一些方面则有所不同。
On the differently side, we’re focusing on fewer bigger budget games. Typically, we’re seeking to make the biggest bets around games that either iterate on a successful IP such as the Honour of Kings fighting game, around the Honour of Kings IP, or games that are iterating around proven game play success within a niche and taking those to a more mass market. A stereotypical example would be moving the Dark Souls combat into Elden Ring. In our case, I mentioned earlier we have the learnings from games such as Naruto, that will be updated with state-of-the-art graphics and technology for games such as One Piece.
在不同的方面，我们专注于更少但预算更大的游戏。通常，我们寻求在围绕成功IP（如《王者荣耀》格斗游戏围绕《王者荣耀》IP）的游戏上下最大的赌注，或者在特定细分市场中围绕经过验证的游戏玩法成功进行迭代，并将这些游戏推向更大众市场。一个典型的例子是将《黑暗之魂》的战斗系统转移到《艾尔登法环》中。在我们的情况下，我前面提到，我们有从《火影忍者》等游戏中学到的经验，这些经验将结合最先进的图形和技术，用于更新《海贼王》等游戏。
腾讯很擅长稳扎稳打。
In addition, on the marketing front, we now cooperate with a range of platforms, including Douyin, both in terms of user generated content marketing as well as in the paid advertising marketing, so overall we think those enhance our position, those changes enhance our position in the triple-A game releases and we look forward to the results.
此外，在市场营销方面，我们现在与多个平台合作，包括抖音，在用户生成内容营销和付费广告营销方面，因此总体来看，我们认为这些增强了我们的市场地位，这些变化增强了我们在 AAA 游戏发布中的地位，我们期待结果。
Thank you. 谢谢。
Robin Zhu 朱罗宾
Thank you James. 谢谢你，詹姆斯。
Wendy Huang 黄文迪
Thank you. Our next question is from Charlene Liu from HSBC. Charlene, your line is open. We can hear you, go ahead.
谢谢。我们的下一个问题来自汇丰银行的刘 Charlene。Charlene，您的线路已开启。我们能听到您，请继续。
Charlene Liu 刘查琳
Great, thank you so much. I have two questions. First is on fintech. Recently, Tenpay has lifted registered capital. I would like to find out a little bit more on how that may be used on consumer loans or perhaps overseas business, and how would that affect Tencent’s balance sheet, and whether the management can update us on the growth strategy on fintech [indiscernible] in 2024. That’s the first one.
很好，非常感谢。我有两个问题。第一个是关于金融科技的。最近，腾讯支付提高了注册资本。我想了解一下这可能如何用于消费贷款或海外业务，以及这将如何影响腾讯的资产负债表，管理层是否可以向我们更新 2024 年金融科技的增长战略。这是第一个问题。
The second one would be related to AI development. Obviously we have seen developments in AI create new revenue streams and cost optimization for overseas internet platforms, and management has already discussed where some of the monetization opportunities lie. Can we better understand benefits which we have been able to reap on the cost front from AI adoption, and how much more upside we can expect to see from here and how long will it take for Tencent to realize these gains? Thank you.
第二个问题与人工智能的发展有关。显然，我们已经看到人工智能的发展为海外互联网平台创造了新的收入来源和成本优化，管理层已经讨论了某些货币化机会所在。我们能否更好地理解我们在成本方面通过人工智能采用所获得的好处，以及我们可以期待从这里看到多少更多的上行空间，以及腾讯需要多长时间才能实现这些收益？谢谢。
Martin Lau 马丁·刘
In terms of the fintech side, Tenpay has been approved to increase the registered capital substantially, and the money is actually going to be moving from Tencent balance sheet to Tenpay balance sheet, so since Tenpay is actually a consolidated entity, so it’s not going to change our consolidated balance sheet, and I would say this capital increase is essentially a recognition of the increased size of Tenpay’s business and also a sign of approval for future development of the company, so we view it very positively.
在金融科技方面，财付通已获批准大幅增加注册资本，这笔资金实际上将从腾讯的资产负债表转移到财付通的资产负债表上，因此由于财付通实际上是一个合并实体，所以这不会改变我们的合并资产负债表。我认为这次增资本质上是对财付通业务规模扩大的一种认可，也是对公司未来发展的认可，因此我们对此持非常积极的态度。
Now, in terms of our fintech strategy, I think the fintech strategy centers around the payment platform. We will continue to build out our payment platform and to improve its basic services and reliability as a platform that would support economic activities and consumption for the economy. We continue to roll out new functionalities and better functionalities, including improving the mini-programs payment ecosystem so that we not only provide a payment service at the spot for the merchants, we actually also help to establish a link between the merchants and the consumers, so that in the future the merchants and consumers can further interact, maybe the consumers can actually do repeat purchase, the merchants can do a future engagement with the consumers, and it can also provide aftersales service, so I think there’s a lot that we can do to improve the overall payment experience.
现在，就我们的金融科技战略而言，我认为金融科技战略围绕支付平台展开。我们将继续建设我们的支付平台，并改善其基本服务和可靠性，使其成为支持经济活动和消费的基础平台。我们将继续推出新的功能和更好的功能，包括改善小程序支付生态系统，这样我们不仅为商家提供现场支付服务，还帮助建立商家与消费者之间的联系，以便未来商家和消费者可以进一步互动，也许消费者可以进行重复购买，商家可以与消费者进行未来的互动，并提供售后服务。因此，我认为我们可以做很多事情来改善整体支付体验。
We’ll provide more tools to SMEs so that SMEs can increasingly digitize their business and gain efficiency. We’ll roll out new payment technologies like palm payment, for example, in order to increase the convenience of the payment service, and we’ll also improve the payment experience for foreigners in China so that it can help to foster an even more vibrant tourism industry in China. If we continue to do that, the payment platform will continue to grow with the economy, to grow with consumption and grow with the cashless penetration in China.
我们将为中小企业提供更多工具，以便中小企业能够越来越多地数字化其业务并提高效率。我们将推出新的支付技术，例如掌纹支付，以增加支付服务的便利性，同时我们还将改善外国人在中国的支付体验，以帮助促进中国更加活跃的旅游业。如果我们继续这样做，支付平台将继续与经济增长、消费增长以及无现金支付在中国的渗透一起增长。
On top of that, we also felt that we can actually roll out value-added financial information services, such as wealth management, such as loan services, such as installment services that I actually described in the prepared remarks, and these are very high margin, high value-added services that we can offer alongside with licensed financial institutions. Overall, I think the philosophy for us to grow in the fintech business is that, one, we want to be fully compliant; two is that we want to make sure that we manage risk in the absolute high quality manner. We want to create more value than capturing value for merchants with consumers, and at the same time we want to work on constructive relationships with licensed financial institutions. If we can keep on doing all of these, then the fintech business will continue to thrive.
此外，我们还认为我们实际上可以推出增值金融信息服务，例如财富管理、贷款服务、分期付款服务，这些我在准备的发言中实际上已经描述过，这些都是我们可以与持牌金融机构一起提供的高利润、高附加值服务。总体而言，我认为我们在金融科技业务中增长的理念是：第一，我们希望完全合规；第二，我们希望确保以绝对高质量的方式管理风险。我们希望创造的价值超过为商家与消费者捕捉的价值，同时我们希望与持牌金融机构建立建设性的关系。如果我们能够继续做到这些，那么金融科技业务将继续蓬勃发展。
怎么做一家不引起关注又非常优秀的企业？既和又。
James Mitchell 詹姆斯·米切尔
On the AI question, the cost benefit, as you would expect, we are increasingly going to be deploying AI, including generative-AI in areas such as accelerating the creation of animated content, which is big business for Tencent Video and a profitable business for Tencent Video, in terms of new game content, as we’ve discussed earlier, potentially in terms of creating code in general. But the benefit will show up not in substantial cost reductions, it will show up in more rapid content creation and therefore more rapid monetization and revenue generation.
在人工智能问题上，成本效益，正如你所预期的，我们将越来越多地部署人工智能，包括生成式人工智能，在加速动画内容创作等领域，这对腾讯视频来说是一个大生意，也是一个盈利的业务，涉及到新游戏内容，正如我们之前讨论的，可能还包括一般代码的创建。但收益不会体现在显著的成本降低上，而是体现在更快速的内容创作上，因此也会带来更快速的货币化和收入生成。
Not to repeat the same point too many times, but the immediate benefit and the biggest benefit is really around the advertising revenue uplift. Martin gave the example of if we can improve click-through rates by 10%, then that’s RMB 10 billion in incremental revenue, probably RMB 8 billion in incremental gross and operating profit. In reality, you should view 10% as being in the nature of a floor, not a ceiling. Facebook has seen a substantially bigger improvement in click-through rates, and for some of our most important inventories, we’ve actually seen our click-through rates increase by 100% in the past 18 months, so when we’re thinking about where are the financial benefits of AI, then it’s advertising click-through rate, and therefore advertising revenue first and foremost, and that’s a very high flow through business for us.
不想重复同样的观点太多次，但直接的好处和最大的好处确实是广告收入的提升。马丁举了一个例子，如果我们能将点击率提高 10%，那么这将带来 100 亿人民币的增量收入，可能有 80 亿人民币的增量毛利和营业利润。实际上，你应该将 10%视为一个底线，而不是上限。Facebook 在点击率方面的改善要大得多，对于我们一些最重要的库存，过去 18 个月我们的点击率实际上提高了 100%。因此，当我们考虑人工智能的财务利益时，首先想到的就是广告点击率，因此是广告收入，而这对我们来说是一个非常高的流量业务。
原来只有抖音一个成功的电视台，现在类似的电视台越来越多，很快会有瓶颈的。
Thank you. 谢谢。
Charlene Liu 刘查琳
Thank you. 谢谢。
Wendy Huang 黄文迪
Thank you. We will take the next question from Alex Yao from JP Morgan.
谢谢。我们将接下来的问题交给来自摩根大通的 Alex Yao。
Alex Yao 亚历克斯·姚
Thank you management for taking my question. My first question is regarding the recent partnership with Douyin, which we believe had quite a bit ripple effect to the whole game livestreaming and gaming industry. What changes have you seen this partnership has brought to us? That’s the first one.
感谢管理层回答我的问题。我的第一个问题是关于最近与抖音的合作，我们认为这对整个游戏直播和游戏行业产生了相当大的影响。您看到这次合作给我们带来了哪些变化？这是第一个问题。
Then the second one is on the path of video accounts monetization. Clearly I think the industry incumbent has demonstrated the short video monetization capability across advertising, ecommerce and the local services. What are your thoughts and strategy on video accounts making inroads into local services? Thank you.
然后第二个是关于视频账号变现的路径。显然，我认为行业内的现有企业已经展示了短视频在广告、电商和本地服务方面的变现能力。您对视频账号在本地服务领域的拓展有什么看法和策略？谢谢。
James Mitchell 詹姆斯·米切尔
Hi Alex, maybe I’ll answer the first question on marketing our games through additional channels, including Douyin. As I mentioned with regard to Robin’s question, we are doing that. We are providing more content that the users then virally share on short video platforms, including video accounts [indiscernible] Douyin and so forth, and we’re also investing in advertising our games more actively on short video services, so that’s on the game marketing side.
嗨，亚历克斯，也许我会回答关于通过其他渠道（包括抖音）营销我们游戏的第一个问题。正如我在谈到罗宾的问题时提到的，我们正在这样做。我们提供更多内容，用户会在短视频平台上进行病毒式分享，包括视频账号[无法辨认]抖音等，我们还在短视频服务上更积极地投资广告宣传我们的游戏，这就是游戏营销方面的情况。
Martin Lau 马丁·刘
In terms of livestreaming ecommerce, I think we have discussed it in detail. I think it’s very, very synergistic with the video accounts with livestreaming, as well as with the advertising that sits within video accounts. If we can actually have a closed loop in terms of knowing what are the merchants, what are the products that were sold, what’s the user experience after the sales, then the ability for us to improve the conversion rate on a full chain basis is actually much stronger, so that’s why it’s very important for us to build out the ecommerce infrastructure and ecosystem in anticipation of supporting a very long and significant growth on our video accounts advertising business.
在直播电商方面，我认为我们已经详细讨论过。我认为这与视频账号的直播以及视频账号内的广告非常非常协同。如果我们能够真正建立一个闭环，了解商家、销售的产品以及销售后的用户体验，那么我们在整个链条上提高转化率的能力实际上会更强，这就是为什么我们必须构建电商基础设施和生态系统，以期支持我们视频账号广告业务的长期和显著增长。
Now on the other hand, I think that local services is actually not something that we focus on at this point in time. Local services from our perspective is actually much more of a provision of content, so along that line, we actually would consider working with our partner, some other partners, for example Meituan, who had been our close partner for a long time, to actually have them generate the content and we actually help them to promote the local services.
现在另一方面，我认为本地服务实际上并不是我们目前关注的重点。从我们的角度来看，本地服务实际上更多的是内容的提供，因此在这方面，我们实际上会考虑与我们的合作伙伴以及其他一些合作伙伴合作，例如美团，他们一直是我们长期的密切合作伙伴，让他们生成内容，我们实际上帮助他们推广本地服务。
Wendy Huang 黄文迪
Thank you. In the interest of time, we will take the last question from James Lee from Mizuho.
谢谢。为了节省时间，我们将接受来自瑞穗的 James Lee 的最后一个问题。
James Lee 詹姆斯·李
Thanks for taking my question. Can you hear me?
谢谢你回答我的问题。你能听到我吗？
Wendy Huang 黄文迪
Yes, we hear you.
是的，我们听到你了。
James Lee 詹姆斯·李
Okay, great. Thanks for taking my questions.
好的，非常感谢你回答我的问题。
My question is on cloud and AI. On the cloud side, I think a competitor recently announced a pretty large scale price discount for their cloud offering. Just curious, what are you seeing in terms of enterprise demand, and probably most importantly price elasticity?
我的问题是关于云和人工智能的。在云方面，我认为最近有一个竞争对手宣布了他们云服务的大规模降价。我很好奇，您在企业需求方面观察到了什么，可能最重要的是价格弹性如何？
On AI, how should we think about your positioning in large language models? Just curious what stage are you in now, can the model handle multiple modalities of data input and output, and just curious on that position at this point. Thanks.
关于人工智能，我们应该如何看待您在大型语言模型中的定位？我只是好奇您现在处于哪个阶段，模型能否处理多种数据输入和输出模式，以及在这一点上的定位。谢谢。
James Mitchell 詹姆斯·米切尔
Maybe I’ll start with cloud. For better or worse, the cloud industry is an industry where input prices are always falling, and so naturally the cloud service providers are always reducing the costs they pass onto their customers, so price cuts have always existed and will always be the trend within the cloud services industry for as long as Moore’s law continues to drive down the cost of compute. We don’t see a dramatic change in the competitive situation, just as we didn’t see a dramatic change when there was a round of high profile but low impact price cuts for SMBs a year ago.
也许我会从云开始。无论好坏，云行业都是一个输入价格不断下降的行业，因此云服务提供商总是会降低他们转嫁给客户的成本，因此价格削减一直存在，并且只要摩尔定律继续推动计算成本下降，这将始终是云服务行业的趋势。我们没有看到竞争形势的戏剧性变化，就像一年前对中小企业进行了一轮高调但影响较小的降价时一样。
What does matter is, first of all, being cost competitive, and in order to be cost competitive, one needs scale which several companies in China are at similar scale, including us, and one needs supply chain optimization, and we have been very active on supply chain optimization the last several quarters. As we optimize the supply chain, we bring down our input costs faster and we can cut our output costs further as a result.
重要的是，首先要具备成本竞争力，而要具备成本竞争力，就需要规模，而中国有几家公司在相似的规模上，包括我们自己。此外，还需要供应链优化，我们在过去几个季度中在供应链优化方面非常活跃。随着我们优化供应链，我们的投入成本会更快降低，因此我们可以进一步削减输出成本。
Then the second factor that matters is the ability to up-sell from infrastructure into platforms such as our security platform, our real-time communications platform, our database platform, as well as up-sell into software as a service, including Tencent Meeting and WeCom and other enterprise SaaS products we’ve spoken about, so that’s really where we’re focused. It’s on delivering more value to our cloud customers by continually optimizing supply chain and by continually upgrading the depth and complexity of services that we can provide.
然后，第二个重要因素是能够从基础设施向平台进行增销，例如我们的安全平台、实时通信平台、数据库平台，以及向软件即服务进行增销，包括腾讯会议、WeCom 和我们提到的其他企业 SaaS 产品，这正是我们关注的重点。我们的目标是通过不断优化供应链和不断提升我们能够提供的服务的深度和复杂性，为我们的云客户提供更多价值。
Martin Lau 马丁·刘
In terms of our Hunyuan model, I think--you know, actually I talked about it quite a bit in our prepared remarks. We believe Hunyuan actually is now performing at top tier in Chinese language among LLMs in China and worldwide, and we--and this belief is supported by the very comprehensive testing that we have done internally. From a technology perspective, this is a model that is leveraging the mixture of experts architecture that’s already scaled up to the trillion parameter mark, and also it’s exhibiting very good performance in multi-turn conversations, logical inference and numerical reasoning, some of the toughest areas to conquer in large language models.
在我们的混元模型方面，我认为——你知道，实际上我在我们的准备发言中谈到了很多。我们相信混元现在在中国和全球的中文表现处于顶尖水平，排名在LLMs之内，而我们的这一信念得到了我们内部进行的非常全面的测试的支持。从技术角度来看，这是一个利用专家混合架构的模型，已经扩展到万亿参数级别，并且在多轮对话、逻辑推理和数值推理等一些大型语言模型中最难攻克的领域表现非常出色。
意思是混合了多个开源技术。
At this point in time, we are actually very focused on the text technology, because this is actually the fundamentals of the model. From text, we have built out text-to-picture, from text we have built out text-to-video capabilities, and the next important evolution is actually what we have seen with SORA, right? SORA has done an incredible job with text to a long video, and we--you know, this is something which we would be developing in the next turn.
在这个时候，我们实际上非常专注于文本技术，因为这实际上是模型的基础。从文本中，我们构建了文本到图片的功能，从文本中我们构建了文本到视频的能力，而下一个重要的演变实际上就是我们在 SORA 中看到的，对吧？SORA 在文本到长视频方面做得非常出色，而我们——你知道，这将是我们在下一个阶段开发的内容。
We continue to improve the text fundamental capability of Hunyuan. At the same time, we’ll be developing the text-to-video capability because we actually think that’s actually very relevant to our core business, which is content driven business in the area of short video, long video and games. That’s the area in which we’ll be developing and moving our Hunyuan into. If you look into the future, we felt Hunyuan will continue to be strong and stronger in the fundamental model capability, and at the same time it will be starting to develop better and better text to multimedia capability.
我们将继续提升 Hunyuan 的文本基础能力。同时，我们将开发文本到视频的能力，因为我们认为这与我们的核心业务非常相关，即在短视频、长视频和游戏领域的内容驱动业务。这是我们将开发并推动 Hunyuan 发展的领域。如果展望未来，我们认为 Hunyuan 在基础模型能力方面将继续保持强劲，并且同时将开始开发越来越好的文本到多媒体的能力。
Wendy Huang 黄文迪
Thank you. We are now ending the webinar. Thank you all for joining our results today. If you wish to check out our press release and other financial information, please visit the IR section of our company website at www.tencent.com. A replay of this webinar will also be available shortly.
谢谢大家。我们现在结束网络研讨会。感谢大家今天参加我们的成果展示。如果您想查看我们的新闻稿和其他财务信息，请访问我们公司网站的投资者关系部分，网址是 www.tencent.com。此次网络研讨会的重播也将很快提供。
Thank you, and see you next quarter.
谢谢，下一季度见。
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