2022年第四季度及全年腾讯业绩财报

2022FourthQuarterand

AnnualResultsPresentation

Mar22,2023

2

CautionaryNote

Thispresentationmaycontainforward-lookingstatementsrelatingtotheforecasts,targets,outlook,estimatesoffinancialperformance,opportunities,challenges,businessdevelopments,businessplansandgrowthstrategiesofTencentHoldingsLimited(the“Company”or“Tencent”)anditsgroupcompanies.Theseforward-lookingstatementsarebasedoninformationcurrentlyavailabletoTencentandarestatedhereonthebasisoftheoutlookatthetimethatthispresentationwasproduced.TheCompanyundertakesnoobligationtopubliclyupdateanyforward-lookingstatement,whetherwrittenororal,thatmaybemadefromtimetotime,whetherasaresultofnewinformation,futuredevelopmentsorotherwise.Theforward-lookingstatementsarebasedoncertainexpectations,assumptionsandpremises,someofwhicharesubjectiveorbeyondourcontrol.Theforward-lookingstatementsmayprovetobeincorrectandmaynotberealisedinthefuture.Underlyingtheforward-lookingstatementsarealargenumberofrisksanduncertainties.Thereforeyoushouldnotrelyonanyoftheseforward-lookingstatements.Pleaseseeourvariousotherpublicdisclosuredocumentsforadetaileddiscussionofthoserisksanduncertainties.

Thispresentationalsocontainssomeunauditednon-IFRSfinancialmeasureswhichshouldbeconsideredinadditionto,butnotasasubstitutefor,measuresoftheCompany'sfinancialperformancepreparedinaccordancewithIFRS.Inaddition,thesenon-IFRSfinancialmeasuresmaybedefineddifferentlyfromsimilartermsusedbyothercompanies.TheCompany'smanagementbelievesthatthenon-IFRSfinancialmeasuresprovideinvestorswithusefulsupplementaryinformationtoassesstheperformanceoftheCompany’scoreoperationsbyexcludingcertainnon-cashitemsandcertainimpactofacquisitions.Forfurtherexplanationofournon-IFRSmeasuresandreconciliationsbetweenourIFRSandnon-IFRSresults,pleaserefertoourearningsannouncement.

Inaddition,informationrelatingtoothercompaniesandthemarketingeneralpresentedinthesematerialshasbeenobtainedfrompubliclyavailableinformationandothersources.TheaccuracyandappropriatenessofthatinformationhasnotbeenverifiedbyTencentandcannotbeguaranteed.Allmaterialscontainedwithinthispresentationareprotectedbycopyrightlawandmaynotbereproduced,distributed,transmitted,displayed,publishedorbroadcastwithouttheprior,expresswrittenconsentofTencent.

ThereportingcurrencyofthecompanyisRenminbi.Forthepurposeofthispresentation,allfiguresquotedinUSdollarsarebasedontheexchangerateofUS$1toRMB6.9646for4Q2022and2022.

1.Overview

4

2022BusinessHighlights

VibrantWeixin

ResilienceandExpansioninGames

AdvertisingRebound

UpgradedCloudStrategy

FocusandEfficiency

CapitalReturntoShareholders

EnhancingSocialValue

•VideoAccountsbecamealeadingshort-formvideoandlivestreamingplatforminChina

•MiniProgramsachievedstronggrowthinbothDAUandGMVwhileassistingtherealeconomy

•Domestically,significantlyreducedminors’timespentwhilesustainedmarketleadership

•Internationally,elevatedVALORANTasatopglobalfranchisewithrecordusercountsandrevenue;achievedbreakthroughwithpublishing2oftop3newmobilegamesoftheyear

•AdaptedtonewindustrylandscapeandreturnedtoYoYrevenuegrowthin4Q22

•Improvedlong-termpositionbylaunchingVideoAccountsin-feedads,enhancingtransaction-drivencapabilityandmachinelearninginfrastructure

•Systematicrestructuringresultedininitiallylowerrevenuebutimprovedgrossprofitmargin

•Assisteddigitaltransformationofnon-InternetindustriesandpublicserviceswithenhancedPaaSsolutionsandintegratedSaaSproducts

•Increasedefficiencyofexistingbusinessesandsharpenedourfocus,whichenabledustoimproveperformanceandpositionedusforanewsustainablegrowthmodel

•Returnedincreasedcapitaltoshareholdersthroughmultiplechannelsincludingdistribution-in-kind,sharerepurchaseandcashdividend

•Committedtocarbonneutralityacrossscope1,2and3emissionsand100%greenpowerby2030

•Promotedphilanthropicparticipation,facilitatedpandemicmutualaidandcontributedtobasicscienceresearch

•Increasedboarddiversityandimprovedgovernancestructure

5

DomesticGamesreferstoourgamesbusinessinthePRCexcludingtheHongKongSpecialAdministrativeRegion,theMacaoSpecialAdministrativeRegionandTaiwan

FinancialHighlights

InbillionRMB

TotalRevenue

4Q2022

145.0

YoY

+0.5%

QoQ

+3%

FY2022

554.6

YoY

-1%

Value-addedServices

70.4

-2%

-3%

287.6

-1%

SocialNetworks

28.6

-2%

-4%

116.9

-0.3%

DomesticGames

27.9

-6%

-11%

123.9

-4%

InternationalGames

13.9

+5%

+19%

46.8

+3%

OnlineAdvertising

24.7

+15%

+15%

82.7

-7%

Media

3.3

+4%

+28%

10.7

-20%

SocialandOthers

21.4

+17%

+13%

72.0

-4%

FinTechandBusinessServices

47.2

-1%

+5%

177.1

+3%

Others

2.7

-6%

+144%

7.2

-6%

GrossProfit

61.9

+7%

-0.3%

238.8

-3%

Non-IFRS

OperatingProfit

39.4

+19%

-4%

153.5

-4%

OperatingMargin

27.2%

+4.2ppt

-2.0ppt

27.7%

-0.8ppt

NetProfitAttributabletoEquityHolders

29.7

+19%

-8%

115.6

-7%

2.StrategyReview

7

RevenueYoYchanges

in%

0.1%

0.5%

4Q22

-1.6%

-3.1%

1Q22

2Q22

3Q22

Repositionedforsustainableandhighqualitygrowth

Improvedfinancialperformance

Proactiveinitiativesamid

animprovedmacroenvironment

•Executedefficiencyinitiativestoimprovemarginsandpromoteearningsquality

•Encouragingprogressinrevenueinitiatives(e.g.,VideoAccountsin-feedadsandinternationalgames)todevelopnew,high-qualityrevenuestreams

•Improvedmacroenvironment:postCOVID-19recoveryandregulatorynormalisation

Futuregrowthdrivers

in4Q22

•Revenuestablised

•GrossmarginsimprovedYoYacrossbusinesssegments

•Non-IFRSoperatingprofitsandnon-IFRSnetprofitsbothincreasedby19%YoYfromthelowbasein4Q21

•Expandingopportunitiesinadvertising,FinTechservicesandgames

•SteppingupmonetisationforVideoAccounts

•Sustainingfocusonoperationalefficiencyanddisciplinedresourceallocation

•DevelopingAIcapabilitiesasagrowthmultiplier

1.6%

ProfitsYoYchanges

in%

18.9%

19.4%

0.2%

-14.3%

-17.3%

2Q22

-14.5%

-22.9%

1Q22

3Q22

4Q22

Non-IFRSOperatingProfitNon-IFRSNetProfitAttributabletoEquityHolders

8

Expandinginventories

•RampingupVideoAccountsin-feedads,leveraginguserengagementgrowth

•IncreasingadloadofOfficialAccounts

•Enhancingaccesstomorequalitythird-partyinventoriesinourmobileadnetwork

Enhancingtransactionalcapabilities

•Upgradingtransactionalcapabilitiesviainnovativeadformats,CRMtoolsformerchantsandshoppingtoolsforusers

•Over1/3ofWeixinadrevenuewasgeneratedfromclick-to-purchaseandclick-to-messageadsin4Q22

•WellpositionedforconsumptionrecoveryinChina

in%

23%

23%

15%

5%

Advertising–Initiativesreinforcingmacroimprovements

Newmachine-learninginfrastructure

•NewadtargetingengineenhancedperformancewithhigherconversionratesandROI,especiallyforlong-tailadvertisers

•Greaterprocessingefficiencywithfastertrainingspeedandlowerperunittrainingcost

AdrevenueYoYchanges

•ResumedYoYgrowth

•PositiveYoYgrowthevenifcontributionofVideoAccounts

in-feedadsexcluded

-5%

-13%

-18%-18%

4Q22

1Q212Q213Q214Q211Q222Q223Q22

9

FinTech–Macrorecoveryontopofsolidfooting

Strongrecoveryincommercialpaymentvolume

•SignificantslowdowninYoYgrowthduring4Q22duetotemporaryCOVID-19impact

•ResumeddoubledigitsYoYgrowthQTDin1Q23versusahighbaseperiod,amidconsumptionrecovery

LeveragingsynergieswithMiniPrograms

•MiniProgramsisaleadingtransactionplatforminChina,generatingseveraltrillionsRMBofGMVin2022

•Online+offlinesolutionsreducetransactionfrictionanddriverepeatsalesformerchants

•MiniProgramscontributinghighteenspercentageofcommercialpaymentvolume

Furtheropportunitiesamidregulatorynormalisation

•Expandingwealthmanagementuserbaseviainvestoreducation,betterservicesandabroadeningproductline

•Exploringnewopportunitiesinconsumerloansandonlineinsuranceservicesviaclosecooperationwithlicensedfinancialinstitutionsunderanewregulatoryframework

10

International:drivingmid-to-longtermgrowth

Progressiveexpansion

•4Q22revenueofUSD2.0billion,representing1/3ofgamesrevenue

•Newadditionstoourtopfranchiseportfolio:VALORANT,SubwaySurfers

•Initialsuccessesfromemergingstudios

Pipelinepositionedformultipleopportunities

•ExpansionoforiginalIPs

•Newtitlesfromemergingstudios

•BringingtopPCandconsoleIPstomobile

Games–Gearingupforglobalexpansion

Domestic:reignitinggrowth

Keyfranchisesdemonstratingresilienceandlongevity

•HoK:besteverCNYperiodinJan23,leveragingpopularnewcontentandenhancedtargetedofferingsforusers

•DNF:best-performing4Qoverlastthreeyears,ridingonsuccessfulgamemechanicsevolutiontore-engagereturningusers

Newtitleswithhigh-productionvalue

•NormalisationofBanhaoapprovalhasenabledustostrengthenourgamereleasesfor2023andbeyond

•Sharpeningfocuson1)newtitlesinhighpotentialgenres;

2)combiningpopularIPswithourgenreexpertise;and

3)publishingleadinginternationalfranchises

11

•TotaltimespentonVideoAccountsreached1.2xthatofMoments

•Numberofvideoswithover100KlikesmorethandoubledYoY

•LivestreamingDAUgrewrapidlyYoY

•Gainingusermindshareinliveevents;over190millionviewerswatched

2023CCTVSpringFestivalGalavialivestreamingonVideoAccounts

•EnhancingeCommercecapabilities,suchasVideoAccountsShop,todeliverseamlessshoppingexperiences

•Livestreamingtipping:grewstronglyin2022

•In-feedad:expandingrapidlyandexceededRMB1billionin4Q22

•Commission:buildinginfrastructureforlivestreamingeCommercetonurtureanewrevenuestream

VideoAccounts–Multiplemonetisationopportunities

Continued

growthinuser

engagement

Nurturinglive

streaming

services

Broadmonetiopport

ening

sation

unities

12

AD

TencentAI

ArtificialIntelligence–Agrowthmultiplier

BenefitingfromAIadvancements

•Long-standingexperienceindevelopingandadoptingAItechnologies,amplifyingourgrowthacrossmultiplebusinesses

•RecentindustrybreakthroughsinfoundationmodelsandgenerativeAIapplicationsaresignificantnewboosttoourgrowthpotential

•Ourcoreuser-to-userservicesareunaffectedorempoweredbyAItechnologyenhancements,whilefoundationmodelsfacilitateourintroductionofuser-to-machineservices

RolloutstrategiesforAI

StrengthsacrosstheAIvaluechain

•Graduallyrollingoutourownfoundationmodelsatthebackend,whileenhancingfront-endusecases

•LeverageAItechnologiestoenhanceproductinnovations,monetisationandoperationalefficiency

•Broadrangeofusecasesviaapplicationswithdeepuserengagement

•Long-terminvestmentsinmachinelearning

•Breadthanddepthindataformodeltraining

•Scaleinadvancedcloudinfrastructure

•RapidadvancementinproprietaryfoundationmodelHunYuan

3.BusinessReview

14

InbillionRMB

554.6

1%1%

31%

32%

15%

8%9%

22%

21%

FY2021FY2022

560.1

23%

21%

16%

RevenuebySegment

145.0

1%

1%

1%

125.4

1%

114.9

1%

29%

1%

26%

25%

16%

18%

16%

16%

10%

8%

22%

28%

23%23%23%21%22%21%21%20%22%21%21%20%

142.4

1%

140.1

1%

1%

1%

138.3

108.1

135.3

133.7

135.5

134.0

144.2

24%

22%

21%

24%

23%

25%

24%

29%

26%

25%

26%

32%

32%

30%

32%

33%

33%

30%

17%

13%

14%

19%

16%

15%

17%

17%

15%

2%

8%

8%

8%

8%

8%

7%

9%

9%

3%

7%

7%

1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q22

total

SocialNetworksDomesticGamesInternationalGamesOnlineAdvertisingFBSOthers

15

1.Source:Douban,asofMar21,2023

2.MobilegamesVASrevenuedeclined2%YoYtoRMB39.2billion;PCclientgamesrevenuegrew8%YoYtoRMB11.5billionin4Q22

-2%

YoY

13.2

+19%

13.9

11.7

-11%27.9

-6%27.9

29.6

31.2

+5%13.9

Value-addedServices

InbillionRMB

-3%

QoQ

72.7

70.4

70.4

71.9

29.1-2%28.629.8-4%28.6

4Q214Q223Q224Q22

SocialNetworksDomesticGames

-1%

YoY

287.6

+3%46.8

-4%123.9

117.3-0.3%116.9

FY2021FY2022

291.6

128.8

45.5

InternationalGames

SocialNetworks

•4Q22revenuewasdown2%YoYtoRMB28.6billion.Music-andgames-relatedlivestreamingservicesdeclinedwhilerevenuefromVideoAccountslivestreamingserviceincreased

•VideosubscriptionrevenueincreasedYoY,drivenbyARPUgrowthasweadjustedpricing,thoughsubscriptionsdecreasedduetocontentschedulingdelays.InJan23,wereleasedourself-commissioneddramaseriesThree-Body,whichbecamethehighest-rated1domesticsci-fiseriesinthepastfiveyears

•MusicsubscriptionrevenueincreasedYoY.PayingusersandARPUgrewYoY,asweofferedmoreattractivemembershipprivilegesandenhanceduserengagementinvariousmusicgenres

DomesticGames

•4Q22revenuewasdown6%YoYtoRMB27.9billion,reflectinglowergrossreceiptsinpreviousquarters.4Q22grossreceiptsincreasedYoYduetohigherDAUandspendingperpayinguser

InternationalGames

•4Q22revenuewasup5%YoYtoRMB13.9billion,orup11%excludingcurrencyimpactandSupercell-relatedtrue-uprevenueadjustmentmadein4Q21.GrowthwasdrivenbykeyfranchisesVALORANTandLoL,aswellassuccessfullaunchesofNIKKEandDarktide

16

VideocallusingSuperQQShow

GrowingusertimespentonWeixin

VideoAccounts

MiniPrograms

Moments

Chat

MiniPrograms

Moments

Moments

Chat

Chat

...2017...2020...2022

SocialNetworks

IncreasinganddiversifyingusertimespentonWeixin

•TotaltimespentonWeixinhassteadilyincreasedthroughout2022,drivenbygrowthinchatactivitiesandenrichednon-chatusecases

•Amongnon-chatusecases:

a

➢Momentsaccountedforthemajorityoftimespentin4Q21,anditstimespentwasbroadlystableYoYin4Q22

➢MiniProgramsandVideoAccountstimespentdoubledandtripledYoYin4Q22respectively,bothexceedingthatofMoments

•WeixinandWeChatcombinedMAUreached1.313billion,up4%YoY

Enhancedchatexperienceandrampedupshort-formvideoconsumption

•UpgradedvideochatexperiencebyaddingSuperQQShowavatarandenhancingmotioncapturetomirrorusers’facialexpressionsandgesturesinrealtime

•MiniWorldDAUandtimespentperDAUincreasedsignificantlyYoY,drivenbyenrichedAnime,ComicsandGames(ACG)contentandAI-poweredcreationtools

•QQmobiledeviceMAUwas572million,up4%YoY

17

DomesticGames

HoK:Targetedoffering

withenrichedcontent

droverecovery

Createdmoreattractiveandtop-tieroutfits;launchedtargetedmarketingprogramstoaddressvariousplayersegments

DAUresumedYoYgrowthin4Q22;grossreceiptsachievedrecordhighduringChineseNewYearholiday

DnF:Improvedgameplayreignitedpopularity

UpgradedPvEgameplaywithlowerentrybarrierandmorein-gamerewardsattractedreturningplayers

MAU,payingusersandgrossreceiptsallincreasedYoYin4Q22

Undawn:BuiltpresenceinSOCgenre

In-housemobileSurvival,Open-world,Crafting(SOC)title

Highfidelitygraphicsandimmersiveexperiencesenrichplayer-drivenexploration

18

1.Source:byfirstmonthgrossingofnewreleases,data.ai

2.Source:Steam,TopNewReleasesmeasuredbygrossrevenue

InternationalGames

Strongperformanceofkeyfranchises

LoL:WorldChampionshipFinalswiththemedbattlepassandcreativeoutfitseriesdrovegrossreceiptsupYoYin4Q22

VALORANT:Newagentand“bestof9”gamemodesupportedMAUandgrossreceiptsYoYgrowthin4Q22

PUBGMobile:RateofYoYgrossreceiptsdeclinein4Q22narrowednotablyfrom3Q22asinnovativeoutfitdesignappealedtohardcoreplayers

CallofDutyMobile:GrossreceiptsincreasedYoYin4Q22,benefittingfromtop-tieroutfitreleasedduringthirdanniversaryevent

Successfulnewlaunches

NIKKE:#1bygrossreceipts1amongnewmobilegamesreleasedin2022;deliveredacross-platformexperiencewithPCversionlaunchedinFeb23

Darktide:Hardcoreco-opactionshooterPCgamedevelopedbysubsidiaryFatshark,rankedamong2022TopNewReleases2onSteam

LeagueofLegends

PUBGMobile

NIKKE

19

+15%YoY

OnlineAdvertising

InbillionRMB

-7%

YoY

88.6

82.7

+15%QoQ

24.7

24.7

21.5

21.5

75.3

-4%

72.0

0

21.4

+13%

+17%21.4

18.9

18.3

13.3

10.7

-20%

3.2+4%3.3

2.6+28%3.3

4Q214Q223Q224Q22FY2021FY2022

MediaSocial&Others

Overall

•4Q22revenuegrew15%YoY,underpinnedbyrobustdemandforVideoAccountsandMiniProgramsads,recoveryofmobileadnetwork,aswellasenhancedmachinelearninginfrastructure

•AdspendfromeCommerceplatforms,FMCGandgamesadvertisersincreasednotablyYoY

Social&Others

•VideoAccountsin-feedadrevenueexceededRMB1billion,aswereleasedmoreinventorytosatisfystrongdemand

•MiniProgramsrevenueincreasedrapidly,reflectingpopularityofenrichedcontentandhigheradoptionofrewardedvideoads

•MobileadnetworkrevenueresumedYoYgrowthduetoimprovedconversionandincreasedadoptionofbiddingmechanism

Media

•Enhancedtargetingtechnologyandintroducednewformatsforvideoservices

•Increasedmonetisationforad-supportedmusiccontent

20

-1%

YoY

FinTechandBusinessServices

InbillionRMB

+5%

QoQ

48.047.247.2

44.8

3Q224Q22

4Q214Q22

+3%

YoY

172.2

FY2021FY2022

177.1

FinTechServices

•FinTechServicesrevenuegrewslightlybothYoYandQoQ

•CommercialpaymentvolumedeclinedQoQduetoCOVID-19outbreaks,butreboundedQTDin1Q23benefittingfromconsumptionrecoveryinChina

BusinessServices

•4Q22revenuedeclinedYoY.GrossprofitincreasedYoYmainlydueto(1)proactivereductionofloss-makingactivitiesandcostoptimisation;(2)increasingfocusonhealthier-marginself-developedPaaSinareassuchasvideocloudanddatabase

•IncreasingadoptionofIntelligentMobilitysolutionamongautomanufacturers.WeupgradedourstrategicpartnershipwithNIOandbecameitslargestcloudprovider,demonstratingourcapabilitiesincustomisedsmartcockpitsolution,digitalmapanddatamanagement.OthernotablecustomersincludedBMWandGACMotor

4.FinancialReview

22

IncomeStatement

InbillionRMB

4Q2022

YoY

QoQ

FY2022

YoY

Revenue

145.0

+0.5%

+3%

554.6

-1%

COPS

(83.1)

-4%

+6%

(315.8)

+0.5%

Grossprofit

61.9

+7%

-0.3%

238.8

-3%

Interestincome

2.5

+52%

+11%

8.5

+29%

Othergains,net

85.8

-0.4%

+311%

124.3

-17%

Operatingexpenses

(33.4)

-7%

-0.5%

(135.9)

+4%

Operatingprofit

116.8

+6%

+126%

235.7

-13%

Financecosts,net

(3.7)

+96%

+88%

(9.4)

+31%

Shareofprofit/(loss)ofassociates&JVs,net

(1.6)

-80%

-54%

(16.1)

-2%

Incometaxexpense

(4.6)

+18%

-36%

(21.5)

+6%

Netprofit

106.9

+12%

+175%

188.7

-17%

Netprofitattributabletoequityholders

106.3

+12%

+166%

188.2

-16%

DilutedEPSinRMB

10.977

+12%

+167%

19.341

-17%

Non-IFRS

OperatingProfit

39.4

+19%

-4%

153.5

-4%

Netprofitattributabletoequityholders

29.7

+19%

-8%

115.6

-7%

DilutedEPSinRMB

3.042

+19%

-8%

11.835

-7%

23

Non-IFRSAdjustments

InbillionRMB

IFRS4Q2022

SBC

Net(gains)/

lossesfrom

investee

companies1

Amortisation

ofintangible

assets

Impairmentprovisions/(reversals)2

SSV&CPP3

Others4

Taxeffect

Non-IFRS4Q2022

YoYchange

QoQchange

Non-IFRSFY2022

YoYchange

Operatingprofit

116.8

5.7

(108.0)

1.3

22.0

1.6

-

-

39.4

+19%

-4%

153.5

-4%

Netprofit

106.9

7.2

(108.0)

2.7

23.7

1.6

0.2

(3.7)

30.6

+19%

-8%

119.2

-7%

Netprofit

attributableto

equityholders

106.3

7.1

(107.9)

2.4

23.7

1.6

0.2

(3.7)

29.7

+19%

-8%

115.6

-7%

Operatingmargin

80.6%

27.2%

+4.2ppt

-2.0ppt

27.7%

-0.8ppt

Netmargin

73.8%

21.1%

+3.2ppt

-2.7ppt

21.5%

-1.3ppt

Note:

1.Includingnet(gains)/lossesondeemeddisposals/disposalsofinvesteecompanies,fairvaluechangesarisingfrominvesteecompanies,andotherexpensesinrelationtoequitytransactionsofinvesteecompanies.

2.Impairmentprovisions/(reversals)forassociates,jointventures,goodwillandotherintangibleassetsarisingfromacquisitions.

3.MainlyincludingdonationsandexpensesincurredfortheGroup’sSustainableSocialValue&CommonProsperityProgrammeinitiatives.

4.Mainlyincludingexpensesincurredfornon-recurringcompliance-relatedcostsandcertainlitigationsettlementsoftheCompanyand/orarisingfrominvesteecompanies.

24

OverallGrossMargin(%)

FinTechandBusinessServices(%)

GrossMargins

48.9

45.4

42.6

40.1

46.3

44.0

46.3

45.2

43.2

44.2

42.1

44.1

59.0

50.450.6

ValueAddedServices(%)

52.953.0

49.8

48.7

55.1

53.7

52.6

51.7

51.5

51.450.9

45.1

40.6

36.7

OnlineAdvertising(%)

48.8

49.2

46.4

46.3

53.3

42.7

44.2

33.6

31.6

28.9

28.5

28.5

27.9

27.9

32.0

33.3

33.3

32.3

27.1

1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q22

46.0

43.9

43.1

54.152.550.6

51.4

45.8

42.3

33.0

28.329.8

FY2020FY2021FY2022

25

R&D

inbillionRMB

+14%

YoY

14.015.915.115.9

4Q223Q22

+18%

YoY

61.4

51.9

FY2021FY2022

+6%QoQ

4Q22

4Q21

G&A(excl.R&D)

inbillionRMB

+10%

YoY

10.411.411.411.4

4Q214Q223Q224Q22

+19%

YoY

45.3

37.9

FY2021FY2022

-0.1%QoQ

Non-IFRS

4Q22R&Dgrewby18%YoYand7%QoQ

FY2022R&Dgrewby19%YoY

Non-IFRS

4Q22G&A(excl.R&D)grewby11%YoYand2%QoQFY2022G&A(excl.R&D)grewby19%YoY

OperatingExpenses

S&M

inbillionRMB

-47%

YoY

11.6

4Q223Q22

-28%

YoY

40.6

29.2

FY2021FY2022

-14%QoQ

4Q21

4Q22

Non-IFRS

4Q22S&Mdeclinedby48%YoYand14%QoQFY2022S&Mdeclinedby29%YoY

26

Non-IFRSNetMargin(%)

Non-IFRSMarginRatios

31.631.0

28.7

27.0

23.0