Core Insights - Tencent reported a profit attributable to shareholders of 53.23 billion yuan ($7.37 billion) in the third quarter, exceeding the LSEG estimate of 46.18 billion yuan [1] - The company's revenue for the third quarter was 167.19 billion yuan, slightly below the analyst forecast of 167.82 billion yuan [2] Group 1 - The profit growth was driven by increases in gaming, advertising, and cloud services [1] - Tencent is recognized as a leading player in the gaming industry and is the parent company of WeChat, a major social messaging app in China [1]

Revenue and Profit Growth - Revenue for Q3 2024 reached RMB 167.193 billion, an 8% YoY increase[1] - Net profit attributable to equity holders surged 47% YoY to RMB 53.230 billion in Q3 2024[1] - Operating profit increased 20% YoY to RMB 53.333 billion in Q3 2024[1] - Revenue for Q3 2024 increased by 8% YoY to RMB 167.2 billion, with value-added services growing by 9% to RMB 82.7 billion, marketing services by 17% to RMB 30.0 billion, and fintech and business services by 2% to RMB 53.1 billion[8] - Net profit attributable to equity holders of the company grew by 47% YoY to RMB 53.2 billion, with non-IFRS net profit increasing by 33% to RMB 59.8 billion[13] - Revenue for Q3 2024 increased by 4% quarter-over-quarter to RMB 167.2 billion, with value-added services revenue growing by 5% to RMB 82.7 billion[15] - Net profit attributable to equity holders of the company rose by 12% quarter-over-quarter to RMB 53.2 billion, with non-IFRS net profit increasing by 4% to RMB 59.8 billion[17] - Revenue for the nine months ended September 30, 2024, was RMB 487,811 million, with value-added services contributing RMB 240,146 million and fintech and business services contributing RMB 155,831 million[33] - Net profit for the nine months ended September 30, 2024, was RMB 145,000 million, up from RMB 90,198 million in the same period of 2023[33] - Net profit for the nine months ended September 30, 2024, was RMB 145,000 million, a significant increase from RMB 90,198 million in the same period last year[35] - The company's profit attributable to equity holders for the nine months ended September 30, 2024, was RMB 142,749 million, a significant increase from RMB 88,191 million in the same period in 2023[66] User and Subscription Growth - WeChat and WeChat combined MAUs grew 3% YoY to 1.382 billion in Q3 2024[3] - Mini Program transaction volume exceeded RMB 2 trillion in Q3 2024, with double-digit YoY growth[4] - Music paid subscriptions increased 16% YoY to 119 million in Q3 2024[5] - Video paid memberships grew 6% YoY to 116 million in Q3 2024[5] Gaming Performance - International game VALORANT revenue increased over 30% YoY in Q3 2024[5] - International market gaming revenue grew by 5% to RMB 14.5 billion, driven by games like *PUBG MOBILE*, while domestic market gaming revenue increased by 8% to RMB 37.3 billion, supported by games like *Peacekeeper Elite* and *Dungeon & Fighter: Origin*[15] - Local market games refer to the company's gaming business in the Chinese market (excluding Hong Kong, Macau, and Taiwan)[103] - International market games refer to the company's gaming business outside the local market[103] - The company's gaming business includes titles such as PUBG (PlayerUnknown's Battlegrounds)[104] Gross Profit and Margin - Gross profit margin expanded to 53.1% in Q3 2024, up from 49.5% in Q3 2023[1] - Gross profit for Q3 2024 rose by 16% YoY to RMB 88.8 billion, with the gross margin improving from 49% to 53%[10] - Value-added services gross profit increased by 13% YoY to RMB 47.5 billion, with the gross margin improving from 56% to 57%[10] - Marketing services gross profit grew by 18% YoY to RMB 15.9 billion, with the gross margin slightly improving from 52% to 53%[11] - Fintech and business services gross profit surged by 19% YoY to RMB 25.4 billion, with the gross margin improving significantly from 41% to 48%[12] - Gross profit for Q3 2024 increased by 3% to RMB 88.8 billion, with a stable gross margin of 53%[15] - Gross profit for the nine months ended September 30, 2024, was RMB 258,593 million, with a gross margin of 53%[33] Expenses and Costs - Sales and marketing expenses increased by 19% YoY to RMB 9.4 billion, accounting for 6% of revenue compared to 5% in the same period last year[12] - General and administrative expenses rose by 11% YoY to RMB 29.1 billion, driven by increased R&D and employee costs[12] - Sales and marketing expenses grew by 3% to RMB 9.4 billion, while general and administrative expenses increased by 6% to RMB 29.1 billion, driven by higher R&D and employee costs[16] - Employee benefits expenses for the three months ended September 30, 2024, were RMB 29,636 million, compared to RMB 27,812 million in the same period in 2023[50] - Content costs (excluding intangible asset amortization) for the three months ended September 30, 2024, were RMB 17,232 million, compared to RMB 15,812 million in the same period in 2023[50] - Promotion and advertising expenses for the three months ended September 30, 2024, were RMB 6,659 million, compared to RMB 4,981 million in the same period in 2023[50] - R&D expenses for the three months and nine months ended September 30, 2024, were RMB 17.89 billion and RMB 50.845 billion, respectively, compared to RMB 16.454 billion and RMB 47.645 billion for the same periods in 2023[52] - Employee benefits expenses for the three months and nine months ended September 30, 2024, were RMB 14.5 billion and RMB 41.668 billion, respectively, compared to RMB 13.667 billion and RMB 39.951 billion for the same periods in 2023[52] - Media content amortization for the three months and nine months ended September 30, 2024, was RMB 6.584 billion and RMB 19.286 billion, respectively, compared to RMB 6.473 billion and RMB 22.864 billion for the same periods in 2023[53] - Intangible assets amortization related to acquisitions for the three months and nine months ended September 30, 2024, was RMB 1.324 billion and RMB 3.878 billion, respectively, compared to RMB 1.434 billion and RMB 3.455 billion for the same periods in 2023[53] - SSV and CPP related expenses (excluding share-based compensation) for the three months and nine months ended September 30, 2024, were RMB 240 million and RMB 550 million, respectively, compared to RMB 231 million and RMB 561 million for the same periods in 2023[53] - Non-recurring compliance-related costs and litigation settlement expenses for the nine months ended September 30, 2024, were RMB 3 million, compared to RMB 17 million for the same period in 2023[54] - Subsidies and tax refunds for the three months and nine months ended September 30, 2024, were RMB 2.631 billion and RMB 6.048 billion, respectively, compared to RMB 2.546 billion and RMB 8.14 billion for the same periods in 2023[55] - The company's total employee compensation cost for the three months ended September 30, 2024, was RMB 29.6 billion, compared to RMB 27.8 billion in the same period last year[95] Investments and Financial Assets - Share of profits from associates and joint ventures increased to RMB 6.0 billion in Q3 2024, up from RMB 2.1 billion in the same period last year[13] - The fair value of the company's equity interests in listed investee companies (excluding subsidiaries) as of September 30, 2024, was RMB 612,500 million[31] - The company's equity interests in unlisted investee companies (excluding subsidiaries) had a carrying value of RMB 327,700 million as of September 30, 2024[31] - The company's investment in associates as of September 30, 2024, was RMB 266,057 million, up from RMB 253,696 million as of December 31, 2023[70] - The fair value of the company's investment in listed associates as of September 30, 2024, was RMB 341.464 billion, compared to RMB 351.594 billion as of December 31, 2023[70] - The company's investment in associates increased by RMB 2,242 million in the first nine months of 2024, compared to RMB 6,301 million in the same period in 2023[71] - The company recognized a significant impairment provision of RMB 7,831 million for investments in associates with signs of impairment in the first nine months of 2024, compared to RMB 1,396 million in the same period in 2023[72] - The fair value of financial assets measured at fair value through profit or loss decreased to RMB 218,973 million as of September 30, 2024, from RMB 226,048 million as of December 31, 2023[73] - The company made new and additional investments totaling RMB 42,572 million in financial investments, investment companies, and others in the first nine months of 2024[75] - The fair value of financial assets measured at fair value through other comprehensive income increased to RMB 285,764 million as of September 30, 2024, from RMB 213,951 million as of December 31, 2023[76] - The company made new and additional investments totaling RMB 4,864 million in investment companies primarily engaged in social media platforms, sports equipment, e-commerce, and other internet-related businesses in the first nine months of 2024[78] - Net gains from disposal and deemed disposal of investments for the nine months ended September 30, 2024, were RMB 10.621 billion, compared to RMB 3.929 billion for the same period in 2023[56] - Fair value gains/(losses) on financial assets measured at fair value through profit or loss for the three months and nine months ended September 30, 2024, were RMB 3.788 billion and RMB 1.565 billion, respectively, compared to RMB 2.258 billion and RMB -754 million for the same periods in 2023[56] Cash Flow and Financial Position - EBITDA for Q3 2024 was RMB 64.4 billion, up from RMB 62.9 billion in Q2 2024, with adjusted EBITDA reaching RMB 69.7 billion[18] - Net cash position as of September 30, 2024, was RMB 95.5 billion, a significant increase from RMB 71.8 billion at the end of Q2 2024[18] - Capital expenditures for Q3 2024 were RMB 17.1 billion, nearly double the RMB 8.7 billion spent in Q2 2024[18] - Free cash flow generated in Q3 2024 was RMB 58,500 million, driven by net cash from operating activities of RMB 78,100 million, partially offset by capital expenditures of RMB 12,000 million[31] - The company's cash and cash equivalents as of September 30, 2024, were RMB 145,468 million, with a net cash position of RMB 95,462 million, up from RMB 71,757 million as of June 30, 2024[30] - Net cash flow from operating activities for the nine months ended September 30, 2024, was RMB 204.475 billion, an increase from RMB 168.008 billion in the same period in 2023[41] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 79.243 billion, a decrease from RMB 117.157 billion in the same period in 2023[41] - Net cash used in financing activities for the nine months ended September 30, 2024, was RMB 151.330 billion, an increase from RMB 62.806 billion in the same period in 2023[41] - Cash and cash equivalents at the end of the period were RMB 145.468 billion, compared to RMB 146.476 billion at the end of the same period in 2023[41] Non-IFRS Metrics - Non-IFRS operating profit for Q3 2024 was RMB 61,274 million, up from RMB 53,333 million reported under IFRS[23] - Non-IFRS net profit attributable to equity holders for Q3 2024 was RMB 59,813 million, compared to RMB 53,230 million under IFRS[23] - Non-IFRS operating profit margin for Q3 2024 was 37%, up from 32% under IFRS[23] - Non-IFRS operating profit for Q2 2024 was RMB 58,443 million, up from RMB 50,732 million reported under IFRS[25] - Non-IFRS net profit attributable to equity holders for Q2 2024 was RMB 57,313 million, compared to RMB 47,630 million under IFRS[25] - Non-IFRS operating profit margin for Q2 2024 was 36%, up from 31% under IFRS[25] - Non-IFRS operating profit for the first nine months of 2024 was RMB 178,336 million, up from RMB 156,621 million reported under IFRS[27] - Non-IFRS net profit attributable to equity holders for the first nine months of 2024 was RMB 167,391 million, compared to RMB 142,749 million under IFRS[27] - Non-IFRS operating profit margin for the first nine months of 2024 was 37%, up from 32% under IFRS[27] Earnings Per Share and Dividends - Basic earnings per share for the nine months ended September 30, 2024, were RMB 15.346, compared to RMB 9.312 in the same period of 2023[33] - Basic earnings per share for the nine months ended September 30, 2024, were RMB 15.346, up from RMB 9.312 in the same period in 2023[66] - Diluted earnings per share for the nine months ended September 30, 2024, were RMB 15.008, compared to RMB 9.075 in the same period in 2023[68] - The company paid a final dividend of HKD 31.743 billion for the year ended December 31, 2023, an increase from HKD 22.762 billion in the previous year[69] Assets and Liabilities - Property, plant, and equipment increased to RMB 69,583 million as of September 30, 2024, from RMB 53,232 million as of December 31, 2023[36] - Intangible assets slightly increased to RMB 178,773 million as of September 30, 2024, from RMB 177,727 million as of December 31, 2023[36] - Investments in associates and joint ventures increased to RMB 266,057 million as of September 30, 2024, from RMB 253,696 million as of December 31, 2023[36] - Total assets increased to RMB 1,723,357 million as of September 30, 2024, from RMB 1,577,246 million as of December 31, 2023[36] - Total equity attributable to equity holders of the company increased to RMB 912,586 million as of September 30, 2024, from RMB 808,591 million as of December 31, 2023[38] - Non-current liabilities decreased to RMB 335,073 million as of September 30, 2024, from RMB 351,408 million as of December 31, 2023[38] - Current liabilities increased to RMB 407,777 million as of September 30, 2024, from RMB 352,157 million as of December 31, 2023[38] - Total equity as of September 30, 2024, amounted to RMB 980.507 billion, an increase from RMB 873.681 billion at the beginning of the year[39] - Retained earnings increased to RMB 861.819 billion, up from RMB 813.911 billion at the start of the year[39] - Comprehensive income for the period was RMB 209.832 billion, driven by a net profit of RMB 142.749 billion and other comprehensive income of RMB 62.806 billion[39] - The company repurchased shares worth RMB 13.681 billion, which were subsequently canceled[39] - Cash dividends paid during the period totaled RMB 68.797 billion[39] - Non-controlling interests increased to RMB 67.921 billion, up from RMB 65.090 billion at the beginning of the year[39] - The company recorded a gain of RMB 72.902 billion from the fair value changes of financial assets measured at fair value through other comprehensive income[39] - Foreign currency translation differences resulted in a loss of RMB 7.064 billion[39] - The company allocated RMB 28.924 billion to statutory reserves[39] - The company's equity attributable to shareholders increased to RMB 912.586 billion, up from RMB 808.591 billion at the start of the year[39] - Total equity as of January 1, 2023, was RMB 782.86 billion, with retained earnings of RMB 705.981 billion[40] - Comprehensive income for the period was RMB 90.198 billion, with a net profit of RMB 88.191 billion[40] Employee and Compensation - The company had 108,823 employees as of September 30, 2024, an increase from 105,309 employees as of September 30, 2023[95] - The company's total employee compensation cost for the three months ended September 30, 2024, was RMB 29.6 billion, compared to RMB 27.8 billion in the same period last year[95] Debt and Notes Payable - The non-current portion of long-term USD notes payable was RMB 127.

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive has a presence in key finance and investing hubs with bureaus and studios located in major cities such as London, New York, and Sydney [2] Group 2 - The company utilizes technology to enhance workflows and has adopted automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [4]

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - Tencent Holdings (700) is expected to announce its Q3 2024 financial results on November 13, 2024, with a subsequent earnings call at 20:00 Beijing time [1] - Visible Alpha consensus estimates Q3 2024 revenue at 167 billion RMB, an 8% YoY increase [1] - Value-added services are expected to contribute 82.3 billion RMB, up 8.71% YoY [1] - Advertising revenue is projected to rise 15.18% YoY to 29.6 billion RMB, driven by video accounts [1] - Cloud and fintech revenues are anticipated to reach 53.5 billion RMB, a 2.75% YoY increase [1] - Non-GAAP net profit is forecasted to grow 19.55% YoY to approximately 53.7 billion RMB [1] Revenue Breakdown - Value-added services: 82.3 billion RMB, +8.71% YoY [1] - Advertising: 29.6 billion RMB, +15.18% YoY [1] - Cloud and fintech: 53.5 billion RMB, +2.75% YoY [1] Gaming Segment - Tencent's evergreen gaming strategy continues to drive growth, with AI enhancing monetization efficiency [1] - Domestic games like Peacekeeper Elite maintain 100 million users, while DNF remains stable on the game bestseller list [1] - Overseas games, including the overseas version of Honor of Kings, performed well, ranking in the top three on Sensor Tower's China mobile game overseas market download list in July [1] - New game Delta Action reached 25 million registered users within a week of its launch in late September [1] Advertising Business - Advertising revenue is expected to benefit from the rapid development and operational optimization of video accounts [1] - AI technology is enhancing the efficiency of Tencent's advertising 3.0 platform, supporting high gross margins in the advertising business [1] Cloud and Fintech - Cloud business is focusing on operational efficiency and cost reduction while pursuing high-quality growth [1] - Fintech is expected to see increased demand due to the rising market environment for large models and the commercialization progress of projects like mini-programs [1] - The interconnection between WeChat Pay and Taobao Tmall starting in September is anticipated to significantly boost Q4 2024 and 2025 technical service fees [1] Overall Outlook - The company's overall revenue is expected to improve, with continued cost reduction and efficiency improvements [1] - Sales and management expense ratios are lower than expected, with promising data from video accounts anticipated [1] - Management is expected to provide further insights during the earnings call regarding new game releases and future commercialization strategies [1]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) [3]. Core Views - The gaming industry is experiencing a recovery in market sentiment, driven by stable regulatory policies and improved supply of game licenses, with significant revenue growth expected in the coming years [1][11]. - Tencent's domestic evergreen games are performing well, and its overseas growth targets remain solid, with a focus on expanding its global distribution capabilities [1][25]. - The report forecasts Tencent's revenue for 2024, 2025, and 2026 to be 659.1 billion, 715.4 billion, and 773.0 billion RMB respectively, with adjusted net profits of 214.6 billion, 240.4 billion, and 260.0 billion RMB [2][3]. Summary by Sections 1. Gaming Industry: Policy Risks Easing and Market Sentiment Recovering - The gaming industry in China is showing signs of recovery, with a 13.9% year-on-year increase in actual sales revenue in 2023, reaching 302.96 billion RMB [7]. - The number of game licenses issued has significantly improved, with 1,072 domestic and 90 imported game licenses granted by the end of October 2024, surpassing previous years [11][12]. - The average revenue per user (ARPU) for games has increased, with mobile game ARPU growing by 17.1% in 2023 [7]. 2. Company Gaming Business: Strong Domestic Performance and Stable Overseas Growth - Tencent's domestic evergreen games are seeing a revenue rebound, with flagship titles like "Honor of Kings" and "Peacekeeper Elite" benefiting from gameplay updates [1]. - The new game "MDnF" is expected to significantly contribute to revenue in the second half of 2024 [1]. - Tencent's global distribution capabilities are expanding, with successful titles like "PUBG Mobile" and "Brawl Stars" maintaining strong performance in international markets [1][25]. 3. Profit Forecast and Investment Recommendations - The report projects Tencent's revenue and adjusted net profit growth for the next three years, with corresponding price-to-earnings ratios of 17X, 15X, and 14X for 2024, 2025, and 2026 respectively [2][3]. - The investment recommendation is based on the anticipated recovery in the gaming market and Tencent's strong position within it [1][3].

Investment Rating - The investment rating for Tencent Holdings (00700) is "Buy" with a 6-month target price maintained [1]. Core Views - The report anticipates a resilient growth in earnings, projecting a revenue increase of 8% year-on-year and a Non-IFRS operating profit growth of 17% for Q3 2024 [1]. - The overall gross profit is expected to rise by 16% year-on-year, with a gross margin of 53.3%, reflecting a 3.9 percentage point increase [1]. - Non-IFRS net profit attributable to shareholders is projected to reach approximately 57.4 billion yuan, representing a year-on-year growth of 28% [1]. Summary by Sections Overall Performance - Revenue is expected to grow by 8% year-on-year and 4% quarter-on-quarter in Q3 2024 [1]. - Game revenue is projected to continue its acceleration, while advertising revenue growth may slightly decline but remain resilient [1]. - The company is expected to maintain prudent expense control, with core operating profit growth outpacing gross profit growth [1]. Gaming Segment - Network game revenue is anticipated to grow by 13% year-on-year, with domestic market revenue increasing by 12% and overseas market revenue by 15% [1]. - The report highlights several upcoming game releases that may contribute to revenue growth in Q4 2024 [1]. Advertising Segment - Advertising revenue is projected to increase by 15% year-on-year, driven by healthy growth in video account traffic and orderly expansion of advertising inventory [1]. - The gross margin for the advertising business is expected to rise to 55.9% [1]. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services is expected to grow by 2% year-on-year, with a continued upward trend in gross margin [1]. - The report notes that the growth rate has slowed due to weak macroeconomic conditions [1]. Investment Recommendations - The report maintains forecasts for Non-IFRS net profit for 2024, 2025, and 2026 at 217.8 billion, 251.7 billion, and 278.6 billion yuan respectively [1]. - The current stock price corresponds to a PE ratio of 17x, 14x, and 13x for the years 2024, 2025, and 2026, indicating a relatively low valuation compared to historical averages [1].

Group 1 - ByteDance founder Zhang Yiming has become China's richest person with a personal wealth of $49.3 billion, surpassing Zhong Shanshan, whose wealth decreased by 24% to $47.9 billion [2] - ByteDance's profits surged around 30% last year, driven by the popularity of its app TikTok, which has over a billion active monthly users globally [2] - Pony Ma Huateng, CEO of Tencent, saw his wealth rise by 13% to $44.4 billion, while Colin Huang of Pinduoduo experienced a 9% decline in wealth [3] Group 2 - The number of individuals in China with wealth exceeding 5 billion yuan ($700 million) has decreased by 12% to 1,094, with a total combined wealth of $3 trillion, down 10% from the previous year [4] - The Hurun China Rich List has contracted for the third consecutive year, reflecting challenges in China's economy and stock markets [5] - The current rich list is increasingly dominated by entrepreneurs from technology, consumer electronics, and new energy sectors, moving away from the previous dominance of real estate developers [5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - Tencent's gaming revenue is increasingly driven by international markets, with overseas revenue growing significantly, accounting for 30% of total gaming revenue in 2023 [2][4] - The report emphasizes the importance of operational changes and strategic adjustments in Tencent's gaming subsidiaries, particularly Supercell, to enhance monetization and user engagement [4][5] - The gaming industry is experiencing a shift towards service-oriented models (GaaS), which Tencent is well-positioned to leverage due to its extensive experience in game monetization [19][20] Summary by Sections 01 Overview of Tencent's Overseas Gaming and Market - Tencent's gaming revenue is heavily reliant on overseas markets, with a notable increase in the share of international revenue from 15% in 2019 to 30% in 2023 [2][4] - The company has adopted a strategy of acquiring subsidiaries and collaborating on game development to enhance its presence in international markets [9][11] 02 Supercell and Riot Games Organizational Adjustments - Supercell, a key component of Tencent's overseas gaming strategy, has seen a revenue increase of 70% in the first half of 2024, driven by successful game launches and operational changes [27][28] - Riot Games is focusing on core titles like "League of Legends" and "Valorant," with organizational restructuring aimed at improving player experience and operational efficiency [35][37] 03 Insights on Tencent's Gaming Operations - Tencent is actively restructuring its gaming operations to enhance monetization strategies, including the introduction of new game features and community engagement initiatives [4][5] - The company is also focusing on the importance of high-quality game development and operational management to maintain user interest and revenue growth [4][5] 04 Valuation Insights for Overseas Game Companies - The report discusses the stable valuation of mature overseas gaming companies, highlighting that firms with strong IP and diverse game portfolios maintain stable valuations even during periods of slow revenue growth [4][5] - Tencent's extensive investment in overseas gaming companies has resulted in a rich IP portfolio and significant operational experience, positioning it favorably in the market [4][5] 05 Investment Recommendations - The report recommends maintaining a focus on Tencent's strong competitive position in the global gaming market, particularly as it continues to innovate and adapt its gaming portfolio [5] - Projected revenue growth for Tencent's gaming segment is expected to accelerate in the second half of 2024 and into 2025, driven by successful game launches and operational improvements [5]

Expanding TME's Global Footprint to Elevate International Music Experiences SHENZHEN, China, Oct. 17, 2024 /PRNewswire/ -- Tencent Music Entertainment Group (TME) today announced a strategic partnership with Galaxy Corporation, the agency representing the influential global musician G-Dragon, for his upcoming regional tour. The collaboration marks a significant step forward in TME's ambitions to expand its global presence and further solidify its position in the international music scene.As part of this agr ...

Research 证券研究报告 | 2024年10月16日 | 12:07AM HKT CHINA RESILIENCE 聚焦中国高韧性企业 –腾讯控股 (0700.HK) 超级应用构筑生态系统，游戏业务布局全球 (摘要) | --- | --- | --- | --- | |-------|-------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...