腾讯控股(00700) - 2022 Q1 - 季度财报

Financial Performance - Revenue for the three months ended March 31, 2022, was RMB 135,471 million, a slight increase of 0% year-over-year, but a decrease of 6% compared to the previous quarter[1] - Operating profit decreased by 34% year-over-year to RMB 37,217 million, and dropped 66% compared to the previous quarter[1] - Net profit attributable to equity holders was RMB 23,413 million, down 51% year-over-year and down 75% quarter-over-quarter[1] - Gross profit decreased to RMB 57.074 billion in Q1 2022 from RMB 62.635 billion in Q1 2021, reflecting a decline in profitability[10] - Online advertising revenue decreased by 18% to RMB 17.988 billion, impacted by weak demand in various sectors[12] - Financial technology and enterprise services revenue grew by 10% to RMB 42.768 billion, representing 32% of total revenue[11] - The company's net profit attributable to equity holders in Q1 2022 decreased by 75% to RMB 23.4 billion, reflecting rising costs and losses from associates[18] - The company reported a total comprehensive loss of RMB 53.512 billion for the three months ended March 31, 2022, compared to a total comprehensive income of RMB 63.619 billion in the same period last year[28] User Engagement - Monthly active accounts for WeChat and WeChat combined reached 1,288.3 million, a year-over-year increase of 3.8%[2] - QQ's mobile terminal monthly active accounts decreased by 7.0% year-over-year to 563.8 million[2] - "Honor of Kings" remains the top mobile game in China by daily active accounts, with revenue recovering year-over-year in March 2022[5] - The international mobile gaming market experienced a general decline in user activity and spending in early 2022, impacting titles like "PUBG Mobile"[6] Cost and Expenses - Total cost of revenue increased by 8% to RMB 78.397 billion, with the cost as a percentage of revenue rising from 54% to 58%[12] - General and administrative expenses surged by 41% to RMB 26.669 billion, driven by increased share-based compensation and R&D costs[13] - Sales and marketing expenses in Q1 2022 decreased by 31% to RMB 8.1 billion, attributed to seasonal effects and cost-cutting measures[18] - The company's net financial costs increased by 42% year-on-year to RMB 1.9 billion due to higher interest expenses from increased debt and reduced foreign exchange gains[14] Cash Flow and Liquidity - The company reported a free cash flow of RMB 15.2 billion for Q1 2022, with net cash flow from operating activities at RMB 33.8 billion[26] - The net cash flow from operating activities for the three months ended March 31, 2022, was RMB 33,822 million, a decrease of 33.9% from RMB 51,004 million in the same period last year[35] - The net cash flow used in investing activities for the same period was RMB (20,105) million, an improvement from RMB (55,036) million year-on-year[35] - The net debt decreased to RMB 11.035 billion from RMB 20.243 billion, primarily due to generated free cash flow and cash inflow from the disposal of certain listed investments[25] Investments and Assets - The company’s investments in associates and joint ventures amounted to RMB 309.630 billion as of March 31, 2022, down from RMB 316.574 billion at the end of the previous year[29] - The fair value of investments in associates as of March 31, 2022, was approximately RMB 424.55 billion, down from RMB 634.66 billion as of December 31, 2021[59] - The company reported accounts receivable of RMB 52.774 billion as of March 31, 2022, an increase from RMB 49.331 billion at the end of 2021[65] - The company made new investments and additional investments totaling approximately RMB 12.289 billion in the three months ended March 31, 2022, primarily in social media and video streaming platforms[63] Shareholder Information - Basic earnings per share for the three months ended March 31, 2022, was RMB 2.455, down from RMB 5.020 in the previous year[27] - The company proposed a final dividend of HKD 1.60 per share for the year ended December 31, 2021, consistent with the previous year[57] - The company reported a total equity of RMB 845,146 million as of March 31, 2022, up from RMB 761,812 million at the beginning of the year[34] Corporate Governance and Strategy - The company has implemented a comprehensive corporate governance code in accordance with the listing rules[84] - The company is committed to sustainable social value and common prosperity initiatives as part of its corporate strategy[87] - The company is exploring mergers and acquisitions to strengthen its market position and expand its service offerings[86] - The company is actively involved in research and development to enhance its product offerings and technological capabilities[87]