Tencent’s annual net profit exceeded 100 billion for the first time, emphasizing the priority of financial technology risk control

The performance of Tencent’s 2020 annual report is also robust, just like the quarterly financial report. On March 24, Tencent released its financial report for the fourth quarter and the whole year of 2020. According to the data, in the fourth quarter of 2020, Tencent’s revenue was 133.667 billion yuan, an increase of 26% over the same period last year; under non international general accounting standards, its net profit was 33.207 billion yuan, an increase of 30% over the same period last year. In 2020, Tencent’s revenue was 482.064 billion yuan, a year-on-year increase of 28%; under non international general accounting standards, its net profit was 122.742 billion yuan, a year-on-year increase of 30%. This is the first time that Tencent’s annual net profit has exceeded 100 billion yuan. At the business level, the proportion of revenue of each sector has not changed much compared with that of the previous year.

Tencent’s revenue in 2020 mainly includes value-added services, online advertising, financial technology and enterprise services, and other four parts. As in previous years, the value-added service business is still Tencent’s business with the largest proportion of revenue. In 2020, the revenue will increase by 32% year on year to 264.2 billion yuan, accounting for 55%.

Value added service is composed of online games and social networks. Among them, the revenue of online games increased by 36% to 156.1 billion yuan. This was mainly driven by the revenue growth of smartphone games in domestic and overseas markets and the full year impact of supercell merger. The revenue of PC client games decreased slightly. Further detailed, the total revenue of smartphone games (including the revenue of smartphone games attributable to Tencent’s social network business) is 146.6 billion yuan, and the revenue of PC client games is 44.6 billion yuan.

Another business, social network, saw its revenue increase by 27% to 108.1 billion yuan. The increase was mainly due to the revenue growth of live broadcast service, Tencent music and video membership service, and the sales growth of game virtual props.

Tencent’s financial technology and enterprise services are the second largest business in terms of revenue. In 2020, its revenue increased by 26% to 128.1 billion yuan, accounting for 27%. This growth is mainly reflected in the revenue growth of commercial payment, financial services and cloud services driven by the expanded user base and business scale.

However, Tencent did not separately disclose the revenue scale of cloud computing in the financial report. It only emphasized that Tencent has developed a new generation of star sea SA3 server and launched the conference room solutions “Tencent conference rooms” and “conference room connector”. Tencent also did not disclose to Beijing business daily the volume of cloud computing revenue.

In 2020, Tencent’s online advertising business contributed 82.3 billion yuan of revenue, with a year-on-year growth of 20%, accounting for 17% of the revenue. This part of the business includes social and other advertising and media advertising. Among them, social and other advertising revenue increased by 29% to 68 billion yuan, while media advertising revenue decreased by 8% to 14.3 billion yuan.

In 2020, Tencent’s other revenue was 7.495 billion yuan, basically the same as that of the previous year.

Compared with the financial report in 2019, Tencent’s revenue structure remains stable. Among them, the revenue share of value-added services will increase from 53% in 2019 to 55% in 2020, the revenue share of online advertising will decrease from 18% in 2019 to 17% in 2020, the revenue share of financial technology and enterprise services will be the same as that in 2019, which is 27%, and other revenue share will decrease from 2% in 2019 to 1% in 2020.

“In the four quarters of 2020, Tencent’s revenue scale, growth rate and proportion are mainly stable. It is not easy to maintain this for many years, because Tencent has a large base, so maintaining growth is a test. The problem is that the transformation of Tencent to B has not been reflected in the financial report. ” Bida consulting analyst Li Jinqing told Beijing business daily.

At the product level, as of December 31, 2020, wechat and wechat had 1.225 billion combined monthly active accounts, up 5.2% year on year. In 2020, more than 120 million users published content in their friends circle, 360 million users read official account articles, and 400 million users used small programs. Small programs and wechat payment help small and medium-sized enterprises and brands to strengthen the connection with users. In 2020, the transaction volume generated by small programs will more than double year on year. In 2020, the number of monthly active accounts of QQ’s intelligent terminals is 595 million, a year-on-year decrease of 8.1%; the number of registered accounts of value-added services is 220 million, a year-on-year increase of 21.9%.

Beijing Business News (reporter Wei Wei)

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