跳至主要内容

Tencent Q1 2023 Earnings Call Transcript

  • Advertising on Weixin properties, which contribute over half of our total advertising revenue, outgrew the overall ad business.
    微信广告占据腾讯广告的半壁江山,万万没想到的

  • So, on the game business, not to be pedantic, but we feel very strongly that what you referred to as old games are, in fact, evergreen games. And if you look at our game portfolio, many of the biggest, most successful titles, including Honour of Kings, League of Legends, CrossFire, CrossFire Mobile, Peacekeeper Elite, PUBG Mobile, Arena Breakout, are competitive games, often team-based competitive games that are designed to be balanced, fair, and playable for years or for decades.
    培育常青游戏

  • You know, players responded to that appealing content by investing, in some cases, more time and, in other cases, more money or both. And the more money translates into more gross receipts and, therefore, more revenue. In terms of whether there were special promotional campaigns, you know, we always promote the virtual outfits. I think, over time, we've become progressively better at promoting the right virtual outfits at the right time of the calendar year.
    So, the business has become more akin to luxury goods. And that there are certain virtual outfits we promote to tie into the Lunar New Year. There are others we promote tie into the May Day holidays, into the summer period, and so on and so forth. But that's an ongoing trend as opposed to a single-quarter phenomenon.
    洞见,游戏皮肤,仔细想想确实是像奢侈品一样的生意,但差异点在于奢侈品在低成本+高单价,而游戏皮肤是低成本+低单价(但同时有极多的COPY走量)

  • As you know, cloud only represents a mid-single-digit percentage of our total revenue. You know, within that, the price cuts only apply to infrastructure as a service, which is a subset of that mid-single digits. And then even within infrastructure as a service, if you look at the price cuts that have been widely announced in the industry in recent weeks, they apply to long-term prepaid contracts, and those long-term prepaid contracts are generally entered into by small- and medium-sized businesses, but not by larger enterprises. So, you know, this is an industry where, over time, the input costs of servers and bandwidth and so forth are generally falling and it makes sense that the participants in the industry pass on those falling input costs into falling pricing to their customers.
    云的这一轮降价,是基于近几年服务器与带宽综合成本下降,带来的定价端的下降,是行业正常现象,不是亏钱争夺市占率

  • And then in terms of applications, I think there will be a lot of different applications. Overall, the user-to-machine interactions, in particular, search and information generation, and those type of applications would actually be more disruptive. And at the same time, there will be more of a rush of applications appearing in those use cases. So, general search, vertical search, in terms of content aggregation, a lot of these kind of applications would see new disruptors coming into play.
    人──>机器交互领域,AI大模型的冲击会更大

  • So, thank you for the question, Charlene. The competitive landscape for the acquisitions of game companies outside China has been fairly stable for the past few years. And while there are a number of companies that are acquisitive in this space, often their objectives do not overlap with our objectives, meaning they may be companies with a big console installed base and they're trying to acquire game studios to supercharge that console installed base, or they may be companies which are valued on near-term earnings and they're trying to bolt on additional earnings, versus in our case, we're not married to any single hardware device. And so, we've been acquisitive with mobile game studios, acquisitive with PC game studios, periodically active with console game studios as well.
    And in addition, we're very willing to look forward three or five or seven years when we do these investments in acquisitions. And so, it's often the case that we're looking at a company that has released a successful niche game the previous year, and we know for a certainty that that company's revenue will be declining for the next couple of years because it will be digesting the success of the first game. And in many cases, we know the company will be loss making for a period of time because we're scaling up the team to work on a much bigger sequel, but we don't get to have the bigger revenue from the bigger sequel, and, you know, that fits us. It doesn't fit everyone.
    专注于游戏内容本身而不是游戏硬件;游戏工作室的收购基于后续的游戏内容

  • Well, in terms of the revenue position, we won't be super specific, but Weixin, as we said, is the majority. Within that, Moments is historically the largest contributor. Mini programs and official accounts are substantially smaller and roughly similar to each other. And video accounts have sort of leapfrogged over mini programs and official accounts because there's a lot of inventory in video accounts, and that's very high revenue per 1,000 impressions in video accounts.
    You know, outside Weixin, then the biggest set of properties is the mobile ad network, which has had quite a pronounced bounce back in the last six to nine months. And then beyond that, there's a drop off to the long-form video, music, news, and some smaller properties around QQ and Qzone. So, that's the composition. In terms of the margin profile, then basically, all of the owned and operated properties, with the exception of long-form video, are high gross margin, versus long-form video and the ad network are inherently much lower gross margin.
    ──原来朋友圈广告这么赚钱......

  • So, on games, I'm not necessarily going to answer your question because we don't provide guidance as to where the revenue lines are accelerating or decelerating beyond observing that, firstly, the strength in the first quarter was partly due to what I referred to as evergreen games, but we also saw very good growth from a number of games released in the last one to two years. And it's often the pattern with us that when the quarter we release a game, it generates relatively little monetization. And of course, that monetization doesn't translate into our P&L because of our deferral policy. But then, over subsequent quarters, if it's a good game, we see the monetization improving, we see the revenue -- the deferral starting to flow through into reported revenue.
    If it's a really good game, we see the daily active user count increasing. And so, recently, a number of games have fit that profile, including the Arena Breakout, which is the leading extraction shooter game in China, where we've seen good growth in DAU and in monetization as players become familiar with this new type of game that didn't exist before. We've seen very good growth in terms of both users and monetization from the auto chess game, Golden Spatula, that has over 10 million daily active users, which is, you know, rare for a new game in China and very rare for a game to build to that level over the course of two years as opposed to it gets that level very quickly and then fade away. And also quite good trends in the first quarter for our League of Legends: Wild Rift mobile game.
    Now, obviously, looking through the rest of this year, we have a number of big games that we intend to release domestically that we're excited about. But again, with some of those games, they'll monetize well from day one. With others, they'll monetize more gradually over time. Thank you.
    所以游戏这里的思路是:不一定在游戏刚推出时就拼命获利,有些游戏如此,有些游戏是先走DAU增长再获利

  • So, in terms of the big e-commerce companies advertising with Tencent, then we're certainly experiencing share gains. I think that those share gains arise for a number of reasons. One is changing perceptions about sort of ecosystem competition, meaning that in the past, there were some companies that chose not to advertise with us because they viewed us as an ecosystem rival, and they may have reassessed that perspective over time.
    And then secondly, we're deploying much more sophisticated machine learning now to our advertising targeting that is particularly beneficial for big e-commerce companies with gigantic range of SKUs because now we can ingest those SKUs and then display the right SKU to the right user within the e-commerce companies' advertisements. So, that's on the e-commerce companies advertising with us.
    ──朋友圈广告直跳淘宝

  • But in none of those do we need to spend a great deal of extra money to make them more popular. You know, we aren't incurring gigantic subsidies on providing community group buying food solutions. We aren't inducing users who would otherwise be on another short video service to install video accounts and spend time on video accounts instead. You know, we're just providing what we think are very attractive and somewhat differentiated experiences to users within our big apps, particularly Weixin, and letting users -- over time, you discover those, enjoy those, socialize those, and spend more time and ultimately more money on those.
    So, I don't think that we're in a sort of nongrowth mode and, you know, at some point in the future, we need to flick a switch and dramatically increase sales and marketing or subsidies to go back to growth mode. I think we're in growth mode right now. It's just that the nature of our growth drivers is that they do not require heavy subsidies, they do not require heavy sales and marketing activity. Thank you.
    值得向微信学习如何踏踏实实做产品
    不需要大额成本支出的增长,真是非常美妙!

 

Popular posts from 产品随想的博客

巴菲特致股东信-1980年

 笔记: 会计中对于下属股权公司的记账方式有3种: 持股50%以上,全部并入 持续20%--50%,则按持股比例并入 持股20%以下,则以实际收到的利润返还,计入报表 这种会计方式,会导致伯克希尔旗下,不少的企业,未能暴露实际的收益情况 对伯克希尔而言,对盈余的认定并非取决于持股比例是100%,50%,20%,5%或是1%,盈余的真正价值在于其将来再投资所能产生的效益 我们宁愿将所赚的盈余继续交由不受我们控制的人好好发挥,也不希望转由我们自己来浪费 高通货膨胀等于是对投入的资本额外课了一次税 翻译: https://xueqiu.com/6217262310/131837878 https://archive.ph/XMX5n  原文: Buffett’s Letters To Berkshire Shareholders 1980 巴菲特致股东的信 1980 年 Operating earnings improved to $41.9 million in 1980 from $36.0 million in 1979, but return on beginning equity capital (with securities valued at cost) fell to 17.8% from 18.6%. We believe the latter yardstick to be the most appropriate measure of single-year managerial economic performance. Informed use of that yardstick, however, requires an understanding of many factors, including accounting policies, historical ca...

SS机场常用服务器线路微普及

原文link:https://www.duyaoss.com/archives/57/   为何写这么个帖子? 更新时间:2019-11-29 由于机场用户增多,很多新用户压根不懂节点上面的名字代表什么,也不知道什么服务器比较适合自己,不懂什么是原生,等等。 所以开一个小帖,稍微介绍一下比较常见的服务器, 专业知识有限,所以只是给小白们介绍一下,其实我也很白,各位大佬见笑了。 在这里尤其感谢 Sukka 苏卡卡大佬和喵酱指导,以及 Nexitally 佩奇提供的资料介绍,否则我真不知道从哪儿开始动笔。后面地区内容都是佩奇帮忙码出来的。时间有限,慢慢再继续填充和修整 本文仅仅是抛砖引玉写一些机场主们告知我的 ISP、IDC 的体验,仅供参考。网络环境每天都在变化,今天飞快的服务器明天有可能龟速,有写的不对或者过时的地方还望大家指正。所以本文也算是一些机场主们把曾经踩过的坑分享给大家吧。(本来是想给小白写服务器介绍的,佩奇大佬写着写着就专业惯性的转到了商家哈哈哈,这是一个悲伤的故事) 测速图 Telegram 频道: https://t.me/DuyaoSS 主用链接: DuyaoSS - 毒药机场简介博客 常见名词: IPLC: "International Private Leased Circuit"的缩写,即“国际专线”。不过大部分机场通常看到的iplc,都只是阿里的经典网络,跨数据中心内网互通,阿里内网,并不是严格意义的iplc专线;当然也有其他渠道的,或真iplc,不过比较少。阿里云的内网互通底层原理是通过采购多个点对点的iplc专线,来连接各个数据中心,从而把各个数据中心纳入到自己的一套内网里面来。这样做有两个好处,其一是iplc链路上的带宽独享,完全不受公网波动影响,其二是过境的时候不需要经过GFW,确保了数据安全且不受外界各种因素干扰。但是需要注意一下阿里云的iplc也是有带宽上限的,如果过多的人同时挤到同一条专线上,峰值带宽超过专线的上限的话也同样会造成网络不稳定。其他渠道购买到的iplc价格很高,阿里云内网这种性价比超高这种好东西且用且珍惜。 IEPL国际以太网专线(International Ethernet Private Line,简称IEPL),构建于MSTP设备平台上...

360T7 刷机步骤及固件

https://cmi.hanwckf.top/p/360t7-firmware/   360T7的固件支持由immortalwrt-mt798x项目提供支持,请参考: https://cmi.hanwckf.top/p/immortalwrt-mt798x https://github.com/hanwckf/immortalwrt-mt798x 刷机步骤 参考 此处 的办法开启原厂固件的UART和telnet功能 在以下链接下载360T7测试固件(纯净版,无任何插件) https://wwd.lanzout.com/b0bt9idwd 密码:ezex (此固件已过时,请选择其它更新的固件) 接下来将刷入修改版uboot。修改版uboot的优点有: 固件分区可达108MB,原厂uboot只能使用36M 自带一个简单的webui恢复页面 到以下仓库的Release页面下载uboot,目前暂时仅支持360T7,后续将支持更多mt798x路由器。 推荐使用 mt7981_360t7-fip-fixed-parts.bin , fixed-parts 代表uboot分区表在编译期间固定,不会随着uboot环境变量变化。 https://github.com/hanwckf/bl-mt798x/releases/latest 将 mt7981_360t7-fip-fixed-parts.bin 通过HFS等方式上传到路由器,使用以下命令刷入uboot mtd write mt7981_360t7-fip-fixed-parts.bin fip 确认刷入完毕后,拔掉路由器电源。然后将电脑的IP地址设置为固定的 192.168.1.2 ,接着按住路由器的RESET按钮后通电开机,等待8s后用浏览器进入 192.168.1.1 在uboot恢复页面选择要刷入的固件。immortalwrt-mt798x目前编译两个版本的360T7固件。 建议修改版uboot直接使用 immortalwrt-mediatek-mt7981-mt7981-360-t7-108M-squashfs-factory.bin ,两种固件区别如下: mt7981-360-t7-108M 为108M固件分区,原厂uboot不可启动,需要修改版u...

Albert Einstein Said Death Is Not An End Can Prompt You To Find The Meaning and Purpose Of Your Life

原文Link: https://quotationize.com/albert-einstein-said-death-not-end/ 产品随想注: 爱因斯坦对于死亡的观点,深深影响了乔布斯  ---------------- Albert Einstein said death is not an end if we can live on in our children and the younger generation is a line taken from the letter which he wrote to the widow of physicist Heike Kamerlingh Onnes in 1926. Besides death, he also talked about afterlife, immortality and soul. If you have read through my authentic collection of Albert Einstein thoughts on God and religion , you would know that he rejected the formal, dogmatic religion. Einstein did not believe in immortality of the individual. According to him, there is no such thing as, punishment for misdeeds or rewards for good behavior in any afterlife. For him, the so-called Theosophy and Spiritualism, was no more than a symptom of weakness and confusion. As Einstein explained that since our inner experiences consist of reproductions, and combinations of sensory impressions, the concept of a soul with...

产品随想 | 周刊 第85期:e-Residency与数字游民

  David Shambaugh   https://www.google.com/search?q=David+Shambaugh 中国问题研究专家,著作极多 郭玉闪   https://zh.wikipedia.org/wiki/郭玉闪?useskin=vector 中国公共知识分子 我只想好好观影   github.com/BetterWorld-Liuser/autoMovies 刘煜辉:中国资本市场灵魂出窍 最有活力的公司几乎不在A股   https://finance.sina.com.cn/stock/marketresearch/2017-06-23/doc-ifyhmtek7705574.shtml 回看17年的专家讲话,还是挺有水平的,挺多都认可 纽约文化沙龙   https://www.youtube.com/@user-cu2hl5tf6y/videos 视频质量出奇的高,推荐 透视中国政治by吴国光、程晓农 备忘下,貌似评价挺好的一本书 CAPI China Chair Wu Guoguang (吴国光 / 吳國光)   https://www.youtube.com/playlist?list=PLIt1szHhnm_Hso3jGUbfGpnEAbsPOuEVV 因为热爱中国,我们越要看懂中国 AI Canon   https://a16z.com/2023/05/25/ai-canon/ in this post, we’re sharing a curated list of resources we’ve relied on to get smarter about modern AI. We call it the “AI Canon” because these papers, blog posts, courses, and guides have had an outsized impact on the field over the past several years. 希望中国的投資機構,也能有更多的分享與輸出,提升整個社會的認知 Cantonese Font 粵語字體   https://visual-fonts.com/zh/...

Apple's One-Dollar-a-Year Man, By Steve Jobs, 2000

(FORTUNE Magazine) – Now that Steve Jobs has showed his hand on Apple's Internet and system software strategies and dropped the "interim" from his title, other questions loom. He's always denied it, but isn't it true that his old company, Next, did wind up taking over Apple? Will there ever be an encore to the 15-year-old Macintosh? Short of that, does Apple have any plans to jump into the "Internet appliance" fray? Will Apple ever build computers for business people again? And what, pray tell, does Steve think of all these young Internet zillionaires? Let's ask. Practically every technology that your old company, Next, possessed when Apple acquired it in 1997 is now being used by Apple in some strategic way. This must seem like sweet vindication.  The thing about Next was that we produced something that was truly brilliant for an audience that our heart really wasn't into selling to--namely, the enterprise. I suppose if you were wr...

Interview with Steve Jobs, WGBH, 1990

Interviewer: what is it about this machine? Why is this machine so interesting? Why has it been so influential? Jobs: Ah ahm, I'll give you my point of view on it. I remember reading a magazine article a long time ago ah when I was ah twelve years ago maybe, in I think it was Scientific American . I'm not sure. And the article ahm proposed to measure the efficiency of locomotion for ah lots of species on planet earth to see which species was the most efficient at getting from point A to point B. Ah and they measured the kilocalories that each one expended. So ah they ranked them all and I remember that ahm...ah the Condor, Condor was the most efficient at [CLEARS THROAT] getting from point A to point B. And humankind, the crown of creation came in with a rather unimpressive showing about a third of the way down...

产品爱好者周刊 第26期:PRISM, XKeyscore, Trust No One

  Products Gitea - Git with a cup of tea   https://gitea.io/en-us/ A painless self-hosted Git service. 自建Git服务,避免GitHub隐私侵犯 https://github.com/objective-see/LuLu LuLu is the free macOS firewall 监视Mac的出站流量,且阻断 OverSight   https://github.com/objective-see/OverSight OverSight monitors a mac's mic and webcam, alerting the user when the internal mic is activated, or whenever a process accesses the webcam. 监视是否有应用调用Mac的麦克风、摄像头 Mozilla Hubs   https://github.com/mozilla/hubs The client-side code for Mozilla Hubs, an online 3D collaboration platform that works for desktop, mobile, and VR platforms. 开源的多人虚拟空间,Mozilla打造,企业级VR诉求 数字移民   https://shuziyimin.org 关于内容源、工具的推荐,适合刚接入国际的新人 SimpleLogin   https://simplelogin.io/ 匿名邮箱工具,转发用,Michael Bazzell推荐 Telegram 群组、频道、机器人 - 汇总分享   https://congcong0806.github.io/2018/04/24/Telegram/#机器人-bot https://archive.ph/iJMBj 献给那些将来到Telegram的朋友 Design Patrick Wardle   https://www.instagram.com/patrickwardle/?hl=en 他的IG,摄影也精彩,审美...

黑客讲述渗透Hacking Team全过程

原文地址在 Freebuf ,后来已经被删除 Wayback Machine 备份 近期,黑客 Phineas Fisher在pastebin.com上讲述了入侵Hacking Team的过程,以下为其讲述的原文情况,文中附带有相关文档、工具及网站的链接,请在安全环境下进行打开,并合理合法使用。作者部分思想较为激进,也请以辩证的观点看待之。 1、序言 在这里,可能你会注意到相比于前面的一个版本,这个版本的内容及语言有了一些变化,因为这将是最后一个版本了 [1] 。对于黑客技术,英语世界中已经有了许多书籍,讲座,指南以及关于黑客攻击的知识。在那个世界,有许多黑客比我优秀,但他们埋没了他们的天赋,而为所谓的“防护”服务商(如Hacking Team之流的),情报机构服务工作。黑客文化作为一项非主流文化诞生于美国,但它现在只保留了它本质的魅力,其他均被同化了。从黑客的本质出发,至少他们可以穿着一件T恤,把头发染成蓝色,用自己的黑客的名字,随意 洒脱 地做着自己喜欢的事件,而当他们为别人(前文所指的 Hacking Team及情报机构 )工作的时候,会感觉自己像个反抗者。 如果按照传统的方式,你不得不潜入办公室偷偷拿到文件[2],或者你不得不持枪抢劫银行。但现在你仅仅需要一台笔记本,躺在床上动动手指便可做得这一切[3][4]。像CNT在入侵伽玛集团(Gamma Group)之后说的,“让我们以一种新的斗争方式向前迈进吧”[5]。 [ 1 ] http: / /pastebin.com/raw .php?i=cRYvK4jb [ 2 ] https: / /en.wikipedia.org/wiki /Citizens%27_Commission_to_Investigate_the_FBI [3] http:/ /www.aljazeera.com/news /2015/ 09/algerian-hacker-hero-hoodlum- 15092108 3914167 .html [ 4 ] https: / /securelist.com/files /2015/ 02 /Carbanak_APT_eng.pdf  [ 5 ] http: / /madrid.cnt.es/noticia /consideraci...

Steve Jobs: `There's Sanity Returning', 1998

Nobody can doubt the charisma of Steven P. Jobs. The interim CEO of Apple Computer Inc., who returned to the company last July after his ignominious 1985 ouster, has brought back his legendary vision, impatience, and infectious passion for the Macintosh. Jobs spoke to Business Week Correspondent Andy Reinhardt in Apple's stark, fourth-floor boardroom, just after the company rolled out its new software strategy on May 11. Note: This is an extended, online-only version of the Q&A that appears in the May 25, 1998, issue of Business Week. Q: Now that you've introduced the new, bold-looking iMac, are you going to do some radically different products? A: There's a lot of talk about such things -- about handhelds, set-top boxes. A lot of computer companies have been searching for a consumer product. My view is that the personal computer has been the most successful consumer product of the last 10 years. What we have to do, what the industry stopp...