騰訊出海報告（一）：加快全球擴張，數字生態先行

騰訊出海圍繞數字生活、數字內容、數字科技和海外投資四大方向。在數字生活方面，公司通過微信平臺，向世界各地的用戶推廣了包括社交互動、金融服務和日常生活便利在內的多項服務。並將中國特有的數字生活模式和集成式應用的商業策略帶到了國際舞臺，並且為海外的商家、組織以及個人搭建了與中國遊客和海外華人溝通的橋樑。在內容端，公司以網劇網遊網文為主體的數字內容在海外誕生不少精品爆款。隨著公司不斷加大出海力度，海外遊戲佔比逐步提升，海外遊戲收入在遊戲收入佔比由2019年四季度的23%提升至2023年30%。在數字科技方面，依託全球佈局的數字基礎設施和領先的技術產品能力，騰訊為更多國際企業及中國出海企業提供數字科技服務；其中騰訊雲在海外市場高速增長，三年營收規模增長超400%。

Tencent’s 4-pronged global push: digital lifestyle, content, cloud and investments

This report assesses Tencent Holdings’ (0700 HK, BUY) global push through four lenses: digital lifestyle, digital content, digital technologies and investments:

•Digital lifestyle: through its WeChat platform, Tencent is pushing digital solutions in social media, financial services and daily conveniences to users around the world. The business strategy involves translating integrated digital lifestyle solutions and applications unique to Chinese culture for the international market, where the platform builds a bridge to foreign businesses, organizations and individuals to communicate with Chinese tourists and Chinese living overseas. 

•Content creation: Tencent’s digital content – mainly online dramas, online games and online books – has created many quality works that became hits in the international market. The international games business has grown in proportion as well, as the company increased investments into foreign markets. Its foreign games expanded their revenue contribution to 30% in 2023 from 23% in 19Q4. 

•Digital tech: relying on its global digital infrastructure and leading technology product capabilities, Tencent provides digital technology services to more international companies and Chinese companies going overseas. Among them, Tencent Cloud has grown rapidly in overseas markets, with its revenue increasing by more than 400% in three years.

數字生活：社交支付雙引擎。數字生活業務以微信和WeChat為核心，截止2024年第三季度微信及WeChat的合併月活躍賬戶數13.82億。微信跨境支付服務覆蓋74個國家和地區，支持31種幣種結算，境外合作機構超千家，境外商戶超600萬。作為中國獨特的創新產品，微信小程序正加速出海，幫助海外商家以低開發成本實現經營需求。我們認為這顯示了騰訊在全球社交和支付領域的強大影響力和廣泛的用戶基礎。

(1) Digital lifestyle: social media network and digital payments form dual drivers

Tencent’s Weixin social media solutions for the Chinese market and its international version WeChat take center stage in the company’s digital lifestyle business. Weixin and WeChat collectively host 1.38bn monthly active user (MAU) accounts as of 24Q3. Weixin’s cross-border online payment service covers 74 countries and market regions, supports 31 currencies and partners with over 1,000 foreign institutions and 6m global merchants. WeChat’s innovative Mini Programs, which started out in the Chinese market, is showing growth acceleration after expanding to the international market. They enable foreign merchants to meet their business needs at low cost of development and are a testament to Tencent’s influential reach and broad user base in the global social media and online payment markets.

數字內容：內容出海打造全球文化影響力。在數字內容領域，騰訊視頻海外版WeTV覆蓋200多個國家和地區，海外APP總下載量超2億，以10種語言進行運營。在遊戲領域，2024年三季度騰訊遊戲海外收入為145億元，同比增長9%；其中《 PUBG MOBILE》及《荒野亂鬥》在內的遊戲在海外表現強勁；《VALORANT》從個人電腦端拓展到PlayStation和Xbox，在五個關鍵國際市場推出了主機版本，推動了該遊戲流水於2024年三季度同比增長超30%。在網絡文學領域，閱文集團的海外平臺起點國際WebNovel已覆蓋全球200多個國家和地區。截至2024年，閱文集團在海外上線超過3800部中國網文的翻譯作品，授權數字出版和實體圖書出版作品1000餘部。

(2) Digital content: exported entertainment content lifts Chinese cultural profile

WeTV, the international version of the Chinese market’s Tencent Video, covers a vast footprint of more than 200 countries and market regions. The WeTV app supports 10 languages and has seen more than 200m downloads since it launched in 2019. 

Games: foreign markets contributed RMB14.5bn revenue at Tencent Games in 24Q3, up 9% yoy. The major titles include PUBG Mobile, Brawl Stars and Valorant. Valorant started as a PC game, expanded to PlayStation and Xbox, and has launched console versions in five key export markets. The game drove revenue growth of more than 30% yoy in 24Q3. 

Online reading: China Literature’s foreign market platform, WebNovel, covers more than 200 countries and market regions. The company has released online translated versions of more than 3,800 Chinese novels on the international market to date and authorized the publication of more than 1,000 digital and physical books.

數字科技雲：雲服務全球擴張。騰訊雲自2016年開展海外業務以來，騰訊在全球範圍內佈局了雲服務基礎設施，擁有58個全球可用區，3200多個全球加速節點，海外客戶累計突破10000家，全球合作伙伴超過11000家。以AI、雲原生、音視頻、邊緣加速、數據庫等技術和產品為基礎，公司為海外機構用戶和出海中企提供多元解決方案。騰訊雲的國際業務連續三年保持雙位數高速增長，騰訊雲大數據業務在海外三年營收規模增長超400%。從行業看，騰訊雲助力遊戲、社交、電商、製造、金融等眾多行業客戶，在海外構建高效、安全、穩定的大數據基礎設施。

(3) Cloud services: 58 markets, 3,200 acceleration nodes and 10,000 customers

Global footprint: Tencent Cloud entered the foreign market in 2016 and began to build out its global cloud service infrastructure. Its international business covers 58 market regions, over 3,200 acceleration nodes, 10,000 customers and 11,000 global partners. Through advanced products and solutions such as AI, Cloud Native, audio and video, edge computing acceleration and its database, the company’s range of diverse solutions serves both foreign institutional users and Chinese companies operating overseas. 

Viable growth: Tencent’s international cloud business maintained double-digit growth for 3 straight years, with the big data segment revenue contributing over 400% growth for 3 years. Its foreign cloud user markets include gaming, social networking, ecommerce, manufacture and finance, where the company ensures efficient, secure and stable big-data infrastructure. 

多元化投資，戰略佈局。公司在海外的投資為主營業務發展、前沿科技合作、全球數字生態構建發揮了重要作用。這些投資讓騰訊在量子科技、人工智能、醫療健康等前沿科技領域有了更紮實的佈局。

(4) Investments enable fundamental buildout for diverse global development

We believe Tencent’s foreign investments have played an important role in developing its core businesses, enabling cutting-edge technological tie-ups and constructing a global digital ecosystem. They have given Tencent a firm foothold in cutting-edge technological markets like quantum technology, artificial intelligence and health care.