掌阅科技 2019 第三季度财报

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百度 2019第三季度财报

Baidu Announces Third Quarter 2019 ResultsBEIJING, China, November 6, 2019 –Baidu, Inc. (NASDAQ: BIDU) (“Baidu” or the “Company”), the leading Chinese-language Internet search provider, today announced its unaudited financial results for the third quarter ended September 30, 20191.“Baidu App traffic continues to grow robustly with DAUs reaching 189 million, up 25% year over year, in September and Baidu’s in-app search continues to gain market share. Our focus to combine search and feed and expand Baidu App’s content and services offerings is improving user experience and drawing publishers and service providers to place more content and services on Baidu’s hosted platform, which in turn draws more users. This positive reinforcing cycle has been a contributing fact or to Baidu Core’s operating margin rising1,400 basis points from the prior quarter,” said Robin Li, Chairman and CEO of Baidu. “On Baidu’s new AI businesses, DuerOS voice assistant continues to experience strong momentum with monthly voice queries surpassing 4.2 billion in September, up over 4.5 fold year over year. On Apollo, we are excited about our progress in early-stage commercialization of smart transportation with the release of Apollo-powered robotaxi pilot program to the public in Changsha, Hunan in September.”“Baidu delivered a solid third quarter with total revenues reaching RMB 28.1 billion, up 7% sequentially on top of the 9% sequential growth from the prior quarter, in spite of the softening macro environment, industry-specific policy changes and self-directed healthcare initiative,” said Herman Yu, CFO of Baidu. “Our disciplined approach to spending, focusing on investment returns across the board, sheds light on the strong and improving margin contribution from in-app search and feed.”Financial HighlightsBaidu Inc.For the three-month ended(in millions, except for per ADS information, unaudited) September 30,2018June 30,2019September 30,2019 YOY YOY2QOQSeptember 30,2019 RMB RMB RMB US$Total revenues 28,203 26,326 28,080 (0%) 3% 7% 3,929Operating income 4,428 233 2,355 (47%) 911% 329 Operating margin 16% 1% 8%Non-GAAP operating income 5,744 1,955 3,691 (36%) 89% 516 Non-GAAP operating margin 20% 7% 13%1Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.1477 to US$1.00, the exchange rate ineffect as of September 30, 2019 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.2Excluding revenue from divested businesses, which was approximately RMB1.0 billion for the three months ended September 30, 2018.Net income (loss) attributable to Baidu 12,396 2,412 (6,373) - - (892) Net margin 44% 9% (23%)Non-GAAP net income attributable to Baidu 6,751 3,635 4,387 (35%) 21% 614 Non-GAAP net margin 24% 14% 16%Diluted earnings (loss) per ADS 35.26 6.57 (18.37) - - (2.57) Non-GAAP diluted earnings per ADS 19.20 10.11 12.61 (34%) 25% 1.76Net loss attributable to Baidu for Q3 2019 was RMB 6.4 billion, which included a non-cash impairment loss of RMB 8.9 billion on equity investments that have experienced an other-than-temporary decline in valuation (see further discussion under Total other loss section). Non-GAAP net income attributable to Baidu, excluding share-based compensation, fair value changes of equity investments and other adjustments, for Q3 2019 was RMB 4.4 billion.Baidu CoreFor the three-month ended(in millions, except for per ADS information, unaudited)September 30,2018June 30,2019September 30,2019 YOY YOY2QOQSeptember 30,2019 RMB RMB RMB US$Total revenues 21,606 19,540 21,010 (3%) 2% 8% 2,939Operating income 7,015 2,109 5,191 (26%) 146% 726 Operating margin 32% 11% 25%Non-GAAP operating income 8,078 3,485 6,224 (23%) 79% 871 Non-GAAP operating margin 37% 18% 30%Net income (loss) attributable to Baidu 14,309 3,731 (4,287) - - (600) Net margin 66% 19% (20%)Non-GAAP net income attributable to Baidu 8,400 4,740 6,310 (25%) 33% 883 Non-GAAP net margin 39% 24% 30%Other HighlightsCorporateBaidu reported its ESG progress for Q3 2019, noting: 1) Baidu AI has helped reunite approximately 7,900 missing persons with their families; 2) over 300 charitable organizations in China have joined Baidu’sCharity Platform, and 3) Baidu will push charitable information and services to individuals in need byleveraging its machine learning capabilities and user insights.•Baidu has returned $397 million to its shareholders under the 2019 Share Repurchase Program and $778 million under the 2018 Share Repurchase Program, which expired in June 2019, for a total return toshareholders of approximately $1.2 billion as of October 31, 2019.Mobile Ecosystem•Baidu App’s a verage d aily active users (“DAUs”) reached 189 million, up 25% year over year, in September 2019.•Baijiahao (“BJH accounts”), Baidu’s newsfeed network, grew to 2.4 million publisher accounts, up 57% year over year in September 2019. BJH accounts allow publishers to share content to Baidu’s newsfeed and search.•Baidu Smart Mini Program’s m onthly active users (“MAUs”) reached 290 million, up 157% year over year.DuerOS•Monthly voice queries on DuerOS, a leading voice assistant for the Chinese language, surpassed 4.2 billion, up over 4.5 fold year over year, in September 2019.•Xiaodu smart speakers powered by DuerOS ranked first in China’s smart speaker shipments in Q2 2019, according to leading technology market analytics firms, Canalys, IDC and Strategy Analytics. Xiaodu Smart Display ranked first globally in smart display shipments for the same period, according to IDC. •DuerOS skills store now offers over 3,200 skills in wide ranging genres, including ABC Reading (education), Kuaishou (live streaming), Mango TV (online video), Douyu (game broadcasting) and Tile Matching Puzzle (casual game). DuerOS developer community has expanded to over 36,000 members. •Upgraded DuerOS on Xiaodu smart speakers enables hand gesture control and full-duplex continued conversation (multi-round conversation without wake words) through eye gesture detection.Apollo•In September 2019, China’s first robotaxi pilot program was made available to the public in Changsha, Hunan, with an initial fleet of 45 autonomous driving vehicles powered by Apollo. The city of Changsha installed Baidu’s V2X solutions to help Apollo-powered vehicles map out traffic conditions in theirparameters, overcoming blind spots and increasing traffic efficiency and safety.•Baidu recently received 15 autonomous driving licenses in Wuhan, Hubei, and 30 licenses in Cangzhou, Hebei, increas ing Baidu’s total autonomous driving licenses to 150, which account s for more than half of the total autonomous driving licenses granted in China.Cloud, AI Platform & Others•Baidu Cloud’s ABC Summit w as held in August 2019, introducing new AI enterprise solutions to optimize visual, speech processing and other AI capabilities and enable more efficient cloud services and easier maintenance. At the ABC Summit, Baidu Cloud AI enterprise solutions were showcased to speed upassembly line inspection of high tech components, automate the processing and tagging of videos intovideo clips, and improve customer service with “digital” employee in the mobile app of a local commercial bank.•Baidu’s AI Open Platform is seeing strong adoption with over 1.5 million developer base in September, more than doubling from last year. Through Baidu’s AI Open Platform on Baidu Cloud, developers can utilize Baidu’s comprehensive AI capabilities, including speech recognition, natural language processing and computer vision, as well as gain access to Baidu’s open-sourced deep learning platform PaddlePaddle. •In September 2019, Baidu Maps enhanced its voice feature, allowing users to customize Baidu Maps’ voice with their own voice by recording 20 sentences. Over 280 million Baidu users ha ve used Baidu Maps’ voice feature as of September 2019, doubling from the previous year.iQIYI•iQIYI subscribers reached 105.8 million, up 31% year over year, in September 2019, further strengtheningi QIYI’s foundation to produce entertainment-based blockbuster originals.Third Quarter 2019 ResultsTotal revenues reached RMB 28.1 billion ($3.93 billion), flat from last year and up 3% year over year, excluding the impact of announced divestures2, and increasing 7% quarter over quarter. Online marketing revenues were RMB20.4 billion ($2.86 billion), decreasing 9% year over year and increasing 6% quarter over quarter. Other revenues were RMB 7.6 billion ($1.07 billion), increasing 34% year over year, driven mainly by the strong growth in iQIYI membership, cloud services and smart devices.Revenue from Baidu Core reached RMB 21.0 billion ($2.94 billion), decreasing 3% year over year, or increasing 2% year over year, excluding the impact of announced divestures2, and increasing 8% quarter over quarter. Revenue from iQIYI reached RMB 7.4 billion ($1.04 billion), up 7% year over year. iQIYI membership revenue grew 30% year over year, offset by online advertising revenue declining 14% year over year.Content costs were RMB 7.0 billion ($985 million), increasing 4% year over year. iQIYI’s content costs increased 3% year over year, which rose slower than iQIYI’s revenue growth.Traffic acquisition costs were RMB 3.2 billion ($453 million), increasing 5% year over year, as a result of increasing TAC prices and expansion into connected offline screens and other areas.Bandwidth costs were RMB 2.0 billion ($284 million), increasing 20% year over year, mainly due to increasing demand from newsfeed, video and cloud services.Other cost of revenues, which includes depreciation, cost of goods sold, sales taxes and surcharges, share-based compensation and other costs, was RMB 4.1 billion ($570 million), increasing 51% year over year, mainly due to higher cost of goods sold and depreciation expense.Selling, general and administrative expenses were RMB 4.7 billion ($652 million), decreasing 17% year over year, primarily due to decreased investment in channel and promotional marketing.Research and development expenses were RMB 4.7 billion ($656 million), increasing 20% year over year, primarily due to an increase in personnel related expenses.Operating income was RMB 2.4 billion ($329 million) and operating margin was 8%. Baidu Core operating income was RMB 5.2 billion ($726 million), and Baidu Core operating margin was 25%.Non-GAAP operating income was RMB 3.7 billion ($516 million), and non-GAAP operating margin was 13%. Non-GAAP Baidu Core operating income was RMB 6.2 billion ($871 million), and non-GAAP Baidu Core operating margin was 30%.Total other loss was RMB 9.5 billion ($1.33 billion), mainly due to loss from equity investments that have experienced an other-than-temporary decline in valuation, compared to total other income of RMB 9.0 billion for Q3 2018, which was mainly due to disposal gains from Du Xiaoman and Global DU businesses. In Q4 2015, following a transaction where the Company exchanged shares of its majority-owned subsidiary Qunar for a minority investment in , the Company deconsolidated Qunar, recorded its investment in at the closing-date market value and recognized a non-cash accounting gain of RMB 24.4 billion. Since then, the market value of shares has declined, and the continued low market price has caused the Company to recognize a non-cash impairment loss of RMB 8.9 billion in Q3 2019. In October 2019, the Company sold down the holding in , which decreased from approximately 19% of their outstanding shares to 12% of the ’s outstanding shares.Income tax expense was RMB 934 million ($131 million), which included a tax withholding for potential dividend distribution to offshore entities, compared to RMB 2.1 billion in Q3 2018.Net loss attributable to Baidu was RMB 6.4 billion ($ 892 million), and diluted losses per ADS was RMB 18 ($2.57). Net loss attributable to Baidu Core was RMB 4.3 billion ($600 million). Non-GAAP net income attributable to Baidu was RMB 4.4 billion ($614 million), and non-GAAP net margin was 16%. Non-GAAP diluted earnings per ADS amounted to RMB 13 ($1.76). Non-GAAP net income attributable to Baidu Core was RMB 6.3 billion ($883 million), and non-GAAP net margin for Baidu Core was 30%.Adjusted EBITDA was RMB 5.1 billion ($716 million) and adjusted EBITDA margin was 18%. Adjusted EBITDA to Baidu Core was RMB 7.5 billion ($1.05 billion) and adjusted EBITDA margin for Baidu Core was 36%.As of September 30, 2019, cash, cash equivalents, restricted cash and short-term investments were RMB 137.4 billion ($19.22 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 123.5 billion ($17.27 billion). Free cash flow was RMB 7.6 billion ($1.06 billion). Free cash flow excluding iQIYI was RMB 7.5 billion ($1.05 billion).Financial GuidanceFor the fourth quarter of 2019, Baidu expects revenues to be between RMB 27.1 billion ($3.78 billion) and RMB 28.7 billion ($4.02 billion), representing -1% to 6% increase year over year, which assumes that Baidu Core revenue will grow between 0% to 6% year over year. This forecast reflects Baidu’s current and preliminary view, which is subject to substantial uncertainty.Conference Call InformationBaidu's management will hold an earnings conference call at 8:15 PM on November 6, 2019, U.S. Eastern Time (9:15 AM on November 7, 2019, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:International: +65 67135090China 4006208038US: +1 8456750437UK: +44 2036214779Hong Kong:+852 ********Passcode for all regions:6438309A replay of the conference call may be accessed by phone at the following number until November 14, 2019: International: +61 2 8199 0299Passcode: 6438309Additionally, a live and archived webcast of this conference call will be available at .About BaiduBaidu, Inc. is the leading Chinese language Internet search provider. Baidu aims to make the complicated world simpler through technology. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.ContactsInvestors Relations, Baidu, Inc.Tel: +86-10-5992-8888Email: ir@Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for the fourth quarter of 2019, quotations from management in this announcement, as well as Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-loo king statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.Non-GAAP Financial MeasuresTo supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding not only non-cash charges, but also other items that are infrequent or unusual in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitat e management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component i n the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.Non-GAAP operating income represents operating income excluding share-based compensation expenses and amortization of intangible assets resulting from business combinations.Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization of intangible assets not on the investees’ books, accretion of their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per shares, adjusted for related income tax effects, are also excluded.Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, which is adjusted for accretion for the redeemable noncontrolling interests, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization of intangible assets resulting from business combinations, and share-based compensation expenses. Free cash flow represents net cash provided by operating activities less capital expenditures.For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”Baidu, Inc.Condensed Consolidated Statements of Income (Loss)(In millions except for share, per share (or ADS) information, unaudited)Three Months EndedSeptember 30,June 30,September 30,September 30,2018201920192019RMB RMB RMB USD Revenues:Online marketing services22,48119,23720,4342,859 Others5,7227,0897,6461,070 Total revenues 28,20326,32628,0803,929 Operating costs and expenses:Content costs6,7365,8177,037985 Traffic acquisition costs3,0903,4243,238453 Bandwidth costs1,6952,0482,029284 Others2,6974,8274,074570 Cost of revenues(1)14,21816,11616,3782,292 Selling, general and administrative(1)5,6415,2434,657652 Research and development(1)3,9164,7344,690656 Total operating costs and expenses23,77526,09325,7253,600 Operating income4,4282332,355329 Other income (loss):Interest income1,2581,2051,687236 Interest expense(479)(805)(788)(110) Foreign exchange income (loss), net(54)216294 Income (loss) from equity method investment419429(729)(102) Other income (loss), net7,877193(9,683)(1,355) Total other income (loss), net9,0211,238(9,484)(1,327) Income (loss) before income taxes13,4491,471(7,129)(998) Income tax expense2,0534******** Net income (loss)11,3961,055(8,063)(1,129) Less: net income (loss) attributable to noncontrolling interests(1,000)(1,357)(1,690)(237) Net income (loss) attributable to Baidu12,3962,412(6,373)(892)Earnings (loss) per ADS (1 Class A ordinary share equals 10 ADSs):-Basic35.53 6.84(18.37)(2.57) -Diluted35.26 6.57(18.37)(2.57) Earnings (loss) per share for Class A and Class B ordinary shares:-Basic355.2768.38(183.74)(25.71) -Diluted352.5765.69(183.74)(25.71) Weighted average number of Class A and Class B ordinary shares outstanding:Basic 34,891,73334,996,79134,793,15434,793,154 Diluted35,158,74735,044,71934,793,15434,793,154 (1) Includes share-based compensation expenses as follows:Cost of revenues58997010 Selling, general and administrative54550333647 Research and development6361,022810114 Total share-based compensation expenses1,2391,6241,216171 (2) All translations from RMB to U.S. dollars are made at a rate of RMB7.1477 to US$1.00, the exchange rate in effect as of September 30, 2019 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.Baidu, Inc.Condensed Consolidated Balance Sheets(In millions except for share information, unaudited)December 31,September 30,September 30,201820192019RMB RMB USD ASSETSCurrent assets:Cash and cash equivalents27,63814,5642,038 Restricted cash2,1892,611365 Short-term investments111,626120,23316,821 Accounts receivable, net6,0156,598923 Amounts due from related parties7851,202168 Other assets, current 6,8419,6031,344 Total current assets155,094154,81121,659 Non-current assets:Fixed assets, net17,90319,0212,661 Intangible assets, net9,1818,9501,252 Goodwill18,53619,1032,673 Long-term investments, net80,45478,48910,981 Amounts due from related parties4,2974,180585 Deferred tax assets, net2,3241,793251 Operating lease right-of-use assets-7,1611,002 Other assets, non-current 9,7779,3511,308 Total non-current assets142,472148,04820,713 Total assets297,566302,85942,372LIABILITIES AND EQUITYCurrent liabilities:Short-term loans3,0463,510491 Accounts payable and accrued liabilities35,38135,0944,910 Customer deposits and deferred revenue9,22110,8991,525 Deferred income52350571 Long-term loans, current portion8436351 Notes payable, current portion6,8715,356749 Amounts due to related parties1,7271,804252 Operating lease liabilities-2,224311 Total current liabilities56,85359,7558,360 Non-current liabilities:Deferred income54385 Deferred revenue1,309994139 Amounts due to related parties4,3604,466625 Long-term loans7,4567,7741,088 Notes payable42,73539,0965,470 Convertible senior notes4,71212,5181,751 Deferred tax liabilities4,0994,242593 Operating lease liabilities-4,379613 Other non-current liabilities23629842 Total non-current liabilities64,96173,80510,326 Total liabilities121,814133,56018,686Redeemable noncontrolling interests716978137 EquityClass A Ordinary Shares, par value US$0.00005 per share,825,000,000 shares authorized, and 27,733,692 shares and27,448,619 shares issued and outstanding as at December 31,2018 and September 30, 2019---Class B Ordinary Shares, par value US$0.00005 per share,35,400,000 shares authorized, and 7,201,254 shares and7,201,254 shares issued and outstanding as at December 31, 2018and September 30, 2019---Additional paid-in capital33,44137,2625,213 Retained earnings129,246121,00116,929 Accumulated other comprehensive income210(164)(23) Total Baidu shareholders' equity162,897158,09922,119 Noncontrolling interests12,13910,2221,430 Total equity175,036168,32123,549 Total liabilities, redeemable noncontrolling interests, andequity297,566302,85942,372Baidu, Inc.Selected Information(In millions except for per ADS information, unaudited)Baidu Core iQIYI Elim &adj (3)Baidu,Inc.BaiduCore iQIYI Elim &adj (3)Baidu,Inc.Baidu Core iQIYI Elim &adj (3)Baidu,Inc.Baidu Core iQIYI Elim &adj (3)Baidu,Inc.Total revenues21,606 6,914(317)28,20319,5407,110(324)26,32621,010 7,397 (327) 28,0802,939 1,035 (45) 3,929YOY(3%)7%(0%) YOY excluding revenue from divested businesses (1)2%3% QOQ8%4%7%Operating costs and expenses:Cost of revenues(2)6,804 7,655(241)14,2189,4536,981(318)16,1168,5028,176 (300) 16,3781,190 1,144(42)2,292Selling, general and administrative (2)4,428 1,292 (79) 5,641 3,898 1,346 (1) 5,243 3,320 1,350 (13) 4,657 464 189 (1) 652 Research and development(2)3,359 558 (1) 3,916 4,080 655 (1) 4,734 3,997 703 (10) 4,690 559 98 (1) 656 Total operating costs and expenses 14,591 9,505 (321) 23,775 17,431 8,982 (320) 26,09315,81910,229(323)25,7252,213 1,431 (44) 3,600YOY8%8%8% Cost of revenues25%7%15% Selling, general and administrative (25%)4%(17%) Research and development 19%26%20%Operating income (loss)7,015 (2,591)4 4,428 2,109 (1,872) (4) 233 5,191 (2,832)(4)2,355 726 (396) (1) 329YOY (26%)9%(47%) QOQ146%51%911%Operating margin32%(37%)16%11%(26%)1%25%(38%)8% Add: total other income (loss),net 9,687 (539) (127)9,0211,664 (426) - 1,238(8,657) (827)(9,484) (1,211)(116)- (1,327)Less: income tax expense (benefit)2,059 (6) - 2,053 410 6 - 416 918 16 934 129 2 - 131 Less: net income (loss) attributable to NCI 33416(1,350) (4)(1,000)(368) 23(1,012)(4)(1,357)(97) 13(1,606)(4)(1,690) (14) 2 (225)(4)(237) Net income(loss) attributable to Baidu 14,309 (3,140) 1,22712,3963,731 (2,327) 1,0082,412(4,287) (3,688) 1,602(6,373)(600) (516) 224(892)YOY QOQ-58%-Net margin66%(45%)44%19%(33%)9%(20%)(50%)(23%)Other Key Metrics ：Non-GAAP operating income (loss)8,078(2,338)5,7443,485(1,526)1,9556,224(2,529)3,691871(354)516YOY (23%)8%(36%) QOQ79%66%89%Non-GAAP operating margin37%(34%)20%18%(21%)7%30%(34%)13%Non-GAAP net income (loss) attributable to Baidu 8,400(2,899)6,7514,740(1,962)3,6356,310(3,394)4,387883(475)614YOY (25%)17%(35%) QOQ33%73%21%Non-GAAP net margin 39%(42%)24%24%(28%)14%30%(46%)16%Adjusted EBITDA8,963(2,257)6,7104,766(1,407)3,3557,525(2,405)5,1161,053(336)716Adjusted EBITDA margin41%(33%)24%24%(20%)13%36%(33%)18%(1) Excluding revenue from divested businesses, which was approximately RMB1.0 billion for the three months ended September 30, 2018. (2) Includes share-based compensation as follows:Cost of revenues 32 26 58 58 41 99 25 45 70 4 6 10 Selling, general and administrative 399 146 545 327 176 503 207 129 336 29 18 47 Research and development 604 32 636 959 63 1,022 749 61 810 105 9 114 Total share-based compensation 1,035 204 1,239 1,344 280 1,624 981 235 1,216 138 33 171(3) Relates to intersegment eliminations and adjustments(4) Relates to the net loss attributable to iQIYI noncontrolling interestsThree months ended September 30, 2018 (RMB)Three months endedJune 30, 2019 (RMB)Three months endedSeptember 30, 2019 (RMB)Three months endedSeptember 30, 2019 (USD)。

掌阅科技2019年财务状况报告

掌阅科技2019年财务状况报告一、资产构成1、资产构成基本情况掌阅科技2019年资产总额为191,165.68万元，其中流动资产为153,790.07万元，主要分布在货币资金、应收账款、预付款项等环节，分别占企业流动资产合计的77.96%、18.43%和2.64%。

非流动资产为37,375.61万元，主要分布在长期投资和无形资产，分别占企业非流动资产的58.87%、12.92%。

资产构成表项目名称2019年2018年2017年数值百分比(%) 数值百分比(%) 数值百分比(%)总资产191,165.68 100.00 159,139.18 100.00 135,200.85 100.00 流动资产153,790.07 80.45 137,178.92 86.20 125,076.55 92.51 长期投资22,001.39 11.51 14,057.04 8.83 5,269.65 3.90 固定资产3,350.97 1.75 3,571.53 2.24 2,146.08 1.59 其他12,023.25 6.29 4,331.69 2.72 2,708.57 2.002、流动资产构成特点企业持有的货币性资产数额较大，约占流动资产的78.38%，表明企业的支付能力和应变能力较强。

但应当关注货币性资产的投向。

流动资产构成表项目名称2019年2018年2017年数值百分比(%) 数值百分比(%) 数值百分比(%)流动资产153,790.07 100.00 137,178.92 100.00 125,076.55 100.00 存货0 0.00 4,813.19 3.51 2,031.75 1.62 应收账款28,349.75 18.43 22,308.49 16.26 15,860.33 12.68 其他应收款417.5 0.27 512.11 0.37 254.24 0.20 交易性金融资产654.06 0.43 0 0.00 0 0.00 应收票据0 0.00 0 0.00 0 0.00 货币资金119,892.35 77.96 103,157.59 75.20 103,709.93 82.92 其他4,476.41 2.91 6,387.54 4.66 3,220.3 2.573、资产的增减变化2019年总资产为191,165.68万元，与2018年的159,139.18万元相比有较大增长，增长20.12%。

掌阅科技发展历程、股权结构及业绩分析(2021年)

获配金额（万元）
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非公开发行扩充数字版权资源，加强技术服务能力。本次非公开发行拟募集资金中，7.16 亿元投入数字版权资源升级建设项目，推进数字阅读资源平台的建设，进一步扩充数字阅读优质版权资源；3.45 亿元投入技术中心建设项目，引入高效数据技术，更大程度地发挥公司数字阅读优质内容优势，实现内容的全方位精准触达。
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1.3、股权&合作：字节跳动成为公司第三大股东，定增得到哔哩哔哩及多家基金机构认购
公司股权结构稳定，前两大股东合计持股 43.93%。截至 2021 年 2 月 10 日，公司第一大股东张凌云持股 22.66%，第二大股东成湘均持股 21.27%，共计持股 43.93%。第二大股东成湘均为公司董事长，张凌云为公司董事。2015 年张凌云、成湘均签署《一致行动协议》，明确一致行动意愿，建立明确、稳定的共同控制关系。
图4：公司主营业务以数字阅读和版权业务为主
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1.2、业绩概况：业绩延续高速增长，MAU 达 1.7 亿人
2015-2020 年公司营收整体稳步增长，归母净利润 2016 年至今高速增长。 2015-2018 年公司阅读业务规模实现了稳步增长，营业收入同比增速较快。2019 年如果同比均剔除硬件业务收入的影响，公司营业收入同比仍实现正向增长。2020 年延续高速增长态势，前三季度实现营收 14.95 亿元，同比增长 7.53%。公司自 2016 年起归母净利润均实现同比较快增长，2020前三季度归母净利润创达到0.56 亿元。根据公司业绩预告，2020 年全年实现归母净利润 2.55-2.74 亿，同比增长 58.38%-70.06%。其中 2020 年第四季度公司实现归母净利润 0.89-1.08 亿元，同比增加 67.83%-103.33%，业绩创历史最佳。

掌阅科技2019年经营成果报告

掌阅科技2019年经营成果报告一、实现利润分析1、利润总额2019年实现利润为16,444.34万元，与2018年的14,347.09万元相比有较大增长，增长14.62%。

实现利润主要来自于内部经营业务，企业盈利基础比较可靠。

2、营业利润3、投资收益2019年投资收益为3,767.24万元，与2018年的1,244.86万元相比成倍增长，增长2.03倍。

4、营业外利润2019年营业外利润为92.42万元，与2018年的498.6万元相比有较大幅度下降，下降81.46%。

5、经营业务的盈利能力从营业收入和成本的变化情况来看，2019年的营业收入为188,234.7万元，比2018年的190,315.07万元下降1.09%，营业成本为117,497.13万元，比2018年的134,245.65万元下降12.48%，营业收入和营业成本同时下降，但营业成本下降幅度大于营业收入，表明企业经营业务盈利能力提高。

实现利润增减变化表项目名称2019年2018年2017年数值增长率(%) 数值增长率(%) 数值增长率(%)营业收入188,234.7 -1.09 190,315.07 14.17 166,699.05 0 实现利润16,444.34 14.62 14,347.09 6.55 13,464.57 0 营业利润16,351.91 18.08 13,848.49 3.53 13,376.39 0投资收益3,767.24 202.62 1,244.86 163.72 472.03 0 营业外利润92.42 -81.46 498.6 465.44 88.18 0二、成本费用分析1、成本构成情况2019年掌阅科技成本费用总额为164,609.94万元，其中：营业成本为117,497.13万元，占成本总额的71.38%；销售费用为42,281.93万元，占成本总额的25.69%；管理费用为7,633.73万元，占成本总额的4.64%；财务费用为-3,414.94万元，占成本总额的-2.07%；营业税金及附加为612.1万元，占成本总额的0.37%。

阅文深陷,掌阅隔岸观火

阅文深陷，掌阅隔岸观火阅文今天的“合同风波”愈演愈烈了，隔岸观火的掌阅能否渔翁得利？4月27日，掌阅科技发布了2020年第一季度财报。

财报显示，公司2020年一季度实现营收4.91亿元，同比增长9.25%，归母净利润0.55亿元，同比增长78.25%，这是继2019年四季度后又一次高速增长，并创单季度新高。

开年第一季度，掌阅科技能够取得这样的成绩，少不了疫情的助力，也少不了掌阅科技采用的“免费+付费”的双引擎模式。

当然，掌阅科技目前面临的挑战也不少。

营收主力数字阅读业务增长乏力、成本高企，行业内外竞争对手也是层出不穷，不断挤压掌阅的利润空间，很明显掌阅科技的前行之路并不平坦。

“免费+付费”双引擎助力净利润增长疫情之下，用户数字阅读需求暴增。

据Questmobile 数据显示，2020 年春节期间全国移动互联网的人均使用时长同比大幅增长，2月份人均使用时长接近160小时/人，同比增速达37.3%；2020 年春节假期期间，有5个数字阅读APP 位列DAU 增量Top50。

与此同时，疫情期间用户开始习惯数字阅读这种新模式。

根据艾瑞的调研数据，2020 年2 月有超过50%的阅读用户几乎每天都会阅读图书/网络文学；其中，接触阅读超过5 年的用户有84.2%每天都会阅读，而接触阅读不到 1 年的用户有30.8%养成了每日阅读的习惯。

此外据艾瑞咨询调查显示，在接触数字阅读的人群中，有86.2%的人表示疫情之后会继续阅读，80%的接触数字阅读不到一年的人表示会继续阅读，说明疫情期间数字阅读对新用户具有较强的留存率。

掌阅充分利用自己的品牌、运营等综合实力，采取“免费+付费”双引擎模式，实现了净利润的稳步增长。

据中信建投证券数据显示，免费阅读与付费阅读用户重合度不到10%，免费阅读对付费阅读市场并非替代式冲击，反而为行业带来新用户增量。

疫情期间，掌阅针对不同人群，采取不同的变现策略。

以免费为入口获取流量并通过广告变现，对进入平台的免费用户再进行转化，通过广告变现拉升了公司整体毛利，也拉升整个公司净利润。

完美世界2019年三季度财务分析结论报告

完美世界2019年三季度财务分析综合报告完美世界2019年三季度财务分析综合报告一、实现利润分析2019年三季度实现利润为46,810.24万元，与2018年三季度的68,238.38万元相比有较大幅度下降，下降31.40%。

实现利润主要来自于内部经营业务，企业盈利基础比较可靠。

在市场份额迅速扩大的情况下，营业利润却出现了较大幅度的下降，企业未能处理好扩大市场份额和提高盈利水平之间所存在的矛盾，应尽快采取措施处理市场扩展所带来的经营危机。

二、成本费用分析2019年三季度营业成本为84,566.8万元，与2018年三季度的74,325.8万元相比有较大增长，增长13.78%。

2019年三季度销售费用为48,132.58万元，与2018年三季度的25,838.33万元相比有较大增长，增长86.28%。

2019年三季度大幅度的销售费用投入带来了营业收入的大幅度增长，企业的销售活动取得了明显的市场效果，但相对来讲，销售费用增长明显快于营业收入的增长。

2018年三季度管理费用带来收益49,526.54万元，2019年三季度融资活动由创造收益转化为支付费用，支付13,477.69万元。

2019年三季度管理费用占营业收入的比例为6.25%，2018年三季度为-26.83%。

管理费用占营业收入的比例大幅度提高，但营业利润却大幅度下降，管理费用的增长过快，很不合理，应当采取措施加以控制。

2019年三季度财务费用为2,901.48万元，与2018年三季度的4,081.76万元相比有较大幅度下降，下降28.92%。

三、资产结构分析2019年三季度企业不合理资金占用项目较少，资产的盈力能力较强，资产结构合理。

与2018年三季度相比，2019年三季度存货占营业收入的比例明显下降。

应收账款出现过快增长。

预付货款占收入的比例下降。

从流动资产与收入变化情况来看，流动资产增长慢于营业收入增长，资产的盈利能力没有提高。

因此与2018年三季度相比，资产结构趋于恶化。

掌阅科技股份有限公司战略分析报告

掌阅科技股份有限公司一、公司简介掌阅科技股份有限公司成立于2008年9月，专注于数字阅读，是我国领先的移动阅读分发平台。

公司自成立以来，一直秉承专注、务实的企业精神，与国内国际600家优质的版权方合作，引进海量图书数字版权，为全球150多个国家和地区的数亿用户提供图书内容和智能化的用户体验。

公司月活跃用户达到1.4亿。

二、对公司进行战略分析（一）公司主营业务公司主营业务为互联网数字阅读平台服务(包括数字阅读付费及商业化增值业务)、版权产品业务。

公司以出版社、版权机构、文学网站、作家为正版图书数字内容来源，对数字图书内容进行编辑制作和聚合管理，通过“掌阅”等数字阅读平台面向互联网用户发行数字阅读产品，用户在数字阅读平台上充值购买虚拟货币，并消费购买图书、杂志等数字内容。

同时，公司利用庞大的用户流量所产生的互联网平台媒体价值，为各类客户提供多样的商业化增值服务。

版权产品业务中，公司通过运营网络原创等文学版权，向阅读、影视、游戏等各类文化娱乐类客户输出其内容价值和IP价值，从而获取版权销售收益。

(二)行业情况《中华人民共和国国民经济和社会发展第十三个五年规划纲要》将全民阅读工程列为“十三五”时期文化重大工程之一，将全民阅读提升到国家战略高度,全面推进了全民阅读活动的开展。

自2014年以来国务院连续七年将全民阅读写入政府工作报告,大力推动学习型社会建设。

在数字化、富媒体、移动互联网等信息技术的快速发展，以及国家政策推动等多因素共同促进下，我国媒体融合不断加深，新兴数字化出版产品与服务供给不断扩充，2019年数字阅读内容创作者较2018年增长67万人达到929万人，数字阅读用户规模达4.7亿人,人均电子书年接触量14.6本,数字阅读整体市场蓬勃发展，2019年我国数字阅读市场规模达288.8亿元。

根据CNNIC出具的《第45次中国互联网络发展状况统计报告》，截至2020年3月，我国手机网民规模达8.97亿人,较2018年底增加7.992万人，网民中使用手机上网人群的占比由2018年的98.6%提升至9.3%。

网易 2019年第三季度财报

Contact for Media and Investors:Margaret ShiNetEase, Inc.ir@Tel: (+86) 571-8985-3378Brandi PiacenteInvestor Relationsnetease@Tel: (+1) 212-481-2050NetEase Reports Third Quarter 2019 Unaudited Financial Results(Beijing - November 20, 2019) - NetEase, Inc. (NASDAQ: NTES) (“NetEase” or the “Company”), one of China’s leading internet and online game services providers, today announced its unaudited financial results for the third quarter ended September 30, 2019.Third Quarter 2019 Financial Highlights[1]•Net revenues[2] were RMB14,635.7 million (US$2,047.6 million), an increase of 11.2% compared to the third quarter of 2018.•Online game services net revenues were RMB11,534.8 million (US$1,613.8 million), an increase of 11.5% compared to the third quarter of 2018.•Youdao net revenues were RMB345.9 million (US$48.4 million), an increase of 98.4% compared to the third quarter of 2018.[1]In September 2019, NetEase sold its Kaola e-commerce business, the principal terms of which were previously announced. As a result, Kaola has been deconsolidated from the Company and its historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations accordingly.The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.[2]Effective in the third quarter of 2019, the Company changed its segment disclosure to add the financial results of its certain advertising services and its private label e-commerce business Yanxuan into “innovative businesses and others”in light of the relatively small revenue contribution from those businesses to the Company’s total consolidated net revenues in 2019. In addition, the Company has commenced separately reporting the results of Youdao. As a result, the Company now reports segments as online game services, Youdao and innovative businesses and others. See “Change of segment reporting” in this press release.•Innovative businesses and others net revenues were RMB2,755.0 million (US$385.4 million), an increase of 4.5% compared to the third quarter of 2018.•Gross profit was RMB7,870.4 million (US$1,101.1 million), an increase of 8.9% compared to the third quarter of 2018.•Total operating expenses were RMB4,535.6 million (US$634.6 million), a decrease of 3.3% compared to the third quarter of 2018.•Net income from continuing operations attributable to the Company’s shareholders was RMB12,885.4 million (US$1,802.7 million). Non-GAAP net income from continuing operations attributable to the Company’s shareholders was RMB4,726.0 million (US$661.2 million).[3]•Basic net income per ADS from continuing operations was US$13.97; non-GAAP basic net income per ADS from continuing operations was US$5.12.[3]Third Quarter 2019 and Recent Operational Highlights•Introduced thrilling new titles to China’s gamer community including Cyber Hunter, Xuan Yuan Sword: Dragon Upon the Cloud and Bloom & Blade.•Fortified global brand recognition:•Knives Out led Japan’s iOS top grossing chart several times in August, September and October.•Identity V led Japan’s iOS top grossing chart for the first time in September.•L aunched Blizzard Entertainment’s World of Warcraft Classic in China, yielding increased revenue and total number of subscribers both year-over-year and quarter-over-quarter.•Progressed exciting game pipeline including Fantasy Westward Journey 3D, Onmyoji: The Card Game, Marvel Super War, Onmyoji: Yokai Koya, Harry Potter: Magic Awakened, EVE Echoes, Ghost World Chronicle, Diablo Immortal and Pokémon Quest.•Sold e-commerce platform Kaola to Alibaba Group Holding Limited (“Alibaba”).•Entered into a definitive agreement for an approximately US$700 million investment in NetEase Cloud Music by Alibaba and Yunfeng.•Completed the initial public offering and listing of Youdao, Inc. (NYSE: DAO) on the New York Stock Exchange in October 2019.[3]As used in this press release, non-GAAP net income from continuing operations attributable to the Company’s shareholders and non-GAAP basic and diluted net income from continuing operations per ADS are defined to exclude share-based compensation expenses and net gain from disposal of business due to change in business focus. See “Un audited Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.“During our eventful third quarter, we realized value for our shareholders across our business lines. On a year-over-year basis, we achieved solid growth in net revenues of 11% and non-GAAP net income from continuing operations of 74%. In recognition of this success, our board of directors has approved a dividend of US$7.59 per ADS for the third quarter,” said Mr.William Ding, Chief Executive Officer and Director of NetEase. “Our main areas of investment are online games, online education, music and private label e-commerce. With the completion of Youdao’s IPO, we will continue to invest in knowledge tools, online courses and smart devices to empower even more efficient learning in China.“Online games remain the cornerstone of our business with steady growth from our existing titles and exciting new titles in China and globally. Our flagship title Fantasy Westward Journey Online reached new record high gross billings this quarter. We also advanced our international brand with more hit titles such as Knives Out, Identity V and Life-After in Japan. Going forward, we will continue to focus on the growth of our robust online games business worldwide, as well as create additional value among our evolving businesses rooted in education, music and e-commerce,” Mr. Ding concluded.Third Quarter 2019 Financial ResultsNet RevenuesNet revenues for the third quarter of 2019 were RMB14,635.7 million (US$2,047.6 million), compared to RMB14,448.4 million and RMB13,160.2 million for the preceding quarter and the third quarter of 2018, respectively.Net revenues from online game services were RMB11,534.8 million (US$1,613.8 million) for the third quarter of 2019, compared to RMB11,433.4 million and RMB10,348.4 million for the preceding quarter and the third quarter of 2018, respectively. Net revenues from mobile games accounted for approximately 71.0% of net revenues from online game services for the third quarter of 2019, compared to 72.2% and 68.0% for the preceding quarter and the third quarter of 2018, respectively.Net revenues from Youdao were RMB345.9 million (US$48.4 million) for the third quarter of 2019, compared to RMB322.8 million and RMB174.4 million for the preceding quarter and the third quarter of 2018, respectively.Net revenues from innovative businesses and others were RMB2,755.0 million (US$385.4 million) for the third quarter of 2019, compared to RMB2,692.3 million and RMB2,637.4 million for the preceding quarter and the third quarter of 2018, respectively.Gross ProfitGross profit for the third quarter of 2019 was RMB7,870.4 million (US$1,101.1 million), compared to RMB7,736.8 million and RMB7,224.1 million for the preceding quarter and the third quarter of 2018, respectively.The quarter-over-quarter increase in online game services gross profit was primarily due to increased net revenues from certain PC-client games. The year-over-year increase in online game services gross profit was primarily due to increased net revenues from mobile games such as Life-After, Invincible and Identity V.The year-over-year increase in Youdao gross profit was primarily due to increased net revenues from its learning services and products, which in turn was driven by an increased number of paid student enrollments.The year-over-year decrease in innovative businesses and others gross profit was primarily due to decreased net revenues from certain advertising services which were affected by the macro-environment and increased expenses related to staff cost and content purchases.Gross Profit MarginGross profit margin for online game services for the third quarter of 2019 was 63.8%, compared to 63.1% and 65.1% for the preceding quarter and the third quarter of 2018, respectively. The year-over-year decrease in gross profit margin was mainly due to higher revenue contribution from mobile games with comparatively lower margin.Gross profit margin for Youdao for the third quarter of 2019 was 25.8%, compared to 32.9% and 23.3% for the preceding quarter and the third quarter of 2018, respectively. The quarter-over-quarter decrease in Youdao gross profit margin was mainly driven by a lower gross margin for its online marketing services.Gross profit margin for innovative businesses and others for the third quarter of 2019 was 15.2%, compared to 15.5% and 17.0% for the preceding quarter and the third quarter of 2018, respectively. The year-over-year decrease in innovative businesses and others gross profit margin was primarily due to decreased net revenues from certain advertising services which were affected by the macro-environment and increased expenses related to staff cost and content purchases.Operating ExpensesTotal operating expenses for the third quarter of 2019 were RMB4,535.6 million (US$634.6 million), compared to RMB4,012.5 million and RMB4,688.6 million for the preceding quarter and the third quarter of 2018, respectively. The quarter-over-quarter increase in operating expenses was mainly due to increased marketing expenditures related to online game services and Youdao, as well as increased staff-related costs. The year-over-year decrease in operating expenses was mainly due to decreased marketing expenditures related to online games.Other IncomeOther income consisted of investment (loss)/ income, interest income, foreign exchange gains and others. The quarter-over-quarter and year-over-year increases in other income were mainly due to the gain from the disposal of Kaola and investment income.Income TaxesThe Company recorded a net income tax charge of RMB1,116.7 million (US$156.2 million) for the third quarter of 2019, compared to RMB683.8 million and RMB842.9 million for the preceding quarter and the third quarter of 2018, respectively. The effective tax rate for the third quarter of 2019 was 8.0%, compared to 16.7% and 28.8% for the preceding quarter and the third quarter of 2018, respectively. The effective tax rate represents certain estimates by the Company regarding the tax obligations and benefits applicable to it in each quarter, and the rate for the third quarter was affected by a number of factors including certain tax credits received and recognized in the quarter.Net Income and Non-GAAP Net IncomeNet income from continuing operations attributable to the Company’s shareholders for the third quarter of 2019 totaled RMB12,885.4 million (US$1,802.7 million), compared to RMB3,354.2 million and RMB2,062.7 million for the preceding quarter and the third quarter of 2018, respectively. Non-GAAP net income from continuing operations attributable to the Company’s shareholders for the third quarter of 2019 totaled RMB4,726.0 million (US$661.2 million), compared to RMB3,921.1 million and RMB2,712.3 million for the preceding quarter and the third quarter of 2018, respectively.NetEase reported basic and diluted net income from continuing operations per ADS of US$13.97 and US$13.85, respectively, for the third quarter of 2019. The Company reported basic and diluted net income from continuing operations per ADS of US$3.64 and US$3.61, respectively, for the preceding quarter, and basic and diluted net income from continuing operations per ADS of US$2.25 and US$2.24 for the third quarter of 2018. Non-GAAP basic and diluted net income from continuing operations per ADS were US$5.12 and US$5.08, respectively, for the third quarter of 2019, compared to non-GAAP basic and diluted net income from continuing operations per ADS of US$4.26 and US$4.22, respectively, for the preceding quarter, and non-GAAP basic and diluted net income from continuing operations per ADS of US$2.95 and US$2.94, respectively, for the third quarter of 2018.Quarterly DividendThe basic net income per ADS was US$13.80 for the third quarter of 2019. The board of directors has approved a dividend of US$7.59 per ADS for the third quarter of 2019. Such amount includes a regular quarterly dividend of US$4.14 per ADS (equivalent to approximately 30% of the Company’s net income attributable to the Company’s shareholders), plus a special dividend of US$3.45 per ADS. The total dividend of approximately US$1.0 billion is expected to be paid on December 13, 2019 to shareholders of record as of the close of business on December 6, 2019.NetEase paid a dividend of US$1.04 per ADS for the second quarter of 2019 on August 30, 2019.Starting in the second quarter of 2019, the Company’s policy has been to set quarterly dividends at an amount equivalent to approximately 20%-30% of the Company’s anticipated net income after tax in each fiscal quarter. The determination to make dividend distributions and the amount of such distributions in any particular quarter will be made at the discretion of the board of directors and will be based upon the Company’s operations and earnings, cash flow, financial conditio n and other relevant factors.Other InformationAs of September 30, 2019, the Company’s total cash and cash equivalents, current and non-current time deposits and short-term investments balance totaled RMB61,431.7 million (US$8,594.6 million), compared to RMB49,663.5 million as of December 31, 2018. Cash flow generated from continuing operating activities was RMB3,846.3 million (US$538.1 million) for the third quarter of 2019, compared to RMB4,928.1 million and RMB4,491.9 million for the preceding quarter and the third quarter of 2018, respectively.Share Repurchase/ Purchase ProgramOn November 14, 2018, the Company announced that its board of directors had approved a share repurchase program of up to US$1.0 billion of the Company’s outstanding ADSs for a period not to exceed 12 months beginning on November 16, 2018. As of November 15, 2019, the last day of such program, approximately 1,000 ADSs had been repurchased under this program.The Company also announced today that its board of directors has approved a share purchase program of up to US$20.0 million of Youdao’s outstanding ADSs for a period not to exceed 12 months beginning on November 25, 2019.Under the terms of this program, NetEase may purchase Youdao’s ADSs in open-market transactions on the New York Stock Exchange. It is expected that the timing and dollar amount of purchase transactions will be in accordance with the Securities and Exchange Commission (SEC) Rule 10b-18 requirements and such purchases may be effected pursuant to a plan in conformity with SEC Rule 10b5-1. The extent to which NetEase purchases Youdao’s ADSs will depend upon a variety of factors, including market conditions. This purchase program may be suspended or discontinued at any time.** The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader. Translations of amounts from RMB into United States dollars for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB7.1477 on September 30, 2019 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on September 30, 2019, or at any other certain date. The percentages stated are calculated based on RMB.Change in Segment ReportingEffective in the third quarter of 2019, the Company changed its segment disclosure to add the financial results of its certain advertising services and Yanxuan into innovative businesses and others in light of the relatively small revenue contribution from those businesses to the Company’s total consolidated net revenues in 2019. The Company sold its Kaola e-commerce business in September 2019. In addition, the Company has commenced separately reporting the results of its majority-controlled subsidiary Youdao, Inc. which completed its initial public offering and listing on the New York Stock Exchange in October 2019. As a result, the Company now reports segments as online game services, Youdao and innovative businesses and others. This change in segment reporting aligns with the manner in which the Company’s operating decision maker (“CODM”) currently receives and uses financial information to allocate resources and evaluate the performance of reporting segments. The Company retrospectively revised prior period segment information to conform to current period presentation.Impact of the Recently Adopted Major Accounting PronouncementIn February 2016, the FASB issued ASU 2016-02 “Leases” as amended, which generally requires les sees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new standard effective January 1, 2019 on a modified retrospective basis and did not restate comparative periods. The Company recognized approximately RMB577.0 million as total right-of-use assets as well as total lease liabilities for the operating leases on its consolidated balance sheet as of January 1, 2019, excluding the impact from disposal of Kaola. The Company recognized RMB441.1 million and RMB449.8 million as total right-of-use assets and total lease liabilities, respectively, for the operating leases on its consolidated balance sheet as of September 30, 2019. Right-of-use assets are included in other long-term assets, and lease liabilities are included in accrual liabilities and other payables and other long-term payables, respectively based on payment terms on the consolidated balance sheet. Other than the foregoing, the Company does not expect the new standard to have a material impact on the net assets of the Company’s consolidated financial statements.Conference CallNetEase’s management team will host a teleconference call with simultaneous webcast at 9:00 p.m. Eastern Time on Wednesday, November 20, 2019 (Beijing/Hong Kong Time: 10:00 a.m., Thursday, November 21, 2019). NetEase’s management will be on the call to discuss the quarterly results and answer questions.Interested parties may participate in the conference call by dialing 1-929-477-0402 and providing conference ID: 7150397, 10-15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-719-457-0820 and entering passcode 7150397#. The replay will be available through December 4, 2019. This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase’s Investor Relations website at .About NetEase, Inc.NetEase, Inc. (NASDAQ: NTES) is a leading internet technology company based in China dedicated to providing premium online services centered around content, community, communication and commerce. NetEase develops and operates some of the most popular PC-client and mobile games in China and has been expanding rapidly into other international markets such as Japan and North America in more recent years. In addition to its self-developed game content, NetEase also operates some of the most popular international online games in China by partnering with Blizzard Entertainment, Mojang AB (a Microsoft subsidiary) and other global game developers. NetEase also offers other innovative services, including the intelligent learning services of its majority-controlled subsidiary, Youdao, music streaming and its private label e-commerce platform, Yanxuan. For more information, please visit: /.Forward Looking StatementsThis press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online game market will not continue to grow or that NetEase will not be able to maintain its leading position in that market within China or globally, which could occur if, for example, its new online games or expansion packs and other improvements to its existing games do not become as popular as management anticipates; the ability of NetEase to effectively market its games and other services and achieve a positive return on its marketing expenditures; the risk that changes in Chinese government regulation of the market for online games, education products and services and e-commerce may limit future growth of NetEase’s revenues or cause revenues to decline; th e risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; the risk that the e-commerce market or the internet advertising market in China will not grow and will remain subject to intense competition; the risk that NetEase will not be able to control its expenses in future periods; competition in NetEase’s existing and potential markets; governmental uncertainties (including possible changes in the effective tax rates applicable to NetEase and its subsidiaries and affiliates and the ability of NetEase to receive and maintain approvals of the preferential tax treatments); the risk that fluctuations in the value of the Renminbi with respect to other currencies could adversely affect NetEase’s business and financial results; and other risks outlined in NetEase’s filings with the Securities and Exchange Commission. NetEase does not undertake any obligation to update this forward-looking information, except as required under the applicable law.Non-GAAP Financial MeasuresNetEase considers and uses non-GAAP financial measures, such as non-GAAP net income from continuing operations attributable to the Company’s shareholders and non-GAAP basic and diluted net income from continuing operations per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).NetEase defines non-GAAP net income from continuing operations attributable to the Company’s shareholders as net income from continuing operations at tributable to the Company’s shareholders excluding share-based compensation expenses and net gain from disposal of business due to change in business focus. Non-GAAP net income from continuing operations attributable to the Company’s shareholders enables NetEase’s management to assess its operating results without considering the impact of share-based compensation expenses and net gain from disposal of business due to change in business focus, which are non-cash charges or non-recurring in nature. NetEase believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company’s current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors’ assessment of its operating performance.Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income from continuing operations attributable to the Company’s shareholders is that it does not reflect all items of expense/ income that affect our operations. Share-based compensation expenses and net gain from disposal of business due to change in business focus have been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income from continuing operations attributable to the Company’s shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.NetEase compensates for these limitations by reconciling non-GAAP net income from continuing operations attributable to the Company’s shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.NE TE ASE, INC.UNAUDITE D CONDE NSE D CONSOLIDATE D BALANCE SHE E TS(RMB and USD in thousands)December 31, September 30, September 30,201820192019RMB RMB USD (Note 1) AssetsCurrent assets:Cash and cash equivalents4,988,4512,741,419383,539 Time deposits32,900,28739,224,0635,487,648 Restricted cash4,692,0503,947,201552,234 Accounts receivable, net4,118,7064,706,696658,491 Inventories, net1,065,615686,74996,080 Prepayments and other current assets4,134,23311,823,6841,654,193 Short-term investments11,674,77519,416,2092,716,428 Assets held for sale5,141,603--Total current assets68,715,72082,546,02111,548,613Non-current assets:Property, equipment and software, net4,673,1284,708,165658,697 Land use right, net3,271,5123,303,913462,234 Deferred tax assets1,064,295797,387111,559 Time deposits100,00050,0006,995 Other long-term assets8,175,53614,418,3322,017,199 Assets held for sale967,737--Total non-current assets18,252,20823,277,7973,256,684 Total assets86,967,928105,823,81814,805,297Liabilities, Redeemable Noncontrolling Interests andShareholders’ EquityCurrent liabilities:Accounts payable1,201,6751,219,413170,602 Salary and welfare payables2,803,2141,914,963267,913 Taxes payable2,260,8102,988,084418,048 Short-term loans13,658,55415,494,8392,167,808 Deferred revenue7,718,4858,196,0671,146,672 Accrued liabilities and other payables5,005,3914,797,203671,153 Liabilites held for sale2,460,881--Total current liabilities35,109,01034,610,5694,842,196Non-current liabilities:Deferred tax liabilities392,598779,827109,102 Other long-term payable48,921427,40859,798 Liabilites held for sale5,818--Total non-current liabilities447,3371,207,235168,900 Total liabilities35,556,34735,817,8045,011,096Redeemable noncontrolling interests5,385,7365,953,894832,980Total NetEase, Inc.’s equity45,231,63663,381,1108,867,343 Noncontrolling interests794,209671,01093,878 Total shareholders’ equity46,025,84564,052,1208,961,221Total liabilities, redeemable noncontrolling interests and86,967,928105,823,81814,805,297 shareholders’ equityThe accompanying notes are an integral part of this press release.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data or per ADS data)Quarter EndedSeptember 30,June 30,September 30,September 30,2018201920192019RMB RMB RMB USD (Note 1) Net revenues13,160,15114,448,44214,635,6902,047,608 Cost of revenues(5,936,032)(6,711,594)(6,765,340)(946,506) Gross profit7,224,1197,736,8487,870,3501,101,102 Selling and marketing expenses(1,750,680)(1,289,763)(1,619,531)(226,581) General and administrative expenses(790,828)(776,900)(753,794)(105,460) Research and development expenses(2,147,138)(1,945,788)(2,162,254)(302,510) Total operating expenses(4,688,646)(4,012,451)(4,535,579)(634,551) Operating profit2,535,4733,724,3973,334,771466,551 Other income:Investment (loss)/ income, net(25,400)24,142394,90755,250 Interest income, net113,181185,227184,79525,854 Exchange gains, net95,95572,646120,56216,867 Other, net211,00578,0269,994,7081,398,311 Income before tax2,930,2144,084,43814,029,7431,962,833 Income tax(842,900)(683,755)(1,116,653)(156,225) Net income from continuing operations2,087,3143,400,68312,913,0901,806,608 Net loss from discontinued operations(466,453)(282,815)(155,076)(21,696) Net income1,620,8613,117,86812,758,0141,784,912Deemed dividends attributable to redeemableshareholders1,596,2933,071,36712,730,2991,781,034 Including:-Net income from continuing operations attributable tothe Company’s shareholders2,062,7463,354,18212,885,3751,802,730 -Net loss from discontined operations attributable tothe Company’s shareholders(466,453)(282,815)(155,076)(21,696)Basic net income/ (loss) per share: 0.50 0.95 3.95 0.55 -Continuing operations 0.64 1.04 3.99 0.56 -Discontinued operations (0.14) (0.09) (0.04) (0.01)Basic net income/ (loss) per ADS: 12.43 23.84 98.66 13.80 -Continuing operations 16.06 26.03 99.86 13.97 -Discontinued operations (3.63) (2.19) (1.20) (0.17)Diluted net income/ (loss) per share: 0.49 0.95 3.91 0.55 -Continuing operations 0.64 1.03 3.96 0.56 -Discontinued operations (0.15) (0.08) (0.05) (0.01)Diluted net income/ (loss) per ADS: 12.37 23.64 97.80 13.68 -Continuing operations 15.98 25.82 98.99 13.85 -Discontinued operations (3.61) (2.18) (1.19) (0.17)Weighted average number of ordinary sharesoutstanding,3,210,9403,221,3063,225,7043,225,704 Weighted average number of ADS outstanding, basic128,438128,852129,028129,028 Weighted average number of ordinary sharesoutstanding,3,226,7633,247,4083,254,2693,254,269 Weighted average number of ADS outstanding, diluted129,071129,896130,171130,171The accompanying notes are an integral part of this press release.。

中文在线 2019 第三季度财报

中文在线数字出版集团股份有限公司2019年第三季度报告全文中文在线数字出版集团股份有限公司2019年第三季度报告公告编号：2019-0892019年10月第一节重要提示公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。

所有董事均已出席了审议本次季报的董事会会议。

公司负责人童之磊、主管会计工作负责人贾庆丰及会计机构负责人(会计主管人员)祝君声明：保证季度报告中财务报表的真实、准确、完整。

第二节公司基本情况一、主要会计数据和财务指标公司是否需追溯调整或重述以前年度会计数据□是√否非经常性损益项目和金额√适用□不适用单位：人民币元对公司根据《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》定义界定的非经常性损益项目，以及把《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因□适用√不适用公司报告期不存在将根据《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》定义、列举的非经常性损益项目界定为经常性损益的项目的情形。

二、报告期末股东总数及前十名股东持股情况表1、普通股股东总数和表决权恢复的优先股股东数量及前10名股东持股情况表单位：股公司前10名普通股股东、前10名无限售条件普通股股东在报告期内是否进行约定购回交易□是√否公司前10名普通股股东、前10名无限售条件普通股股东在报告期内未进行约定购回交易。

2、公司优先股股东总数及前10名优先股股东持股情况表□适用√不适用3、限售股份变动情况□适用√不适用第三节重要事项一、报告期主要财务数据、财务指标发生重大变动的情况及原因√适用□不适用1、资产负债表项目单位：人民币元2、利润表项目单位：人民币元3、现金流量表项目单位：人民币元二、重要事项进展情况及其影响和解决方案的分析说明□适用√不适用股份回购的实施进展情况□适用√不适用采用集中竞价方式减持回购股份的实施进展情况□适用√不适用三、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内超期未履行完毕的承诺事项□适用√不适用公司报告期不存在公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内超期未履行完毕的承诺事项。

603533掌阅科技2022年经营成果报告

掌阅科技2022年经营成果报告一、实现利润分析1、利润总额2022年利润总额为7,014.9万元，与2021年的17,221.63万元相比有较大幅度下降，下降59.27%。

利润总额主要来自于内部经营业务。

2、营业利润2022年营业利润为7,000.84万元，与2021年的17,906.42万元相比有较大幅度下降，下降60.90%。

以下项目的变动使营业利润增加：其他收益增加619.65万元，财务费用减少2,247.39万元，营业成本减少28,898.48万元，共计增加31,765.52万元；以下项目的变动使营业利润减少：资产处置收益减少4.18万元，投资收益减少73.83万元，信用减值损失减少362.08万元，资产减值损失增加1,155.56万元，营业税金及附加增加1,525.12万元，管理费用增加3,885.12万元，研发费用增加4,866.47万元，销售费用增加84,273.16万元，共计减少96,145.52万元。

各项科目变化引起营业利润减少10,905.58万元。

3、投资收益2022年投资收益为2,026.32万元，与2021年的2,100.15万元相比有所下降，下降3.52%。

4、营业外利润2021年营业外利润亏损684.78万元，2022年扭亏为盈，盈利14.06万元。

5、经营业务的盈利能力从营业收入和成本的变化情况来看，2022年的营业收入为258,241.74万元，比2021年的207,078.43万元增长24.71%，营业成本为69,457.89万元，比2021年的98,356.36万元下降29.38%，营业收入增加，而营业成本下降，表明企业经营业务盈利能力明显提高。

实现利润增减变化表(万元)二、成本费用分析1、成本构成情况掌阅科技2022年成本费用总额为254,878.2万元，其中：营业成本为69,457.89万元，占成本总额的27.25%；销售费用为151,795.34万元，占成本总额的59.56%；管理费用为15,324.13万元，占成本总额的6.01%；财务费用为-5,775.6万元，占成本总额的-2.27%；营业税金及附加为2,196.09万元，占成本总额的0.86%；研发费用为21,880.35万元，占成本总额的8.58%。

603533掌阅科技2023年三季度行业比较分析报告

掌阅科技2023年三季度行业比较分析报告一、总评价得分55分，结论一般二、详细报告（一）盈利能力状况得分33分，结论较差掌阅科技2023年三季度净资产收益率(%)为-0.19%，低于行业较差值0.6%，高于行业极差值-2.2%。

总资产报酬率(%)为-0.82%，低于行业较差值0.5%，高于行业极差值-1.6%。

销售(营业)利润率(%)为-1.02%，低于行业平均值3.3%，高于行业较差值-2.7%。

成本费用利润率(%)为-1.0%，低于行业较差值0.1%，高于行业极差值-3.5%。

资本收益率(%)为-1.13%，低于行业极差值1.0%。

盈利能力状况（二）营运能力状况得分62分，结论一般掌阅科技2023年三季度总资产周转率(次)为0.83次，高于行业良好值0.8次，低于行业最优值1.1次。

应收账款周转率(次)为7.08次，低于行业平均值8.2次，高于行业较差值6.2次。

流动资产周转率(次)为1.11次，低于行业平均值1.5次，高于行业较差值1.1次。

资产现金回收率(%)为1.19%，低于行业较差值1.8%，高于行业极差值-3.8%。

存货周转率(次)为2005.18次，高于行业优秀值28.8次。

营运能力状况（三）偿债能力状况得分65分，结论一般掌阅科技2023年三季度资产负债率(%)为23.41%，优于行业优秀值53.6%。

已获利息倍数为-47.07，低于行业极差值-3.0。

速动比率(%)为344.64%，高于行业优秀值146.5%。

现金流动负债比率(%)为1.37%，低于行业较差值5.9%，高于行业极差值-16.5%。

带息负债比率(%)为0.5%，优于行业优秀值21.7%。

偿债能力状况（四）发展能力状况得分61分，结论一般掌阅科技2023年三季度销售(营业)增长率(%)为2.65%，高于行业平均值1.3%，低于行业良好值3.9%。

资本保值增值率(%)为99.7%，低于行业较差值100.9%，高于行业极差值97.2%。