Updated Apr 30, 2026 by Tencent
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Financial
Published by Tencent
Tencent’s 2021 annual report details a year of significant financial expansion and strategic recalibration. The company reported a 16% year-on-year revenue increase to RMB 560.1 billion, while profit attributable to equity holders rose by 41% to RMB 224.8 billion. This profit growth was heavily influenced by substantial non-IFRS gains from investment disposals, most notably the divestment of its stake in JD.com. Despite these gains, the company faced mounting operational costs in FinTech, cloud services, and research and development, alongside regulatory headwinds that impacted domestic gaming and advertising performance in the latter half of the year. The report highlights a strategic pivot toward long-term sustainability and operational efficiency. To navigate foreign investment restrictions in China, the company continued its reliance on "Structure Contracts," which allow for the consolidation of domestic operating entities. Governance remained a central focus, with the board maintaining a "Three Lines of Defence" risk management model to address emerging challenges, including macroeconomic volatility and heightened regulatory scrutiny. The company also demonstrated a commitment to social responsibility by pledging RMB 100 billion toward "Sustainable Social Value" and "Common Prosperity" initiatives, while setting a goal to achieve net-zero carbon emissions by 2030. Covering the 2021 fiscal year, the report encompasses Tencent’s diverse global operations, including its international gaming footprint, enterprise software, and digital content segments. Financial health remained stable, supported by a robust cash position and active capital management, including share repurchases and extensive employee incentive schemes. By year-end, the company had successfully expanded its workforce to over 112,000 employees and reinforced its internal compliance infrastructure to align with evolving global and domestic standards, ensuring that its diverse portfolio of listed and unlisted investments remains integrated within a rigorous, transparent governance framework.
CONTENTS 2 CORPORATE INFORMATION 3 FINANCIAL SUMMARY 4 CHAIRMAN’S STATEMENT 9 MANAGEMENT DISCUSSION AND ANALYSIS 30 DIRECTORS’ REPORT 77 CORPORATE GOVERNANCE REPORT 110 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 160 INDEPENDENT AUDITOR’S REPORT 169 CONSOLIDATED INCOME STATEMENT 170 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 171 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 174 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 178 CONSOLIDATED STATEMENT OF CASH FLOWS 180 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 311 DEFINITION
Corporate Information DIRECTORS INVESTMENT COMMITTEE TENCENT GROUP HEAD OFFICE Executive Directors Lau Chi Ping Martin (Chairman) Tencent Binhai Towers Ma Huateng (Chairman) Ma Huateng No. 33 Haitian 2nd Road Lau Chi Ping Martin Charles St Leger Searle Nanshan District Shenzhen, 518054 Non-Executive Directors NOMINATION COMMITTEE The PRC Jacobus Petrus (Koos) Bekker Ma Huateng (Chairman) PRINCIPAL PLACE OF BUSINESS Charles St Leger Searle Li Dong Sheng IN HONG KONG Ian Charles Stone 29/F., Three Pacific Place Independent Non-Executive Directors Yang Siu Shun No. 1 Queen’s Road East Li Dong Sheng (appointed with effect from Wanchai Ian Charles Stone 20 May 2021) Hong Kong Yang Siu Shun Charles St Leger Searle CAYMAN ISLANDS PRINCIPAL Ke Yang Iain Ferguson Bruce SHARE REGISTRAR AND Iain Ferguson Bruce (retired with effect from TRANSFER OFFICE (retired with effect from 20 May 2021) 20 May 2021) REMUNERATION COMMITTEE Suntera (Cayman) Limited Suite 3204, Unit 2A AUDIT COMMITTEE Ian Charles Stone (Chairman) Block 3, Building D Yang Siu Shun (Chairman) Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce (retired with effect from 20 May 2021) Li Dong Sheng P.O. Box 1586 Jacobus Petrus (Koos) Bekker Gardenia Court Camana Bay AUDITOR Grand Cayman, KY1-1100 Cayman Islands PricewaterhouseCoopers HONG KONG BRANCH SHARE Certified Public Accountants REGISTRAR AND TRANSFER CORPORATE GOVERNANCE PRINCIPAL BANKERS OFFICE COMMITTEE Bank of China Limited Computershare Hong Kong Investor
us (Koos) Bekker Gardenia Court Camana Bay AUDITOR Grand Cayman, KY1-1100 Cayman Islands PricewaterhouseCoopers HONG KONG BRANCH SHARE Certified Public Accountants REGISTRAR AND TRANSFER CORPORATE GOVERNANCE PRINCIPAL BANKERS OFFICE COMMITTEE Bank of China Limited Computershare Hong Kong Investor Charles St Leger Searle (Chairman) The Hongkong and Shanghai Banking Services Limited Ian Charles Stone Corporation Limited Shops 1712-1716, 17th Floor Hopewell Centre Yang Siu Shun REGISTERED OFFICE 183 Queen’s Road East Ke Yang Wan Chai, Hong Kong Iain Ferguson Bruce Cricket Square COMPANY WEBSITE (retired with effect from Hutchins Drive, P.O. Box 2681 20 May 2021) Grand Cayman KY1-1111 www.tencent.com Cayman Islands STOCK CODE 2 Tencent Holdings Limited
> **[Chart page]** This page contains visual data — view in PDF for the best experience. Financial Summary CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year ended 31 December 2017 2018 2019 2020 2021 RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Revenues 237,760 312,694 377,289 482,064 560,118 Gross profit 116,925 142,120 167,533 221,532 245,944 Profit before income tax 88,215 94,466 109,400 180,022 248,062 Profit for the year 72,471 79,984 95,888 160,125 227,810 Profit attributable to equity holders of the Company 71,510 78,719 93,310 159,847 224,822 Total comprehensive income for the year 79,061 67,760 119,901 281,173 200,390 Total comprehensive income attributable to equity holders of the Company 78,218 66,339 116,670 277,834 200,323 Non-IFRS operating profit 82,023 92,481 114,601 149,404 159,539 Non-IFRS profit attributable to equity holders of the Company 65,126 77,469 94,351 122,742 123,788 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at 31 December 2017 2018 2019 2020 2021 RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Assets Non-current assets 376,226 506,441 700,018 1,015,778 1,127,552 Current assets 178,446 217,080 253,968 317,647 484,812 Total assets 554,672 723,521 953,986 1,333,425 1,612,364 Equity and liabilities Equity attributable to equity holders of the Company 256,074 323,510 432,706 703,984 806,299 Non-controlling interests 21,019 32,697 56,118 74,059 70,394 Total equity 277,093 356,207 488,824 778,043 876,693
47 484,812 Total assets 554,672 723,521 953,986 1,333,425 1,612,364 Equity and liabilities Equity attributable to equity holders of the Company 256,074 323,510 432,706 703,984 806,299 Non-controlling interests 21,019 32,697 56,118 74,059 70,394 Total equity 277,093 356,207 488,824 778,043 876,693 Non-current liabilities 125,839 164,879 225,006 286,303 332,573 Current liabilities 151,740 202,435 240,156 269,079 403,098 Total liabilities 277,579 367,314 465,162 555,382 735,671 Total equity and liabilities 554,672 723,521 953,986 1,333,425 1,612,364 Annual Report 2021 3
Chairman’s Statement I am pleased to present our annual report for the year ended 31 December 2021 to the shareholders. RESULTS The Group’s audited profit attributable to equity holders of the Company for the year ended 31 December 2021 was RMB224,822 million, an increase of 41% compared with the results for the previous year. Basic and diluted EPS for the year ended 31 December 2021 were RMB23.597 and RMB23.164, respectively. The Group’s non-IFRS profit attributable to equity holders of the Company for the year ended 31 December 2021 was RMB123,788 million, an increase of 1% compared with the results for the previous year. Non-IFRS basic and diluted EPS for the year ended 31 December 2021 were RMB12.992 and RMB12.698, respectively. OPERATING INFORMATION As at As at Year-on- As at Quarter-on- 31 December 31 December year 30 September quarter 2021 2020 change 2021 change (in millions, unless specified) Combined MAU of Weixin and WeChat 1,268.2 1,225.0 3.5% 1,262.6 0.4% Smart device MAU of QQ 552.1 594.9 -7.2% 573.7 -3.8% Fee-based VAS registered subscriptions 236.3 219.5 7.7% 235.4 0.4% BUSINESS REVIEW AND OUTLOOK Strategic Progress and Outlook
Tencent Holdings demonstrated robust financial growth during the first half of 2013, characterized by a 38.4% year-on-year revenue increase to RMB 27.9 billion and a 27.7% rise in profit attributable to equity holders to RMB 7.7 billion. This performance underscores the company’s successful expansion across its core segments, including online games, social networks, advertising, and eCommerce. The strategic integration of internet and mobile value-added services into a single reporting segment reflects the company’s adaptation to the shifting digital landscape, where mobile platforms like WeChat—which reached 236 million monthly active users—have become central to long-term growth. The company’s financial health remains strong, supported by RMB 33.56 billion in net cash and an upgraded 'A-' long-term corporate credit rating from S&P. While sequential profit growth faced temporary pressure due to heightened marketing expenditures for international expansion and the absence of one-time dividend income, core operational performance remained resilient. Non-GAAP measures indicate sustained profitability, and the company continues to prioritize shareholder value through active share repurchases and structured incentive schemes for its growing workforce of over 25,500 employees. Operational focus for the period centered on navigating the transition from PC-based to mobile-centric service consumption. By enhancing mobile-specific subscriber privileges and aggressively expanding its mobile game portfolio, the company effectively mitigated declines in traditional value-added service subscriptions. With capital commitments rising to RMB 4.66 billion for infrastructure and corporate expansion, the company is positioning itself to maintain its competitive advantage in the evolving global digital market. Governance remains a priority, with the company adhering to established audit procedures and corporate conduct codes, supported by a stable ownership structure led by major shareholders MIH TC and Advance Data Services Limited.
Tencent Holdings’ 2011 financial year was marked by a sharp expansion of its core internet platform, with consolidated revenues rising 45 % to RMB 28.5 billion and operating profit increasing 24.6 % to RMB 12.3 billion. The growth was driven primarily by internet value‑added services (IVAS) and mobile telecommunications services, which together accounted for 80 % of sales. Online gaming revenue surged 66 %, propelled by flagship titles such as *Cross Fire* and *League of Legends*, while social networking platforms—QQ.com, Qzone, Pengyou and Tencent Microblog—expanded user bases to 373 million registered users and 68 million daily active users. Total assets doubled from RMB 35.8 billion to RMB 56.8 billion, largely due to a jump in current assets and non‑current investments, including significant equity stakes in eLong, Kingsoft and other associates. Capital expenditures more than doubled to RMB 4.16 billion, reflecting investment in infrastructure and acquisitions such as Riot Games and Gamegoo, which generated goodwill of RMB 3.8 billion. Net profit attributable to equity holders rose 26.7 % to RMB 10.2 billion, with earnings per share reaching RMB 5.61 basic. Governance remained robust: the board met quarterly, retained a majority of non‑executive directors and three independent members, and maintained COSO‑based internal controls with no material deficiencies. Share‑based compensation expanded markedly—over 7 million options exercised and a share award pool of nearly 16 million shares outstanding—while dividend policy remained conservative with a final dividend of HKD 0.75 per share. Geographically, operations were concentrated in China through subsidiaries such as Tencent Computer and Tencent Technology, with the group’s legal domicile in the Cayman Islands and listing on Hong Kong. The period covered 2011, with a focus on internet services, mobile telecommunications, online gaming and advertising within the Chinese market.
Incorporated in the Cayman Islands with limited liability 3 Financial Performance Highlights 3 Financial Performance Highlights 9 Management Discussion and Analysis 9 Management Discussion and Analysis 23 Report on Review of Interim Financial Information Report on Review of Interim Financial Information 24 Consolidated Income Statement 25 Consolidated Statement of Comprehensive Income 26 Consolidated Statement of Financial Position 29 Consolidated Statement o...
Incorporated in the Cayman Islands with limited liability smart communication inspires 2024 P Interim Report 33 Financial Performance Highlights Financial Performance Highlights 88 Management Discussion and Analysis 22 Report on Review of Interim Financial Information 23 Condensed Consolidated Income Statement 23 Condensed Consolidated Income Statement 24 Condensed Consolidated Statement of Comprehensive Income 24 Condensed Consoli...