Lex專欄：騰訊會(huì)是下一個(gè)Facebook嗎？

Watch out Facebook, Tencent is following you. On Wednesday, shares in the Chinese online games and messaging service provider jumped as much as 6 per cent after revealing second-quarter revenues up 50 per cent year on year. Net profit rose by a similar proportion, beating analysts’ forecasts by 10 percentage points. The figures are impressive for a $250bn company, and Tencent still has plenty of growth potential.

Facebook得小心點(diǎn)了，騰訊(Tencent)正在緊追你的腳步。周三，在這家中國(guó)網(wǎng)絡(luò)游戲和消息服務(wù)提供商披露其第二季度營(yíng)收同比增長(zhǎng)50%后，其股價(jià)一度躍升6%。凈利潤(rùn)增幅也和營(yíng)收類似，比分析師預(yù)期高了10個(gè)百分點(diǎn)。對(duì)于一家規(guī)模為2500億美元的公司來(lái)說(shuō)，這些數(shù)字令人印象深刻，而騰訊仍有充足增長(zhǎng)潛力。

Tencent remains reliant on gaming and subscription revenues, which make up three-quarters of the total. Mobile game revenues, in particular, more than doubled year on year. Subscriptions also grew strongly, confirming the company’s ability to charge for content previously free in China, such as music and video.

騰訊仍依賴于游戲和會(huì)員費(fèi)營(yíng)收，占其總營(yíng)收的四分之三。特別是手游營(yíng)收同比增長(zhǎng)一倍以上。會(huì)員費(fèi)增長(zhǎng)強(qiáng)勁，確立了該公司對(duì)此前在中國(guó)免費(fèi)的內(nèi)容(比如音樂(lè)和視頻)收費(fèi)的能力。

Its other businesses, however, show the most promise. Tencent has barely begun to profit from the 800m monthly active users of its messaging apps, which double as social network accounts. The potential in advertising as well as marketing fees is substantial. Despite growing by 60 per cent, advertising revenues were less than $1bn. In its second quarter, Facebook made nearly all of its $6bn top line from ads. And according to China Skinny, a China-based marketing consultant, there are more stores on Wechat — mostly run by individuals, but some also branded — than there are on Alibaba’s Taobao. Christian Dior, the French atelier, recently sold a limited-edition handbag through a social posting on Wechat, reportedly selling out in just one day.

不過(guò)，顯示出最大前景的是騰訊在其他方面的業(yè)務(wù)。騰訊幾乎才剛剛開(kāi)始從其消息應(yīng)用每月8億的活躍用戶身上盈利，這些應(yīng)用也被用作社交網(wǎng)絡(luò)賬戶。廣告費(fèi)和營(yíng)銷推廣費(fèi)潛力十分可觀。盡管騰訊的廣告營(yíng)收增長(zhǎng)了60%，但總額還不到10億美元。而今年第二季度，F(xiàn)acebook的60億美元營(yíng)收幾乎都來(lái)自廣告。而根據(jù)總部在中國(guó)的營(yíng)銷咨詢公司China Skinny的說(shuō)法，目前微信(WeChat)上的商店(這些商店多數(shù)由個(gè)人運(yùn)營(yíng)，但部分商店也有品牌)比阿里巴巴(Alibaba)的淘寶(Taobao)上還多。法國(guó)工作室克里斯汀•迪奧(Christian Dior)最近曾通過(guò)微信上的社交帖銷售一款限量版手袋，據(jù)報(bào)道該手袋僅僅一天就售罄。

So payments, too, show promise. The “other” division, in which they are lumped with cloud services, grew nearly fourfold, but is still less than one-tenth of the top line. Yet of China’s 710m “netizens”, a smaller proportion play games than shop or make payments online, according to government data. China’s internet is underpenetrated, too. Just over half of the population is connected to the internet, compared with four-fifths of the US. Yet China’s users are far more mobile with their usage, which also plays to Tencent’s strengths.

而支付業(yè)務(wù)也顯示了廣闊前景。與云服務(wù)一同被歸類到“其他”業(yè)務(wù)的部門(mén)增長(zhǎng)近四倍，但營(yíng)收仍不到總營(yíng)收的十分之一。然而，根據(jù)中國(guó)政府的數(shù)據(jù)，在中國(guó)7.1億“網(wǎng)民”中，玩游戲的網(wǎng)民比例低于網(wǎng)購(gòu)或網(wǎng)上支付的網(wǎng)民比例。而且，中國(guó)的互聯(lián)網(wǎng)滲透率還不夠。連上互聯(lián)網(wǎng)的人口剛過(guò)一半，相比之下美國(guó)的比例為五分之四。不過(guò)，中國(guó)用戶使用移動(dòng)互聯(lián)網(wǎng)的比例高得多，而這正是騰訊的長(zhǎng)處所在。

Tencent looks like a game-maker for now. Its true potential will emerge as it becomes more like Facebook.

如今，騰訊看起來(lái)像是游戲制作者。隨著它更像Facebook，它的真實(shí)潛力將逐漸顯露出來(lái)。