Financial Data and Key Metrics Changes - For the full year of 2021, total revenue increased by 56% year-over-year to RMB 179.1 billion [1] - In Q4, total revenue reached RMB 49.5 billion, increasing by 30.6% year-over-year [10] - Cost of revenue as a percentage of total revenue was 75.8% in Q4, up from 75.1% in the prior year period but down from 77.9% in the previous quarter [10] - Adjusted net loss improved sequentially to negative RMB 3.9 billion in Q4 [10] Business Line Data and Key Metrics Changes - Food delivery orders grew by 42% year-over-year in 2021, with average daily order volume in Q4 growing by 17.4% year-over-year [2][11] - In-store hotel and travel segment revenue grew by more than 22% year-over-year, with transaction volume and annual active merchants reaching new highs [12] - The community e-commerce business saw significant growth, with annual transaction users reaching around 230 million in 2021 [7] Market Data and Key Metrics Changes - Annual transaction users increased to 690.5 million by the end of 2021, with average transactions per user rising to 35.8 from 28.1 in 2020 [1][2] - The number of annual active merchants increased to 8.8 million as of Q4 [2] - Domestic room nights consumed on the platform decreased by 3.7% year-over-year due to strict travel restrictions [13] Company Strategy and Development Direction - The corporate strategy was upgraded from a food platform to retail technology, expanding services to rural areas and less developed markets [2] - Focus on supporting small and medium-sized merchants through various initiatives, including a new fee structure for food delivery services [17] - Emphasis on high-quality growth and operational efficiency in response to external challenges [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the food delivery business once COVID control measures are lifted, citing past recovery trends [23] - The company plans to focus on high-quality growth and operational efficiency, with expectations for a lower subsidy ratio in 2022 compared to previous years [24] - Management highlighted the importance of supporting merchants and enhancing the delivery network despite current challenges [18] Other Important Information - The company has committed to improving the welfare and security of couriers and facilitating the digitalization of local service merchants [15] - Cash equivalents and short-term treasury investments totaled RMB 116.8 billion as of December 31, 2021 [14] Q&A Session Questions and Answers Question: Will you further reduce the commission rates for food delivery? - Management confirmed that a new food delivery fee structure was launched to provide transparency and support small merchants, with a focus on maintaining stable commission rates while optimizing the fee structure [16] Question: What are the reasons behind the deceleration in growth rates for the primary business? - Management attributed the deceleration primarily to strict COVID control measures and the macro environment, noting that the primary business showed resilience compared to other consumption-related businesses [20] Question: How does the company view the unique economics of the food delivery business in 2022? - Management expressed confidence in the growth and economics of the food delivery business, focusing on meeting the needs of medium and high-frequency users while exploring low-ticket size supplies [23]

Financial Data and Key Metrics Changes - The company reported a total revenue of 3.033 billion RMB in 2021, an increase of 8.3% compared to 2020 [2][3] - Gross profit increased by 1.4%, but the gross margin decreased from 31.7% in 2020 to 29.7% in 2021, a decline of two percentage points [2][8] - The net profit for 2021 was 30 million RMB, a turnaround from a loss of 1.9 million RMB in the previous year [3][4] - Total assets increased by 13.4% to 2.0345 billion RMB, with inventory rising from 660 million RMB to 787 million RMB [3][4] Business Line Data and Key Metrics Changes - Revenue breakdown showed B2B general trade accounted for 31%, cross-border 15%, B2C general trade 26%, and cross-border B2C 27% [5][6] - The adult personal care segment contributed 46% of total revenue, with significant growth in health products [6][7] Market Data and Key Metrics Changes - Tmall accounted for 76% of the company's revenue, while JD.com contributed 9% [6][7] - Pinduoduo saw a growth of 342.1%, while JD.com grew by 22.3% [7] Company Strategy and Development Direction - The company aims to strengthen its existing business relationships with key brands and enhance its operational capabilities [10][11] - Plans to improve cash flow management and profitability through inventory and accounts receivable optimization [14][15] - The strategy includes increasing focus on new channels like Douyin (TikTok) and Pinduoduo, with a goal of achieving significant sales growth in these platforms [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the competitive e-commerce landscape and the need for strategic adjustments [20][21] - The outlook for 2022 is cautiously optimistic, with expectations of slight revenue growth and significant profit improvement [25][26] Other Important Information - The company is focusing on compliance costs and believes that these are manageable within their planning framework [28] - The tax rate for 2021 was approximately 31%, influenced by non-deductible listing expenses [29] Q&A Session Summary Question: How did the company adapt to the changes in the e-commerce industry in 2021? - The company recognized the shift from Tmall's dominance to a more competitive landscape with Douyin's rapid growth and adjusted its strategy accordingly [20][21] Question: What brands does the company plan to collaborate with in the future? - The company aims to deepen long-term partnerships with brands, focusing on co-developing products tailored to Chinese consumers [22][23] Question: What is the sales and gross margin outlook for Q1 2022? - The management indicated that Q1 sales figures are not optimistic due to pandemic impacts, but they remain hopeful for the full year [24][25] Question: How does the company view the impact of recent pandemic waves on business? - Management believes the pandemic has become a norm and expects only minor impacts on overall sales [28] Question: What is the company's plan regarding stock performance and investor relations? - The company is enhancing its investor relations efforts and plans to communicate more effectively with investors [30][31] Question: How is the company managing currency risks? - The company has established measures to mitigate currency risks, ensuring that exchange rate fluctuations do not significantly impact profits [36][37] Question: What are the company's plans for overseas e-commerce platforms? - The company is actively expanding into Amazon in the US and is monitoring opportunities on TikTok [38][39]

standing by. Welcome to Tencent Holdings Limited 2021 Fourth Quarter and Annual Results Announcement Conference Call. At this time, all participants are listening only now. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star and the number one on your telephone. And please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. And now I would like to turn ...

Financial Data and Key Metrics Changes - In 2021, the company achieved a revenue growth of 50.8%, reaching a total of 4.7 billion [14][15] - Net profit increased by 56.5%, amounting to 620 million, fulfilling the annual target set at the beginning of the year [15][14] - Operating cash flow reached 830 million, indicating a strong operational status [28] - The management expense ratio decreased to below 10% for the first time, reflecting improved efficiency [27] Business Line Data and Key Metrics Changes - The core property management service revenue grew by 51%, totaling 2.7 billion, with a new increase of over 900 million [17] - Community value-added services revenue reached 1.1 billion, maintaining a growth rate of 40% [17] - Non-owner value-added services saw a 51% increase, driven by steady growth in real estate and third-party developer collaborations [20] Market Data and Key Metrics Changes - The company expanded its operations to 124 cities, achieving a nationwide layout [4] - The signed area increased by 90 million square meters, with managed area growing by 70 million square meters [4] - The company served over 600,000 families, providing services to more than 2 million homeowners [4] Company Strategy and Development Direction - The company adheres to a four-wheel drive strategy, focusing on sustainable and healthy development [5] - It emphasizes a customer-centric approach, leveraging technology to enhance service quality and operational efficiency [10][9] - The company aims to maintain a long-term growth strategy, with a focus on strategic mergers and acquisitions to enhance its competitive edge [7][6] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by the pandemic and real estate market fluctuations but expressed confidence in the company's resilience and growth potential [2][3] - Future strategies include a shift towards technology-driven operations and enhancing service quality to meet evolving market demands [34][36] - The management believes that the property management industry will continue to grow, with opportunities arising from market consolidation and policy support [31][32] Other Important Information - The company received an ESG rating of A, reflecting its commitment to social responsibility and sustainable practices [13] - Significant investments in technology, amounting to nearly 60 million, were made to enhance service capabilities and operational efficiency [10][4] Q&A Session Summary Question: What are the company's future growth strategies? - The company plans to focus on technology integration and enhancing service quality to adapt to market changes and customer needs [30] - It aims to maintain a long-term growth trajectory while exploring strategic partnerships and acquisitions to strengthen its market position [29] Question: How does the company view the current market environment? - The management believes that despite short-term challenges, the long-term growth potential of the property management industry remains strong, supported by government policies and market demand [31][32]

Financial Data and Key Metrics Changes - In 2021, total revenue reached 328.3 billion RMB, up almost 34% year-over-year, and adjusted net profit reached 22 billion RMB, up almost 70% [2][4][14] - In Q4 2021, total revenue was 85.6 billion RMB, up 21.4% year-over-year, and adjusted net profit was 4.5 billion RMB, up nearly 40% year-over-year [4][12] - Gross margin for the full year 2021 increased to 17.7%, a record high, with internet services gross margin reaching 76.1% in Q4 2021 [14][12] Business Segment Data and Key Metrics Changes - Smartphone revenue for the full year reached 209 billion RMB, up more than 37% year-over-year, with shipments exceeding 190 million units, up 30% year-over-year [6][9] - IoT product revenue reached 85 billion RMB for the full year, an increase of 26.1% year-over-year, with Q4 revenue at 25.1 billion RMB, up 19.1% year-over-year [9][10] - Internet services revenue reached 28.2 billion RMB for the full year, up 18.8% year-over-year, with Q4 revenue at 7.3 billion RMB, up 17.7% year-over-year [12][14] Market Data and Key Metrics Changes - Xiaomi ranked number three globally in smartphone shipments and number one in 14 markets, with a market share of 23% in Europe and number one in Spain and India [2][8] - In mainland China, smartphone market share reached 15.2%, up from 10.5% in 2019 [5][6] - The number of connected devices on the AIoT platform reached 434 million, up 33.6% year-over-year [9][11] Company Strategy and Development Direction - The company plans to invest over 100 billion RMB in R&D over the next five years, focusing on innovation and premiumization of products [2][4] - The strategy includes strengthening both online and offline distribution channels, with over 10,200 stores in mainland China by the end of 2021 [3][6] - The company aims to enhance operational efficiency in offline retail stores and improve sales and customer service capabilities [3][6] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the smartphone market's growth potential despite geopolitical tensions and supply chain challenges, particularly in Europe and Latin America [17][18] - The supply situation is expected to improve significantly in the second half of 2022, with continued efforts to enhance market share [19][22] - Management highlighted the importance of R&D investment and premium product offerings to drive future growth [18][20] Other Important Information - The company repurchased 8.4 billion Hong Kong dollars of its own shares in 2021 and announced a new 10 billion stock buyback program for the next year [15] - Xiaomi received recognition for its ESG efforts, including an Award of Excellence in ESG and being named in Forbes' World's Best Employees list [15][16] Q&A Session Questions and Answers Question: What do you expect for smartphone shipments in 2022 given global geopolitical tensions and pandemic issues in China? - Management noted that despite external challenges, the smartphone market remains large, with significant growth potential in Europe and Latin America [17][18] Question: Should we expect a more normalized margin trend in 2022? - Management indicated that Q4's gross margin was impacted by promotional activities but expressed confidence in maintaining a healthy gross margin moving forward [19][20] Question: How should we think about the cost of the EV business in 2022? - The majority of expenditures for the EV business will be R&D related, with further disclosures expected as the year progresses [21] Question: What is the latest status on Xiaomi's smartphone component supply? - Management stated that while Q1 faces challenges, significant improvements in supply are anticipated in Q2 and beyond [22]

Financial Data and Key Indicators Changes - In 2021, the company's revenue reached 9.25 billion RMB, representing a growth of 57.2% compared to 2020 [15][16] - The net profit, after deducting listing expenses, was 1.87 billion RMB, with a growth rate of 60.6% [16][17] - The overall gross margin decreased slightly from 42.1% in 2020 to 40.7% in 2021, primarily due to changes in revenue structure [27][28] Business Line Data and Key Indicators Changes - Property management services grew by 67.2%, while life services saw a significant increase of 116% [15][16] - The independent third-party property management area increased to 28.7%, a year-on-year growth of 312% [4][21] - Life services accounted for 27.4% of total revenue, up from 19.9% in 2020 [16][22] Market Data and Key Indicators Changes - The company achieved a 50% market share in the Southwest region and 35% in the East China region, with over 80% of projects located in first-tier and new first-tier cities [5][6] - The growth rate in the East China region exceeded 80% [5][6] Company Strategy and Development Direction - The company aims to enhance service capabilities, improve cost management, and leverage technology to boost operational efficiency [11][12] - Future strategies include focusing on high-paying customers, expanding service offerings, and maintaining a strong emphasis on community service [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue and profit growth of approximately 30% to 40% in 2022, driven by continued expansion in property management and life services [20][21] - The company is optimistic about the supportive policies for the service industry and aims to enhance its market competitiveness [11][12] Other Important Information - The company plans to maintain a dividend payout ratio of 35% and aims to reward shareholders while ensuring sustainable growth [29][30] - The cash reserves are robust, with 1.1 billion RMB available for future investments and acquisitions [18][30] Q&A Session Summary Question: What are the revenue and profit growth targets for 2022? - The company anticipates a revenue and profit growth of approximately 30% to 40% in 2022, with property management and life services as key drivers [20] Question: How does the company view the sustainability of revenue contributions from the parent company? - The company has reduced its reliance on the parent company, with third-party contributions exceeding those from the parent for the first time [21][22] Question: What are the main reasons for the rapid growth in the life services segment? - Growth is attributed to an increase in customer scale and the introduction of diverse services that meet community needs [23][24] Question: What is the company's approach to maintaining its gross margin? - The company expects gross margins to remain in the range of 38% to 40% in the short term, with a focus on cost management and efficiency improvements [27][28] Question: What are the company's plans for future investments? - The company will pursue both market expansion and strategic acquisitions, focusing on complementary businesses in property management and life services [30][31]