CONTENTS

CONTENTS

Corporate Information Financial Summary Chairman's Statement Management Discussion and Analysis Directors' Report Corporate Governance Report Independent Auditor's Report Consolidated Statement of Financial Position Statement of Financial Position Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements

Page

2 3 4 9 21 42 56 58 60 61 62 64 65

CORPORATE INFORMATION

DIRECTORS

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

Executive Directors Ma Huateng (Chairman) Lau Chi Ping Martin Zhang Zhidong

Non-Executive Directors Antonie Andries Roux Charles St Leger Searle

Independent Non-Executive Directors Li Dong Sheng Iain Ferguson Bruce Ian Charles Stone

AUDIT COMMITTEE

Iain Ferguson Bruce (Chairman) Ian Charles Stone Charles St Leger Searle

Tencent Building Kejizhongyi Avenue Hi-tech Park Nanshan District Shenzhen, 518057 The PRC

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Room 3002, 30th Floor Far East Finance Centre 16 Harcourt Road Hong Kong

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street, P.O. Box 609 Grand Cayman KY1-1107, Cayman Islands

REMUNERATION COMMITTEE

Antonie Andries Roux (Chairman) Li Dong Sheng Ian Charles Stone

AUDITORS

PricewaterhouseCoopers Certified Public Accountants

PRINCIPAL BANKER

The Hongkong and Shanghai Banking Corporation Limited

HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE

Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen's Road East Wan Chai, Hong Kong

WEBSITE



STOCK CODE

700

REGISTERED OFFICE

Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY 1-1111 Cayman Islands

2 Tencent Holdings Limited Annual Report 2009

FINANCIAL SUMMARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Revenues

2005 RMB'000

1,426,395

Year ended 31 December

2006

2007

2008

RMB'000

RMB'000

RMB'000

2,800,441

3,820,923

7,154,544

2009 RMB'000

12,439,960

Gross profit

956,526

1,983,379

2,703,366

4,984,123

8,550,492

Profit before income tax

437,055

1,116,771

1,534,503

3,104,895

6,040,731

Profit for the year/total comprehensive income for the year

485,362

1,063,800

1,568,008

2,815,650

5,221,611

Profit attributable to equity holders of the Company

485,362

1,063,800

1,566,020

2,784,577

5,155,646

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Assets Non-current assets Current assets

2005 RMB'000

As at 31 December

2006

2007

RMB'000

RMB'000

(Restated)

2008 RMB'000

2009 RMB'000

763,495 2,663,627

916,138 3,734,434

2,090,312 4,835,132

3,359,696 6,495,861

4,348,823 13,156,942

Total assets

3,427,122

4,650,572

6,925,444

9,855,557 17,505,765

Equity and liabilities Equity attributable to the Company's

equity holders Minority interests in equity

Total equity

2,928,413 ?

2,928,413

3,717,756 ?

3,717,756

5,170,396 64,661

5,235,057

7,020,926 98,406

12,178,507 120,146

7,119,332 12,298,653

Non-current liabilities Current liabilities

Total liabilities

Total equity and liabilities

810 497,899

498,709

3,427,122

64,969 867,847

932,816

4,650,572

40,770 1,649,617

1,690,387

6,925,444

644,628 2,091,597

644,033 4,563,079

2,736,225

5,207,112

9,855,557 17,505,765

Tencent Holdings Limited Annual Report 2009 3

CHAIRMAN'S STATEMENT

Ma Huateng Chairman

I am pleased to present our annual report for the year ended 31 December 2009 to the shareholders.

RESULTS

The Group's audited profit attributable to equity holders of the Company for the year ended 31 December 2009 was RMB5,155.6 million, an increase of 85.2% compared with the results for the year ended 31 December 2008. Basic and diluted earnings per share for the year ended 31 December 2009 were RMB2.862 and RMB2.791 respectively.

BUSINESS REVIEW AND OUTLOOK

The Internet market in China continued to expand rapidly in 2009. Total number of Internet users increased by 28.9% to 384 million at the end of the year, according to China Internet Network Information Center. At the end of 2009, Internet penetration stood at 28.9%, reaching global average, but was still lower than that in developed countries. After years of rapid growth in penetration, the growth rate of new users is poised to slow down over time. On the other hand, the usage of Internet is becoming more entrenched in users' everyday life. This is evidenced by the fact that the average time spent online per user has been growing. In addition, the Internet has increasingly become a major media for people in China to communicate and network, to seek entertainment and information as well as to conduct transactions. We believe the sector is well-poised to benefit from the secular growth of the Chinese economy in the long run.

4 Tencent Holdings Limited Annual Report 2009

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