HONG KONG, Aug. 12, 2020 /PRNewswire/ — Tencent Holdings Limited (“Tencent” or the “Company”, 00700.HK), a number one supplier of Internet worth added companies in China, right this moment introduced the unaudited consolidated outcomes for the second quarter (“2Q2020”) and first half yr of 2020 (“1H2020”) ended June 30, 2020.
1H2020 Key Highlights
Revenues: +28% YoY; Non-IFRS[1] revenue attributable to fairness holders of the Company: +29% YoY
Total revenues have been RMB222,948 million (USD31,492 million[2]), a rise of 28% over the primary half of 2019 (“YoY”).
On a non-IFRS foundation, which is meant to replicate core earnings by excluding sure one-time and/or non-money objects:
– Operating revenue was RMB73,204 million (USD10,340 million), a rise of 31% YoY. Operating margin elevated to 33% from 32% final yr.
– Profit for the interval was RMB59,204 million (USD8,363 million), a rise of 29% YoY. Net margin elevated to 27% from 26% final yr.
– Profit attributable to fairness holders of the Company for the interval was RMB57,232 million (USD8,084 million), a rise of 29% YoY.
– Basic earnings per share have been RMB6.038. Diluted earnings per share have been RMB5.945.
– Operating revenue was RMB76,571 million (USD10,816 million), a rise of 19% YoY. Operating margin decreased to 34% from 37% final yr.
– Profit for the interval was RMB61,857 million (USD8,737 million), a rise of 18% YoY. Net margin decreased to 28% from 30% final yr.
– Profit attributable to fairness holders of the Company for the interval was RMB62,003 million (USD8,758 million), a rise of 21% YoY.
– Basic earnings per share have been RMB6.541. Diluted earnings per share have been RMB6.440.
Total money have been RMB281,086 million (USD39,704 million) on the finish of the interval.
2Q2020 Key Highlights
Revenues: +29% YoY; Non-IFRS revenue attributable to fairness holders of the Company: +28% YoY
Total revenues have been RMB114,883 million (USD16,228 million), a rise of 29% over the second quarter of 2019 (“YoY”).
On a non-IFRS foundation, which is meant to replicate core earnings by excluding sure one-time and/or non-money objects:
– Operating revenue was RMB37,629 million (USD5,315 million), a rise of 38% YoY. Operating margin elevated to 33% from 31% final yr.
– Profit for the interval was RMB31,220 million (USD4,410 million), a rise of 29% YoY. Net margin remained secure at 27%.
– Profit attributable to fairness holders of the Company for the quarter was RMB30,153 million (USD4,259 million), a rise of 28% YoY.
– Basic earnings per share have been RMB3.180. Diluted earnings per share have been RMB3.130.
– Operating revenue was RMB39,311 million (USD5,553 million), a rise of 43% YoY. Operating margin elevated to 34% from 31% final yr.
– Profit for the interval was RMB32,454 million (USD4,584 million), a rise of 31% YoY. Net margin remained secure at 28%.
– Profit attributable to fairness holders of the Company for the quarter was RMB33,107 million (USD4,676 million), a rise of 37% YoY.
– Basic earnings per share have been RMB3.491. Diluted earnings per share have been RMB3.437.
[1] Non-IFRS changes (previously known as non-GAAP) excludes share-based mostly compensation, M&A associated influence corresponding to internet (positive factors)/losses from investee corporations, amortisation of intangible property and impairment provision/(reversals), in addition to revenue tax results.
[2] Figures said in USD are based mostly on USD1 to RMB7.0795
Mr. Ma Huateng, Chairman and CEO of Tencent, mentioned, “Since the beginning of this year, the COVID-19 pandemic has swept the world, disrupting our daily work and life routines. During this challenging time, we utilised our platforms and technologies to help users adapt to the new normal via online tools, to support enterprises in conducting digital upgrades, and to broadly contribute to economic recovery. We achieved generally robust operating and financial results in the second quarter, testifying to the diligence of our teams and resilience of our business model. We are committed to investing in talents, technology and platforms in a disciplined manner to embrace the emerging structural opportunities and challenges ahead.”
2Q2020 Financial Review
Revenue from VAS elevated by 35% to RMB65,002 million for the second quarter of 2020 on a yr-on-yr foundation. Online video games revenues grew by 40% to RMB38,288 million. The improve was primarily pushed by larger revenues from sensible telephone video games in each home and abroad markets, together with titles corresponding to Peacekeeper Elite and Honour of Kings, partly offset by the lower in revenues from PC shopper video games corresponding to DnF and CrossFire. Total sensible telephone video games revenues (together with sensible telephone video games revenues attributable to our social networks enterprise) have been RMB35,988 million and PC shopper video games revenues have been RMB10,912 million for the second quarter of 2020. Social networks revenues elevated by 29% to RMB26,714 million. The improve was primarily as a consequence of income contributions from digital content material companies together with the dwell broadcast companies of HUYA Inc. (“HUYA”, which we consolidated as a subsidiary from April 2020), and music subscriptions progress, in addition to income progress from in-recreation digital merchandise gross sales.
Revenues from FinTech and Business Services elevated by 30% to RMB29,862 million for the second quarter of 2020 on a yr-on-yr foundation. The improve primarily mirrored income progress from industrial cost as a consequence of elevated common each day transactions and worth per transaction, from wealth administration, in addition to from cloud companies on account of larger consumption of our public cloud, notably by the Internet companies and municipal companies sectors.
Revenues from Online Advertising elevated by 13% to RMB18,552 million for the second quarter of 2020 on a yr-on-yr foundation. Social and others promoting revenues grew by 27% to RMB15,262 million. The improve was primarily as a consequence of income progress from our cell promoting community, benefitting from elevated visitors and a larger mixture of video promoting with larger pricing, in addition to elevated revenues derived from Weixin Moments as a consequence of extra inventories and impressions. Media promoting revenues decreased by 25% to RMB3,290 million. The lower was primarily pushed by decrease promoting revenues from Tencent Video on account of weak model promoting demand amid the difficult macro setting, in addition to delayed content material manufacturing and releases.
Other Key Financial Information for 2Q2020
EBITDA was RMB40,525 million, up 24% YoY. Adjusted EBITDA was RMB43,742 million, up 25% YoY.
Capital expenditures have been RMB9,466 million, up 117% YoY.
Free money movement* was RMB28,451 million, up 127% YoY.
As at June 30, 2020, internet money place totalled RMB7,212 million. Fair worth of our stakes in listed investee corporations (excluding subsidiaries) totalled RMB726,244 million.
* Starting from 2020, free money movement was adjusted by subtracting funds for media content material and lease liabilities, along with subtracting funds for capital expenditure from the working money movement. Restated free money movement was RMB16.Eight billion in 1Q2019, RMB12.6 billion in 2Q2019, RMB28.1 billion in 3Q2019, and RMB31.three billion in 4Q2019, respectively.
Operating Metrics
As at
30 June
2020
As at
30 June
2019
Year-
on-yr
change
As at
31 March
2020
Quarter-on-
quarter
change
(in tens of millions, until specified)
Combined MAU of Weixin
and WeChat
1,206.1
1,132.7
6.5%
1,202.5
zero.three%
Smart machine MAU of QQ
647.6
706.7
-Eight.four%
693.5
-6.6%
Fee-based VAS registered
subscriptions
203.four
168.9
20.four%
197.four
three.zero%
Business Review and Outlook
Since the start of this yr, the COVID-19 pandemic has swept the world, disrupting our each day work and life routines. During this difficult time, we utilised our platforms and applied sciences to assist customers adapt to the brand new regular through on-line instruments, to assist enterprises in conducting digital upgrades, and to broadly contribute to financial restoration. Here are some highlights for our key merchandise and enterprise strains:
Communication and Social
For Weixin, we launched replace to reinforce functionalities for communication, content material and companies. For communication, the brand new Tickle perform has enabled many artistic expressions, and the addition of dwell broadcast perform to Weixin college-plus-residence teams facilitated on-line training inside Weixin. MAUs and each day messages despatched each elevated yr-on-yr. For content material, we upgraded the video content material publishing functionalities in Official Accounts, enhanced content material discovery with strengthened advice algorithm and launched content material aggregation instruments. These initiatives revitalised content material consumption in Official Accounts, leading to yr-on-yr improve in web page views. As for companies, we assisted conventional retailers emigrate on-line and assist their enterprise resumption through Mini Programs. Transactions worth generated through Mini Programs elevated sequentially as financial actions recovered. We launched a free and straightforward-to-use toolkit, Mini Stores, to assist lengthy-tail retailers construct and function digital storefronts, empowering them with numerous features corresponding to order administration, after-gross sales companies and dwell broadcast.
In QQ, we enriched options to allow customers to higher work together with their mates and households whereas they’re bodily aside. Users can provoke on-line events and play AI-empowered social video games along with their mates in video chats. To interact the increasing fan base for Anime, Comics, Games and Novels (“ACGN”) content material, we provided customisable comedian stickers inside QQ chats, and enriched content material for ACGN-associated Mini Programs, which gained reputation amongst younger customers.
Online Games
In China, person time spent on our sensible telephone video games elevated yr-on-yr however decreased quarter-on-quarter as a consequence of seasonality and again-to-workplace conduct. Honour of Kings deepened its person engagement with the discharge of extra high-tier skins throughout its annual Give Me Five pageant. Peacekeeper Elite celebrated its first anniversary with new content material and recreation modes to reinforce the aggressive recreation expertise, and we partnered with Tesla to introduce in-recreation Tesla-branded automobile skins in July, which proved extremely standard. In the second quarter, we launched a technique recreation, Chess Rush; an motion recreation based mostly on a preferred anime IP, The Outcast; and Supercell’s Brawl Stars. Brawl Stars ranked first within the iOS China Download Chart in June this yr, extending its international management within the quick-paced 3v3 MOBA style.
Internationally, our MAU elevated considerably yr-on-yr and quarter-on-quarter as a consequence of new recreation launches and extra person time spent in the course of the keep-at-residence interval. We launched an immersive crew-based mostly motion recreation for PC, Valorant; a card recreation supporting cross-platform play on PC and sensible telephones, Legends of Runeterra; and a licensed cell RPG, CODE:D Blood. Valorant was essentially the most watched recreation globally on Twitch in the course of the second quarter, reflecting the sport’s instantaneous attraction to immersive motion recreation gamers.
Digital Content
Our charge-based mostly VAS subscriptions elevated 20% yr-on-yr to 203 million, primarily as a consequence of progress in video and music content material subscriptions. Video subscriptions elevated 18% yr-on-yr to 114 million, pushed by self-commissioned Chinese anime and drama sequence, corresponding to The Land of Warriors Season three, Candle within the Tomb: The Lost and The Romance of Tiger and Rose. Sequentially, visitors for lengthy-type video websites in China, together with Tencent Video, declined as a consequence of work-from-workplace conduct and delayed releases of sure excessive-profile selection reveals and drama sequence. However, Tencent Video’s visitors has elevated subsequent to the quarter finish, pushed by standard drama sequence corresponding to Nothing But Thirty, which we imagine displays the underlying resilience of our video platform. Music subscriptions rose 52% yr-on-yr to 47 million as Tencent Music elevated the scope of the paid music library.
Online Advertising
Continued power in social and others promoting contributed to the yr-on-yr income progress for our internet advertising enterprise. Sequentially, our internet advertising income grew at a slower-than-seasonal fee because the video games and Internet companies sectors, which had ramped up promoting aggressively in the course of the first quarter of 2020 as a consequence of work-from-residence conduct, diminished their spending to extra regular ranges. However, our advertiser trade breadth diversified within the second quarter of 2020 as classes corresponding to eCommerce and training spent closely for the 618 promotional campaigns and summer time programs, whereas classes corresponding to car and client electronics manufacturers elevated their spending as consumption recovered.
To reinforce our lengthy-time period competitiveness in efficiency promoting, we launched an built-in promoting platform in July, the place advertisers can extra effectively place commercials throughout all of our inventories, together with our cell promoting community. This new platform will even improve bidding effectivity and present smarter concentrating on for advertisers.
For social and others promoting, Weixin properties, notably Moments, noticed speedy promoting impressions progress, whereas our cell promoting community skilled larger eCPMs as video commercials’ income contribution elevated from a single digit proportion within the second quarter of 2019 to over 40% within the second quarter this yr. We imagine the Weixin ecosystem is redefining China’s internet advertising by enabling advertisers to maintain relationships with their customers in their very own personal domains, corresponding to Official Accounts and Mini Programs, with the outcome that our advertisers are successfully investing in lengthy-time period and loyal buyer relationships, relatively than simply buying one-time transactions.
As for media promoting, income declined sharply yr-on-yr as a consequence of weak demand from model advertisers and the delayed manufacturing and launch of sure selection reveals and drama sequence, a few of which we anticipate to launch within the second half of 2020.
FinTech
Our industrial cost and wealth administration companies grew their customers and enterprise scale, driving FinTech income up yr-on-yr and quarter-on-quarter. Offline retailers, particularly SMEs more and more adopted our cost companies and enterprise administration instruments, as they sought to digitally improve their companies to entry clients and settle transactions through cellphones. During the quarter, service provider demand for our cost options stepped up, particularly from classes corresponding to retail and eating places. As a outcome, the variety of common each day transactions and worth per transaction for our industrial funds each grew yr-on-yr.
For our wealth administration enterprise, the aggregated buyer property and the variety of lively clients elevated quickly yr-on-yr as extra clients appreciated the comfort of managing their money via our safe and rigorously-curated platform.
Cloud and Other Business Services
Increased cloud companies utilization by Internet corporations and the general public sector contributed to the yr-on-yr and sequential income progress of our cloud and different enterprise companies. Due to the lingering influence from COVID-19, offline challenge deployment has not totally resumed within the second quarter, however we signed main contracts within the monetary and public sectors, whereas increasing our presence in rising verticals corresponding to medical, training, and conferences and exhibitions, to assist clients of their digital transformation. On know-how and infrastructure, we’re adopting customized-made tools, in addition to constructing and increasing our personal hyperscale information centres to reinforce the efficiency and optimise the price of our cloud companies for the long term.
For different detailed disclosure, please seek advice from our web site https://www.tencent.com/en-us/buyers.html, or observe us through Weixin Official Account (Weixin ID: Tencent_IR).
About Tencent
Tencent makes use of know-how to complement the lives of Internet customers.
Our communication and social platforms, Weixin and QQ, join customers with one another and with digital content material and companies, each on-line and offline, making their lives extra handy. Our focused promoting platform helps advertisers attain out to tons of of tens of millions of customers in China. Our FinTech and enterprise companies assist our companions’ enterprise progress and help their digital improve.
Tencent invests closely in expertise and technological innovation, actively selling the event of the Internet trade. Tencent was based in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed on the Main Board of the Stock Exchange of Hong Kong.
For investor and media enquiries, please contact:
Non-IFRS Financial Measures
To complement the consolidated outcomes of the Group ready in accordance with IFRS, sure further non-IFRS monetary measures (by way of working revenue, working margin, revenue for the interval, internet margin, revenue attributable to fairness holders of the Company, primary EPS and diluted EPS), have been offered on this press launch. These unaudited non-IFRS monetary measures needs to be thought of along with, not as an alternative to, measures of the Group’s monetary efficiency ready in accordance with IFRS. In addition, these non-IFRS monetary measures could also be outlined in another way from related phrases utilized by different corporations.
The Company’s administration believes that the non-IFRS monetary measures present buyers with helpful supplementary info to evaluate the efficiency of the Group’s core operations by excluding sure non-money objects and sure influence of M&A transactions. In addition, non-IFRS changes embody related non-IFRS changes for the Group’s main associates based mostly on out there revealed financials of the related main associates, or estimates made by the Company’s administration based mostly on out there info, sure expectations, assumptions and premises.
Forward-Looking Statements
This press launch comprises ahead-wanting statements referring to the enterprise outlook, forecast enterprise plans and progress methods of the Company. These ahead-wanting statements are based mostly on info at present out there to the Company and are said herein on the idea of the outlook on the time of this press launch. They are based mostly on sure expectations, assumptions and premises, a few of that are subjective or past our management. These ahead-wanting statements might show to be incorrect and might not be realised in future. Underlying the ahead-wanting statements is quite a lot of dangers and uncertainties. Further info relating to these dangers and uncertainties is included in our different public disclosure paperwork on our company web site.
CONSOLIDATED INCOME STATEMENT
RMB in million, until specified
Unaudited
Unaudited
2Q2020
2Q2019
2Q2020
1Q2020
Revenues
114,883
88,821
114,883
108,zero65
VAS
65,002
48,080
65,002
62,429
FinTech and Business Services
29,862
22,888
29,862
26,475
Online Advertising
18,552
16,409
18,552
17,713
Others
1,467
1,444
1,467
1,448
Cost of revenues
(61,673)
(49,695)
(61,673)
(55,271)
Gross revenue
53,210
39,126
53,210
52,794
Gross margin
46%
44%
46%
49%
Interest revenue
1,749
1,652
1,749
1,636
Other positive factors, internet
Eight,607
four,038
Eight,607
four,zero37
Selling and advertising and marketing bills
(7,756)
(four,718)
(7,756)
(7,zero49)
General and administrative bills
(16,499)
(12,577)
(16,499)
(14,158)
Operating revenue
39,311
27,521
39,311
37,260
Operating margin
34%
31%
34%
34%
Finance prices, internet
(2,005)
(1,982)
(2,005)
(1,684)
Share of (loss)/revenue of associates and joint ventures
(295)
2,370
(295)
(281)
Profit earlier than revenue tax
37,011
27,909
37,011
35,295
Income tax expense
(four,557)
(three,225)
(four,557)
(5,892)
Profit for the interval
32,454
24,684
32,454
29,403
Net margin
28%
28%
28%
27%
Attributable to:
Equity holders of the Company
33,107
24,136
33,107
28,896
Non-controlling pursuits
(653)
548
(653)
507
Non-IFRS revenue
attributable to fairness holders of the Company
30,153
23,525
30,153
27,zero79
Earnings per share for revenue attributable to
fairness holders of the Company
(in RMB per share)
– primary
three.491
2.550
three.491
three.zero49
– diluted
three.437
2.520
three.437
2.999
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
RMB in million, until specified
Unaudited
2Q2020
2Q2019
Profit for the interval
32,454
24,684
Other complete revenue, internet of tax:
Items that could be subsequently reclassified to revenue or loss
Share of different complete revenue/(loss) of associates and joint ventures
159
(2)
Transfer of share of different complete revenue to revenue or loss upon
deemed disposal of an affiliate
(2)
–
Currency translation variations
2,358
three,zero59
Other truthful worth losses
(687)
(1,388)
Items that won’t be subsequently reclassified to revenue or loss
Net positive factors from adjustments in truthful worth of economic property at truthful worth via
different complete revenue
56,797
2,582
Other truthful worth positive factors/(losses)
102
(70)
58,727
four,181
Total complete revenue for the interval
91,181
28,865
Attributable to:
Equity holders of the Company
89,242
28,080
Non-controlling pursuits
1,939
785
OTHER FINANCIAL INFORMATION
RMB in million, until specified
Unaudited
2Q2020
1Q2020
2Q2019
EBITDA (a)
40,525
42,228
32,649
Adjusted EBITDA (a)
43,742
45,190
35,102
Adjusted EBITDA margin (b)
38%
42%
40%
Interest and associated bills
1,822
2,006
1,757
Net money/(debt)
7,212
(5,716)
(15,766)
Capital expenditures (d)
9,466
6,151
four,362
Note:
(a) EBITDA is calculated as working revenue minus curiosity revenue and different positive factors/losses, internet, and including again depreciation of property, plant and
tools, funding properties in addition to proper-of-use property, and amortisation of intangible property. Adjusted EBITDA is calculated as EBITDA
plus fairness-settled share-based mostly compensation bills.
(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.
(c) Net money / (debt) represents interval finish steadiness and is calculated as money and money equivalents, plus time period deposits and others, minus borrowings
and notes payable.
(d) Capital expenditures consist of additives (excluding enterprise mixtures) to property, plant and tools, building in progress, funding
properties, land use rights and intangible property (excluding video and music content material, recreation licences and different content material).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
RMB in million, until specified
Unaudited
Audited
30-Jun-20
31-Dec-19
ASSETS
Non-current property
Property, plant and tools
52,565
46,824
Land use rights
15,822
15,609
Right-of-use property
10,622
10,847
Construction in progress
5,217
three,935
Investment properties
635
855
Intangible property
135,260
128,860
Investments in associates
224,753
213,614
Investments in joint ventures
7,zero53
Eight,280
Financial property at truthful worth via revenue or loss
162,391
128,822
Financial property at truthful worth via different complete revenue
139,zero21
81,721
Prepayments, deposits and different property
22,588
23,442
Deferred revenue tax property
20,974
18,209
Term deposits
21,210
19,000
818,111
700,zero18
Current property
Inventories
988
718
Accounts receivable
40,384
35,839
Prepayments, deposits and different property
36,233
27,840
Other monetary property
1,585
375
Financial property at truthful worth via revenue or loss
6,327
7,114
Term deposits
79,920
46,911
Restricted money
2,278
2,180
Cash and money equivalents
173,718
132,991
341,433
253,968
Total property
1,159,544
953,986
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
RMB in million, until specified
Unaudited
Audited
30-Jun-20
31-Dec-19
EQUITY
Equity attributable to fairness holders of the Company
Share capital
–
–
Share premium
41,701
35,271
Shares held for share award schemes
(three,959)
(four,002)
Other reserves
61,zero56
16,786
Retained earnings
436,611
384,651
535,409
432,706
Non-controlling pursuits
70,864
56,118
Total fairness
606,273
488,824
LIABILITIES
Non-current liabilities
Borrowings
131,988
104,257
Notes payable
126,785
83,327
Long-term payables
four,675
three,577
Other monetary liabilities
7,zero16
5,242
Deferred revenue tax liabilities
13,434
12,841
Lease liabilities
Eight,143
Eight,428
Deferred income
6,638
7,334
298,679
225,006
Current liabilities
Accounts payable
86,433
80,690
Other payables and accruals
43,675
45,174
Borrowings
15,101
22,695
Notes payable
–
10,534
Current revenue tax liabilities
10,813
9,733
Other tax liabilities
1,133
1,245
Other monetary liabilities
5,746
5,857
Lease liabilities
three,474
three,279
Deferred income
88,217
60,949
254,592
240,156
Total liabilities
553,271
465,162
Total fairness and liabilities
1,159,544
953,986
RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS
As
reported
Adjustments
Non-IFRS
RMB in million,
until specified
Share-based
compensation (a)
Net (positive factors)/losses from
investee corporations (b)
Amortisation of
intangible property (c)
Impairment
Provision/(reversals) (d)
Income
tax results (e)
Unaudited three months ended June 30, 2020
Operating revenue
39,311
three,507
(14,672)
870
Eight,613
–
37,629
Profit for the interval
32,454
four,225
(16,108)
1,886
9,268
(505)
31,220
Profit attributable to fairness
holders
33,107
four,zero19
(15,436)
1,503
7,310
(350)
30,153
Operating margin
34%
33%
Net margin
28%
27%
Unaudited three months ended March 31, 2020
Operating revenue
37,260
three,435
(5,272)
639
(487)
–
35,575
Profit for the interval
29,403
four,198
(6,992)
1,572
(18)
(179)
27,984
Profit attributable to fairness
holders
28,896
three,957
(6,976)
1,338
(18)
(118)
27,zero79
Operating margin
34%
33%
Net margin
27%
26%
Unaudited three months ended June 30, 2019
Operating revenue
27,521
2,453
(four,950)
118
2,139
–
27,281
Profit for the interval
24,684
2,373
(6,523)
1,486
2,492
(321)
24,191
Profit attributable to fairness
holders
24,136
2,296
(6,522)
1,432
2,492
(309)
23,525
Operating margin
31%
31%
Net margin
28%
27%
Note:
(a) Including put choices granted to staff of investee corporations on their shares and shares to be issued below investee corporations’ share-based mostly incentive plans which could be acquired by the Group, and different incentives
(b) Including internet (positive factors)/losses on deemed disposals/disposals of investee corporations, truthful worth adjustments arising from investee corporations, and different bills in relation to fairness transactions of investee corporations
(c) Amortisation of intangible property ensuing from acquisitions
(d) Impairment provisions/(reversals) for associates, joint ventures, goodwill and intangible property arising from acquisitions
(e) Income tax results of non-IFRS changes
SOURCE Tencent Holdings Limited
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