Tenent的’sworth学习指导.docVIP

E-commerce电子商务Tencent’s worth腾讯的价值A Chinese internet firm finds a better way to make money这家中国互联网企业发现了更好的赚钱方法Sep 21st 2013 | SHANGHAI |From the print editionIS TENCENT one of the world’s greatest internet firms? There are grounds for scepticism. The Chinese gaming and social-media firm started in the same way many local internet firms have: by copying Western success. QQ, its instant-messaging service, was a clone of ICQ, an Israeli invention acquired by AOL of America. And unlike global internet giants such as Google and Twitter, Tencent still makes its money in its protected home market.腾讯是世界最大的互联网企业之一吗？很值得怀疑。这家中国游戏和社交网络公司和很多中国互联网公司类似，都是复制西方公司的成功模式起家。它的即时通讯服务QQ是克隆了以色列人发明的ICQ（后被美国AOL收购）。和国际互联网巨头Google和Twitter不同，腾讯在受保护的本土市场大获其利。Yet the Chinese firm’s stockmarket valuation briefly crossed the $100 billion mark this week for the first time. Given that the valuation of Facebook, the world’s leading social-media firm, itself crossed that threshold only a few weeks ago, it is reasonable to wonder whether Tencent is worth so much. However, Tencent now has bigger revenues and profits than Facebook. In the first half of this year Tencent enjoyed revenues of $4.5 billion and gross profits of $2.5 billion, whereas Facebook saw revenues of $3.3 billion and gross profits of $935m.本周这家中国公司市值第一次一度超过1000亿美元。世界第一大社交媒体公司Facebook几周前才刚刚跨过这个门槛，人们不禁会怀疑腾讯是否真这么值钱？不过，腾讯目前的收入和利润都高于Facebook。今年上半年腾讯实现收入45亿美元毛利25亿美元，同期Facebook收入33亿美元毛利9.35亿美元。The Chinese firm’s market value reflects the phenomenal rise in its share price. A study out this week from the Boston Consulting Group found that Tencent had the highest shareholder total return (share-price appreciation plus dividends) of any large firm globally from 2008 to 2012—topping Amazon and even Apple.腾讯的市场价值反应了其股价的显著上升。波士顿咨询集团本周发布的一项研究表明：2008年至2012期间，全球大企业中，腾讯的股东总收益（股价上涨加上分红）雄踞榜首---不仅超过亚马逊，甚至高于苹果。Tencent has created a better business model than its Western peers. Many internet firms build a customer base by giving things away