[*]

SHENZHEN, China, Might 17, 2021 /PRNewswire/ — Tencent Music Leisure Group (“Tencent Music,” “TME,” or the “Firm”) (NYSE: TME), the main on-line music and audio leisure platform in China, right now introduced its unaudited monetary outcomes for the primary quarter ended March 31, 2021.

Monetary and Operational Highlights

Within the three months ended March 31, 2021:

  • On-line music paying customers reached 60.9 million, rising by 42.6% year-over-year. On a sequential foundation, the variety of on-line music paying customers grew by 4.9 million, the most important quarterly internet enhance since 2016. Paying ratio was 9.9%, up from 8.0% and 9.0% within the third and fourth quarters of 2020, respectively.

  • Whole revenues have been RMB7.82 billion (US$1.19 billion), representing a rise of 24.0% year-over-year.

  • On-line music providers revenues grew by 34.5% year-over-year. Revenues from music subscriptions have been RMB1.69 billion (US$258 million), representing 40.2% year-over-year progress. Revenues from promoting providers recorded over 100% year-over-year progress.

  • Internet revenue of the Firm was RMB979 million (US$149 million) and internet revenue attributable to fairness holders of the Firm was RMB926 million (US$141 million).

  • Non-IFRS internet revenue of the Firm[1]was RMB1.24 billion (US$188 million) and Non-IFRS internet revenue attributable to fairness holders of the Firm[1] was RMB1.18 billion (US$180 million).

“2021 started on a strong word as we hit a number of milestones throughout the spectrum of our enterprise, whereas investing in future initiatives geared toward enhancing our long-term positioning. For on-line music providers, our income progress accelerated quarter-over-quarter, pushed by robust momentum in music subscriptions and promoting providers. Internet addition of on-line music paying customers reached a file excessive of 4.9 million through the quarter, and the quarterly paying ratio was 9.9%. With a deal with neighborhood constructing, and increasing content material protection, whether or not mainstream or new hits, licensed or self-produced, and audio or video, we are going to broaden and deepen our engagement with customers,” stated Mr. Cussion Pang, Govt Chairman of Tencent Music. “Our social leisure providers delivered a strong efficiency within the first quarter in opposition to the backdrop of an evolving and difficult atmosphere, and we are going to try to sharpen our edge on this house. For our long-form audio enterprise, now we have made vital breakthroughs, with 20% of our music MAUs listening to long-form audio within the first quarter, which permits us to additional advance our evolution into an all-in-one on-line music and audio leisure vacation spot in China. Wanting into the longer term, we’re dedicated to revitalizing our general consumer engagement, sustaining the pattern towards music subscriptions, and nurturing strategic actions reminiscent of long-form audio,” concluded Mr. Pang.

[1] Non-IFRS internet revenue and Non-IFRS internet revenue attributable to fairness holders of the Firm was arrived at after excluding the mixed impact of amortization of intangible belongings and different belongings arising from acquisitions, share-based compensation bills, internet losses/positive aspects from investments, truthful worth change on puttable shares and revenue tax results.

Current Operational Highlights

1Q21

1Q20

YoY %

Cellular MAU – on-line music (million)

615

657

(6.4%)

Cellular MAU – social leisure (million)

224

261

(14.2%)

Paying customers – on-line music (million)

60.9

42.7

42.6%

Paying customers – social leisure (million)

11.3

12.9

(12.4%)

Month-to-month ARPPU – on-line music (RMB)

9.3

9.4

(1.1%)

Month-to-month ARPPU – social leisure (RMB)

149.7

110.3

35.7%

  • The year-over-year decline in on-line music cell MAUs was primarily attributable to some churn of our informal customers served by pan-entertainment platforms. For our core music customers, they’ve grow to be extra engaged with our platform, as evidenced by a year-over-year enhance in complete music consumer time spent through the first quarter of 2021. As well as, our providers supplied in a wider vary of use circumstances will higher cater to evolving consumer demand and enhance consumer engagement.

  • Whereas social leisure cell MAUs declined year-over-year, reflecting the altering aggressive panorama, each MAUs and day by day lively customers elevated on a quarterly foundation for the primary quarter of 2021.

  • Using on the popularization of sensible gadgets, we’re actively increasing potential consumer protection for all our providers in IoT gadgets. For the three months ended March 31, 2021, IoT MAUs by in-car programs, sensible audio system, TV and different related gadgets have been 69 million, representing a rise of fifty.0% year-over-year.

  • We additional strengthened our content material providing by enriching our music providing in each selection and measurement:
    – Enhanced protection of genres reminiscent of hip-hop, Chinese language historical fashion, music for common tv applications, selection reveals and on-line video games has enabled us to spice up consumer engagement amongst the youthful technology: a) we strived to construct a wider viewers for hip-hop in China by this system Rappers’ Alliance whereas offering each rising and top-tier established rappers with stage and publicity help in addition to commercialization alternatives; b) we continued to spend money on Chinese language historical fashion music and advocated the recognition of the Chinese language conventional tradition, by offering content material creation and promotion venues for quite a lot of famend musicians on this style and in lots of circumstances, serving to promote their works to the highest of music charts; c) the extremely acclaimed theme track “Battle For Glory” for “PUBG Cellular” that we collectively created with Tencent Video games, was one other instance of our collaboration efforts with the broader Tencent ecosystem.
    – In Might, we introduced the multi-year extension of the digital distribution settlement with Sony Music Leisure (“SME”), exploring new methods of music advertising and promotion of latest artists, in addition to deepening our attain to Japanese popular culture followers in China.
    – On a year-over-year foundation, the variety of artists on our Tencent Musician Platform greater than doubled to over 200,000, and their music streaming quantity recorded double-digit progress for the primary quarter of 2021.

  • With a music-centric method, we upgraded our merchandise to be extra social, customized and visually interesting through the first quarter of 2021:
    – Putong Group has continued to achieve recognition, rising in consumer penetration and retention fee quarter-over-quarter, and has grow to be one of many main channels for fan-idol interplay and content material promotion.
    – Kugou Followers Membership has additionally drawn many main artists, labels and content material IPs to work together with their followers stay, leading to an rising proportion of younger customers on this neighborhood, in addition to sequential will increase in penetration and time spent per consumer.

  • For long-form audio, we made noteworthy progress in each our built-in and standalone approaches, in addition to its monetization through the first quarter of 2021:
    – After exceeding 100 million MAUs on the finish of 2020, MAU penetration reached 20.0% in comparison with 5.5% within the first quarter of 2020. We additionally witnessed a optimistic impression from long-form audio on our customers and their ranges of engagement.
    – Considerably enriched long-form audio content material providing with the variety of licensed titles greater than quadrupled year-over-year.
    – Accelerated the addition of PUGC and UGC long-form audio content material. QQ Music launched the Floor Zero Podcast program, which affords monetary assets and instruments that allow unique podcast content material creation.
    – In March 2021, we accomplished the acquisition of Lazy Audio and began consolidation. We additionally built-in Kuwo Changting with Lazy Audio to type Lanren Changting in April, a brand new model for our long-form audio enterprise.
    – We just lately began our foray into ad-based monetization giving our customers quick access to an enormous quantity of high-quality audio content material.

[*] For the definitions of the cited key working metrics, please check with the introduction part within the Firm’s 2020 20-F filed on April 9, 2021. The month-to-month ARPPU of social leisure providers is calculated primarily based on revenues from social leisure providers and others, together with promoting providers offered on our social leisure platforms.

First Quarter 2021 Monetary Outcomes

Revenues

Whole revenues for the primary quarter of 2021 elevated by RMB1.51 billion, or 24.0%, to RMB7.82 billion (US$1.19 billion) from RMB6.31 billion in the identical interval of 2020.

  • Revenues from on-line music providers for the primary quarter of 2021 elevated by 34.5% to RMB2.75 billion (US$420 million) from RMB2.04 billion in the identical interval of 2020. The rise was pushed by robust progress in music subscription revenues, supplemented by progress in promoting service revenues, partially offset by lower in sublicensing revenues. Revenues from music subscriptions have been RMB1.69 billion (US$258 million), a 40.2% progress in comparison with RMB1.21 billion within the first quarter of 2020, primarily attributable to enhance in variety of paying customers by 42.6% 12 months over 12 months.

  • Revenues from social leisure providers and others for the primary quarter of 2021 elevated by 18.9% to RMB5.08 billion (US$775 million) from RMB4.27 billion in the identical interval of 2020. The rise was pushed by elevated revenues from stay streaming and promoting on social leisure platform. On a year-over-year foundation, ARPPU elevated by 35.7% within the first quarter of 2021 whereas paying consumer of social leisure providers decreased by 12.4%.

Price of Revenues

Price of revenues for the primary quarter of 2021 elevated by 23.6% to RMB5.36 billion (US$818 million) from RMB4.33 billion in the identical interval of 2020, primarily attributable to elevated content material prices associated to royalties and income sharing charges.

Gross Revenue and Gross Margin

Gross revenue for the primary quarter of 2021 elevated by 24.7% to RMB2.47 billion (US$376 million) from RMB1.98 billion in the identical interval of 2020. Gross margin was 31.5% for the primary quarter of 2021, which elevated from 31.3% in the identical interval of 2020.

Working Bills for the Interval

Whole working bills for the primary quarter of 2021 elevated by 33.8% to RMB1.56 billion (US$237 million) from RMB1.16 billion in the identical interval of 2020. Working bills as a share of complete revenues elevated to 19.9% within the first quarter of 2021 from 18.4% in the identical interval of 2020.

  • Promoting and advertising bills for the primary quarter of 2021 have been RMB672 million (US$103 million), representing a rise of 39.7% year-over-year from RMB481 million in the identical interval of 2020. This enhance was primarily attributable to larger consumer acquisition bills and spending associated to TMEA occasion.

  • Normal and administrative bills for the primary quarter of 2021 have been RMB883 million (US$135 million), representing a rise of 29.7% year-over-year from RMB681 million in the identical interval of 2020. The rise was primarily as a result of Firm’s elevated funding in analysis and improvement to increase its aggressive benefits in product and know-how improvements.

Working Revenue for the Interval

Working revenue was RMB1.16 billion (US$178 million) within the first quarter of 2021, in comparison with working revenue of RMB1.05 billion in the identical interval of 2020.

Revenue Tax Bills

Efficient tax fee for the primary quarter of 2021 was 11.5%, in comparison with 12.8% in the identical interval of 2020, as a few of our entities turned certified for sure tax advantages within the second half of 2020. The efficient tax fee represents sure estimates by the Firm as to the tax obligations and advantages relevant to it in every quarter.

Internet Revenue and Non-IFRS Internet Revenue for the Interval

Internet revenue attributable to fairness holders of the Firm for the primary quarter of 2021 was RMB926 million (US$141 million), in comparison with internet revenue of RMB887 million in the identical interval of 2020. Non-IFRS internet revenue attributable to fairness holders of the Firm was RMB1.18 billion (US$180 million) for the primary quarter of 2021, in comparison with RMB1.10 billion in the identical interval of 2020. Please check with the part titled “Non-IFRS Monetary Measure” for particulars.

Earnings per ADS

Fundamental and diluted earnings per American Depositary Shares (“ADS”) have been RMB0.55 (US$0.08) and RMB0.54 (US$0.08), respectively, for the primary quarter of 2021. Non-IFRS primary and diluted earnings per ADS have been RMB0.70 (US$0.11) and RMB0.69 (US$0.11), respectively, for the primary quarter of 2021. Throughout the first quarter of 2021, the Firm had weighted averages of 1.68 billion primary and 1.70 billion diluted ADSs excellent, respectively. Every ADS represents two of the Firm’s Class A unusual shares. Please check with the part titled “Non-IFRS Monetary Measure” for particulars.

Money Flows

Internet money offered by working actions for the primary quarter of 2021 was RMB1.88 billion (US$287 million), in comparison with RMB1.07 billion in money offered by working actions throughout the identical interval of 2020. Internet money utilized in investing actions for the primary quarter of 2021 was RMB2.38 billion (US$364 million), in comparison with internet money utilized in investing actions of RMB4.10 billion throughout the identical interval of 2020. The fluctuation of money flows from investing actions was primarily as a result of buy and maturity of time period deposits and short-term investments, and cost for acquisitions and fairness investments. Internet money utilized in financing actions for the primary quarter of 2021 was RMB372 million (US$57 million), in comparison with RMB131 million of money utilized in financing actions throughout the identical interval of 2020.

Money, Money Equivalents, Time period Deposits and Brief-term Investments

As of March 31, 2021, the mixed stability of the Firm’s money, money equivalents, time period deposits and short-term investments amounted to RMB26.97 billion (US$4.12 billion), in comparison with RMB28.94 billion as of December 31, 2020. The lower within the mixed stability was primarily attributable to elevated money utilized in investing actions and financing actions, primarily associated to cost for acquisition of Lazy Audio, funding in a consortium to accumulate a minority fairness curiosity in UMG and repurchase of unusual shares, partially offset by the maturity of time period deposit and money movement generated from operations of RMB1.88 billion (US$287 million). The Firm’s money and money equivalents stability was additionally affected by the change within the alternate fee of RMB to USD at totally different stability sheet dates. The alternate fee was 6.5518 to 1 on March 31, 2021.

Share Repurchase Program

Pursuant to the 2021 Share Repurchase Program introduced on March 28, 2021, now we have repurchased roughly 11.1 million ADSs from the open market with money for an mixture quantity of roughly US$192 million as much as the date of this earnings launch.

Convention Name Data

Tencent Music’s administration will maintain a convention name on Monday, Might 17, 2021, at 8:00 P.M. Jap Time or 8:00 A.M. Beijing Time on Tuesday, Might 18, 2021, to debate the monetary outcomes. Listeners might entry the decision by dialing the next numbers:

United States Toll Free:

+1-888-317-6003

Worldwide:

+1-412-317-6061

Mainland China Toll Free:

400-120-6115

Hong Kong, China Toll Free:

800-963-976

Entry Code:

6514753

The replay might be accessible by Might 24, 2021, by dialing the next numbers:

United States Toll Free:

+1-877-344-7529

Worldwide:

+1-412-317-0088

Entry Code:

10154625

A stay and archived webcast of the convention name will even be out there on the Firm’s investor relations web site at https://ir.tencentmusic.com/.

Change Fee

This announcement accommodates translations of sure RMB quantities into U.S. {dollars} (“USD”) at specified charges solely for the comfort of the reader. Until in any other case acknowledged, all translations from RMB to USD have been made on the fee of RMB6.5518 to US$1.00, the midday shopping for fee in impact on March 31, 2021, within the H.10 statistical launch of the Federal Reserve Board. The Firm makes no illustration that the RMB or USD quantities referred could possibly be transformed into USD or RMB, because the case could also be, at any explicit fee or in any respect. For analytical presentation, all percentages are calculated utilizing the numbers introduced within the monetary statements contained on this earnings launch.

Non-IFRS Monetary Measure

The Firm makes use of non-IFRS internet revenue for the interval, which is a non-IFRS monetary measure, in evaluating its working outcomes and for monetary and operational decision-making functions. Tencent Music believes that non-IFRS internet revenue helps determine underlying developments within the Firm’s enterprise that might in any other case be distorted by the impact of sure bills that the Firm contains in its revenue for the interval. Tencent Music believes that non-IFRS internet revenue for the interval offers helpful details about its outcomes of operations, enhances the general understanding of its previous efficiency and future prospects and permits for better visibility with respect to key metrics utilized by its administration in its monetary and operational decision-making.

Non-IFRS internet revenue for the interval shouldn’t be thought-about in isolation or construed as a substitute for working revenue, internet revenue for the interval or some other measure of efficiency or as an indicator of its working efficiency. Traders are inspired to overview non-IFRS internet revenue for the interval and the reconciliation to its most straight comparable IFRS measure. Non-IFRS internet revenue for the interval introduced right here might not be similar to equally titled measures introduced by different corporations. Different corporations might calculate equally titled measures in a different way, limiting their usefulness as comparative measures to the Firm’s knowledge. Tencent Music encourages traders and others to overview its monetary info in its entirety and never depend on a single monetary measure.

Non-IFRS internet revenue for the interval represents revenue for the 12 months excluding amortization of intangible and different belongings arising from acquisitions, share-based compensation bills, internet losses/positive aspects from investments, truthful worth change on puttable shares and revenue tax results.

Please see the “Unaudited Non-IFRS Monetary Measure” included on this press launch for a full reconciliation of Non-IFRS internet revenue for the interval to its internet revenue for the interval.

About Tencent Music Leisure

Tencent Music Leisure Group (NYSE: TME) is the main on-line music and audio leisure platform in China, working the nation’s extremely common and modern music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music’s mission is to make use of know-how to raise the function of music in folks’s lives by enabling them to create, get pleasure from, share and work together with music. Tencent Music’s platform includes on-line music, on-line audio, on-line karaoke and music-centric stay streaming providers, enabling music followers to find, pay attention, sing, watch, carry out and socialize round music. For extra info, please go to ir.tencentmusic.com.

Protected Harbor Assertion

This press launch accommodates forward-looking statements. These statements are made underneath the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. Statements that aren’t historic information, together with statements concerning the Firm’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties, and quite a lot of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion. In some circumstances, forward-looking statements could be recognized by phrases or phrases reminiscent of “might,” “will,” “count on,” “anticipate,” “goal,” “purpose,” “estimate,” “intend,” “plan,” “imagine,” “potential,” “proceed,” “is/are prone to” or different comparable expressions. Additional info concerning these and different dangers, uncertainties or elements is included within the Firm’s filings with the SEC. All info offered on this press launch is as of the date of this press launch, and the Firm doesn’t undertake any responsibility to replace such info, besides as required underneath relevant legislation.

Investor Relations Contact

Tencent Music Leisure Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 883606

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED INCOME STATEMENT

Three Months Ended March 31,

2020

2021

RMB

RMB

US$

Unaudited

Unaudited

Unaudited

(in hundreds of thousands, besides per share knowledge)

Revenues

On-line music providers

2,044

2,749

420

Social leisure providers and others

4,267

5,075

775

6,311

7,824

1,194

Price of revenues

(4,334)

(5,358)

(818)

Gross revenue

1,977

2,466

376

Promoting and advertising bills

(481)

(672)

(103)

Normal and administrative bills

(681)

(883)

(135)

Whole working bills

(1,162)

(1,555)

(237)

Curiosity revenue

174

154

24

Different positive aspects, internet

58

99

15

Working revenue

1,047

1,164

178

Share of internet lack of investments accounted for utilizing
fairness methodology

(11)

(27)

(4)

Finance price

(20)

(31)

(5)

Revenue earlier than revenue tax

1,016

1,106

169

Revenue tax expense

(130)

(127)

(19)

Revenue for the interval

886

979

149

Attributable to:

Fairness holders of the Firm

887

926

141

Non-controlling pursuits

(1)

53

8

Earnings per share for Class A and Class B
unusual shares

Fundamental

0.27

0.28

0.04

Diluted

0.26

0.27

0.04

Earnings per ADS (2 Class A shares equal to 1
ADS)

Fundamental

0.54

0.55

0.08

Diluted

0.53

0.54

0.08

Shares utilized in earnings per Class A and Class B
unusual share computation:

Fundamental

3,306,901,002

3,354,845,726

3,354,845,726

Diluted

3,350,941,875

3,403,590,157

3,403,590,157

ADS utilized in earnings per ADS computation

Fundamental

1,653,450,501

1,677,422,863

1,677,422,863

Diluted

1,675,470,937

1,701,795,078

1,701,795,078

TENCENT MUSIC ENTERTAINMENT GROUP

UNAUDITED NON-IFRS FINANCIAL MEASURE

Three Months Ended March 31,

2020

2021

RMB

RMB

US$

(in hundreds of thousands, besides per share knowledge)

Revenue for the interval

886

979

149

Changes:

Amortization of intangible and different belongings arising from acquisitions*

88

110

17

Share-based compensation

137

162

25

Losses from investments**

21

3

Truthful worth change on puttable shares ***

9

Revenue tax results****

(17)

(37)

(6)

Non-IFRS Internet Revenue

1,103

1,235

188

Attributable to:

Fairness holders of the Firm

1,104

1,182

180

Non-controlling pursuits

(1)

53

8

Earnings per share for Class A and Class B unusual
shares

Fundamental

0.33

0.35

0.05

Diluted

0.33

0.35

0.05

Earnings per ADS (2 Class A shares equal to 1 ADS)

Fundamental

0.67

0.70

0.11

Diluted

0.66

0.69

0.11

Shares utilized in earnings per Class A and Class B
unusual share computation:

Fundamental

3,306,901,002

3,354,845,726

3,354,845,726

Diluted

3,350,941,875

3,403,590,157

3,403,590,157

ADS utilized in earnings per ADS computation

Fundamental

1,653,450,501

1,677,422,863

1,677,422,863

Diluted

1,675,470,937

1,701,795,078

1,701,795,078

* Represents the amortization of identifiable belongings, together with intangible belongings and prepayments for music content material, ensuing from
acquisitions

** Together with the web losses/positive aspects on deemed disposals/disposals of investments, truthful worth adjustments arising from investments,
impairment provision of investments and different bills in relation to fairness transactions of investments

*** Represents the truthful worth adjustments on the put legal responsibility of sure shares issued in 2018

**** Represents the revenue tax results of Non-IFRS changes

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED BALANCE SHEET

As at December 31, 2020

As at March 31, 2021

RMB

RMB

US$

Audited

Unaudited

Unaudited

(in hundreds of thousands)

ASSETS

Non-current belongings

Property, plant and tools

176

181

28

Proper-of-use belongings

311

296

45

Intangible belongings

2,020

2,551

389

Goodwill

17,492

19,062

2,909

Investments accounted for utilizing fairness methodology

2,255

3,551

542

Monetary belongings at truthful worth by different complete revenue

9,771

8,432

1,287

Different investments

349

350

53

Prepayments, deposits and different belongings

956

967

148

Deferred tax belongings

303

308

47

Time period deposits

2,953

3,453

527

36,586

39,151

5,976

Present belongings

Inventories

18

18

3

Accounts receivable

2,800

2,817

430

Prepayments, deposits and different belongings

2,846

2,564

391

Different investments

37

37

6

Brief-term investments

2,517

384

Time period deposits

14,858

10,727

1,637

Money and money equivalents

11,128

10,274

1,568

31,687

28,954

4,419

Whole belongings

68,273

68,105

10,395

EQUITY

Fairness attributable to fairness holders of the Firm

Share capital

2

2

0

Further paid-in capital

35,044

35,831

5,469

Shares held for share award schemes

(78)

(127)

(19)

Treasury shares

(134)

(461)

(70)

Different reserves

6,300

4,929

752

Retained earnings

11,111

12,037

1,837

52,245

52,211

7,969

Non-controlling pursuits

486

532

81

Whole fairness

52,731

52,743

8,050

LIABILITIES

Non-current liabilities

Notes payables

5,175

5,213

796

Accounts payable

136

136

21

Different payables and different liabilities

68

58

9

Deferred tax liabilities

265

207

32

Lease liabilities

218

203

31

Deferred income

78

77

12

5,940

5,894

900

Present liabilities

Accounts payable

3,565

3,915

598

Different payables and different liabilities

3,881

2,910

444

Present tax liabilities

445

602

92

Lease liabilities

103

109

17

Deferred income

1,608

1,932

295

9,602

9,468

1,445

Whole liabilities

15,542

15,362

2,345

Whole fairness and liabilities

68,273

68,105

10,395

TENCENT MUSIC ENTERTAINMENT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

2020

2021

RMB

RMB

US$

Unaudited

Unaudited

Unaudited

(in hundreds of thousands)

Internet money offered by working actions

1,066

1,878

287

Internet money utilized in investing actions

(4,096)

(2,382)

(364)

Internet money utilized in financing actions

(131)

(372)

(57)

Internet lower in money and money equivalents

(3,161)

(876)

(134)

Money and money equivalents at starting of the interval

15,426

11,128

1,698

Change variations on money and money equivalents

1

22

3

Money and money equivalents at finish of the interval

12,266

10,274

1,568

Cision

Cision

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SOURCE Tencent Music Leisure Group

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