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Telegram: a crypto firm with a sideline in messaging Telegram：一家兼营消息传递的加密货币公司 Pavel Durov’s company has been coining it in 帕维尔·杜罗夫 (Pavel Durov) 的公司创造了这个词 © FTAV montage / AFP via Getty Images © FTAV 蒙太奇/法新社，盖蒂图片社 Telegram: a crypto firm with a sideline in messaging on x (opens in a new window) Telegram: a crypto firm with a sideline in messaging on facebook (opens in a new window) Telegram: a crypto firm with a sideline in messaging on linkedin (opens in a new window) Save current progress 0% Robert Smith and Hannah Murphy YESTERDAY 罗伯特·史密斯和汉娜·墨菲昨天 32 Print this page Unlock the Editor’s Digest for free 免费解锁编辑文摘 Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. 英国《金融时报》编辑鲁拉·哈拉夫 (Roula Khalaf) 在这本每周通讯中选择了她最喜欢的故事。 Pavel Durov’s arrest in France for allegedly failing to control criminal content on Telegram, the Russian-born billionaire’s messaging app, has sparked an intense debate about the limits of free speech and the responsibilities of big tech firms to moderate their platforms. 俄罗斯出生的亿万富翁帕维尔·杜罗夫 (Pavel Durov) 因涉嫌未能控制 Telegram（俄罗斯出生的亿万富翁的通讯应用程序）上的犯罪内容而在法国被捕，引发了一场关于言论自由的局限性以及大型科技公司监管其平台的责任的激烈辩论。 Financially speaking, however, cryptocurrency matters as much to Telegram’s bottom line as messaging. 然而，从财务角度来看，加密货币对Telegram 的利润与消息传递同样重要。 FT Alphaville got its hands on the privately held company’s 2023 financials, which show crypto transactions providing a big chunk of its revenue. FT Alphaville 掌握了这家私营公司 2023 年的财务数据，其中显示加密交易为其收入提供了很大一部分。 Telegram Group, which is incorporated in the British Virgin Islands and has one of its main operating subsidiaries in the United Arab Emirates, booked $342.5mn of revenue last year on a hefty operating loss of $108mn. Here’s the PnL statement, signed by Durov and given a clean bill of health by PwC’s Dubai branch in April: Telegram Group 成立于英属维尔京群岛，其主要运营子公司之一位于阿拉伯联合酋长国，该公司去年的收入为 3.425 亿美元，但运营亏损高达 1.08 亿美元。以下是由杜罗夫签署的 PnL 声明，并于四月份由普华永道迪拜分行签发了健康证明： Eagle-eyed readers may have already spotted the “gain on revaluation of digital assets” lines, of which a modest $500,000 was booked through the PnL and a more substantial $86mn through other comprehensive income. 眼尖的读者可能已经注意到了“数字资产重估收益”这一行，其中通过损益表记入了适度的 50 万美元，通过其他综合收益记入了更可观的 8600 万美元。 Turning to the breakdown of Telegram’s revenue, the “integrated wallet” and “sale of collectibles” line items will also likely trigger the spidey-sense of any crypto-conscious reader: 谈到 Telegram 的收入细分，“集成钱包”和“收藏品销售”项目也可能会引发任何具有加密意识的读者的蜘蛛侠意识： Combined, the two line items make up over 40 per cent of Telegram’s revenues. 这两个项目加起来占 Telegram 收入的 40% 以上。 You may also have noticed that the so-called “integrated wallet” is a new business line for Durov’s company. As the accounts also explain: 你可能也注意到了，所谓的“集成钱包”是杜罗夫公司的一个新业务线。正如账目还解释的那样： During the year ended 31 December 2023, the Group started generating revenues from enabling access to the Integrated wallet (Note 13). The Integrated wallet is a software program that allows users to store, send, receive and trade crypto assets. 截至2023年12月31日止年度，本集团开始通过访问集成钱包产生收入（附注13）。集成钱包是一个软件程序，允许用户存储、发送、接收和交易加密资产。 Telegram gives further disclosure on what digital assets, collectible sales and its integrated wallet mean for its business, here: Telegram 进一步披露了数字资产、收藏品销售及其集成钱包对其业务的影响，如下： Digital assets 数字资产 The Group sells different collectibles and provides Integrated wallet services in exchange for non-cash consideration in the form of Toncoins (digital assets) which are accounted for under IAS 38 — Intangible assets. 本集团销售不同的收藏品并提供综合钱包服务，以换取 Toncoins（数字资产）形式的非现金对价，这些对价根据 IAS 38 — 无形资产进行会计处理。 These digital assets are initially recorded at cost and are subsequently measured under the revaluation model at fair value less any accumulated impairment losses at each reporting date considering the presence of an active market for the Toncoin. Any fair value movements above cost are recorded through other comprehensive income in a separate reserve called ‘Revaluation surplus’ within equity while any fair value movements below cost are first offset against existing credit balances under the revaluation surplus with any excess over and above this balance being recorded through profit or loss. 这些数字资产最初按成本记录，并考虑到 Toncoin 存在活跃市场，随后在每个报告日根据重估模型按公允价值减去任何累计减值损失进行计量。任何高于成本的公允价值变动均通过其他综合收益记录在权益内称为“重估盈余”的单独储备中，而任何低于成本的公允价值变动首先抵消重估盈余下的现有贷方余额，任何超出此余额的部分计入损益。 The Group holds these digital assets for its own account for investment purposes (that is, capital appreciation) over extended periods of time with subsequent sales made at management’s discretion when the market conditions are favourable. Gains and losses on disposals are determined by comparing the proceeds with the Carrying amount and are recognised in profit or loss for the year when the asset is derecognised. At the time of derecognition, the associated amounts recognised in the Revaluation surplus are transferred to Retained earnings. 本集团出于投资目的（即资本增值）长期持有这些数字资产，并在市场条件有利时由管理层酌情进行后续销售。处置收益和损失通过比较收益与账面价值确定，并在资产终止确认时计入当期损益。终止确认时，重估盈余中确认的相关金额转入留存收益。 And here: 这里： Revenue from the sale of collectibles. The Group sells different collectibles (usernames, virtual phone numbers) to its users. The related revenue is recognised at a point in time when the collectible is assigned to the user. The Group also enables the sale of collectibles between users and receives the fee for facilitating the sale. 收藏品销售收入。该集团向用户出售不同的收藏品（用户名、虚拟电话号码）。相关收入在收藏品分配给用户时确认。本集团还促进用户之间销售收藏品，并收取促进销售的费用。 Toncoins (digital assets), a non-cash consideration is accepted as consideration for this type of sale. Toncoins are measured and recognised at fair value at the time of the Group fulfilling its performance obligation: assigning the collectible to the user or facilitating the sale between users. The Group determines the fair value of the digital assets based on quoted prices on the active exchanges. Toncoins（数字资产）是一种非现金对价，被接受作为此类销售的对价。 Toncoin 在本集团履行履约义务时以公允价值计量和确认：将收藏品转让给用户或促进用户之间的销售。本集团根据活跃交易所的报价确定数字资产的公允价值。 Integrated wallet. The Integrated wallet is a software program that allows users to store, send, receive and trade crypto assets. During the year ended 31 December 2023, the Group recognised revenue from the integration of the Integrated wallet at the time of the provision of the application programming interface to The Open Network Foundation enabling Integrated wallet’s integration into Telegram App, and from providing continuous access of Telegram users to the Integrated wallet from menus inside the Telegram App on an exclusive basis over the term when the service has been provided. The Group normally provides services related to the Integrated wallet on a prepayment basis. There is no financing component, because the services are rendered within a period less than 12 months from payment. 集成钱包。集成钱包是一个软件程序，允许用户存储、发送、接收和交易加密资产。截至2023年12月31日止年度，本集团在向开放网络基金会提供应用程序编程接口以实现集成钱包集成到Telegram应用程序时确认来自集成钱包的集成，以及提供对Telegram的持续访问在提供服务期间，用户可以通过 Telegram 应用程序内的菜单独家访问集成钱包。本集团通常以预付款方式提供与综合钱包相关的服务。不存在融资部分，因为服务是在付款后不到 12 个月的时间内提供的。 Toncoins (digital assets), a non-cash consideration is accepted as consideration for this type of sale. Toncoins are measured and recognised at fair value at the time when the Group receives the consideration. Toncoins（数字资产）是一种非现金对价，被接受作为此类销售的对价。 Toncoin 按本集团收到对价时的公允价值计量和确认。 The TON blockchain that underpins Toncoins was originally developed in-house at Telegram, drawing in supporters that included prominent wealthy Russians. It is now developed independently of the company by an open-source community, however, after the project ran into regulatory troubles in the US. 支撑 Toncoins 的TON 区块链最初是 Telegram 内部开发的，吸引了包括著名的俄罗斯富人在内的支持者。然而，在该项目在美国遇到监管问题后，它现在由开源社区独立于该公司开发。 Turning to the balance sheet, digital assets make up a big chunk of Telegram’s assets. Valued at nearly $400mn, tokens are far larger than its cash and cash equivalents: 看看资产负债表，数字资产占 Telegram 资产的很大一部分。代币价值近 4 亿美元，远远大于其现金和现金等价物： Telegram further breaks down last year’s increase in its crypto holdings here: Telegram 进一步细分了去年其加密货币持有量的增长情况： Elsewhere in the related-party transactions section of the accounts (one of FTAV’s favourite sections in any set of financial documents), we learn that aside from purchasing $64mn of Telegram’s convertible bonds last year, Durov also purchased $300,000 worth of Telegram Premium subscriptions for a giveaway, paying the company in Toncoin: 在账户的关联方交易部分（FTAV 在任何一套财务文件中最喜欢的部分之一）的其他地方，我们了解到，除了去年购买了 6400 万美元的 Telegram 可转换债券外，杜罗夫还购买了价值 30 万美元的 Telegram Premium 订阅赠品，用 Toncoin 向公司付款： Needless to say, Toncoin traders have not shrugged off the news of Durov’s arrest. Price chart courtesy of CoinMarketCap: 不用说，Toncoin 交易员并没有对杜罗夫被捕的消息不屑一顾。价格图表由 CoinMarketCap 提供： Usefully for Telegram, the events-after-the-reporting-date section of the accounts shows that it sold a big chunk of its Toncoin ahead of the price crash: 对于 Telegram 来说，账户的报告日期后事件部分显示，它在价格暴跌之前出售了大量的 Toncoin： While Telegram is 100 per cent owned by Durov, the company has raised north of $2.3bn of convertible bonds from blue-chip investors such as sovereign wealth funds, hedge funds, and tech-focused investors. 尽管杜罗夫 100% 拥有 Telegram，但该公司已从主权财富基金、对冲基金和科技投资者等蓝筹投资者那里筹集了超过 23 亿美元的可转换债券。 Even leaving aside the heavy reliance on crypto and the substantial liabilities, one might question whether a business that had to burn through over $450mn of operating expenses to make $342.5mn of revenue is worth the “$30bn-plus” valuation Durov touted to the FT earlier this year. 即使不考虑对加密货币的严重依赖和巨额负债，人们可能会质疑一家必须消耗超过 4.5 亿美元的运营费用才能获得 3.425 亿美元收入的企业是否值得杜罗夫向其吹捧的“超过 300 亿美元”的估值。英国《金融时报》今年早些时候。 When it comes to its founder’s arrest, however, investors in Telegram’s convertible bond that properly read the accounts can’t say they weren’t warned: 然而，当谈到其创始人被捕时，正确阅读账目的 Telegram 可转换债券投资者不能说他们没有收到警告： Since its founding, the Group has been firmly committed to guaranteeing the privacy of Telegram’s users. The Group’s core value of user privacy has not prevented Telegram from actively engaging in efforts and technical solutions to combat abusive, malicious or violence-inducing content online. The core values of the Group have led to Telegram’s popularity with its users. However, the Group’s operations can be affected by legal and regulatory frameworks in different countries which are subject to frequent changes and varying interpretations. 自成立以来，集团一直坚定致力于保障 Telegram 用户的隐私。该集团对用户隐私的核心价值观并没有阻止 Telegram 积极致力于打击在线滥用、恶意或暴力诱导内容的努力和技术解决方案。集团的核心价值观使 Telegram 深受用户欢迎。然而，本集团的运营可能会受到不同国家的法律和监管框架的影响，这些框架经常发生变化且解释各异。