• Tencent Holding average gross margin for 2023 was 45.85%, a 7.45% increase from 2022.
• Tencent Holding average gross margin for 2022 was 42.67%, a 4.97% increase from 2021.
• Tencent Holding average gross margin for 2021 was 44.9%, a 1.69% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.