Investment Summary
The company has made adjustments on its revenue breakdown structure and classified the
net method part of the targeted marketing business as merchant solution within the digital
commerce segment
In the 2020 annual report, the company has made adjustment on the revenue breakdown
structure. The main segments are now renamed as digital commerce segment and digital
media segment (previously named as the SaaS business and the targeted marketing business).
More specifically, the original SaaS business has now been classified as the subscription
solution sub-segment within the digital commerce segment, while the targeted marketing
part with revenue recognized by net method is now classified as the merchant solution subsegment within the digital commerce segment. On the other hand, the targeted marketing
part with revenue recognized by gross method is now classified as the digital media segment.
After the adjustment, a major part of the targeted marketing business is expressed as the
value-adding services of the SaaS business, so as to better show the synergy between these
two major businesses.