Editor: Recent Internet companies have released their own Q3 season, from these financial reports, what information can we peek? In this article, the author issued his own opinion on the head Internet company’s financial report, let’s take a look.
Recently, all Internet companies’ Q3 financial quinces, I compared these head Internet companies, I tried to sort out their respective moats and future layout directions.
From the financial report, you can see that everyone’s income structure is concentrated in advertising, e-commerce, games, corporate services, local life, members value-added services, merchants, live e-commerce, but based on different genes based on various platforms. It is different from the focus of making money.
The article is a bit long. Let me talk about some of the catalogs, mainly for some of the understanding of the head Internet company’s earnings, divided into 6 parts:
B station with unique content ecology to steadily \”That] Weibo always stands in hotspot The national platform of commercial and ecological abundance, knowing that the end of commercialization is the end of the people? Tencent chassis stable low-key active Ali losses may deliberately
1. B station with unique content ecology Living in \”That Eat\”
1) B station’s moat is its unique Pugc + OGV ecology, this is what we have always said – B stations are because \”there is inner taste\” The adjustment is so many stars.
This content is really too weak. The community from the subcomponent, which is different from the homogenization of other content platforms, is non-mainstream, with a unique fresh taste. That is, our commonly known as \”have that taste\”. The core PUGV + OGV ecology of the B station is also a cultural password.
2) The B station layout is not a specific track. It is the ecology of the entire young user. Everyone says that the B station is a video website coat game company (for a long time, the game business occupies the B station income 80 % Or more), in fact, the game is just a ring of the entire ecology.
3) The advertising mode is a bit like Weibo: KA advertising business has unique competitive advantage, but it is impossible to continue to maintain, but live e-commerce, pursuit of transformation effects like fast hands can’t do it.
My argument is as follows:
First, the revenue structure disclosed first: B station third quarter camp was reached RMB 5.207 billion, a year-on-year increase of 61%. The net loss is 2.69 billion yuan, an expanded 67% year-on-year, and the ring is more than 88%.
From the perspective of the income structure, the first is 191 billion yuan (95% year-on-year), which can be considered by the value-added service camp, mainly from large membership and live reward; the second is the game business The income is 140 billion (9% year-on-year); the third is that the advertising business is 1170 million yuan (110% year-on-year,) The fourth is that e-commerce and other business income is 730 million yuan (78% year-on-year). [123After]
November 17, B station released third-quarter earnings report, US stocks fell for two consecutive days, down 8.98 percent, respectively, 17.17%. Hong Kong stocks, the day down more than 10%.
fell Why? Mainly from the market point of view, mainly because of loss widened, and the B station from the current action point of view, can not see the possibility to reverse the situation (such as the layout of the game heavily track the short term, but the game is the high investment and high cycle Compare spell track luck), but loss-making will continue to expand.
so after the earnings report came out, a group of outside look bad B station. There are big v B station to ask me, is not no money platform. But in fact the loss of station B is in the layout of its core competencies. is worth it. Take a look at where the loss of money spent it? The money is mainly used in two parts:
1 operating costs increased sales and marketing expenses to 1.6333 billion yuan, with an increase of 37% compared to the same period last year; general and administrative expenses 474.9 million yuan, and compared to the same period last year an increase of 87%; R \u0026 D expenditures for 788.3 million yuan, with an increase of 97 percent compared to the same period last year.
R \u0026 D spending, mainly in the game. Prior to the second quarter earnings conference, Chen Rui said the current scale b station game from the research team of more than 1,000 people, there are several projects in parallel development, will come on line in the next year and the year of the monkey.
2. increased investment
net investment loss of 724 million yuan. While in the same period of 2020, the investment is to achieve 14.2 million yuan revenue. So far in 2013, foreign investment event B station 146 from the public. Since this year is to increase investment, only nearly a year since 2021, B station has about 43 parameters CIC.
B station investment mainly in the fields of games, MCN, television rights, animation production, audio and video content, tools, content, live electricity supplier, peripherals and other derivatives. And spend 600 million acquisition of the circle Yaoqi original comics platform. As can be seen from the above direction B station to spend money, in fact, it is behind the losses in its investment characteristics pugv + ogv ecological, but also from the point of view, in fact, are pretty good.
B station this year to do some of the countries hit anime, Japanese anime, homemade variety, documentaries, filming TV drama of all kind of special, no other platforms.
as long as it can maintain this unique ecological content, they will never lack customers.
Over the past year, in addition to be a substantial investment for the game, B station is also involved in many other areas.
especially the hot new consumer and new energy vehicles. Including coffee, burgers, cosmetics, and recent popular casual fashion brand bosie, B station also shares the Geely’s brand new energy vehicles krypton very smart technology.
appears to deviate from the main service, but the investment direction, in fact, also shows that the target station B, notSpecific tracks is the crowd – the layout is the ecology of the entire young user. This stock price fell, and it was also urgent debt on the second day of the financial report. A large number of people in the outside world, worrying that the B station has no money. In fact, it is not necessary.
The B station is currently the debt ratio, 44.84%. In fact, the debt ratio is very safe, and the liability is not the lower, the better, it can borrow money to expand the market. For example, Starbucks and McDonald’s are more than 100%.
Second, Weibo always stands in the hot center Weibo’s largest moat or in \”hotspot\”.
I believe that many people are like me, while they are in the sky, but they are inseparable. When I am doing an account, I vote for a few hundred, thousands, tens of thousands of dollars, basically a water army, the data is fake, and the fans giving you a rising fan are robot. Very garbage, but still inseparable. Weibo is the only open social media channel, which is a public opinion discussion site.
Weibo has its irreplaceability
1) People need a showcase that can look at the hot spot
Every time the entertainment circle is popular, Weibo must worry Wow. It can be seen that people are interested in \”hotspots, gossip\”. In the future, this situation will not be fundamentally changed, and human beings still need to watch a small number of people like Weibo.
2) Centralized platform, with strong communication efficiency
a hot spot for a public, can brush screen and flow over a short time. Although it is said that the trend in the media is that everyone is going to center. However, the mechanism of communication efficiency or the centralization of Weibo can be quickly fermented.
This is why Weibo can always stand in the center of the hotspot. Weibo has the most free for forwarding, commentary mechanism, hot search, and the most discussion.
3) The depth penetration of the entertainment industry
There are more money to make money, don’t say, look at the model of XX, Zhao X Zheng X tax evil taxation tax can be healthy. Moreover, there is now a set of SOP-style comparison methodology, rapidly stirred red, harvesting a wave of fans, changing people, and continues to harvest.
The flow star iterative speed is fast, and this man is still not recognized, and the next male group is coming again. And the strength of the star in Weibo is terrible, as long as it takes to the traffic star, no matter what, just a few thousand to discuss. If the new drama is on the line, it is more bursting.
In this star, in the chasing industry chain, Weibo assumes an irreplaceable role. For example, all kinds of horses in Weibo, the stickiness is too high. I still remember Jay Chou and Cai Xun’s superhession, many stars, writers, director, and corporate officials all involved, it is really a national incident that can be written into the textbook.
Q3 Weibo’s financial data is very good, and the advertising revenue remains good in the environment in the decline. Although Weibo is a small red book, shake, B stands on the distribution of advertising. But the merchant brand should keep the heat, and the continuous microblogging is still indispensable.
The microblogging camp is charged for $ 607 million, an increase of 30% year-on-year, net profit is $ 210 million in Weibo from advertising and marketing business’s income of $ 538 million, an increase of 30% year-on-year, accounting for a total The proportion of receivables is 88.6%, with an income from value-added services is $ 69.8 million, an increase of 42% year-on-year.
As of the end of the third quarter, the microblogging monthly active users reached 573 million, and the active users reached 248 million.
Since the Internet, there are many discussion on Weibo, and when Weibo is going down? The answer is that the microblog will not fall before the next breakthrough technology comes. Although the technological and large environment changes in the past few years, it is unchanged that people’s demand: as analyzed, people need such a show of hotspots. In our internet stage, Weibo is still instead.
Beat your enemy is not seeing your place, defeating the carriage is not a faster horse, is a Ford car. Unless a new technological revolution has, this demand is migrated. For example, in the universe, everyone’s social form is definitely not Weibo. Replacing Weibo is not an existing social media platform, but from future breakthrough technological innovation.
Third, Quick: Diversified and Commercial Balanced National Platform
Financial Overview: The faster three quarters performance is good, the revenue reached 20.5 billion yuan, the year increased by 33.4% year-on-year, surpassing the market expected.
The first big income is a line marketing service income of 10.9 billion yuan, accounting for 53.2%.
E-commerce, the fast-handed platform GMV reached 175.8 billion yuan in the third quarter. The year-on-year increased by 86.1%, and the e-commerce re-purchase rate broke through 70% in September.
The average daily active user reached 3204 million, and the average monthly active users reached 572.9 million.
Other people ask me, what is the difference between fast hands and hanging?
In fact, both of them have developed and fast hands so far, many things are homogeneous, and commercial ecologically dog \u200b\u200bteeth are infiltrated. If you want to find out, it is actually the gene of the platform.
If life is only as primary, the development and adjustment of the first seed user decided.
Founded in 2011, the platform’s algorithm and overall strategy are equal, unparalleled, so that each sound is seen. I also love to see the fast hand in that year, I can see a variety of people from the world, which is different from the circles around you.
Suhua said in an interview that the user’s positioning is \”social average\”: \”We didn’t make such choices, this is determined by the form of Chinese society. We put all the users abstract as a person Look, he is equivalent to a ‘social average. Only 7% in the Chinese population is in a first-tier city, the population of 93% is in the second and third tier cities, so this’ social average person’ is falling on the second and three lines. City. \”Suhua said.
If you say that the original ecological Chinese netizens, most of the \”social average\” in the second and third-tier cities, while the seed users who are shake from the beginning are the wave of one. Early Hair Tudo Platform Development Strategy is to in-depth art colleges and shake platforms to convince a batch of high-quality young people for their production, and help them get fans, which is this batch of seed users, youth, fashion temperament, Paste the ticking label to the shake. I believe that this gene is still engraved in the organization and corporate culture of the fast hand. If you want to summarize the primary features of the fast-handed earlier: users are highly viscous, ecological abundance. These two points have also determined the development direction of the fast hand.
1. User high viscosity determines the commercial space has been in the 20th year of commercial revenue, has been running wildly, becoming the first big income.
E-commerce, November 30, 2021, upgrade the \”Good Field Alliance\” to \”Express Distribution\”, provide services to all ecological partners, match merchants, anchics, users , Reduce third parties, and build their own e-commerce closed loop ecology.
In October 2020, the Ways Alliance went online for a month, and the distribution GMV was 10 billion; in the past year, the quick-end e-commerce distribution business order volume increased by 3618%. High-speed growth of commercialization and e-commerce closed-loop ecology, it is because there is highly viscous user trust. If you use DAU / MAU to represent the user’s stickiness, the fast hand is higher than the Weibo and the B station.
Look at the picture, for a long time, in the income structure of the quick hand, live rewards account for more than 90%, while the first income source of shake is advertising, which can also argue the fast hand. The high viscosity between users and anchors.
2. Maintaining ecological national platform
compared to shake, fast hands are more ecological abundance.
Take a look at the movements in recent years, and also go to this direction. In recent years, it has been put into investment in national incidents in recent years. Olympic, Winter Olympics, Spring Festival Evening. Pay attention to the diversity of the content, such as in the past two years, I have been vigorously supporting the content of sports, and signed C Ronald Sports spokesperson, winning the NBA two-centered copyright, the Chinese women’s volleyball team settled in the fast hand, became the first country with Snoowick copyright Short video platform.
I have heard that the quick hand has a team specializing in the verge of extinction.Support. If the cultural password of the B station is a young man and second yuan, the cultural password of the quick hand is ordinary and great national. Before the B station \”After Wave\”, the \”see\” of the quick hand has won more reputation, which is a comparison of these two ideology. The value of the quick hand is significantly more national and ZZ correct. Especially under the current public public opinion.
Fourth, Zhi: Is the end of commercial madness? Is it a crowd? 1. 10 years of hardships
2011 founded in 2011, 10 Commercialization has been very difficult in the past year. On the major content platforms, knowing that large V is the most difficult to form a consensus. Also have experienced several waves V leaving events.
According to data statistics, 2020, knowing that the average revenue per user is approximately 19.7 yuan. Such data, it is far from 59.4 yuan and fast handle 109 yuan.
There is basically no commercialization and quiet content adjustment in the first five years.
Until 2016 is a financial port. I know \”value\” and \”knowing Live\” in July. In 2019, \”Salt Selection Members\” became its commercial turning point. In the same year, \”Chao\” e-commerce app, male version \”Little Red Book\”. Then, in March 21, US stocks were listed. The stock distribution price is $ 9.5. But knowing that the opening is broken, the opening price is $ 8.05. Even if I revenue in the third consecutive quarter, the stock price of $ 6.35 (deadline 12.3) remains below the distribution price.
2. Knowing ushered in commercial outbreak
The Q3 financial report is very nice, the revenue is 823.5 billion yuan, an increase of 115.1% year-on-year. This is a year-on-year growth in three consecutive days since March 26 this year. The Mau reached 101 million, an increase of 40.1% year-on-year. The main four parts:
online advertising business revenue is 321 million yuan (accounting for 39% of total revenue), in the large environment of the overall advertising industry, knowing the online advertisement increased by 38.9% year-on-year. Commercial content solution business (known +) revenue is 278.4 billion yuan (accounting for 33.8% total income), a year-on-year increase of 511.9%. Member revenue is 178 million yuan (accounting for 21.7% total revenue), a year-on-year increase of 95.8%. Online education, e-commerce and other other income of 45,700 (accounting for 5.5% total income).
It can be seen that it is known that it is un commercialized. Moreover, combine the near-term actions (know the revision, put the video as the main force point), and Zhou Yuan’s speech at the financial conference call, they know that they will continue to enlarge commercialization. And you will focus on the video.
November 20th, I know the revision: The first Tab is the \”video stream\” of the shake. And the \”send video\” button at the bottom also shows the emphasis on the platform.
\”Three Drivers\” to the top of the video, recommendation and hot list, can clearly see the future product positioning, which is recommended as a rule with algorithm (reduce \”concerned\” TAB’s private domain weight , Pay more attention to the palm control of the platform, encourage video of communities. Superimposed video trends, the intensity of commercialization will continue to increase, and there will be brokerage expectations in 2020-2023, the company’s advertising composite growth should be close to 50%.
3. People to make money in middle age are Zhengqian
In recent years, there have been many negative sounds in recent years. In the search for \”Know Advertising\”, you can also see a lot of questions and answers about users. Some netizens think that the knowledge is too intensive, \”\” Eat money is getting more and more excessive \”; and some netizens said that the recommended Soft is\” put people’s IQ on the ground. \”
The user is also reflected in the knowledge of the quality of advertising. In 2020, the advertising revenue obtained from each month’s live home is 12.3 yuan. In accordance with the simple calculation of data in the first half of 2021, it is not more than 10.5 yuan from the advertising income obtained from the living households every month.
It can be seen that although the number of people knows, the value of a single user is reduced, and the user does not seem to buy it for knowing ads. This generalization is actually a reduction in production threshold: because the early content is actually PGC, the threshold is too high, and ordinary people cannot participate. If not flooded, the known UGC will be limited to the elite, and the participation of ordinary users is low. Moreover, the platform’s control is also low, and the voice is finally mastered in the head kol hand. \”Content Entertainment, Professional Answer Hydrocence, Learning Story\”, etc., in fact, it is a \”content flat\” road to go to the centralization and go to the head account.
From a business point of view, it is 10 years since its business, it really needs to make money.
I remembered that I have already won the cultural pioneer altar, becoming a movie industry and the commercial world boss. A few years ago, Han Han said his view on \”making money\”. \”Standing here, talking to my image is especially true. Everyone thinks that I should always be a happy teenager, carrying the big treasure sword to change this world. But is the big treasure sword not to pay?\”
It is not wrong to make money. Just choose. However, as an early years of faithful users, I am selfish hope: knowing that I don’t want to become a business company that is a unambiguous business company, making a lot of things, earning almost money. When it is mentioned, there is no longer 10 years ago. Finally, talk about Tencent and Ali. These two companies represent the large discs and benchmarks of domestic Internet companies.
Five, Tencent: Chassis stable low-key action
Let’s talk about a fun phenomenon, why is Ali and Tencent’s performance?In the case of, Tencent rose, Ali plummeted, the discussion of the specific business, I actually feel that this is the embodiment of the brand value of the two companies in the secondary market.
Ma Huateng faith \”Theory\” Theory: Kevin Kelly \”Theory: On the inside of a large machine, or the machine community In the event of what kind of form should be taken, what kind of method should be adopted, and the final goal is to find the answer.
The outcome is the meaning of going to the center of organisms. Excessive results is the ecology collapse.
For example, in investment, Tencent’s competitive strategy is not in its own, or focus on its own business. But through the way invested. Keep yourself and use mercenaries to consolidate the ecology. Just pure financial investment, let the founder continue to control the company in this company, give all the conditions required for the company to operate. Ali is more pursuit of absolute control, making ecological integration.
On the product, Many things don’t do like Ali, including how much Alipay has done so much. WeChat seems to have no effort. WeChat has not been like a product like a flower. Tencent is not Strong operation of the company.
In fact, two companies different natures are a completely different genes of Tencent and business in the game.
I saw such an example from the past: Tencent investment is a typical to do PE’s rich second generation, and Ali investment is more like cultivated land in industrial field. Tencent’s investment has indeed reached the state of the wind, and Alibaba, which is expensive, is unlikely to have so many poetry.
3. Impression to everyone
The share price is the reaction of market emotions.
Tencent’s core business layout is a social + game, and it is more close to everyone, and the business form is more like a communication. Added people’s determinism. Ali is e-commerce, everyone always feels that my money is earned, plus the epidemic is not good, especially before 996, \”two choices\” 1.82 billion fine public opinion, public opinion is the public ignorance, Ben Weibo on Weibo is a J Business.
summarizes the Q3 earnings reported by Tencent: No excellent, but a very correct financial report. Income growth, decline in earnings, minor game duration and flow water, investment strategic fields and cutting-edge technology, commitment to invest in common prosperity projects, deepening the cooperation between UnionPay Clouds.
The revenue is 14.2368 billion yuan, a year-on-year increase of 13%; net profit of 31.8 billion yuan, a year-on-year decline in 2%. This is also the first time that Tencent has declined in the past 10 years.
Value-added service business revenue increased by 8% to 752100 million yuan. It accounted for 53% of financial technology and corporate service business revenue increased by 30% to 43.3 billion yuan. Accounting than 30.4% online advertising business revenue increased by 5% to 22.5 billion yuan. It accounted for a year-on-year increase of 20% to 11.3 billion yuan a year-on-year. Social and other advertising revenues increased by 7% to 19 billion yuan. Media advertising revenue fell by 4% to 3.5 billion yuan.
1) Penguin Empire rear of the WeChat ecology quantity.
This year’s special fire local life, Ali Mei Mission Jingdong haw happily is fighting, WeChat has not heard it. In fact, WeChat has also huge value in local life: now go to the store, basically there are public accounts, guide attention to the small program, apply for e-members to send discounts, such as \”Haagen-Dazs buy one get one free\” . WeChat small program + social advertising + cloud + payment, etc., you can say that WeChat ecology can connect everything.
2) Loss of List
Supervision is the sword of Damock. This financial report Tencent first split the game into two domestic and overseas income. Dare to say it.
Our public relations rods have even rumors that all family financial reports feel that they are proud of loss, they don’t dare to make money. I also listened to some partners to say that Tencent’s popular drama collection did not dare to disclose. In the past, it was a variety of performance battle reports, this year is hidden.
At the same time
Almost at the same time, almost a huge investment loss at the same time: Tencent’s investment fair value fell 36.4 billion in the third quarter, and the investment of Ali equivalents was 11.4 billion, Jingdong investment lost 5 billion, Baidu investment loss 18.9 billion, B station investment lost 124 million. The strike against platform economy and capital disorderly expansion will not stop. And these two policies have been written to the \”resolution\”. Because supervisors are worried that the platform and capital excessive expansion, the development of extrusion effects in other industries.
The two companies in Tencent Ali are indeed penetrating all industries in the Internet. The monopoly is obvious, and there has not been such a large company pattern in foreign countries. Google, Facebook, or its own boundaries.
Sixth, Ali: The loss may deliberately
Due to the domestic and foreign environmental changes, this year Ali took a lot of thunder. Ali 2022 fiscal report (ie 2021 Q3) is not very good.
After the release of the earnings report, the stock price plummeted after the release, from 158 to 118 on December 5, and retraves 25%. In the second quarter of the 2022, the earnings reported in the quarter, the income of 200.9 billion yuan was 29% year-on-year; the adjusted net profit was 28.52 billion yuan, down 39% year-on-year.
Summary Ali’s Certificate:
1) The main core business is under pressure, the giants are turning around: remember the new track, pursue new high growth
Alibaba has increased the community commercial platform, Tao, local life service and Lazada, etc. The strategic field, as well as the investment in growth business such as idle fish, Taobao live, refers to the various degradation platforms that have been introduced this year, and the cost of operating costs is reduced.
2) Ali’s losses may be active
The market believes that because of its advertising, commission income has grown seriously, and the revenue growth is only 16%, which slows greatly. It is due to a lot of spells, and the jam and other fields will have a big impact on Ali’s business.
But Alibaba still has strong competitiveness in the face of new states:
In the competition of the sinking market, the sinking market users of Taobao itself account for 56%, and has It is close to a lot of 60%, and Ali has also launched Taoti to sink the market. Its active consumer in September 30, 2021 has exceeded 240 million, and the proportion of the Alibaba ecology continues to rise; 2) In terms of e-commerce live, Alibaba belongs to the early entry of E-commerce, and with the huge user groups and diverse products of Alibaba e-commerce still maintain the lead position.
In 2020, the top ten branches, Taobao live flags account for 5, and FY2021 Taobao live GMV reached 500 billion, and the fast hand, the jimming is 381.2 billion and 1000 in 2020. Billion level, Taobao live has a significant advantage.
So I have a guess that Ali’s loss may be active, and the active slows the growth rate. I have done a lot of business support, referring to the various measures of various types of platform operations that have been introduced this year, reduce the cost of operating costs. Help common wealthy …
Ali CFO Wu Wei also explained in the conference call, in recent quarters, customer management income is slower than the total amount of commodity transactions, mainly because the company has done in business support. Big investment. If this part is added back, both (growth) should be basically consistent.
3) Ali intends to emphasize overseas market growth and overseas users
Ali Cross-border retail and wholesale business revenue 15.1 billion yuan, YOY + 34%. Among them, Lazada orders increased by 82% year-on-year, in Thailand, Vietnam, Malaysia and other regions increased by more than 100%; Trendyol’s GMV increased by more than 80% year-on-year; the speed of the speed of the Event of the European region will speed up the localization of the European region.
4) Tao Special is a recent Ali’s key investment, betting a typical business. On May 28, Taoti officially detached from Taobao. Tott AAC in this quarter reached 240 million, with mobile phoneTaobao has been close to 50% compared to Tit, which helps the manufacturer directly from the manufacturer through M2C model. The quarter is 400% year-on-year.
5) Affected by many international markets and industry policies
Ali Cloud is a star business.Alibaba Cloud realized the revenue of RMB 20.07 billion, YOY + 33%, and has been profitable for four consecutive quarters.At the second quarter, Ali CFO Wu Wei said that the growth rate of Ali Cloud is mainly the impact of losing a single major customer byte beating international business.Otherwise, Alibaba Cloud has grown a year-on-year increase should be 40% (actual 29%).The impact of this header will continue until the end of the fiscal year.At the same time, it is said that the wind wave in the online education industry will bring some bumps to the development of Ali Cloud.
In 2021, the domestic Internet industry was not very good.Black swan.For companies like Ali, it is really not important to make money.
This article is published by @ 的 酸 豆 原 发 人 人 人理.Reprinted
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