Experts interpret Station B and half -annual report: user scale and community stickiness are further enhanced. The next step needs to think about how to break the circle and expand

Cover reporter Wu Yujia

On September 8th, NASDAQ: BILI/09626.HK, hereinafter referred to as "station B") released its financial report. The announcement shows that the company's 2022 fiscal year's interim reported operating income rose 18.66%year -on -year to RMB 9.963 billion, but The net profit attributable to the general shareholders of the parent company was -4289 billion yuan, a year-on-year decrease of 111.89%; the revenue in the second quarter achieved revenue of 4.909 billion yuan, an increase of 9.21%year-on-year, but a decrease of 2.87%month-on-month. Falling is also the first quarter of revenue growth rates of less than two digits; net loss was 2.010.4 billion yuan (about 3002 million US dollars), and the adjustment of net loss was 1.967.9 billion yuan, and the losses expanded by 48.53%year -on -year. The company's revenue is mainly composed of four major sections. The value -added service revenue was 2.1 billion yuan, an increase of 29%over last year. Advertising revenue was 1.16 billion yuan, an increase of 10%over the same period last year. The quarterly revenue of mobile games was 1.05 billion yuan, a decrease of about 15%from 1.23 billion yuan in the same period last year. E -commerce and other revenue of 600 million yuan, an increase of 4%.

Chen Duan analyzed the financial report of Chen Duan, director of the Digital Economic Integration and Innovation Development Center of the Central University of Finance and Economics, stated that in recent years, the importance of B's ​​network content in my country's network content ecology has continued to rise. Both the average market and paid users have maintained a upward growth trend. On the other hand, the content ecology is also continuously enriched. From early games to more diverse content ecology and creator ecosystems continue to grow.

In the second quarter, the average number of active users of Station B in the second quarter reached 306 million, an increase of 29%year -on -year, and the average daily active users reached 83.5 million, an increase of 33%year -on -year. The average daily use time of users in the second quarter was 89 minutes. The average monthly payment user reached 27.5 million, the payment rate reached 9.0%, the overall traffic of the community increased by 48%year -on -year, the average daily video playback volume of the community reached 3.1 billion times, an increase of 83%year -on -year. The increase of 73%, the community viscosity was further enhanced.

Chen Duan said that from the perspective of the content ecology, the barrage sharing culture, high -quality PUGV content, and a large number of high -quality creators provide basic advantages for the adhesive maintenance and commercial value development of the B station. The average monthly UP of station B was 3.6 million, an increase of 50%year -on -year; the average monthly contribution reached 13.2 million, a year -on -year increase of 56%. UP master obtains income in station B through live broadcast, advertising, creative incentive plan, etc., live broadcast becomes an important realization channel of UP master. Story-Mode vertical screen video has become a new growth engine and a new scene of advertising monetization.

In terms of revenue, the revenue of station B in the second quarter was 4.91 billion yuan, an increase of 9%year -on -year, and the income of value -added service business was 2.1 billion yuan, an increase of 29%year -on -year, which was the largest source of revenue, with revenue accounting for 24%; as of the second quarter, At the end, the number of "big members" reached 21 million, an increase of 19%year -on -year.

Chen Duan pointed out that although Station B has many highlights of performance, it also faces two development bottlenecks.

First, the current number of monthly living people in station B has successfully exceeded 300 million, and the average daily use of users is 89 minutes. As an important spiritual homeland and community exchange platform for generations Z, its commercial value will accompany the consumption capacity and society of the generations of Gen Z The improvement of the influence of resource allocation has further improved, but this also means that the future development faces huge user scale ceiling and user time ceiling. Because the original community positioning and content pattern of station B were basically facing young people. After reaching 300 million monthly active users, the expansion of the user scale means that it is necessary to further break the capacity on the user structure, and it also means that the original content also means that the original content The architecture needs to be structural adjustment according to the demand for the expansion of the user scale in the future. At the same time, the leap from the "small broken station" to the mainstream communication platform of the society will also put forward new requirements and challenges for the content architecture, regulatory response, social responsibility, etc. The continuous fine -tuning of this intermediate content structure and content tone, as well as the continuous optimization of the business model relying on linked groups and resources, needs to be dynamically balanced between commercial monetization and mainstream social responsibility. Following the second listing of Hong Kong in Hong Kong in March 2021, Station B also planned to be listed in Hong Kong's doubles. Since its own business is still in a loss state, how to use the dual main listing to obtain more development resource support, how to adjust relevant adjustments to the relevant adjustment of the relevant development resource support, how to adjust the relevant adjustment to the relevant adjustment of the relevant development of resource support, how to adjust the relevant adjustment to the relevant adjustment of the relevant development of resource support, how to adjust the relevant adjustment to the relevant adjustment of the relevant development of resource support. People related to the interests of the capital market to tell the story of development stories are all challenges that need to be faced in the future.

Second, while the continuous growth of user scale and overall revenue, rising costs and expenses have led to the expansion of Station B.In the second quarter, the income cost of station B increased by 19% to 4.17 billion yuan year -on -year, mainly due to the increase in income division and content costs. Among them, the income division cost reached 2.07 billion yuan, an increase of 18% year -on -year.Yuan.The game revenue, which is an important source of revenue, decreased by 15%in the second quarter to 1.046 billion, mainly due to the lack of new exclusive agents in the first half of the year.On the one hand, the game's own game is relatively high in policy risks, including the version number, and on the other hand, Station B has not yet formed a clear core competitiveness in terms of game self -research.Chen Duan believes that in the face of the new generation of Internet iterative trends under the concept of the Yuan universe, the B station has also continued to work in the past two years. However, in addition to Luo Tianyi and other head anchors, a large number of waist and long tail anchor are also also.Although it has not achieved profitability, although it has the core basic advantages of users in the Z era, the current transformation strategy and results are not clear.

- END -