Loss of paid users!The growth rate of income profits has all declined, and there are still hidden concerns after the profit of Zhiwen Group Q1

In the first quarter of 2022, Zhiwen Group reversed the loss of losses in the fourth quarter of last year and achieved a net profit of 289 million yuan. However, from the perspective of the year -on -year growth rate, its net profit still declined by 37.35%.

"Investment Times" researcher Lu Gong

In the first quarter of this year, the net income of Beijing Zhiwen Technology Co., Ltd. (hereinafter referred to as Zhiwen Group, NASDAQ: Momo) has declined year -on -year in the ninth consecutive quarter.

A few days ago, Zhiwen Group announced the unaudited financial results in the first quarter of 2022. Data disclosed that the company achieved net income of 3.148 billion yuan in the first quarter, a decrease of 9.3%from the same period last year; net profit was 289 million yuan, and the same occurred, and the same occurred. 37.35%decreased year -on -year. At this point, the net income of Zhiwen Group has fallen year -on -year in the ninth consecutive quarter, and the company's net profit in the same period has not achieved a large increase in growth. In the first quarter of this year, 289 million yuan E00 million) increased by more than 200 million yuan.

Regarding the decline in net income in the first quarter, Zhiwen Group explained in the financial report that the main reason is that the weak consumption leads to macro -wind wind and reduce the strategic decision to explore the live broadcast business.

At the same time, the company predicted the performance of the second quarter of this year in the first quarter report. Its total net income of the company would be between 3.05 billion yuan and 3.15 billion yuan, a year -on -year decrease of 14.2%to 16.9%. However, the company said, "These conditions may change, especially the potential impact of the recovery of the new crown epidemic on the domestic and global economy and user payment capabilities."

In addition to the continuous decline in net income, in terms of user growth, Zhiwen Group may also encounter bottlenecks. Data disclosed that until March of this year, the company's Momo's monthly active users (MAU) decreased by 3.82%year -on -year to 110.9 billion, and as early as December 2018, the company's monthly active households exceeded 100 million.

In response to the decline in net income above and the scale of user growth, the Email and communication outline of "Investment Times" asked the company's relevant departments that as of press time, the company had not received the company's reply.

Net income decreased by 9 quarters year -on -year

According to the financial report, in the first quarter of this year, Zhiwen Group changed the loss of losses in the fourth quarter of last year and achieved profitability. Its net profit was 289 million yuan. In the same period of 2019, the company's net profit was 287 million yuan. Three years later, the company's net profit generally increased by more than two million yuan.

In addition, the net income realized by Zhiwen Group in the first quarter of this year still shows a downward trend, a year -on -year decrease of 9.3%to 3.148 billion yuan. It is reported that this is the ninth quarter of the company's net income year -on -year. From the time of falling into a continuous continuous decline.

"Investment Times" researcher split the company's income source structure that the current income of Zhiwen Group is mainly composed of five parts, which are live video services, value -added services, mobile marketing, mobile games and other services. Among them, the revenue contributed by the live broadcast business has long occupied a large proportion of the company's total revenue. In the first quarter of this year, although the company's revenue of live video services was reduced, it still accounted for more than half of the company's total revenue, accounting for 51.10%.

In the first quarter report, Zhiwen Group attributed the decline in income to the weak consumption of consumption and the strategic decision to reduce the exploring live broadcast business. It is reported that under the environment of the continuation of global public health incidents and stricter regulatory policies such as education, real estate, and games, Zhiwen Group is gradually reducing the live broadcast business, and at the same time broaden business boundaries, thereby achieving diversified development.

In fact, after entering 2020, the income of the Vicening Group in each quarterly derived from the live video service revenue showed a year -on -year trend. From the first quarter of this year, the trend has not changed. 2.332 billion yuan generally fell to 1.609 billion yuan in the first quarter of 2022, a decrease of over 700 million yuan.

So, in the case of the reduction of the live broadcast business and the decline in the revenue of the contribution, what is the performance of Zhiwen Group in other businesses and diversified business development?

Let's look at the performance of other businesses first. Researchers of "Investment Times" noticed that the income contributed by the mobile marketing and other services in the first quarter of this year has declined to varying degrees, and the year -on -year decrease was 28.01%and 17.27%, respectively. Essence

Some insiders analyze that under the background of stricter regulatory policies, the advertising revenue of Internet platforms is affected to varying degrees. In the current environment, advertisers are more cautious and more focused on the transformation of effects in the choice of advertising platforms.

Investment Times researchers compared the advertising revenue of short video platforms such as Kuaishou (01024.HK) and BILI (BILI), which found that the advertising revenue of these two companies in the first quarter of this year has increased. Among them, the revenue of Kuaishou online marketing service increased by 32.6%year -on -year to 11.4 billion yuan; the advertising revenue of Station B increased by 45.63%year -on -year to 1.041 billion yuan.

The revenue contributed by Zhiwen Group's mobile marketing in the first quarter of this year was only 28 million yuan, a decrease of more than 10 million yuan compared with the 39 million yuan in the same period last year. Regardless of the value or the year -on -year increase or decrease, Zhiwen Group was thrown behind the two short video platforms mentioned above.

In terms of diversified business expansion, although Zhiwen Group has reduced the live broadcast business, the proportion has also been reduced, and in the first quarter of this year, the company still has more than half of the income from live video services. It can be seen that on the road to reducing the dependence on the live broadcast business and reversing the current unsatisfactory performance through the diversified business expansion, it is still full of challenges. The net income and net profit of Ziwen Group each quarter (100 million yuan)

Data source: company financial report

The user scale is topped?

It is reported that in the second quarter of this year, only the income brought by the value -added services and mobile games increased year -on -year. Among them, the year -on -year growth rate of value -added services was 1.9%, and the previous quarter was 5.3%. It can be seen that the stretching time dimension can be seen that the company's year -on -year growth rate of value -added service revenue in various quarters in recent years has been double -digit, and it has achieved an increase of to 272%year -on -year in the fourth quarter of 2018. It really cannot be regarded as optimistic.

The value -added service income of Zhiwen Group mainly includes virtual gift income and membership subscription income, which also means that the company's value -added service revenue status is largely related to the scale of paid membership. Data disclosed that since the third quarter of 2020, the paid users of the live video services and value -added services of Zhiwen Group have shown a year -on -year decline. , 10.94%and 12.70%. In addition, the company's total number of paid users in the first quarter of this year has decreased by 2.1 million compared with 13.1 million in the third quarter of 2020.

In addition, as early as December 2018, Momo's monthly active users (MAU) exceeded 100 million to 113.3 million. It has been more than three years since the development. Near the ceiling. According to the latest financial report data, in March of this year, Momo's monthly active users (MAU) were 110.9 billion, and the same period last year was 114.4 million.

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