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小萌新CCC
2021-08-21
[惊讶]
抱歉,原内容已删除
小萌新CCC
2021-08-19
$Senseonics Holdings,Inc.(SENS)$
any newsreleased? [惊讶]
小萌新CCC
2021-09-07
Sharing
小萌新CCC
2021-08-28
$Senseonics Holdings,Inc.(SENS)$
平稳的起飞吧~[OK] [666]
小萌新CCC
2021-08-09
$嘉楠科技(CAN)$
加油继续涨哦~
小萌新CCC
2021-03-15
$老虎证券(TIGR)$
今天脑子抽了跳进这个破坑[捂脸]
小萌新CCC
2021-08-21
[微笑]
盘后点评:利好消息仍不能阻止中概回撤
小萌新CCC
2021-08-21
嗯嗯不错
B站真的要50美元见了吗?
小萌新CCC
2021-04-15
$高通(QCOM)$
今天怎么跌这么凶! 后悔前两天没有跑[捂脸]
去老虎APP查看更多动态
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","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832060676","repostId":"1120379675","repostType":4,"repost":{"id":"1120379675","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点,观察市场,提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629509196,"share":"https://www.laohu8.com/m/news/1120379675?lang=&edition=full","pubTime":"2021-08-21 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referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>中概的关键,在于怎么能够让美国资本市场感受到来自中国的友善信号。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>盘后点评:利好消息仍不能阻止中概回撤</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n盘后点评:利好消息仍不能阻止中概回撤\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎锐评 </p>\n<p class=\"h-time\">2021-08-21 09:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>多年的交易经验告诉我,对于中外投资人结合最紧密的中概市场,其走势有着非常多有趣的现象。比方说来自亚洲的投资人,交易一般都会在前半个交易时间段完成,特别是早上10点半以前,因为后半夜要睡觉休息。对于美国的投资人,交易不会那么着急,交易一般会贯穿全天或者是在下午。对于同一件事情,中美投资人经常也会做出截然相反的投资决定。</p>\n<p>从“双减”文件落地开始(7月23日周五),中概股进入一个新的周期。在这个周期中,有时候亚洲投资人认为估值低急于抄底,但美国投资人却撤退;有时候亚洲投资人因为国内某项政策撤退,而美国投资人又稳住。</p>\n<p>以今天为例,中概股(蓝色)和阿里巴巴(黑色)的股价,因为证监会“将创造条件推动中美审计监管合作,稳定政策预期和制度环境”而高开。但是上涨的股价只持续到了10点半,就一路跌到了收盘。亚洲投资人积极买进,但美国投资人依旧撤离。</p>\n<p><img src=\"https://static.tigerbbs.com/2dc6157fda2d4d154efad936f9bce93b\" tg-width=\"430\" tg-height=\"240\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>根据统计,今年证监会释放了不少对中概股的友善信号。<img src=\"https://static.tigerbbs.com/2e01fe6e9d968e01c27b8e0c43ef657a\" tg-width=\"479\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>中概的关键,在于怎么能够让美国资本市场感受到来自中国的友善信号。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bc9de4d397ebba7835e00e3691884586","relate_stocks":{".DJI":"道琼斯","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120379675","content_text":"多年的交易经验告诉我,对于中外投资人结合最紧密的中概市场,其走势有着非常多有趣的现象。比方说来自亚洲的投资人,交易一般都会在前半个交易时间段完成,特别是早上10点半以前,因为后半夜要睡觉休息。对于美国的投资人,交易不会那么着急,交易一般会贯穿全天或者是在下午。对于同一件事情,中美投资人经常也会做出截然相反的投资决定。\n从“双减”文件落地开始(7月23日周五),中概股进入一个新的周期。在这个周期中,有时候亚洲投资人认为估值低急于抄底,但美国投资人却撤退;有时候亚洲投资人因为国内某项政策撤退,而美国投资人又稳住。\n以今天为例,中概股(蓝色)和阿里巴巴(黑色)的股价,因为证监会“将创造条件推动中美审计监管合作,稳定政策预期和制度环境”而高开。但是上涨的股价只持续到了10点半,就一路跌到了收盘。亚洲投资人积极买进,但美国投资人依旧撤离。\n\n根据统计,今年证监会释放了不少对中概股的友善信号。\n中概的关键,在于怎么能够让美国资本市场感受到来自中国的友善信号。","news_type":1},"isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832060019,"gmtCreate":1629542665031,"gmtModify":1631888675193,"author":{"id":"3574872491745123","authorId":"3574872491745123","name":"小萌新CCC","avatar":"https://static.tigerbbs.com/60c9f0311f8f788b20be7445e2d0984e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574872491745123","authorIdStr":"3574872491745123"},"themes":[],"htmlText":"[惊讶] 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","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832060019","repostId":"1145710810","repostType":4,"isVote":1,"tweetType":1,"viewCount":1206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832087224,"gmtCreate":1629542529268,"gmtModify":1631888675197,"author":{"id":"3574872491745123","authorId":"3574872491745123","name":"小萌新CCC","avatar":"https://static.tigerbbs.com/60c9f0311f8f788b20be7445e2d0984e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574872491745123","authorIdStr":"3574872491745123"},"themes":[],"htmlText":"嗯嗯不错","listText":"嗯嗯不错","text":"嗯嗯不错","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832087224","repostId":"1149941037","repostType":4,"repost":{"id":"1149941037","kind":"news","pubTimestamp":1629518423,"share":"https://www.laohu8.com/m/news/1149941037?lang=&edition=full","pubTime":"2021-08-21 12:00","market":"us","language":"zh","title":"B站真的要50美元见了吗?","url":"https://stock-news.laohu8.com/highlight/detail?id=1149941037","media":"妙投APP","summary":"8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。\n资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。\n除基本","content":"<p>8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。</p>\n<p>资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。</p>\n<p>除基本面“喜忧参半”,B站还要面对更多挑战。如监管多管齐下,可能会对B站Q3营收造成压力。B站还要亏损多久?</p>\n<p>它是否会重蹈视频行业无法盈利的覆辙?年后B站的股价一直处于下行通道,甚至有分析师提出会回落到50美元大关,真的吗?</p>\n<blockquote>\n 给B站Q2财报快速划重点,以下几点值得关注:(1)营收超预期:净营收44.95亿元,同比增长72%;广告、电商和增值服务业务贡献最大,前两者同比均翻2倍左右,后者同比增长98%;(2)增收不增利:净亏损11.22亿元(调整后为8.57亿元),优于市场预期,但亏损幅度仍在扩大;(3)主发动机“失灵”:游戏作为过往的支柱业务整体流水不增反降,收入同比下降;(4)流量盘稳住:平均每月活跃用户 (MAU)达到2.371亿,增速38%,符合市场预期;但整体用户粘性和ARPU值略有下滑。\n</blockquote>\n<p>一、增收不增利,是不想,还是不能?</p>\n<p>总体上,B站Q2净营收44.95亿元,同比增长72%;毛利9.89亿元,毛利率降至22%;经营亏损15.21亿元,亏损率高达34%。</p>\n<p><img src=\"https://static.tigerbbs.com/6a7ec909cecff4ca9821ef99803b8c92\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从收入端来看,B站营收来自四块业务:手机游戏、增值服务(VAS)、广告、电商及其它。</p>\n<p>从2020年Q4开始,B站增值服务的占比就超过游戏,成为新的支柱业务;Q2这块业务营收16.34亿元,占总营收36.37%。而B站Q2的增长亮点来自广告,同比增长201%,营收首次超过10亿元,占总营收比提高至23.34%;当然,高增长也部分因为基数小,持续性待观察。B站Q2电商业务同比增长195%达5.78亿,占比与2020年持平,为13%。</p>\n<p>从营收结构上,B站已经实现“多轮驱动”,且更像一个互联网平台了(游戏业务后面会单独讨论)。</p>\n<p><img src=\"https://static.tigerbbs.com/1c8a368d96458157d797761208bec97d\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从成本端来看,B站Q2营收成本35.06亿元,同比增长74%。考虑到营收同比增长为72%,毛利率的些微下降来自营收端,原因可能包括高毛利的游戏业对营收贡献的下降、分成比例增加等。</p>\n<p>B站营收成本同样包括四部分:收入分成、内容成本、带宽及服务器、电商及其它。</p>\n<p>B占的收入分成是大头,Q2为17.47亿元,占营收的38.87%(2020年为36.4%),占比增长部分源于提高直播分成(给主播的分成已提升至80%-90%)。考虑到PUGV(专业用户生成视频)内容的播放量已占B站总播放量的93%,这也是其为了增长而主动选择更多让利。对B站来说,PUGV内容不仅是内容产品,还具有社交属性,能增加用户粘性。不过要注意的是,虽然B站的收入分成+内容成本仅占营收的一半多,远低于爱奇艺等平台,但其内容存在版权隐患。</p>\n<p><img src=\"https://static.tigerbbs.com/49a75b69f9bc0c69b7da7dd1c01da4d2\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从费用端来看,B站Q2总运营开支为25.10亿元,同比增长107%,且营销费、行政开支和研发支出均翻倍,这也是导致经营亏损率高于市场预期的原因。</p>\n<p><img src=\"https://static.tigerbbs.com/a77d680cb7b8769478174e35818f5421\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>B站董事长兼CEO陈睿曾将B站的商业模式总结为:用内容吸引用户、社区留住用户,再提供更多内容或衍生,如果用户喜欢就去消费。</p>\n<p>而B站Q2在增加74%的成本投入和107%的费用投入才换来72%的营收增长。即使不考虑分成和内容成本,未来仅市场费用的增加也够B站“喝一壶”。</p>\n<p>根据B站过往MAU和市场费用间的关系(2020Q2-Q4年实现MAU同比增速55%左右,市场费用增速区间为147%-227%;Q2MAU同比增长38%,市场费用同比增速为107%),用户获取成本在增加。为了实现2023年MAU达到4亿的目标,以及维持高增长的形象,B站必然不想更不能减少投入,增利不增收还会继续。</p>\n<p>二、都是尊贵的用户,谁能让B站赚更多?</p>\n<p>可能有人会觉得对B站持续增收不增利的论断过于“刻舟求剑”,且没考虑到用户ARPU值的提升。这部分就仔细看下B站的用户情况。</p>\n<p>陈睿在财报中对用户数据的介绍如下:“ MAU 总数达到2.371亿,同比增长38%”,但比Q1增加的实际值是1380万;“同期使用时长创新高,达到81分钟”,如果多看眼过往数据,B站刚上市时平均使用时长高达87分钟,2019年和2020年的平均使用时长也达到80分钟。</p>\n<p>以上并不是要吹毛求疵,只是让妙投会员更客观全面了解情况。当然,B站的MAU仍有上升区间,4亿目标也并非无法触及;现有用户的使用时长也较稳定。</p>\n<p>至于他提到的用户粘性,更通用的判断标准是DAU/MAU的值。2021年Q2,B站的DAU/MAU值同比环比均有下降。</p>\n<p><img src=\"https://static.tigerbbs.com/c835a6ccdd423d7b8fbb6cb6225da87c\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>好在B站的平均每月付费用户(MPU)Q2同比增长62%达到2090万,转化率为8.8%;ARPU值一直在下降,Q2为45.7元。</p>\n<p>对比看爱奇艺,Q2付费用户1.062亿,付费率超18%,ARPU值为12.53元;B站在付费用户总量和付费率提升上还有不少空间。</p>\n<p><img src=\"https://static.tigerbbs.com/1f98db5e125722a03d55dfb6502568fa\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>上面提到的B站ARPU值下降,其实和游戏业务发展萎靡有很大关系。B站移动游戏的ARPU值虽然也在下降,但2020年仍能达到223.6元;增值服务的ARPU值虽在增加,但同期也只有24.60元。</p>\n<p>无怪陈睿要将“游戏自研会是当前阶段的第一重点”。</p>","source":"lsy1605859317949","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>B站真的要50美元见了吗?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nB站真的要50美元见了吗?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-21 12:00 北京时间 <a href=https://mp.weixin.qq.com/s/51p2Uun21oGpwGmC8wrgIQ><strong>妙投APP</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。\n资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。\n除基本面“喜忧参半”,B站还要面对更多挑战。如监管多管齐下,可能会对B站Q3营收造成压力。B站还要亏损多久?\n它是否会重蹈视频行业无法盈利的覆辙?年后B站的股价一直处于下行通道,甚至有分析师提出会回落到50...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/51p2Uun21oGpwGmC8wrgIQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/959e12dad805ef7134e41190825f878a","relate_stocks":{"BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"https://mp.weixin.qq.com/s/51p2Uun21oGpwGmC8wrgIQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149941037","content_text":"8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。\n资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。\n除基本面“喜忧参半”,B站还要面对更多挑战。如监管多管齐下,可能会对B站Q3营收造成压力。B站还要亏损多久?\n它是否会重蹈视频行业无法盈利的覆辙?年后B站的股价一直处于下行通道,甚至有分析师提出会回落到50美元大关,真的吗?\n\n 给B站Q2财报快速划重点,以下几点值得关注:(1)营收超预期:净营收44.95亿元,同比增长72%;广告、电商和增值服务业务贡献最大,前两者同比均翻2倍左右,后者同比增长98%;(2)增收不增利:净亏损11.22亿元(调整后为8.57亿元),优于市场预期,但亏损幅度仍在扩大;(3)主发动机“失灵”:游戏作为过往的支柱业务整体流水不增反降,收入同比下降;(4)流量盘稳住:平均每月活跃用户 (MAU)达到2.371亿,增速38%,符合市场预期;但整体用户粘性和ARPU值略有下滑。\n\n一、增收不增利,是不想,还是不能?\n总体上,B站Q2净营收44.95亿元,同比增长72%;毛利9.89亿元,毛利率降至22%;经营亏损15.21亿元,亏损率高达34%。\n\n(数据来源:公司公告)\n从收入端来看,B站营收来自四块业务:手机游戏、增值服务(VAS)、广告、电商及其它。\n从2020年Q4开始,B站增值服务的占比就超过游戏,成为新的支柱业务;Q2这块业务营收16.34亿元,占总营收36.37%。而B站Q2的增长亮点来自广告,同比增长201%,营收首次超过10亿元,占总营收比提高至23.34%;当然,高增长也部分因为基数小,持续性待观察。B站Q2电商业务同比增长195%达5.78亿,占比与2020年持平,为13%。\n从营收结构上,B站已经实现“多轮驱动”,且更像一个互联网平台了(游戏业务后面会单独讨论)。\n\n(数据来源:公司公告)\n从成本端来看,B站Q2营收成本35.06亿元,同比增长74%。考虑到营收同比增长为72%,毛利率的些微下降来自营收端,原因可能包括高毛利的游戏业对营收贡献的下降、分成比例增加等。\nB站营收成本同样包括四部分:收入分成、内容成本、带宽及服务器、电商及其它。\nB占的收入分成是大头,Q2为17.47亿元,占营收的38.87%(2020年为36.4%),占比增长部分源于提高直播分成(给主播的分成已提升至80%-90%)。考虑到PUGV(专业用户生成视频)内容的播放量已占B站总播放量的93%,这也是其为了增长而主动选择更多让利。对B站来说,PUGV内容不仅是内容产品,还具有社交属性,能增加用户粘性。不过要注意的是,虽然B站的收入分成+内容成本仅占营收的一半多,远低于爱奇艺等平台,但其内容存在版权隐患。\n\n(数据来源:公司公告)\n从费用端来看,B站Q2总运营开支为25.10亿元,同比增长107%,且营销费、行政开支和研发支出均翻倍,这也是导致经营亏损率高于市场预期的原因。\n\n(数据来源:公司公告)\nB站董事长兼CEO陈睿曾将B站的商业模式总结为:用内容吸引用户、社区留住用户,再提供更多内容或衍生,如果用户喜欢就去消费。\n而B站Q2在增加74%的成本投入和107%的费用投入才换来72%的营收增长。即使不考虑分成和内容成本,未来仅市场费用的增加也够B站“喝一壶”。\n根据B站过往MAU和市场费用间的关系(2020Q2-Q4年实现MAU同比增速55%左右,市场费用增速区间为147%-227%;Q2MAU同比增长38%,市场费用同比增速为107%),用户获取成本在增加。为了实现2023年MAU达到4亿的目标,以及维持高增长的形象,B站必然不想更不能减少投入,增利不增收还会继续。\n二、都是尊贵的用户,谁能让B站赚更多?\n可能有人会觉得对B站持续增收不增利的论断过于“刻舟求剑”,且没考虑到用户ARPU值的提升。这部分就仔细看下B站的用户情况。\n陈睿在财报中对用户数据的介绍如下:“ MAU 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","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832060676","repostId":"1120379675","repostType":4,"repost":{"id":"1120379675","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点,观察市场,提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629509196,"share":"https://www.laohu8.com/m/news/1120379675?lang=&edition=full","pubTime":"2021-08-21 09:26","market":"us","language":"zh","title":"盘后点评:利好消息仍不能阻止中概回撤","url":"https://stock-news.laohu8.com/highlight/detail?id=1120379675","media":"老虎锐评","summary":"多年的交易经验告诉我,对于中外投资人结合最紧密的中概市场,其走势有着非常多有趣的现象。比方说来自亚洲的投资人,交易一般都会在前半个交易时间段完成,特别是早上10点半以前,因为后半夜要睡觉休息。对于美国","content":"<p>多年的交易经验告诉我,对于中外投资人结合最紧密的中概市场,其走势有着非常多有趣的现象。比方说来自亚洲的投资人,交易一般都会在前半个交易时间段完成,特别是早上10点半以前,因为后半夜要睡觉休息。对于美国的投资人,交易不会那么着急,交易一般会贯穿全天或者是在下午。对于同一件事情,中美投资人经常也会做出截然相反的投资决定。</p>\n<p>从“双减”文件落地开始(7月23日周五),中概股进入一个新的周期。在这个周期中,有时候亚洲投资人认为估值低急于抄底,但美国投资人却撤退;有时候亚洲投资人因为国内某项政策撤退,而美国投资人又稳住。</p>\n<p>以今天为例,中概股(蓝色)和阿里巴巴(黑色)的股价,因为证监会“将创造条件推动中美审计监管合作,稳定政策预期和制度环境”而高开。但是上涨的股价只持续到了10点半,就一路跌到了收盘。亚洲投资人积极买进,但美国投资人依旧撤离。</p>\n<p><img src=\"https://static.tigerbbs.com/2dc6157fda2d4d154efad936f9bce93b\" tg-width=\"430\" tg-height=\"240\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>根据统计,今年证监会释放了不少对中概股的友善信号。<img src=\"https://static.tigerbbs.com/2e01fe6e9d968e01c27b8e0c43ef657a\" tg-width=\"479\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>中概的关键,在于怎么能够让美国资本市场感受到来自中国的友善信号。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>盘后点评:利好消息仍不能阻止中概回撤</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n盘后点评:利好消息仍不能阻止中概回撤\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎锐评 </p>\n<p class=\"h-time\">2021-08-21 09:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>多年的交易经验告诉我,对于中外投资人结合最紧密的中概市场,其走势有着非常多有趣的现象。比方说来自亚洲的投资人,交易一般都会在前半个交易时间段完成,特别是早上10点半以前,因为后半夜要睡觉休息。对于美国的投资人,交易不会那么着急,交易一般会贯穿全天或者是在下午。对于同一件事情,中美投资人经常也会做出截然相反的投资决定。</p>\n<p>从“双减”文件落地开始(7月23日周五),中概股进入一个新的周期。在这个周期中,有时候亚洲投资人认为估值低急于抄底,但美国投资人却撤退;有时候亚洲投资人因为国内某项政策撤退,而美国投资人又稳住。</p>\n<p>以今天为例,中概股(蓝色)和阿里巴巴(黑色)的股价,因为证监会“将创造条件推动中美审计监管合作,稳定政策预期和制度环境”而高开。但是上涨的股价只持续到了10点半,就一路跌到了收盘。亚洲投资人积极买进,但美国投资人依旧撤离。</p>\n<p><img src=\"https://static.tigerbbs.com/2dc6157fda2d4d154efad936f9bce93b\" tg-width=\"430\" tg-height=\"240\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>根据统计,今年证监会释放了不少对中概股的友善信号。<img src=\"https://static.tigerbbs.com/2e01fe6e9d968e01c27b8e0c43ef657a\" tg-width=\"479\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>中概的关键,在于怎么能够让美国资本市场感受到来自中国的友善信号。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bc9de4d397ebba7835e00e3691884586","relate_stocks":{".DJI":"道琼斯","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120379675","content_text":"多年的交易经验告诉我,对于中外投资人结合最紧密的中概市场,其走势有着非常多有趣的现象。比方说来自亚洲的投资人,交易一般都会在前半个交易时间段完成,特别是早上10点半以前,因为后半夜要睡觉休息。对于美国的投资人,交易不会那么着急,交易一般会贯穿全天或者是在下午。对于同一件事情,中美投资人经常也会做出截然相反的投资决定。\n从“双减”文件落地开始(7月23日周五),中概股进入一个新的周期。在这个周期中,有时候亚洲投资人认为估值低急于抄底,但美国投资人却撤退;有时候亚洲投资人因为国内某项政策撤退,而美国投资人又稳住。\n以今天为例,中概股(蓝色)和阿里巴巴(黑色)的股价,因为证监会“将创造条件推动中美审计监管合作,稳定政策预期和制度环境”而高开。但是上涨的股价只持续到了10点半,就一路跌到了收盘。亚洲投资人积极买进,但美国投资人依旧撤离。\n\n根据统计,今年证监会释放了不少对中概股的友善信号。\n中概的关键,在于怎么能够让美国资本市场感受到来自中国的友善信号。","news_type":1},"isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832087224,"gmtCreate":1629542529268,"gmtModify":1631888675197,"author":{"id":"3574872491745123","authorId":"3574872491745123","name":"小萌新CCC","avatar":"https://static.tigerbbs.com/60c9f0311f8f788b20be7445e2d0984e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574872491745123","authorIdStr":"3574872491745123"},"themes":[],"htmlText":"嗯嗯不错","listText":"嗯嗯不错","text":"嗯嗯不错","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832087224","repostId":"1149941037","repostType":4,"repost":{"id":"1149941037","kind":"news","pubTimestamp":1629518423,"share":"https://www.laohu8.com/m/news/1149941037?lang=&edition=full","pubTime":"2021-08-21 12:00","market":"us","language":"zh","title":"B站真的要50美元见了吗?","url":"https://stock-news.laohu8.com/highlight/detail?id=1149941037","media":"妙投APP","summary":"8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。\n资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。\n除基本","content":"<p>8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。</p>\n<p>资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。</p>\n<p>除基本面“喜忧参半”,B站还要面对更多挑战。如监管多管齐下,可能会对B站Q3营收造成压力。B站还要亏损多久?</p>\n<p>它是否会重蹈视频行业无法盈利的覆辙?年后B站的股价一直处于下行通道,甚至有分析师提出会回落到50美元大关,真的吗?</p>\n<blockquote>\n 给B站Q2财报快速划重点,以下几点值得关注:(1)营收超预期:净营收44.95亿元,同比增长72%;广告、电商和增值服务业务贡献最大,前两者同比均翻2倍左右,后者同比增长98%;(2)增收不增利:净亏损11.22亿元(调整后为8.57亿元),优于市场预期,但亏损幅度仍在扩大;(3)主发动机“失灵”:游戏作为过往的支柱业务整体流水不增反降,收入同比下降;(4)流量盘稳住:平均每月活跃用户 (MAU)达到2.371亿,增速38%,符合市场预期;但整体用户粘性和ARPU值略有下滑。\n</blockquote>\n<p>一、增收不增利,是不想,还是不能?</p>\n<p>总体上,B站Q2净营收44.95亿元,同比增长72%;毛利9.89亿元,毛利率降至22%;经营亏损15.21亿元,亏损率高达34%。</p>\n<p><img src=\"https://static.tigerbbs.com/6a7ec909cecff4ca9821ef99803b8c92\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从收入端来看,B站营收来自四块业务:手机游戏、增值服务(VAS)、广告、电商及其它。</p>\n<p>从2020年Q4开始,B站增值服务的占比就超过游戏,成为新的支柱业务;Q2这块业务营收16.34亿元,占总营收36.37%。而B站Q2的增长亮点来自广告,同比增长201%,营收首次超过10亿元,占总营收比提高至23.34%;当然,高增长也部分因为基数小,持续性待观察。B站Q2电商业务同比增长195%达5.78亿,占比与2020年持平,为13%。</p>\n<p>从营收结构上,B站已经实现“多轮驱动”,且更像一个互联网平台了(游戏业务后面会单独讨论)。</p>\n<p><img src=\"https://static.tigerbbs.com/1c8a368d96458157d797761208bec97d\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从成本端来看,B站Q2营收成本35.06亿元,同比增长74%。考虑到营收同比增长为72%,毛利率的些微下降来自营收端,原因可能包括高毛利的游戏业对营收贡献的下降、分成比例增加等。</p>\n<p>B站营收成本同样包括四部分:收入分成、内容成本、带宽及服务器、电商及其它。</p>\n<p>B占的收入分成是大头,Q2为17.47亿元,占营收的38.87%(2020年为36.4%),占比增长部分源于提高直播分成(给主播的分成已提升至80%-90%)。考虑到PUGV(专业用户生成视频)内容的播放量已占B站总播放量的93%,这也是其为了增长而主动选择更多让利。对B站来说,PUGV内容不仅是内容产品,还具有社交属性,能增加用户粘性。不过要注意的是,虽然B站的收入分成+内容成本仅占营收的一半多,远低于爱奇艺等平台,但其内容存在版权隐患。</p>\n<p><img src=\"https://static.tigerbbs.com/49a75b69f9bc0c69b7da7dd1c01da4d2\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从费用端来看,B站Q2总运营开支为25.10亿元,同比增长107%,且营销费、行政开支和研发支出均翻倍,这也是导致经营亏损率高于市场预期的原因。</p>\n<p><img src=\"https://static.tigerbbs.com/a77d680cb7b8769478174e35818f5421\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>B站董事长兼CEO陈睿曾将B站的商业模式总结为:用内容吸引用户、社区留住用户,再提供更多内容或衍生,如果用户喜欢就去消费。</p>\n<p>而B站Q2在增加74%的成本投入和107%的费用投入才换来72%的营收增长。即使不考虑分成和内容成本,未来仅市场费用的增加也够B站“喝一壶”。</p>\n<p>根据B站过往MAU和市场费用间的关系(2020Q2-Q4年实现MAU同比增速55%左右,市场费用增速区间为147%-227%;Q2MAU同比增长38%,市场费用同比增速为107%),用户获取成本在增加。为了实现2023年MAU达到4亿的目标,以及维持高增长的形象,B站必然不想更不能减少投入,增利不增收还会继续。</p>\n<p>二、都是尊贵的用户,谁能让B站赚更多?</p>\n<p>可能有人会觉得对B站持续增收不增利的论断过于“刻舟求剑”,且没考虑到用户ARPU值的提升。这部分就仔细看下B站的用户情况。</p>\n<p>陈睿在财报中对用户数据的介绍如下:“ MAU 总数达到2.371亿,同比增长38%”,但比Q1增加的实际值是1380万;“同期使用时长创新高,达到81分钟”,如果多看眼过往数据,B站刚上市时平均使用时长高达87分钟,2019年和2020年的平均使用时长也达到80分钟。</p>\n<p>以上并不是要吹毛求疵,只是让妙投会员更客观全面了解情况。当然,B站的MAU仍有上升区间,4亿目标也并非无法触及;现有用户的使用时长也较稳定。</p>\n<p>至于他提到的用户粘性,更通用的判断标准是DAU/MAU的值。2021年Q2,B站的DAU/MAU值同比环比均有下降。</p>\n<p><img src=\"https://static.tigerbbs.com/c835a6ccdd423d7b8fbb6cb6225da87c\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>好在B站的平均每月付费用户(MPU)Q2同比增长62%达到2090万,转化率为8.8%;ARPU值一直在下降,Q2为45.7元。</p>\n<p>对比看爱奇艺,Q2付费用户1.062亿,付费率超18%,ARPU值为12.53元;B站在付费用户总量和付费率提升上还有不少空间。</p>\n<p><img src=\"https://static.tigerbbs.com/1f98db5e125722a03d55dfb6502568fa\" tg-width=\"1000\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>(数据来源:公司公告)</p>\n<p>上面提到的B站ARPU值下降,其实和游戏业务发展萎靡有很大关系。B站移动游戏的ARPU值虽然也在下降,但2020年仍能达到223.6元;增值服务的ARPU值虽在增加,但同期也只有24.60元。</p>\n<p>无怪陈睿要将“游戏自研会是当前阶段的第一重点”。</p>","source":"lsy1605859317949","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>B站真的要50美元见了吗?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nB站真的要50美元见了吗?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-21 12:00 北京时间 <a href=https://mp.weixin.qq.com/s/51p2Uun21oGpwGmC8wrgIQ><strong>妙投APP</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。\n资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。\n除基本面“喜忧参半”,B站还要面对更多挑战。如监管多管齐下,可能会对B站Q3营收造成压力。B站还要亏损多久?\n它是否会重蹈视频行业无法盈利的覆辙?年后B站的股价一直处于下行通道,甚至有分析师提出会回落到50...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/51p2Uun21oGpwGmC8wrgIQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/959e12dad805ef7134e41190825f878a","relate_stocks":{"BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"https://mp.weixin.qq.com/s/51p2Uun21oGpwGmC8wrgIQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149941037","content_text":"8月19日港股盘后,哔哩哔哩发布了2021年Q2财报。之后B站在隔夜美股市场及20日的港股市场分别跌去6.03%和4.99%。\n资本市场不看好B站,除了中概股的“原罪”,还要从B站自身找原因。\n除基本面“喜忧参半”,B站还要面对更多挑战。如监管多管齐下,可能会对B站Q3营收造成压力。B站还要亏损多久?\n它是否会重蹈视频行业无法盈利的覆辙?年后B站的股价一直处于下行通道,甚至有分析师提出会回落到50美元大关,真的吗?\n\n 给B站Q2财报快速划重点,以下几点值得关注:(1)营收超预期:净营收44.95亿元,同比增长72%;广告、电商和增值服务业务贡献最大,前两者同比均翻2倍左右,后者同比增长98%;(2)增收不增利:净亏损11.22亿元(调整后为8.57亿元),优于市场预期,但亏损幅度仍在扩大;(3)主发动机“失灵”:游戏作为过往的支柱业务整体流水不增反降,收入同比下降;(4)流量盘稳住:平均每月活跃用户 (MAU)达到2.371亿,增速38%,符合市场预期;但整体用户粘性和ARPU值略有下滑。\n\n一、增收不增利,是不想,还是不能?\n总体上,B站Q2净营收44.95亿元,同比增长72%;毛利9.89亿元,毛利率降至22%;经营亏损15.21亿元,亏损率高达34%。\n\n(数据来源:公司公告)\n从收入端来看,B站营收来自四块业务:手机游戏、增值服务(VAS)、广告、电商及其它。\n从2020年Q4开始,B站增值服务的占比就超过游戏,成为新的支柱业务;Q2这块业务营收16.34亿元,占总营收36.37%。而B站Q2的增长亮点来自广告,同比增长201%,营收首次超过10亿元,占总营收比提高至23.34%;当然,高增长也部分因为基数小,持续性待观察。B站Q2电商业务同比增长195%达5.78亿,占比与2020年持平,为13%。\n从营收结构上,B站已经实现“多轮驱动”,且更像一个互联网平台了(游戏业务后面会单独讨论)。\n\n(数据来源:公司公告)\n从成本端来看,B站Q2营收成本35.06亿元,同比增长74%。考虑到营收同比增长为72%,毛利率的些微下降来自营收端,原因可能包括高毛利的游戏业对营收贡献的下降、分成比例增加等。\nB站营收成本同样包括四部分:收入分成、内容成本、带宽及服务器、电商及其它。\nB占的收入分成是大头,Q2为17.47亿元,占营收的38.87%(2020年为36.4%),占比增长部分源于提高直播分成(给主播的分成已提升至80%-90%)。考虑到PUGV(专业用户生成视频)内容的播放量已占B站总播放量的93%,这也是其为了增长而主动选择更多让利。对B站来说,PUGV内容不仅是内容产品,还具有社交属性,能增加用户粘性。不过要注意的是,虽然B站的收入分成+内容成本仅占营收的一半多,远低于爱奇艺等平台,但其内容存在版权隐患。\n\n(数据来源:公司公告)\n从费用端来看,B站Q2总运营开支为25.10亿元,同比增长107%,且营销费、行政开支和研发支出均翻倍,这也是导致经营亏损率高于市场预期的原因。\n\n(数据来源:公司公告)\nB站董事长兼CEO陈睿曾将B站的商业模式总结为:用内容吸引用户、社区留住用户,再提供更多内容或衍生,如果用户喜欢就去消费。\n而B站Q2在增加74%的成本投入和107%的费用投入才换来72%的营收增长。即使不考虑分成和内容成本,未来仅市场费用的增加也够B站“喝一壶”。\n根据B站过往MAU和市场费用间的关系(2020Q2-Q4年实现MAU同比增速55%左右,市场费用增速区间为147%-227%;Q2MAU同比增长38%,市场费用同比增速为107%),用户获取成本在增加。为了实现2023年MAU达到4亿的目标,以及维持高增长的形象,B站必然不想更不能减少投入,增利不增收还会继续。\n二、都是尊贵的用户,谁能让B站赚更多?\n可能有人会觉得对B站持续增收不增利的论断过于“刻舟求剑”,且没考虑到用户ARPU值的提升。这部分就仔细看下B站的用户情况。\n陈睿在财报中对用户数据的介绍如下:“ MAU 总数达到2.371亿,同比增长38%”,但比Q1增加的实际值是1380万;“同期使用时长创新高,达到81分钟”,如果多看眼过往数据,B站刚上市时平均使用时长高达87分钟,2019年和2020年的平均使用时长也达到80分钟。\n以上并不是要吹毛求疵,只是让妙投会员更客观全面了解情况。当然,B站的MAU仍有上升区间,4亿目标也并非无法触及;现有用户的使用时长也较稳定。\n至于他提到的用户粘性,更通用的判断标准是DAU/MAU的值。2021年Q2,B站的DAU/MAU值同比环比均有下降。\n\n(数据来源:公司公告)\n好在B站的平均每月付费用户(MPU)Q2同比增长62%达到2090万,转化率为8.8%;ARPU值一直在下降,Q2为45.7元。\n对比看爱奇艺,Q2付费用户1.062亿,付费率超18%,ARPU值为12.53元;B站在付费用户总量和付费率提升上还有不少空间。\n\n(数据来源:公司公告)\n上面提到的B站ARPU值下降,其实和游戏业务发展萎靡有很大关系。B站移动游戏的ARPU值虽然也在下降,但2020年仍能达到223.6元;增值服务的ARPU值虽在增加,但同期也只有24.60元。\n无怪陈睿要将“游戏自研会是当前阶段的第一重点”。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":344401551,"gmtCreate":1618421166873,"gmtModify":1631884711123,"author":{"id":"3574872491745123","authorId":"3574872491745123","name":"小萌新CCC","avatar":"https://static.tigerbbs.com/60c9f0311f8f788b20be7445e2d0984e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574872491745123","authorIdStr":"3574872491745123"},"themes":[],"htmlText":"<a 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