Net loss 2 billion B station profit problem is not solved

21st Century Economic Herald Profile Reporter Dong Jingyi Shanghai Report

On September 8th, Bilibili (hereinafter referred to as "station B") announced the second quarter of unaudited financial reports in the second quarter of June 30, 2022. According to the financial report, in the second quarter, the number of households in the month of station B hit a new high of 306 million, an increase of 29%year -on -year, and the daily living users increased by 33%year -on -year.

Behind the user's growth is the profit problem of station B. The financial report shows that the revenue of the second quarter of station B reached 4.91 billion yuan, an increase of 9%compared with the same period last year, and the growth rate reached a new low over the years. The net loss was 2.010 billion yuan, and the net loss was 1.12 billion yuan in the same period last year, an increase of 79%year -on -year.

As an important part of advertising and games, the results of the second quarter are not optimistic. The financial report shows that the advertising revenue of station B in the second quarter was 1.158 billion yuan, a year -on -year increase of only 10.4%, which was slightly tired. Management said at the conference call that the short-term environment has a significant impact on advertising and will continue to impact within 1-2 years.

The game income with high gross profit has declined significantly, and the second quarter decreased by 15%year -on -year. The financial report explained that it was mainly due to the lack of popular new exclusive distribution games in the first half of 2022. At the same time, Station B is still acquiring new game studios, and the cost of R & D costs continues to rise, but the return needs time to prove it. The company's management stated that the game situation will improve in the second half of the year. At present, 4 games in Station B have obtained the version number.

On the other hand, thanks to the growth of live broadcasts such as live broadcasts, the revenue of the value -added service business in the second quarter of station B reached 2.1 billion yuan, accounting for more than 42%of the total revenue, an increase of 29%year -on -year. business.

Through the combination of PUGV ecosystem and live broadcast, the main number of live broadcasts in the second quarter of station B increased by 107%year -on -year, and the live NPU increased by nearly 70%year -on -year. However, with the development of the live broadcast, live broadcasting has also become one of the important revenue costs of station B.

The e -commerce and other turnover are only 601 million yuan, although it increases by 4%compared with the same period in 2021, but it is still trapped in the "circle in the circle." It is understood that most of the products at Station B have strong circle attributes. They still rely on loyal fans and two -dimensional core users. They have not contributed much to the overall revenue, and they may be small in the short term.

Under the weak business growth, the ecological development of users and communities is still the focus of financial report emphasis.

According to the financial report, in the second quarter, the average number of active users in Station B reached 306 million, an increase of 29%year -on -year, and exceeded the 300 million mark for the first time; the average daily active users reached 83.5 million, a year -on -year increase of 33%. Active users have a year -on -year growth rate of super -monthly active households, which means that community viscosity is further enhanced.

Chen Rui, chairman and CEO of Station B, said that the global macro environment has changed significantly, but the fundamental aspects of Station B remain unchanged. He believes that the video movement will last at least 3 years, which will also support the growth of station B. He predicts that MAU will reach 400 million at the end of next year.

"We continue to provide users with high-quality content of multiple scenarios, represented by the new content form represented by the Story-Mode vertical screen video, effectively meet the use of user fragmentation, and further promote the improvement of community activity." Say at the call.

But the growth of users is obviously not enough. At the conference call, Li Yi, deputy chairman and COO of station B, said that in order to cope with the influence of external short -term, including the opportunity that may exist for a long time, the company's internal internally proposed the core strategy of the next three years. The community is preferred, and the three -driver of the ecology and commercial and commercial, "the first commercialization of commercialization is the same as the community ecology."

Chen Rui said: "We will continue to implement the strategy of healthy growth. While accelerating the commercialization, we will continue to control costs, increase gross profit margin, and narrow the loss."

Under the strategy of reducing costs and efficiency, in the second quarter, the cost of acquisition of new users in Station B continued to decline, and sales and marketing costs were reduced by 16%year -on -year. The proportion of sales and marketing expenses fell from 31%in the same period last year to 24 %. "We attach importance to user growth, but we also emphasize the improvement of user growth and reduce the cost of user growth." Chen Rui said.

But investment in content and other aspects is still high. According to the financial report, the cost of operating in station B in the second quarter was 4170.6 billion yuan, a year -on -year increase of 19%. The main reason for the growth was increased in income division and content costs. Among them, the income cost refers to the incentive of station B to the main content of UP, which is an important part of operating costs. In the second quarter, it reached 2.0684 billion yuan, an increase of 18%year -on -year.

In addition, the administrative expenses of station B were 625.7 million yuan, an increase of 44%year -on -year; R & D expenses were 1.131.7 billion yuan, an increase of 68%year -on -year, mainly due to the increase in the number of R & D personnel, increased equity incentive costs, and the termination of certain game projects. Increased expenses.

Fan Xin, the chief financial officer of station B, said that the company is actively tightening cost control measures to improve operating efficiency. The income will resume continuous growth momentum in the third and fourth quarters of the second half of this year. Sumid will reduce from 40%in the second quarter to about 30%in the fourth quarter. "

According to the company's expectations, the net income in the third quarter of 2022 will be between 5.6 billion and 5.8 billion yuan.

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