Save money and add money, spend money to pick the door, the Internet manufacturer is not really poor or pretending to be poor

In September, the "transcripts" of the Internet manufacturers were basically announced in the first half of the year. After more than a year of adjustment, regardless of investors or employees, the expectations of the Internet industry have fallen to the lowest history, and the performance is not unexpected. It is not so bad that it will exceed expectations, so that the stock price will rise a little.

But just a little bit, obviously it cannot make up for the losses of the big factories and their followers for more than the year. Looking at the performance of the first half of the Internet company, although the family has its own problems, it is also facing the same environment: the dividend of the mobile Internet is indeed exhausted, and it is too difficult to increase; The policy constraints such as monopoly and the regulatory risks of the capital market have always been hung on the heads of the large manufacturers, making people lack confidence in the Internet.

The Internet industry, which has been running for more than ten years, has finally slowed down and will maintain this state for a long time.

Wen | Lu Pillow

Edit | Zhao Lei

Operation | chestnut

Keywords: stock price

The stock price is a direct reflection of confidence. Since the beginning of 2021, the stock price of the Internet company has fallen all the way, and there is no ankle chopping. With the disappearance of the market value, the dream of countless investors, and the dream of the wealth of employees in the Internet company, some people are still working hard, some people have cut the meat to leave, and some people intend to switch to career.

▲ Note: The market value of the Internet company (unit: USD dollar). Among them, Kuaishou was listed on February 5, 2021. Here is the market value of the first day of listing. Drawing / Daily Character

In early 2021, it is the highest point of the stock price of Internet companies. Originally, in 2020, the mobile Internet traffic was close to saturation, and the average monthly growth rate was only 1.7%year -on -year, exceeding 1.1 billion people online. However, in the epidemic, the Internet company seized the last wave of dividends of the mobile Internet, vigorously marketing and penetration. Even old men and old ladies who were seven or eighty years old learned to play mahjong and buy food online. The company, such as Ding Dong to buy vegetables, and daily freshness.

But the crisis is brewing. In December 2020, the United States promulgated the "Accountability Act of Foreign Companies", which forced the US regulatory agencies to inspect and audit the audit draft for three consecutive years. Most of the Chinese stocks including Ali, Baidu, Pinduoduo, JD.com, and NetEase have successively on the pre -delivery list. As soon as the time arrives, those who cannot read the drafts can only be delisted. This has become the biggest uncertainty. No one dares to buy it, and the stock price will never go up. Although the Sino -US regulatory agency has been negotiating and has made some progress, this problem has not been completely resolved, and Internet companies can only wait.

In China, the tone of 2021 is also antitrust and prevention of capital disorderly expanding the real economy. Ali and Meituan have been fined sky -high prices. The regulatory heavy hand has made the platform -type Internet companies cautious, expanding slowly. By this year, it has begun to focus on the main business, reduce costs and increase efficiency, and the "bitter days" of the Internet industry are really coming.

▲ Figure / Vision China

Keywords: growth

Opening the annual performance of Internet companies, a common feature is that it is not easy to make money.

▲ Note: The revenue growth of Internet companies (units: 100 million yuan). Drawing / Daily Character

In the past, Tencent and Ali revenue over 100 billion yuan in the past quarter, and there were no growth of about 20%of the growth. It was embarrassed to say that it was quickly accumulating users like fast -handed and station B. How can he get 40%in order to send a good news. But now, everyone is not easy to make money, and there are still a few negative growth.

Although Meituan and Pinduoduo look good, they are all growing money in exchange. Fresh e -commerce, community group purchase, logistics in the same city, and local life are all bitter and tired. It can also be explained that there is indeed no traffic on the online online, and there is no room for growth. Some cakes can be divided into offline, but Internet people who are accustomed to making money flattened are not good at making offline money. The daily felling down is a lively example.

If you are subdivided more, Tencent's game business and NetEase are relatively stable. Although there are rising rising stars such as Mihayou, in the field of mass game, even if you can't get the version number for a long time, it is "Glory of the King", "Peaceful Elite" "Yin Yang Shi" and "Fantasy Westward Journey", such as Tencent and NetEase, occupy the list of income, and new games such as "Harry Potter: Magic Awakening" also perform well. It can be seen that entertainment consumption such as games still has a great demand under the poor environment, and the game industry is obvious. The most rich money is those richest players. In the epidemic, they The income was not affected, and the game company still made money. The only problem is that the vitality of explosive games is limited, and Tencent and NetEase will always worry about where the next explosive model is.

In contrast, the advertising business is really too difficult. Because advertising depends more on the real economy, under the end of the epidemic, people have declined in income and weak consumption, and advertisers have no money. Looking at Ali and Baidu, which are mainly advertising revenue, advertising occupies half of the rivers and mountains, as well as fast hands and B stations that are focusing on the development of advertising business. They have been dragged down by the advertising industry.

电商、广告、游戏、付费订阅，这些毛利率高的业务，都陷入了增长困境，以上10家互联网公司中，2022年上半年整体毛利率相比2021年上半年下降的有7家，只有JD.com, Pinduoduo and Meituan have improved. Not to mention Xiaomi, the gross profit margin was low, and it was more profitable to make money by selling it. But now, everyone does not change the phone. Where can I go to find growth?

▲ Figure / Vision China

Keywords: cost reduction

Open source is not good, it can only be thrown. In the first half of this year, the most important thing of Internet companies was to reduce costs and increase efficiency.

Take Tencent, for example, as early as the Tencent Annual Meeting in 2021, Ma Huateng felt, "From the beginning of the year to the end of the year, it has been fiercely rolled and competitive. The temperature dropped, and I was still wearing short sleeves without preparation. " In his opinion, the key to the winter is to adjust the posture. "If there is no one on the battlefield, the bullet is still impressive." It is meaningless to use the bullets in the key place.

Over the past six months, Tencent has been shut down. As of August, Tencent has shut down more than 20 games such as "QQ Hall", as well as the social e -commerce project, the small goose fight, the information flow project that has been highly hoped, Tencent's highlights and express reports, the status of the merger failure is embarrassing Penguin e -sports, and some of Sogou's products after the acquisition of Sogou ... At the second quarter financial report, Ma Huateng once again said: "During the second quarter, we took the initiative to withdraw from the non -core business, tighten marketing expenses, reduce operating expenses, so that we made operating expenses, so that the operating expenses were cut, and operating expenses were cut, and operating expenses were cut, and operating expenses were reduced. We have achieved a month -on -month growth of non -international financial reporting standards under pressure. "

From this point of view, the cost reduction is indeed useful. Not only the Tencent family, the major Internet companies are reducing costs. According to Wind data, the top 20 technology Internet company in China has saved 13.3 billion yuan in market and management costs in the first half of the year. According to the financial report, Tencent's market costs in the second quarter decreased by 2 billion, Ali decreased by 1.5 billion, and Meituan decreased by 1.9 billion. The quarterly market expenses have also been reduced by 2.5 billion. Station B still laid a lot of advertisements at Beijing Metro last year. This year, I dare not spend money on such a big foot.

▲ In 2018, Shanghai Metro, Douyin's large advertisements were very eye -catching. Photo / Visual China

Of course, in addition to market expenses, the biggest cost of Internet companies comes from employees. We may have a glimpse in the company's financial report that disclose the number of employees.

At the end of 2021, Tencent had 112,771 employees, and at the end of June 2022, Tencent's number of employees was 110,715, less than 2056. You know, in June 2020, Tencent had only 70,756 employees, and it was difficult for such recruitment to see it. From the average salary, in the first half of 2021, Tencent's per capita monthly salary was 78,571 yuan, but in the second half of the year, it reduced to 75,521 yuan. In the first half of this year, this number reached 8,5500 yuan.

In June 2021, Ali had 25,4702 employees, but by June this year, it reduced to 24,5700 people, and it was nearly 10,000; Xiaomi reduced from 33793 to 32,869. Of course, in addition to the number of financial reports, we can more perceive the business adjustment news from every time. The Internet industry that likes black talk is not behind this matter. "".

People who are still in the Internet company feel the determination to reduce costs and increase efficiency in another way: the free cafeteria is charged, the house is strict, the house can not be given, and the afternoon tea is gone. The downgrade of the benefits allows them The factory's happiness has been reduced a lot, but when they think of those who have left, they may have a little grateful and less complaints.

Keywords

The days of burning money are gone, but only a few companies have no money to burn, or they need to control the speed of burning money. And station B, and most of the profitable companies like to save money.

In the first half of this year, Tencent operated a profit of 67.3 billion yuan and Ali 41.6 billion yuan. Netease also made money stable, operating profit of 10.5 billion yuan, JD.com and Baidu made 6 billion yuan each, and even Pinduoduo, who had always lost money, made 10.9 billion. Stable and positive business cash flow.

Let's take a look at the cash flow sheet of major Internet companies. Each company's account is lying on a large amount of money. Tencent had 184.7 billion yuan in cash and equivalent at the end of June 2022, and 131.2 billion yuan of regular deposits. Alibaba's accounts' accounts There are 470.8 billion cash, cash equivalents and short -term investment. JD.com, Pinduoduo and Baidu have 50 billion to 100 billion yuan. Netease and Xiaomi have less and more than 20 billion.

According to LatePost estimates in the evening, the top ten Internet and science and technology listed companies in China's market value will be at least 225.4 billion yuan in cash or equivalent assets (including regular, large deposit loans, bonds or stock investment Wait), 238 billion yuan more than at the end of the first quarter.

The big manufacturers do not lack money. Only do n’t dare to spend money, save money to bring a sense of security, and reserve the food with enough winter in order to calmly cope with all uncertainty.

▲ Internet manufacturers have to tighten their pockets to deal with "cold". Figure / Vision China, but there is one thing, the big manufacturers are still willing to pay for it, that is, repurchase their own companies' stocks. In a one -and -a -half year decline, in order to boost investor confidence, the large manufacturers have opened the market for the market: Alibaba has increased the total repurchase plan from 15 billion US dollars in June last year to $ 25 billion, which is the group's history. The largest repurchase since it has been repurchased from April 1st to the present, Ali has repurchased $ 3.5 billion, and it is useless to use $ 12 billion. Tencent has opened the repurchase since August 2021, and it has been unable to stop. In the first half of the year, it repurchased 7.3 billion Hong Kong dollars. In the last month, it was only about 350 million Hong Kong dollars per day.

JD.com also increased the repurchase plan from $ 2 billion to $ 3 billion at the end of last year. Kuaishou is relatively lacking money, no repurchase, and only Pinduoduo has the confidence. Relying on performance growth to drive confidence.

However, after so much repurchase, it is still difficult to stop the trend of Internet stock prices. It is estimated that the inner OS of the big manufacturers: "Stop falling, the ministers can't do it!"

Keywords: investment

In fact, the Internet manufacturers themselves are the biggest victims of this wave of decline.

For Tencent, which is buying and buying everywhere, in the first half of this year, Tencent's out -of -the -art book floating loss has reached 120.4 billion yuan. Although it has begun to fall in the first half of last year, Tencent bought it early, and the floating profit was 65 billion yuan. At present, the current value of these external financial assets of Tencent is 143.5 billion yuan, mainly including the equity of some listed companies and non -listed companies, and some financial investment, which calculates the yield, and lost 51%in the first half of the year. Netizens.

In terms of investment, Ali likes merging and invests less in listed companies, so the loss does not seem so miserable. In the first half of 2022, Ali Investment lost 31.3 billion, and made 14.2 billion in the first half of last year. Other Internet companies also lost much. JD.com had not invested much. It lost 300 million in the first half of the year, but earned 2.5 billion in the first half of last year. Meituan lost 1.1 billion foreign investment in the first half of the year, but like Jingdong, it was greatly affected by the loss of its subsidiaries and lost 3.5 billion. Last year, Baidu lost 3.1 billion yuan because of investment, and recovered some this year, earning 530 million, but the most happy thing about Baidu should finally make money this year.

In the past, investment was the most important form of gangsters between large factories, but this year, these loose alliances have further separated. On August 16, rumors in the market "Tencent plans to sell all or most of the equity of Meituan", which has made Meituan's stock price diving sharply. These equity value is worth 165 billion yuan. Later, Tencent denied the rumors. However, at the end of 2021, Tencent has greatly reduced its holdings of JD.com, and Meituan, Kuaishou, and B station, such as Tencent, are difficult to guarantee that they will not be reduced.

But from another perspective, today, when the entire Internet industry is sluggish, when the alliance is unnecessary, even when the battlefield is almost disappearing, selling shares and returning funds will be a good countermeasure. After all, the current large factory is the same as ordinary people in us. No matter how much the book is floating on the book, no matter how big the boss painted the cake, it can really be reassuring.

▲ For ordinary people, it is the most noteworthy to get it down. Photo / Visual China

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