Chen Gen: The first quarter financial report was announced, and the business model issued a danger s

Text/Chen Gen

The quarterly report of station B was announced that the net loss was expanded by 150%to 1.66 billion yuan, with a net loss rate of 33%, but the Group's revenue in the same period increased by 30%year -on -year. The average monthly active users increased by 31%year -on -year to 294 million, and the average daily active users reached 79.4 million, an increase of 32%year -on -year, and the average daily user time was as high as 95 minutes, a record high. Of course, there are many other data, which will not be displayed one by one here. In summary, it is a sentence. The data is very good, but the good -looking data does not include the two key indicators of user growth and profitability.

Obviously, it can be seen from the financial report that the development of station B has fallen into trouble. Of course, the stock price has fallen sharply. From the previous highest HK $ 1052 to the current HK $ 210 The shrinkage was 5 times, and the lowest time fell to HK $ 125, shrinking by 8.5 times. This decline is also a magical existence among all Chinese stocks, indicating that the capital has a clearance -type selling on station B.

As for why this situation occurs, it can The most beautiful state after difficult financial methods, but this most beautiful state makes people not see the hope of the future. This is the same as most Internet companies, relying on new business models and financing quickly, but after listing, it is necessary to answer a question of capital, which is the possibility of realizing this business model.

State B was listed in the United States in 2018 and listed in Hong Kong stocks in 2021. In other words, it has been 4 years since the listing of station B, and then it was listed twice, that is, after the listing Then, according to normal business logic, at this time, the number of users should continue to grow, revenue must continue to expand, and the loss should be greatly reduced. Such a financial report is a normal and healthy business model, or the business model of this company Found the right way.

However, the current problem is that the story of station B is the fourth year, and the number of users has not increased significantly, and while revenue increases by 30%, the loss has expanded by 33 %, Which means that the entire business model has a vicious circle, and there is a problem with the entire business model of station B.

As for the other data of station B, including the activeness and use time of the user, the value is not too large. Once the epidemic has improved, this user will decline.

For station B, the core issue now is also the problem of iQiyi's current dilemma, that is, whether the long video is a good business model. Because compared to short videos, the hardware assets of long videos are heavier on the one hand, and on the other hand, the quality requirements for content are higher.

In order to shrink the losses before Station B, the revenue of the UP owner has been greatly reduced, which has made Station B lose the creative motivation of high -quality creators to a certain extent.And as the state's rectification of the game industry from the policy level, the difficulty of realizing the realization of user games relying on station B is also increasing, and the revenue of advertising is currently not visible to the naked eye.

For the capital market, this financial report is that station B once again explained to the capital market that there have been major problems in its development model. In the future, Station B will be more difficult to get out of the crisis. At presentIt's not optimistic.

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