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2021-03-04
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The next battle after station B leaves the circle
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He suddenly discovered the fun of bilibili in the second half of 2020.</p><p>\"I haven't had much contact with it before, but then I accidentally discovered that there is the complete collection of\" Qiao Qiao's Wonderful Adventure \"on bilibili, as well as the latest Blade of Destruction.\" Doudou was like discovering it at that time<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, when he usually works in a financial institution, his working environment is relatively serious, and there are not many channels to get in touch with young people's things. Moreover, the picture quality of various dramas on bilibili is very clear, which makes him immediately buy a one-year membership without hesitation..</p><p>\"I didn't expect there to be so many good-looking animations on station B. Video websites used Aiyouteng a lot before, but they all feel the same. If you are a member, you can choose one of the three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As station B continues to go out of the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more attention from people, and its user base and audience have also continued to expand. In the fourth quarter, the number of monthly active users of station B increased by 55% year-on-year to 202 million; Among them, the number of monthly active users on the mobile terminal increased by 61% year-on-year to 187 million. At the same time, the number of daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, there was also a debate about opinions like a hundred flowers blooming in the review of the financial and operating data of Station B<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p ></p><p>There is a positive view that the company's performance in 4Q 2020 completely exceeded expectations, proving that while the strategy of going out of the circle is successful, with the deepening of the circle breaking, the new users are more sticky, and have stronger consumption power and relatively stable consumption habits, the development potential of station B can be square, while the other school of view is that station B has embarked on a path different from the \"original intention\" it was established. Market costs continue to rise, and the revenue growth rate is far lower than the loss.</p><p><b>One week after the financial release, the stock price of Station B still followed the upward trend, and the capital market has already given its own judgment with real money.</b><a href=\"https://laohu8.com/S/601901\">Founder Securities</a>The latest report pointed out that as a strong community platform where China's first generation of Internet aborigines, Generation Z, gathers, it is optimistic about its potential for continuous expansion of user traffic and accelerated realization in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of 204.94 in 2021. US $, maintaining the \"recommended\" rating.</p><p>01 The effect of the \"breaking the circle\" strategy is becoming increasingly apparent</p><p>Since 2019, Station B has made a large number of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking, user growth, and organizational structure optimization\", and the strategic effect has become increasingly apparent. We believe that the current \"breaking the circle\" strategy of Station B has achieved remarkable results in terms of both the increasingly optimized revenue structure and the penetration of more spectrum users.</p><p>Let's first look at the changes in the income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached 12 billion yuan, a year-on-year increase of 77%, of which Q4 revenue in 2020 was 3.831 billion yuan, a year-on-year increase of 91%.<b>From the perspective of revenue composition, with the gradual expansion of the company's business scope and the acceleration of platform diversification, while the revenue has increased substantially, the company has gradually got rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's mobile game business revenue accounted for 40.03% in 2020, and the value-added business revenue accounted for close to that of the mobile game business, reaching 32.05%, and the Q4 value-added business revenue surpassed the mobile game revenue for the first time, becoming Bilibili's largest business pillar in the quarter, advertising business, e-commerce and other businesses also developed relatively rapidly.</p><p><img src=\"https://static.tigerbbs.com/e2c6af2c1f2816f72fdc74cf262facc5\" tg-width=\"1080\" tg-height=\"590\" referrerpolicy=\"no-referrer\">(Laika Think Tank compiled according to public data)</p><p>For the fourth quarter, 4Q20 mobile game revenue was 1.13 billion (yoy+29.6%), and the intermodal contribution of \"Genshin Impact\" was significant. The revenue from live broadcast and value-added services was 1.147 billion (yoy+118.5%). The investment in live broadcast increased, the results were obvious, and the paid membership increased significantly. Advertising revenue was 722 million (yoy+149.5%), brand awareness was improved, and algorithm-driven performance advertising. E-commerce and other revenue was 741 million (yoy+168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the prior quarter.</p><p><b>Let's take a look at the growth of users.</b>In the fourth quarter, the average monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the average monthly active users of mobile terminals increased by 61% year-on-year to 187 million. High-quality user growth has laid a solid foundation for the rapid development of commercialization. Driven by a large amount of high-quality content, the average monthly paying users reached 17.9 million this quarter, a high-speed increase of 103% year-on-year. The overall payment rate also hit a new high, climbing from 6.8% in the same period last year to 8.9% this quarter; Gross margin achieved seven consecutive quarter-on-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the trilogy video of \"Houlang\" and the \"Most Beautiful New Year's Eve Party\" have left a deep impression on the public. Take the most beautiful night as an example. According to the data released by station B, the data of platform circles is eye-catching. At the same time, the peak number of viewers exceeds 250 million. The number of viewers on station B is close to 100 million times, and the number of topic readings on Weibo has reached 880 million. The number of topic discussions reached 1.023 million, which is ahead of the satellite TV party in terms of online discussion and dissemination.</p><p>We believe that the influence and strong trend of circle expansion of Bilibili can be seen from the advantages of online broadcast volume, and its more diverse and integrated mainstream content is gradually attracting mass users to settle in Bilibili.</p><p>After the financial report was announced, when answering questions from analysts, Chen Rui, chairman and CEO of Bilibili, also said,<b>A wider audience has become users of station B. Three years ago, the user base of Station B was mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-80s generation have become users of the platform.</b>According to third-party statistics, 86% of users in bilibili are under 35 years old, which means that a large number of users over 30 years old are also attracted by bilibili, which symbolizes that \"Xiaopo Station\" has gradually penetrated into the post-80s and even the post-80s generation.</p><p>02 Endogenous motivation comes from the unique community ecology</p><p>\"I have always believed that the user growth of a content platform ultimately depends on the quality of the content on this platform, that is to say, which platform can provide more good content, then which platform users will eventually go to.\" Chen Rui frankly,<b>Station B's strategy in user growth has always been to use high-quality content to attract users.</b>High-quality content includes the amount of content and the width of high-quality content categories.</p><p>It's simple to say to constantly attract users with continuously produced high-quality content, but it's difficult to actually do it.<b>Although many people in the industry will compare Bilibili with other short video platforms, unlike all other short video platforms, Laika Think Tank believes that Bilibili has a unique content community ecosystem, and this is also the unique barrier of Bilibili.<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>trong ></b></p><p><b>First of all, the content on Station B is extremely inclusive, and there are a lot of niche and vertical content, which is not valued and refined on other video platforms; Second, since there are mostly young users on station B, there is a certain invisible threshold, and they have their own unique discourse system; Third, young people all have a \"strong\" mentality, so they are willing to invest more time in creativity and production. The final result is that the content production threshold of station B is higher and the quality is better. Fourthly, bilibili has unique community attributes, which are completely different from other video platforms, whether short video or long video platforms, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-connection, \"Ye Qing Hui\" and other meme cultures, as well as rapidly infectious ghost animal videos, etc., all create a unique community atmosphere for bilibili, and the users of bilibili are extremely fond of comments, and the average comment data is much higher than other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare bilibili with long video websites such as iQiyi. The market value of bilibili is currently four times that of iQiyi. They believe that the capital market has the risk of overestimating the stock price of bilibili. However, long video websites like Aiyouteng have indeed faced the bottleneck of relatively obvious exhibition for a long time-they need to invest a lot of production costs in content production, and the content of the three parent video websites is too convergent, making it difficult to make profits for a long time. You know, iQiyi has been losing money for 10 years.</b></p><p><b>On the contrary, a large amount of low-cost high-quality content is being presented on Bilibili. Through the core drive of PUGV (Professional User Generated Video), a unique community belonging to Bilibili continues to be created. After continuous iteration and differentiation, the content on station B has formed a rich and diverse content ecosystem of \"PUGC as the mainstay, OGC and UGC as the supplement\". In the fourth quarter of 2020, the average monthly number of active UP owners on station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submissions reached 5.9 million, a year-on-year increase of 109%.</b></p><p><b>In terms of subdivided content categories, in the fourth quarter, life, games, entertainment, animation, technology and knowledge were the most popular among users, among which technology knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, knowledge content is also one of the fastest growing content categories at Station B in 2020. And these contents, whether on long video platforms or short video platforms, are rare to see.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou didn't hesitate to pay for Bilibili membership. Bilibili's consecutive annual subscription is only 148 yuan, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are rising, so I feel that this company is quite conscientious.\"</b></p><p><b>Laika Think Tank observed that whether it is a continuous annual subscription or a quarterly fee, the membership fee of Station B is lower than that of other platforms, and the advertising is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that the advertising volume of bilibili will not be increased for the time being in the future, or it will remain at 5%.</b></p><p><b>But even so, the advertising business of Station B has achieved accelerated growth for seven consecutive quarters. The revenue in the fourth quarter reached 720 million, a year-on-year increase of 149%, and the year-on-year growth for the whole year also reached 126%.</b></p><p><b>Therefore, from a longer-term perspective, we believe that the advertising business of Station B still has huge potential to be tapped.</b></p>","source":"lsy1580307086638","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>The next battle after station B leaves the circle</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThe next battle after station B leaves the circle\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">来咖智库</strong><span class=\"h-time small\">2021-03-04 11:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Doudou is a post-70s generation who likes to watch American TV series. He suddenly discovered the fun of bilibili in the second half of 2020.</p><p>\"I haven't had much contact with it before, but then I accidentally discovered that there is the complete collection of\" Qiao Qiao's Wonderful Adventure \"on bilibili, as well as the latest Blade of Destruction.\" Doudou was like discovering it at that time<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, when he usually works in a financial institution, his working environment is relatively serious, and there are not many channels to get in touch with young people's things. Moreover, the picture quality of various dramas on bilibili is very clear, which makes him immediately buy a one-year membership without hesitation..</p><p>\"I didn't expect there to be so many good-looking animations on station B. Video websites used Aiyouteng a lot before, but they all feel the same. If you are a member, you can choose one of the three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As station B continues to go out of the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more attention from people, and its user base and audience have also continued to expand. In the fourth quarter, the number of monthly active users of station B increased by 55% year-on-year to 202 million; Among them, the number of monthly active users on the mobile terminal increased by 61% year-on-year to 187 million. At the same time, the number of daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, there was also a debate about opinions like a hundred flowers blooming in the review of the financial and operating data of Station B<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p ></p><p>There is a positive view that the company's performance in 4Q 2020 completely exceeded expectations, proving that while the strategy of going out of the circle is successful, with the deepening of the circle breaking, the new users are more sticky, and have stronger consumption power and relatively stable consumption habits, the development potential of station B can be square, while the other school of view is that station B has embarked on a path different from the \"original intention\" it was established. Market costs continue to rise, and the revenue growth rate is far lower than the loss.</p><p><b>One week after the financial release, the stock price of Station B still followed the upward trend, and the capital market has already given its own judgment with real money.</b><a href=\"https://laohu8.com/S/601901\">Founder Securities</a>The latest report pointed out that as a strong community platform where China's first generation of Internet aborigines, Generation Z, gathers, it is optimistic about its potential for continuous expansion of user traffic and accelerated realization in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of 204.94 in 2021. US $, maintaining the \"recommended\" rating.</p><p>01 The effect of the \"breaking the circle\" strategy is becoming increasingly apparent</p><p>Since 2019, Station B has made a large number of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking, user growth, and organizational structure optimization\", and the strategic effect has become increasingly apparent. We believe that the current \"breaking the circle\" strategy of Station B has achieved remarkable results in terms of both the increasingly optimized revenue structure and the penetration of more spectrum users.</p><p>Let's first look at the changes in the income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached 12 billion yuan, a year-on-year increase of 77%, of which Q4 revenue in 2020 was 3.831 billion yuan, a year-on-year increase of 91%.<b>From the perspective of revenue composition, with the gradual expansion of the company's business scope and the acceleration of platform diversification, while the revenue has increased substantially, the company has gradually got rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's mobile game business revenue accounted for 40.03% in 2020, and the value-added business revenue accounted for close to that of the mobile game business, reaching 32.05%, and the Q4 value-added business revenue surpassed the mobile game revenue for the first time, becoming Bilibili's largest business pillar in the quarter, advertising business, e-commerce and other businesses also developed relatively rapidly.</p><p><img src=\"https://static.tigerbbs.com/e2c6af2c1f2816f72fdc74cf262facc5\" tg-width=\"1080\" tg-height=\"590\" referrerpolicy=\"no-referrer\">(Laika Think Tank compiled according to public data)</p><p>For the fourth quarter, 4Q20 mobile game revenue was 1.13 billion (yoy+29.6%), and the intermodal contribution of \"Genshin Impact\" was significant. The revenue from live broadcast and value-added services was 1.147 billion (yoy+118.5%). The investment in live broadcast increased, the results were obvious, and the paid membership increased significantly. Advertising revenue was 722 million (yoy+149.5%), brand awareness was improved, and algorithm-driven performance advertising. E-commerce and other revenue was 741 million (yoy+168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the prior quarter.</p><p><b>Let's take a look at the growth of users.</b>In the fourth quarter, the average monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the average monthly active users of mobile terminals increased by 61% year-on-year to 187 million. High-quality user growth has laid a solid foundation for the rapid development of commercialization. Driven by a large amount of high-quality content, the average monthly paying users reached 17.9 million this quarter, a high-speed increase of 103% year-on-year. The overall payment rate also hit a new high, climbing from 6.8% in the same period last year to 8.9% this quarter; Gross margin achieved seven consecutive quarter-on-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the trilogy video of \"Houlang\" and the \"Most Beautiful New Year's Eve Party\" have left a deep impression on the public. Take the most beautiful night as an example. According to the data released by station B, the data of platform circles is eye-catching. At the same time, the peak number of viewers exceeds 250 million. The number of viewers on station B is close to 100 million times, and the number of topic readings on Weibo has reached 880 million. The number of topic discussions reached 1.023 million, which is ahead of the satellite TV party in terms of online discussion and dissemination.</p><p>We believe that the influence and strong trend of circle expansion of Bilibili can be seen from the advantages of online broadcast volume, and its more diverse and integrated mainstream content is gradually attracting mass users to settle in Bilibili.</p><p>After the financial report was announced, when answering questions from analysts, Chen Rui, chairman and CEO of Bilibili, also said,<b>A wider audience has become users of station B. Three years ago, the user base of Station B was mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-80s generation have become users of the platform.</b>According to third-party statistics, 86% of users in bilibili are under 35 years old, which means that a large number of users over 30 years old are also attracted by bilibili, which symbolizes that \"Xiaopo Station\" has gradually penetrated into the post-80s and even the post-80s generation.</p><p>02 Endogenous motivation comes from the unique community ecology</p><p>\"I have always believed that the user growth of a content platform ultimately depends on the quality of the content on this platform, that is to say, which platform can provide more good content, then which platform users will eventually go to.\" Chen Rui frankly,<b>Station B's strategy in user growth has always been to use high-quality content to attract users.</b>High-quality content includes the amount of content and the width of high-quality content categories.</p><p>It's simple to say to constantly attract users with continuously produced high-quality content, but it's difficult to actually do it.<b>Although many people in the industry will compare Bilibili with other short video platforms, unlike all other short video platforms, Laika Think Tank believes that Bilibili has a unique content community ecosystem, and this is also the unique barrier of Bilibili.<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>trong ></b></p><p><b>First of all, the content on Station B is extremely inclusive, and there are a lot of niche and vertical content, which is not valued and refined on other video platforms; Second, since there are mostly young users on station B, there is a certain invisible threshold, and they have their own unique discourse system; Third, young people all have a \"strong\" mentality, so they are willing to invest more time in creativity and production. The final result is that the content production threshold of station B is higher and the quality is better. Fourthly, bilibili has unique community attributes, which are completely different from other video platforms, whether short video or long video platforms, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-connection, \"Ye Qing Hui\" and other meme cultures, as well as rapidly infectious ghost animal videos, etc., all create a unique community atmosphere for bilibili, and the users of bilibili are extremely fond of comments, and the average comment data is much higher than other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare bilibili with long video websites such as iQiyi. The market value of bilibili is currently four times that of iQiyi. They believe that the capital market has the risk of overestimating the stock price of bilibili. However, long video websites like Aiyouteng have indeed faced the bottleneck of relatively obvious exhibition for a long time-they need to invest a lot of production costs in content production, and the content of the three parent video websites is too convergent, making it difficult to make profits for a long time. You know, iQiyi has been losing money for 10 years.</b></p><p><b>On the contrary, a large amount of low-cost high-quality content is being presented on Bilibili. Through the core drive of PUGV (Professional User Generated Video), a unique community belonging to Bilibili continues to be created. After continuous iteration and differentiation, the content on station B has formed a rich and diverse content ecosystem of \"PUGC as the mainstay, OGC and UGC as the supplement\". In the fourth quarter of 2020, the average monthly number of active UP owners on station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submissions reached 5.9 million, a year-on-year increase of 109%.</b></p><p><b>In terms of subdivided content categories, in the fourth quarter, life, games, entertainment, animation, technology and knowledge were the most popular among users, among which technology knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, knowledge content is also one of the fastest growing content categories at Station B in 2020. And these contents, whether on long video platforms or short video platforms, are rare to see.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou didn't hesitate to pay for Bilibili membership. Bilibili's consecutive annual subscription is only 148 yuan, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are rising, so I feel that this company is quite conscientious.\"</b></p><p><b>Laika Think Tank observed that whether it is a continuous annual subscription or a quarterly fee, the membership fee of Station B is lower than that of other platforms, and the advertising is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that the advertising volume of bilibili will not be increased for the time being in the future, or it will remain at 5%.</b></p><p><b>But even so, the advertising business of Station B has achieved accelerated growth for seven consecutive quarters. The revenue in the fourth quarter reached 720 million, a year-on-year increase of 149%, and the year-on-year growth for the whole year also reached 126%.</b></p><p><b>Therefore, from a longer-term perspective, we believe that the advertising business of Station B still has huge potential to be tapped.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzIwOTQwMDEyMA==&mid=2247491447&idx=1&sn=4e0ce998d49550b2fe63c798dae1e38b&chksm=97752720a002ae36a59fcb1b6fab268b877aaed9bf4b333e505228c661f18998e5429fe70d1a&token=2037453801&lang=zh_CN#rd\">来咖智库</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/175fbf5f75752267f2ac52ba7750f15a","relate_stocks":{"BILI":"哔哩哔哩"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzIwOTQwMDEyMA==&mid=2247491447&idx=1&sn=4e0ce998d49550b2fe63c798dae1e38b&chksm=97752720a002ae36a59fcb1b6fab268b877aaed9bf4b333e505228c661f18998e5429fe70d1a&token=2037453801&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145868466","content_text":"豆豆是一个喜欢看美剧的70后，他在20年下半年突然发现了B站的乐趣。\n“以前没怎么接触过，后来挺偶然发现了B站上有《乔乔的奇妙冒险》全集，还有最新的得到灭之刃》。”豆豆当时就像发现了新大陆一样，平时在金融机构上班的他工作环境比较严肃，没有太多渠道可以接触年轻人的东西，而且B站上各种番剧画质非常清晰，这让他毫不犹豫立刻买了一年会员。\n“没想到B站上有这么多好看的动画，视频网站之前用爱优腾比较多，但全都感觉都差不多，充会员的话三选一就可以了。”\n豆豆的选择这次在B站的财报上也得到了体现。随着B站不断的出圈，这家本以二次元闻名的“宅男“网站受到越来越多人群的关注，它的用户群和受众也不断扩大。第四季度，B站月活用户同比增长55%，达2.02亿；其中移动端月活用户同比增长61%，达1.87亿。与此同时，日活用户达5400万，实现了42%的同比增长。\n财报发布后，对于B站财务和运营数据的审视，同样也出现了百花齐放般的观点争鸣微博/p>\n有积极的观点认为，2020年4Q公司的业绩完全超预期，证明了出圈战略成功的同时，随着破圈的深入，新增用户的黏性更强，且具有更强的消费力和比较稳定的消费习惯，B站发展后劲可方正而另一派的观点则是，B站已经走上了一条与其建立之“初心”不同的道路，市场费用不断上涨，收入增速远低于亏损，在平台不断对大流量对UP主的扶持之下，B站还逐步表现出一种“微博化”的倾向，这一点让最早的一批忠实用户感到无所适从。\n财务发布后一周，B站股价仍旧沿袭上涨态势，资本市场已经用真金白银给出了自己的判断。方正证券最新发布的报告指出，作为中国第一代互联网原住民Z世代聚集的强社区平台，看好其未来用户流量持续扩张与加速变现的潜力，结合行业可比公司估值，给出2021年目标价为204.94美元，维持“推荐”评级。\n01 “破圈”战略效果日益显现\n自2019年以来，B站进行了大量的战略性调整，围绕 “品牌破圈、用户增长、组织架构优化”这三个关键词不断做出调整，战略效果也日益得以显现。我们认为，目前B站无论是在日益优化的收入结构来看，还是更光谱用户的渗透上看，“破圈”策略都取得了显著的效果。\n先来看下收入结构的变化。哔哩哔哩2020年公司全年总营收达120亿元人民币，同比增长77%，其中2020年Q4营收为38.31亿元，同比增长91%。从营收构成情况来看，随着公司业务范围逐渐拓宽，平台多元化发展提速，在营收大幅增长的同时，公司逐渐摆脱对单一游戏业务的依赖性，收入结构不断优化。\n具体来说，公司的移动游戏业务收入在2020 年占比降至40.03%，增值业务的收入占比已经接近移动游戏业务，达到了32.05%，且Q4 增值业务收入首次超越移动游戏收入，成为了哔哩哔哩季度的第一大业务支柱，广告业务和电商及其他业务也相对发展迅速。\n（来咖智库根据公开数据整理）\n对于第四季度而言，4Q20移动游戏收入11.30亿（yoy+29.6%），《原神》联运贡献明显。直播及增值服务收入11.47亿（yoy+118.5%），直播投入加大、收效明显，付费会员增长明显。广告收入7.22亿（yoy+149.5%），品牌认知度提升、算法推动效果广告。电商及其他收入7.41亿（yoy+168.5%）。Non-GAAP毛利率较上季度增长1.0%至24.9%。\n再看一下用户的增长情况。第四季度，B站月均活跃用户同比增长55%，达2.02亿；其中移动端月均活跃用户同比增长61%，达1.87亿。高质量的用户增长为商业化的快速发展奠定了坚实基础。在大量优质内容的推动下，本季度月均付费用户达到1790万，同比高速增长103％。整体付费率也创下新高，从去年同期的6.8％攀升至本季度的8.9％；毛利率实现了连续七个季度的环比增长，达到24.6%。\n相信在过去的2020年，无论是“后浪”三部曲视频的传播，还是“最美的夜跨年晚会”，都给公众留下了深刻的印象。以最美的夜为例，据B站公布数据显示，平台圈子量数据亮眼，同时观看人数峰值超2.5亿人在B站上的播放量逼近1亿次，在微博话题阅读量达到8.8亿，话题讨论量达102.3万，相比于卫视晚会在网络讨论和传播度上较为领先。\n我们认为，从网络播放量的优势可以看出B站的影响力和强烈的扩圈趋势，且其更具多元融合的主流内容也正逐步吸引大众用户入驻B站。\n财报公布后，在回答分析师提问时，哔哩哔哩董事长兼CEO陈睿也表示，更加广泛的受众成为了B站的用户。在三年前B站的用户群体主要是以90后和00后为主。从去年的统计数据来看，可以看到大量的85后已经成为了平台的用户。从第三方的统计来看，B站86%的用户为35岁以下，也就是说大量的超过30岁的用户也被B站吸引力，这象征着“小破站”从过去的90后00后的圈子已经逐步的渗透到了85后甚至是80后。\n02 内生动力来自于独特的社区生态\n“我一直认为内容平台的用户增长最终是取决于这个平台上的内容质量，也就是说哪个平台能够提供更多的好内容，那么用户最终就会去哪个平台。”陈睿坦诚，B站在用户增长方面的策略，一直是用优质的内容去吸引用户。优质的内容包括内容的数量以及优质内容品类的宽度。\n用持续产生的优质内容不断去吸引用户，说起来很简单，但真正做起来是很难的。虽然行业内很多人会把B站与其他的短视频平台做比较，但跟其他所有的短视频平台不同，来咖智库认为，B站拥有独一无二的内容社区生态，而这也是B站的独特壁垒所在。爱奇艺trong>\n首先，B站上的内容具有极大的包容性，有非常多小众而且垂直的内容，这些内容在其他视频平台上得不到重视和精细化运营；第二，由于B站上年轻的用户居多，所以存在一定的隐形门槛，他们具有自己独特的话语体系；第三，年轻人都存在“慕强”的心理，所以愿意投入更多时间在创意和制作上，最后的结果就是B站的内容制作门槛更高，质量也更好。第四，B站具有独特的社区属性，这与其他的视频平台，无论是短视频还是长视频平台，都是完全不同的，如极度丰富的内容互动机制，二次元弹幕文化、一键三连、“爷青回”等梗文化，还有急剧感染力的鬼畜视频，等等，都为B站营造了独特的社区氛围，而且B站的用户是极度喜爱评论，集均评论数据远高于其他平台。\n值得注意的是，业内有一些分析人士把B站与长视频网站例如爱奇艺相比，B站的市值目前已经是爱奇艺的4倍，认为资本市场有高估B站股价的风险。但爱优腾这样的长视频网站，的确长期面临着较为明一见展的瓶颈——在内容制作上需要投入大量的制作成本，三家长视频网站内容太过趋同，长期难以盈利，要知道，爱奇艺已经亏损了长达10年之久。\n而与此相反的是，B站上正在呈现出大量的低成本的优质内容，通过PUGV（Professional User Generated Video）的核心驱动，持续打造属于B站的独特社区。B站上的内容经过不断的迭代、分化，形成了“PUGC为主，OGC和UGC为辅”的丰富多元的内容生态，20年第四季度，B站月均活跃UP主数量达190万，同比增长88%；月均视频投稿量达590万，同比增长109％。\n从细分的内容品类上，第四季度，生活、游戏、娱乐、动漫、科技和知识是最受用户欢迎的，其中科技知识类视频贡献了本季度整体视频播放量的10％。不仅如此，知识类内容也是2020年B站增长最快的内容品类之一。而这些内容，无论是在长视频平台，还是短视频平台，都是很难得一见的。\n结语\n豆豆毫不犹豫掏钱购买B站会员还有一个原因，B站连续包年只有148元，而其它他常用的视频网站无论如何也都要200元以上了。“视频网站的会员费都在涨价，就感觉这家还挺良心的。“\n来咖智库观察发现，无论是连续包年还是季度费用，B站的会员费都比其他平台偏低，另外广告也比其他平台要少很多。哔哩哔哩副董事长兼首席运营官李旎表示，未来暂时是不会增加B站的广告量，还是会保持在5%。\n但即便如此，B站的广告业务已经实现了连续7个季度的加速增长，四季度的收入达到了7.2亿，同比增长达到了149%，全年的同比增长也达到了126%。\n所以，从更长的时间维度来看，我们相信B站的广告业务仍旧有巨大的潜力可以挖掘。","news_type":1,"symbols_score_info":{"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":364801097,"gmtCreate":1614829082719,"gmtModify":1704775749042,"author":{"id":"3518312249014526","authorId":"3518312249014526","name":"28e91594","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3518312249014526","idStr":"3518312249014526"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364801097","repostId":"1145868466","repostType":2,"repost":{"id":"1145868466","kind":"news","pubTimestamp":1614828001,"share":"https://ttm.financial/m/news/1145868466?lang=en_US&edition=fundamental","pubTime":"2021-03-04 11:20","market":"us","language":"zh","title":"The next battle after station B leaves the circle","url":"https://stock-news.laohu8.com/highlight/detail?id=1145868466","media":"来咖智库","summary":"豆豆是一个喜欢看美剧的70后，他在20年下半年突然发现了B站的乐趣。\n“以前没怎么接触过，后来挺偶然发现了B站上有《乔乔的奇妙冒险》全集，还有最新的得到灭之刃》。”豆豆当时就像发现了新大陆一样，平时在","content":"<p>Doudou is a post-70s generation who likes to watch American TV series. He suddenly discovered the fun of bilibili in the second half of 2020.</p><p>\"I haven't had much contact with it before, but then I accidentally discovered that there is the complete collection of\" Qiao Qiao's Wonderful Adventure \"on bilibili, as well as the latest Blade of Destruction.\" Doudou was like discovering it at that time<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, when he usually works in a financial institution, his working environment is relatively serious, and there are not many channels to get in touch with young people's things. Moreover, the picture quality of various dramas on bilibili is very clear, which makes him immediately buy a one-year membership without hesitation..</p><p>\"I didn't expect there to be so many good-looking animations on station B. Video websites used Aiyouteng a lot before, but they all feel the same. If you are a member, you can choose one of the three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As station B continues to go out of the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more attention from people, and its user base and audience have also continued to expand. In the fourth quarter, the number of monthly active users of station B increased by 55% year-on-year to 202 million; Among them, the number of monthly active users on the mobile terminal increased by 61% year-on-year to 187 million. At the same time, the number of daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, there was also a debate about opinions like a hundred flowers blooming in the review of the financial and operating data of Station B<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p ></p><p>There is a positive view that the company's performance in 4Q 2020 completely exceeded expectations, proving that while the strategy of going out of the circle is successful, with the deepening of the circle breaking, the new users are more sticky, and have stronger consumption power and relatively stable consumption habits, the development potential of station B can be square, while the other school of view is that station B has embarked on a path different from the \"original intention\" it was established. Market costs continue to rise, and the revenue growth rate is far lower than the loss.</p><p><b>One week after the financial release, the stock price of Station B still followed the upward trend, and the capital market has already given its own judgment with real money.</b><a href=\"https://laohu8.com/S/601901\">Founder Securities</a>The latest report pointed out that as a strong community platform where China's first generation of Internet aborigines, Generation Z, gathers, it is optimistic about its potential for continuous expansion of user traffic and accelerated realization in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of 204.94 in 2021. US $, maintaining the \"recommended\" rating.</p><p>01 The effect of the \"breaking the circle\" strategy is becoming increasingly apparent</p><p>Since 2019, Station B has made a large number of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking, user growth, and organizational structure optimization\", and the strategic effect has become increasingly apparent. We believe that the current \"breaking the circle\" strategy of Station B has achieved remarkable results in terms of both the increasingly optimized revenue structure and the penetration of more spectrum users.</p><p>Let's first look at the changes in the income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached 12 billion yuan, a year-on-year increase of 77%, of which Q4 revenue in 2020 was 3.831 billion yuan, a year-on-year increase of 91%.<b>From the perspective of revenue composition, with the gradual expansion of the company's business scope and the acceleration of platform diversification, while the revenue has increased substantially, the company has gradually got rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's mobile game business revenue accounted for 40.03% in 2020, and the value-added business revenue accounted for close to that of the mobile game business, reaching 32.05%, and the Q4 value-added business revenue surpassed the mobile game revenue for the first time, becoming Bilibili's largest business pillar in the quarter, advertising business, e-commerce and other businesses also developed relatively rapidly.</p><p><img src=\"https://static.tigerbbs.com/e2c6af2c1f2816f72fdc74cf262facc5\" tg-width=\"1080\" tg-height=\"590\" referrerpolicy=\"no-referrer\">(Laika Think Tank compiled according to public data)</p><p>For the fourth quarter, 4Q20 mobile game revenue was 1.13 billion (yoy+29.6%), and the intermodal contribution of \"Genshin Impact\" was significant. The revenue from live broadcast and value-added services was 1.147 billion (yoy+118.5%). The investment in live broadcast increased, the results were obvious, and the paid membership increased significantly. Advertising revenue was 722 million (yoy+149.5%), brand awareness was improved, and algorithm-driven performance advertising. E-commerce and other revenue was 741 million (yoy+168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the prior quarter.</p><p><b>Let's take a look at the growth of users.</b>In the fourth quarter, the average monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the average monthly active users of mobile terminals increased by 61% year-on-year to 187 million. High-quality user growth has laid a solid foundation for the rapid development of commercialization. Driven by a large amount of high-quality content, the average monthly paying users reached 17.9 million this quarter, a high-speed increase of 103% year-on-year. The overall payment rate also hit a new high, climbing from 6.8% in the same period last year to 8.9% this quarter; Gross margin achieved seven consecutive quarter-on-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the trilogy video of \"Houlang\" and the \"Most Beautiful New Year's Eve Party\" have left a deep impression on the public. Take the most beautiful night as an example. According to the data released by station B, the data of platform circles is eye-catching. At the same time, the peak number of viewers exceeds 250 million. The number of viewers on station B is close to 100 million times, and the number of topic readings on Weibo has reached 880 million. The number of topic discussions reached 1.023 million, which is ahead of the satellite TV party in terms of online discussion and dissemination.</p><p>We believe that the influence and strong trend of circle expansion of Bilibili can be seen from the advantages of online broadcast volume, and its more diverse and integrated mainstream content is gradually attracting mass users to settle in Bilibili.</p><p>After the financial report was announced, when answering questions from analysts, Chen Rui, chairman and CEO of Bilibili, also said,<b>A wider audience has become users of station B. Three years ago, the user base of Station B was mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-80s generation have become users of the platform.</b>According to third-party statistics, 86% of users in bilibili are under 35 years old, which means that a large number of users over 30 years old are also attracted by bilibili, which symbolizes that \"Xiaopo Station\" has gradually penetrated into the post-80s and even the post-80s generation.</p><p>02 Endogenous motivation comes from the unique community ecology</p><p>\"I have always believed that the user growth of a content platform ultimately depends on the quality of the content on this platform, that is to say, which platform can provide more good content, then which platform users will eventually go to.\" Chen Rui frankly,<b>Station B's strategy in user growth has always been to use high-quality content to attract users.</b>High-quality content includes the amount of content and the width of high-quality content categories.</p><p>It's simple to say to constantly attract users with continuously produced high-quality content, but it's difficult to actually do it.<b>Although many people in the industry will compare Bilibili with other short video platforms, unlike all other short video platforms, Laika Think Tank believes that Bilibili has a unique content community ecosystem, and this is also the unique barrier of Bilibili.<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>trong ></b></p><p><b>First of all, the content on Station B is extremely inclusive, and there are a lot of niche and vertical content, which is not valued and refined on other video platforms; Second, since there are mostly young users on station B, there is a certain invisible threshold, and they have their own unique discourse system; Third, young people all have a \"strong\" mentality, so they are willing to invest more time in creativity and production. The final result is that the content production threshold of station B is higher and the quality is better. Fourthly, bilibili has unique community attributes, which are completely different from other video platforms, whether short video or long video platforms, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-connection, \"Ye Qing Hui\" and other meme cultures, as well as rapidly infectious ghost animal videos, etc., all create a unique community atmosphere for bilibili, and the users of bilibili are extremely fond of comments, and the average comment data is much higher than other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare bilibili with long video websites such as iQiyi. The market value of bilibili is currently four times that of iQiyi. They believe that the capital market has the risk of overestimating the stock price of bilibili. However, long video websites like Aiyouteng have indeed faced the bottleneck of relatively obvious exhibition for a long time-they need to invest a lot of production costs in content production, and the content of the three parent video websites is too convergent, making it difficult to make profits for a long time. You know, iQiyi has been losing money for 10 years.</b></p><p><b>On the contrary, a large amount of low-cost high-quality content is being presented on Bilibili. Through the core drive of PUGV (Professional User Generated Video), a unique community belonging to Bilibili continues to be created. After continuous iteration and differentiation, the content on station B has formed a rich and diverse content ecosystem of \"PUGC as the mainstay, OGC and UGC as the supplement\". In the fourth quarter of 2020, the average monthly number of active UP owners on station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submissions reached 5.9 million, a year-on-year increase of 109%.</b></p><p><b>In terms of subdivided content categories, in the fourth quarter, life, games, entertainment, animation, technology and knowledge were the most popular among users, among which technology knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, knowledge content is also one of the fastest growing content categories at Station B in 2020. And these contents, whether on long video platforms or short video platforms, are rare to see.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou didn't hesitate to pay for Bilibili membership. Bilibili's consecutive annual subscription is only 148 yuan, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are rising, so I feel that this company is quite conscientious.\"</b></p><p><b>Laika Think Tank observed that whether it is a continuous annual subscription or a quarterly fee, the membership fee of Station B is lower than that of other platforms, and the advertising is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that the advertising volume of bilibili will not be increased for the time being in the future, or it will remain at 5%.</b></p><p><b>But even so, the advertising business of Station B has achieved accelerated growth for seven consecutive quarters. The revenue in the fourth quarter reached 720 million, a year-on-year increase of 149%, and the year-on-year growth for the whole year also reached 126%.</b></p><p><b>Therefore, from a longer-term perspective, we believe that the advertising business of Station B still has huge potential to be tapped.</b></p>","source":"lsy1580307086638","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>The next battle after station B leaves the circle</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThe next battle after station B leaves the circle\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">来咖智库</strong><span class=\"h-time small\">2021-03-04 11:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Doudou is a post-70s generation who likes to watch American TV series. He suddenly discovered the fun of bilibili in the second half of 2020.</p><p>\"I haven't had much contact with it before, but then I accidentally discovered that there is the complete collection of\" Qiao Qiao's Wonderful Adventure \"on bilibili, as well as the latest Blade of Destruction.\" Doudou was like discovering it at that time<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, when he usually works in a financial institution, his working environment is relatively serious, and there are not many channels to get in touch with young people's things. Moreover, the picture quality of various dramas on bilibili is very clear, which makes him immediately buy a one-year membership without hesitation..</p><p>\"I didn't expect there to be so many good-looking animations on station B. Video websites used Aiyouteng a lot before, but they all feel the same. If you are a member, you can choose one of the three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As station B continues to go out of the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more attention from people, and its user base and audience have also continued to expand. In the fourth quarter, the number of monthly active users of station B increased by 55% year-on-year to 202 million; Among them, the number of monthly active users on the mobile terminal increased by 61% year-on-year to 187 million. At the same time, the number of daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, there was also a debate about opinions like a hundred flowers blooming in the review of the financial and operating data of Station B<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p ></p><p>There is a positive view that the company's performance in 4Q 2020 completely exceeded expectations, proving that while the strategy of going out of the circle is successful, with the deepening of the circle breaking, the new users are more sticky, and have stronger consumption power and relatively stable consumption habits, the development potential of station B can be square, while the other school of view is that station B has embarked on a path different from the \"original intention\" it was established. Market costs continue to rise, and the revenue growth rate is far lower than the loss.</p><p><b>One week after the financial release, the stock price of Station B still followed the upward trend, and the capital market has already given its own judgment with real money.</b><a href=\"https://laohu8.com/S/601901\">Founder Securities</a>The latest report pointed out that as a strong community platform where China's first generation of Internet aborigines, Generation Z, gathers, it is optimistic about its potential for continuous expansion of user traffic and accelerated realization in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of 204.94 in 2021. US $, maintaining the \"recommended\" rating.</p><p>01 The effect of the \"breaking the circle\" strategy is becoming increasingly apparent</p><p>Since 2019, Station B has made a large number of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking, user growth, and organizational structure optimization\", and the strategic effect has become increasingly apparent. We believe that the current \"breaking the circle\" strategy of Station B has achieved remarkable results in terms of both the increasingly optimized revenue structure and the penetration of more spectrum users.</p><p>Let's first look at the changes in the income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached 12 billion yuan, a year-on-year increase of 77%, of which Q4 revenue in 2020 was 3.831 billion yuan, a year-on-year increase of 91%.<b>From the perspective of revenue composition, with the gradual expansion of the company's business scope and the acceleration of platform diversification, while the revenue has increased substantially, the company has gradually got rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's mobile game business revenue accounted for 40.03% in 2020, and the value-added business revenue accounted for close to that of the mobile game business, reaching 32.05%, and the Q4 value-added business revenue surpassed the mobile game revenue for the first time, becoming Bilibili's largest business pillar in the quarter, advertising business, e-commerce and other businesses also developed relatively rapidly.</p><p><img src=\"https://static.tigerbbs.com/e2c6af2c1f2816f72fdc74cf262facc5\" tg-width=\"1080\" tg-height=\"590\" referrerpolicy=\"no-referrer\">(Laika Think Tank compiled according to public data)</p><p>For the fourth quarter, 4Q20 mobile game revenue was 1.13 billion (yoy+29.6%), and the intermodal contribution of \"Genshin Impact\" was significant. The revenue from live broadcast and value-added services was 1.147 billion (yoy+118.5%). The investment in live broadcast increased, the results were obvious, and the paid membership increased significantly. Advertising revenue was 722 million (yoy+149.5%), brand awareness was improved, and algorithm-driven performance advertising. E-commerce and other revenue was 741 million (yoy+168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the prior quarter.</p><p><b>Let's take a look at the growth of users.</b>In the fourth quarter, the average monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the average monthly active users of mobile terminals increased by 61% year-on-year to 187 million. High-quality user growth has laid a solid foundation for the rapid development of commercialization. Driven by a large amount of high-quality content, the average monthly paying users reached 17.9 million this quarter, a high-speed increase of 103% year-on-year. The overall payment rate also hit a new high, climbing from 6.8% in the same period last year to 8.9% this quarter; Gross margin achieved seven consecutive quarter-on-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the trilogy video of \"Houlang\" and the \"Most Beautiful New Year's Eve Party\" have left a deep impression on the public. Take the most beautiful night as an example. According to the data released by station B, the data of platform circles is eye-catching. At the same time, the peak number of viewers exceeds 250 million. The number of viewers on station B is close to 100 million times, and the number of topic readings on Weibo has reached 880 million. The number of topic discussions reached 1.023 million, which is ahead of the satellite TV party in terms of online discussion and dissemination.</p><p>We believe that the influence and strong trend of circle expansion of Bilibili can be seen from the advantages of online broadcast volume, and its more diverse and integrated mainstream content is gradually attracting mass users to settle in Bilibili.</p><p>After the financial report was announced, when answering questions from analysts, Chen Rui, chairman and CEO of Bilibili, also said,<b>A wider audience has become users of station B. Three years ago, the user base of Station B was mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-80s generation have become users of the platform.</b>According to third-party statistics, 86% of users in bilibili are under 35 years old, which means that a large number of users over 30 years old are also attracted by bilibili, which symbolizes that \"Xiaopo Station\" has gradually penetrated into the post-80s and even the post-80s generation.</p><p>02 Endogenous motivation comes from the unique community ecology</p><p>\"I have always believed that the user growth of a content platform ultimately depends on the quality of the content on this platform, that is to say, which platform can provide more good content, then which platform users will eventually go to.\" Chen Rui frankly,<b>Station B's strategy in user growth has always been to use high-quality content to attract users.</b>High-quality content includes the amount of content and the width of high-quality content categories.</p><p>It's simple to say to constantly attract users with continuously produced high-quality content, but it's difficult to actually do it.<b>Although many people in the industry will compare Bilibili with other short video platforms, unlike all other short video platforms, Laika Think Tank believes that Bilibili has a unique content community ecosystem, and this is also the unique barrier of Bilibili.<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>trong ></b></p><p><b>First of all, the content on Station B is extremely inclusive, and there are a lot of niche and vertical content, which is not valued and refined on other video platforms; Second, since there are mostly young users on station B, there is a certain invisible threshold, and they have their own unique discourse system; Third, young people all have a \"strong\" mentality, so they are willing to invest more time in creativity and production. The final result is that the content production threshold of station B is higher and the quality is better. Fourthly, bilibili has unique community attributes, which are completely different from other video platforms, whether short video or long video platforms, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-connection, \"Ye Qing Hui\" and other meme cultures, as well as rapidly infectious ghost animal videos, etc., all create a unique community atmosphere for bilibili, and the users of bilibili are extremely fond of comments, and the average comment data is much higher than other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare bilibili with long video websites such as iQiyi. The market value of bilibili is currently four times that of iQiyi. They believe that the capital market has the risk of overestimating the stock price of bilibili. However, long video websites like Aiyouteng have indeed faced the bottleneck of relatively obvious exhibition for a long time-they need to invest a lot of production costs in content production, and the content of the three parent video websites is too convergent, making it difficult to make profits for a long time. You know, iQiyi has been losing money for 10 years.</b></p><p><b>On the contrary, a large amount of low-cost high-quality content is being presented on Bilibili. Through the core drive of PUGV (Professional User Generated Video), a unique community belonging to Bilibili continues to be created. After continuous iteration and differentiation, the content on station B has formed a rich and diverse content ecosystem of \"PUGC as the mainstay, OGC and UGC as the supplement\". In the fourth quarter of 2020, the average monthly number of active UP owners on station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submissions reached 5.9 million, a year-on-year increase of 109%.</b></p><p><b>In terms of subdivided content categories, in the fourth quarter, life, games, entertainment, animation, technology and knowledge were the most popular among users, among which technology knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, knowledge content is also one of the fastest growing content categories at Station B in 2020. And these contents, whether on long video platforms or short video platforms, are rare to see.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou didn't hesitate to pay for Bilibili membership. Bilibili's consecutive annual subscription is only 148 yuan, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are rising, so I feel that this company is quite conscientious.\"</b></p><p><b>Laika Think Tank observed that whether it is a continuous annual subscription or a quarterly fee, the membership fee of Station B is lower than that of other platforms, and the advertising is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that the advertising volume of bilibili will not be increased for the time being in the future, or it will remain at 5%.</b></p><p><b>But even so, the advertising business of Station B has achieved accelerated growth for seven consecutive quarters. The revenue in the fourth quarter reached 720 million, a year-on-year increase of 149%, and the year-on-year growth for the whole year also reached 126%.</b></p><p><b>Therefore, from a longer-term perspective, we believe that the advertising business of Station B still has huge potential to be tapped.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzIwOTQwMDEyMA==&mid=2247491447&idx=1&sn=4e0ce998d49550b2fe63c798dae1e38b&chksm=97752720a002ae36a59fcb1b6fab268b877aaed9bf4b333e505228c661f18998e5429fe70d1a&token=2037453801&lang=zh_CN#rd\">来咖智库</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/175fbf5f75752267f2ac52ba7750f15a","relate_stocks":{"BILI":"哔哩哔哩"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzIwOTQwMDEyMA==&mid=2247491447&idx=1&sn=4e0ce998d49550b2fe63c798dae1e38b&chksm=97752720a002ae36a59fcb1b6fab268b877aaed9bf4b333e505228c661f18998e5429fe70d1a&token=2037453801&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145868466","content_text":"豆豆是一个喜欢看美剧的70后，他在20年下半年突然发现了B站的乐趣。\n“以前没怎么接触过，后来挺偶然发现了B站上有《乔乔的奇妙冒险》全集，还有最新的得到灭之刃》。”豆豆当时就像发现了新大陆一样，平时在金融机构上班的他工作环境比较严肃，没有太多渠道可以接触年轻人的东西，而且B站上各种番剧画质非常清晰，这让他毫不犹豫立刻买了一年会员。\n“没想到B站上有这么多好看的动画，视频网站之前用爱优腾比较多，但全都感觉都差不多，充会员的话三选一就可以了。”\n豆豆的选择这次在B站的财报上也得到了体现。随着B站不断的出圈，这家本以二次元闻名的“宅男“网站受到越来越多人群的关注，它的用户群和受众也不断扩大。第四季度，B站月活用户同比增长55%，达2.02亿；其中移动端月活用户同比增长61%，达1.87亿。与此同时，日活用户达5400万，实现了42%的同比增长。\n财报发布后，对于B站财务和运营数据的审视，同样也出现了百花齐放般的观点争鸣微博/p>\n有积极的观点认为，2020年4Q公司的业绩完全超预期，证明了出圈战略成功的同时，随着破圈的深入，新增用户的黏性更强，且具有更强的消费力和比较稳定的消费习惯，B站发展后劲可方正而另一派的观点则是，B站已经走上了一条与其建立之“初心”不同的道路，市场费用不断上涨，收入增速远低于亏损，在平台不断对大流量对UP主的扶持之下，B站还逐步表现出一种“微博化”的倾向，这一点让最早的一批忠实用户感到无所适从。\n财务发布后一周，B站股价仍旧沿袭上涨态势，资本市场已经用真金白银给出了自己的判断。方正证券最新发布的报告指出，作为中国第一代互联网原住民Z世代聚集的强社区平台，看好其未来用户流量持续扩张与加速变现的潜力，结合行业可比公司估值，给出2021年目标价为204.94美元，维持“推荐”评级。\n01 “破圈”战略效果日益显现\n自2019年以来，B站进行了大量的战略性调整，围绕 “品牌破圈、用户增长、组织架构优化”这三个关键词不断做出调整，战略效果也日益得以显现。我们认为，目前B站无论是在日益优化的收入结构来看，还是更光谱用户的渗透上看，“破圈”策略都取得了显著的效果。\n先来看下收入结构的变化。哔哩哔哩2020年公司全年总营收达120亿元人民币，同比增长77%，其中2020年Q4营收为38.31亿元，同比增长91%。从营收构成情况来看，随着公司业务范围逐渐拓宽，平台多元化发展提速，在营收大幅增长的同时，公司逐渐摆脱对单一游戏业务的依赖性，收入结构不断优化。\n具体来说，公司的移动游戏业务收入在2020 年占比降至40.03%，增值业务的收入占比已经接近移动游戏业务，达到了32.05%，且Q4 增值业务收入首次超越移动游戏收入，成为了哔哩哔哩季度的第一大业务支柱，广告业务和电商及其他业务也相对发展迅速。\n（来咖智库根据公开数据整理）\n对于第四季度而言，4Q20移动游戏收入11.30亿（yoy+29.6%），《原神》联运贡献明显。直播及增值服务收入11.47亿（yoy+118.5%），直播投入加大、收效明显，付费会员增长明显。广告收入7.22亿（yoy+149.5%），品牌认知度提升、算法推动效果广告。电商及其他收入7.41亿（yoy+168.5%）。Non-GAAP毛利率较上季度增长1.0%至24.9%。\n再看一下用户的增长情况。第四季度，B站月均活跃用户同比增长55%，达2.02亿；其中移动端月均活跃用户同比增长61%，达1.87亿。高质量的用户增长为商业化的快速发展奠定了坚实基础。在大量优质内容的推动下，本季度月均付费用户达到1790万，同比高速增长103％。整体付费率也创下新高，从去年同期的6.8％攀升至本季度的8.9％；毛利率实现了连续七个季度的环比增长，达到24.6%。\n相信在过去的2020年，无论是“后浪”三部曲视频的传播，还是“最美的夜跨年晚会”，都给公众留下了深刻的印象。以最美的夜为例，据B站公布数据显示，平台圈子量数据亮眼，同时观看人数峰值超2.5亿人在B站上的播放量逼近1亿次，在微博话题阅读量达到8.8亿，话题讨论量达102.3万，相比于卫视晚会在网络讨论和传播度上较为领先。\n我们认为，从网络播放量的优势可以看出B站的影响力和强烈的扩圈趋势，且其更具多元融合的主流内容也正逐步吸引大众用户入驻B站。\n财报公布后，在回答分析师提问时，哔哩哔哩董事长兼CEO陈睿也表示，更加广泛的受众成为了B站的用户。在三年前B站的用户群体主要是以90后和00后为主。从去年的统计数据来看，可以看到大量的85后已经成为了平台的用户。从第三方的统计来看，B站86%的用户为35岁以下，也就是说大量的超过30岁的用户也被B站吸引力，这象征着“小破站”从过去的90后00后的圈子已经逐步的渗透到了85后甚至是80后。\n02 内生动力来自于独特的社区生态\n“我一直认为内容平台的用户增长最终是取决于这个平台上的内容质量，也就是说哪个平台能够提供更多的好内容，那么用户最终就会去哪个平台。”陈睿坦诚，B站在用户增长方面的策略，一直是用优质的内容去吸引用户。优质的内容包括内容的数量以及优质内容品类的宽度。\n用持续产生的优质内容不断去吸引用户，说起来很简单，但真正做起来是很难的。虽然行业内很多人会把B站与其他的短视频平台做比较，但跟其他所有的短视频平台不同，来咖智库认为，B站拥有独一无二的内容社区生态，而这也是B站的独特壁垒所在。爱奇艺trong>\n首先，B站上的内容具有极大的包容性，有非常多小众而且垂直的内容，这些内容在其他视频平台上得不到重视和精细化运营；第二，由于B站上年轻的用户居多，所以存在一定的隐形门槛，他们具有自己独特的话语体系；第三，年轻人都存在“慕强”的心理，所以愿意投入更多时间在创意和制作上，最后的结果就是B站的内容制作门槛更高，质量也更好。第四，B站具有独特的社区属性，这与其他的视频平台，无论是短视频还是长视频平台，都是完全不同的，如极度丰富的内容互动机制，二次元弹幕文化、一键三连、“爷青回”等梗文化，还有急剧感染力的鬼畜视频，等等，都为B站营造了独特的社区氛围，而且B站的用户是极度喜爱评论，集均评论数据远高于其他平台。\n值得注意的是，业内有一些分析人士把B站与长视频网站例如爱奇艺相比，B站的市值目前已经是爱奇艺的4倍，认为资本市场有高估B站股价的风险。但爱优腾这样的长视频网站，的确长期面临着较为明一见展的瓶颈——在内容制作上需要投入大量的制作成本，三家长视频网站内容太过趋同，长期难以盈利，要知道，爱奇艺已经亏损了长达10年之久。\n而与此相反的是，B站上正在呈现出大量的低成本的优质内容，通过PUGV（Professional User Generated Video）的核心驱动，持续打造属于B站的独特社区。B站上的内容经过不断的迭代、分化，形成了“PUGC为主，OGC和UGC为辅”的丰富多元的内容生态，20年第四季度，B站月均活跃UP主数量达190万，同比增长88%；月均视频投稿量达590万，同比增长109％。\n从细分的内容品类上，第四季度，生活、游戏、娱乐、动漫、科技和知识是最受用户欢迎的，其中科技知识类视频贡献了本季度整体视频播放量的10％。不仅如此，知识类内容也是2020年B站增长最快的内容品类之一。而这些内容，无论是在长视频平台，还是短视频平台，都是很难得一见的。\n结语\n豆豆毫不犹豫掏钱购买B站会员还有一个原因，B站连续包年只有148元，而其它他常用的视频网站无论如何也都要200元以上了。“视频网站的会员费都在涨价，就感觉这家还挺良心的。“\n来咖智库观察发现，无论是连续包年还是季度费用，B站的会员费都比其他平台偏低，另外广告也比其他平台要少很多。哔哩哔哩副董事长兼首席运营官李旎表示，未来暂时是不会增加B站的广告量，还是会保持在5%。\n但即便如此，B站的广告业务已经实现了连续7个季度的加速增长，四季度的收入达到了7.2亿，同比增长达到了149%，全年的同比增长也达到了126%。\n所以，从更长的时间维度来看，我们相信B站的广告业务仍旧有巨大的潜力可以挖掘。","news_type":1,"symbols_score_info":{"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
