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2021-03-04
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The next battle after Station B is out of the circle
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He suddenly discovered the fun of Station B in the second half of 20 years.</p><p>\"I haven't had much contact with it before. Later, I accidentally discovered that there are the complete episodes of Jojo's Strange Adventures and the latest Blade of Extermination on Station B.\" Doudou seemed to have discovered it.<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, he usually works in a financial institution in a serious working environment, and there are not many channels to contact young people's things. Moreover, the picture quality of various fan dramas on Station B is very clear, which makes him buy a one-year membership immediately without hesitation.</p><p>\"I didn't expect there to be so many good-looking animations on Station B. Video websites used Aiyouteng more before, but they all felt similar. If you are a member, you can choose one of three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As Station B continues to emerge from the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more people's attention, and its user base and audience have also been expanding. In the fourth quarter, the monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the monthly active users of mobile terminals increased by 61% year-on-year to 187 million. At the same time, the daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, the review of the financial and operational data of Station B also showed a dispute of views like a hundred flowers blooming<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p></p><p>There is a positive view that the performance of 4Q Company in 2020 completely exceeded expectations, which proves that while the out-of-the-circle strategy is successful, with the deepening of the out-of-the-circle, the new users are more sticky, have stronger consumption power and relatively stable consumption habits. The development stamina of Station B can be square, while the other faction's view is that Station B has embarked on a path different from the \"original intention\" it established. The market expenses are rising, and the revenue growth rate is far lower than the loss. With the platform's continuous support for large traffic and UP owners, Station B has gradually shown a tendency of \"Weibo\", which makes the earliest batch of loyal users feel at a loss.</p><p><b>One week after the financial release, the stock price of Station B still follows the upward trend, and the capital market has 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 Generation Z, the first generation of Internet natives in China, gathered, it is optimistic about its potential for continuous expansion and accelerated realization of user traffic in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of $204.94 in 2021, maintaining a \"recommended\" rating.</p><p>01 The effect of \"breaking the circle\" strategy is increasingly obvious</p><p>Since 2019, Bilibili has made a lot of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking circle, user growth and organizational structure optimization\", and the strategic effect is increasingly apparent. We believe that at present, the \"breaking the circle\" strategy of Station B has achieved remarkable results in both the increasingly optimized income structure and the penetration of more spectral users.</p><p>Let's first look at the changes in income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached RMB 12 billion, a year-on-year increase of 77%, of which the revenue in Q4 2020 was RMB 3.831 billion, 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 gotten rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's revenue from mobile game business dropped to 40.03% in 2020, and the revenue from value-added services was close to that of mobile game business, reaching 32.05%. In Q4, the revenue from value-added services surpassed the revenue from mobile games for the first time, becoming the largest business pillar of Bilibili 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 1.130 billion (yoy +29.6%), and the intermodal contribution of Genshin Impact was obvious. Revenue from live broadcast and value-added services was 1,147 million (yoy +118.5%), with increased investment in live broadcast and obvious results, and a significant increase in paid membership. Advertising revenue of 722 million (yoy +149.5%), increased brand awareness and algorithm-driven performance advertising. E-commerce and other revenue of 741 million (yoy +168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the previous quarter.</p><p><b>Look at the growth of users again.</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 premium content, the average monthly paying subscribers reached 17.9 million in the quarter, representing a high-speed growth of 103% year-on-year. The overall payment ratio also hit a new high, climbing to 8.9% in the quarter from 6.8% in the year-ago quarter; Gross profit margin achieved seven consecutive quarters of quarter-over-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the \"Back Wave\" trilogy video and the \"Most Beautiful Night New Year's Eve Party\" 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 the platform circle is eye-catching. At the same time, the peak number of viewers exceeds 250 million, and the number of broadcasts on Station B approaches 100 million times. The number of readings on Weibo topics reaches 880 million, and the number of topic discussions reaches 1.023 million, which is ahead of the network discussion and communication compared with the satellite TV party.</p><p>We believe that the influence and strong circle expansion trend of Station B can be seen from the advantages of network broadcast volume, and its more diversified mainstream content is gradually attracting mass users to settle in Station B.</p><p>After the financial report was announced, Chen Rui, chairman and CEO of Bilibili, also said in response to questions from analysts,<b>A wider audience has become users of Station B. Three years ago, the user groups of Station B were mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-85s have become users of the platform.</b>According to third-party statistics, 86% of users in Station B are under 35 years old, which means that a large number of users over 30 years old are also attracted by Station B, which symbolizes that \"small broken stations\" have gradually penetrated into the post-85s and even post-80s from the past post-90s and post-00s circles.</p><p>02 Endogenous power comes from unique community ecology</p><p>\"I always think that the user growth of content platforms ultimately depends on the content quality 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>Bili's strategy in terms of user growth has always been to attract users with high-quality content.</b>Premium content includes the amount of content as well as the breadth of the premium content category.</p><p>It is simple to say that it is difficult to constantly attract users with high-quality content that is continuously generated, but it is difficult to really 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 ecology, which 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, with many niche and vertical contents, which are 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 the mentality of \"Mu Qiang\", 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, Station B has unique community attributes, which are completely different from other video platforms, whether short or long, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-link, \"Ye Qinghui\" and other stalk cultures, as well as rapidly infectious ghost and animal videos, etc., all of which create a unique community atmosphere for Station B. Moreover, users of Station B love comments extremely, and the average comment data is much higher than that of other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare Station B with long video websites such as iQiyi. The market value of Station B is now four times that of iQiyi, and they think that the capital market has the risk of overestimating the share price of Station B. However, long video websites like Aiyouteng are indeed facing the bottleneck of relatively clear exhibition for a long time-a lot of production costs need to be invested in content production. The contents of the three long video websites are too convergent, and it is 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 number of low-cost high-quality content is being presented on Station B. Through the core driver of PUGV (Professional User Generated Video), it continues to build a unique community belonging to Station B. After continuous iteration and differentiation, the content on Station B has formed a rich and diversified content ecology of \"PUGC as the main one, supplemented by OGC and UGC\". In the fourth quarter of 2020, the average monthly number of active UP owners in Station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submission volume 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 scientific and technological knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, but knowledge content is also one of the fastest-growing content categories of Bilibili in 2020. And these contents, whether on long video platforms or short video platforms, are rare.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou doesn't hesitate to pay for Bilibili membership. Bilibili has only 148 yuan for a continuous annual package, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are increasing, so I feel that this company is quite conscientious.\"</b></p><p><b>According to the observation of the think tank, whether it is continuous annual or quarterly expenses, the membership fee of Station B is lower than that of other platforms, and the advertisement is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that in the future, the advertising volume of Station B will not be increased, or it will remain at 5%.</b></p><p><b>But even so, Bilibili's advertising business has achieved accelerated growth for seven consecutive quarters. In the fourth quarter, its revenue reached 720 million, a year-on-year increase of 149%, and the year-on-year growth of the whole year also reached 126%.</b></p><p><b>Therefore, from a longer time perspective, we believe that the advertising business of Station B still has huge potential to tap.</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 is out of 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 is out of 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 Station B in the second half of 20 years.</p><p>\"I haven't had much contact with it before. Later, I accidentally discovered that there are the complete episodes of Jojo's Strange Adventures and the latest Blade of Extermination on Station B.\" Doudou seemed to have discovered it.<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, he usually works in a financial institution in a serious working environment, and there are not many channels to contact young people's things. Moreover, the picture quality of various fan dramas on Station B is very clear, which makes him buy a one-year membership immediately without hesitation.</p><p>\"I didn't expect there to be so many good-looking animations on Station B. Video websites used Aiyouteng more before, but they all felt similar. If you are a member, you can choose one of three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As Station B continues to emerge from the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more people's attention, and its user base and audience have also been expanding. In the fourth quarter, the monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the monthly active users of mobile terminals increased by 61% year-on-year to 187 million. At the same time, the daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, the review of the financial and operational data of Station B also showed a dispute of views like a hundred flowers blooming<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p></p><p>There is a positive view that the performance of 4Q Company in 2020 completely exceeded expectations, which proves that while the out-of-the-circle strategy is successful, with the deepening of the out-of-the-circle, the new users are more sticky, have stronger consumption power and relatively stable consumption habits. The development stamina of Station B can be square, while the other faction's view is that Station B has embarked on a path different from the \"original intention\" it established. The market expenses are rising, and the revenue growth rate is far lower than the loss. With the platform's continuous support for large traffic and UP owners, Station B has gradually shown a tendency of \"Weibo\", which makes the earliest batch of loyal users feel at a loss.</p><p><b>One week after the financial release, the stock price of Station B still follows the upward trend, and the capital market has 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 Generation Z, the first generation of Internet natives in China, gathered, it is optimistic about its potential for continuous expansion and accelerated realization of user traffic in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of $204.94 in 2021, maintaining a \"recommended\" rating.</p><p>01 The effect of \"breaking the circle\" strategy is increasingly obvious</p><p>Since 2019, Bilibili has made a lot of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking circle, user growth and organizational structure optimization\", and the strategic effect is increasingly apparent. We believe that at present, the \"breaking the circle\" strategy of Station B has achieved remarkable results in both the increasingly optimized income structure and the penetration of more spectral users.</p><p>Let's first look at the changes in income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached RMB 12 billion, a year-on-year increase of 77%, of which the revenue in Q4 2020 was RMB 3.831 billion, 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 gotten rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's revenue from mobile game business dropped to 40.03% in 2020, and the revenue from value-added services was close to that of mobile game business, reaching 32.05%. In Q4, the revenue from value-added services surpassed the revenue from mobile games for the first time, becoming the largest business pillar of Bilibili 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 1.130 billion (yoy +29.6%), and the intermodal contribution of Genshin Impact was obvious. Revenue from live broadcast and value-added services was 1,147 million (yoy +118.5%), with increased investment in live broadcast and obvious results, and a significant increase in paid membership. Advertising revenue of 722 million (yoy +149.5%), increased brand awareness and algorithm-driven performance advertising. E-commerce and other revenue of 741 million (yoy +168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the previous quarter.</p><p><b>Look at the growth of users again.</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 premium content, the average monthly paying subscribers reached 17.9 million in the quarter, representing a high-speed growth of 103% year-on-year. The overall payment ratio also hit a new high, climbing to 8.9% in the quarter from 6.8% in the year-ago quarter; Gross profit margin achieved seven consecutive quarters of quarter-over-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the \"Back Wave\" trilogy video and the \"Most Beautiful Night New Year's Eve Party\" 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 the platform circle is eye-catching. At the same time, the peak number of viewers exceeds 250 million, and the number of broadcasts on Station B approaches 100 million times. The number of readings on Weibo topics reaches 880 million, and the number of topic discussions reaches 1.023 million, which is ahead of the network discussion and communication compared with the satellite TV party.</p><p>We believe that the influence and strong circle expansion trend of Station B can be seen from the advantages of network broadcast volume, and its more diversified mainstream content is gradually attracting mass users to settle in Station B.</p><p>After the financial report was announced, Chen Rui, chairman and CEO of Bilibili, also said in response to questions from analysts,<b>A wider audience has become users of Station B. Three years ago, the user groups of Station B were mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-85s have become users of the platform.</b>According to third-party statistics, 86% of users in Station B are under 35 years old, which means that a large number of users over 30 years old are also attracted by Station B, which symbolizes that \"small broken stations\" have gradually penetrated into the post-85s and even post-80s from the past post-90s and post-00s circles.</p><p>02 Endogenous power comes from unique community ecology</p><p>\"I always think that the user growth of content platforms ultimately depends on the content quality 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>Bili's strategy in terms of user growth has always been to attract users with high-quality content.</b>Premium content includes the amount of content as well as the breadth of the premium content category.</p><p>It is simple to say that it is difficult to constantly attract users with high-quality content that is continuously generated, but it is difficult to really 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 ecology, which 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, with many niche and vertical contents, which are 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 the mentality of \"Mu Qiang\", 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, Station B has unique community attributes, which are completely different from other video platforms, whether short or long, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-link, \"Ye Qinghui\" and other stalk cultures, as well as rapidly infectious ghost and animal videos, etc., all of which create a unique community atmosphere for Station B. Moreover, users of Station B love comments extremely, and the average comment data is much higher than that of other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare Station B with long video websites such as iQiyi. The market value of Station B is now four times that of iQiyi, and they think that the capital market has the risk of overestimating the share price of Station B. However, long video websites like Aiyouteng are indeed facing the bottleneck of relatively clear exhibition for a long time-a lot of production costs need to be invested in content production. The contents of the three long video websites are too convergent, and it is 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 number of low-cost high-quality content is being presented on Station B. Through the core driver of PUGV (Professional User Generated Video), it continues to build a unique community belonging to Station B. After continuous iteration and differentiation, the content on Station B has formed a rich and diversified content ecology of \"PUGC as the main one, supplemented by OGC and UGC\". In the fourth quarter of 2020, the average monthly number of active UP owners in Station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submission volume 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 scientific and technological knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, but knowledge content is also one of the fastest-growing content categories of Bilibili in 2020. And these contents, whether on long video platforms or short video platforms, are rare.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou doesn't hesitate to pay for Bilibili membership. Bilibili has only 148 yuan for a continuous annual package, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are increasing, so I feel that this company is quite conscientious.\"</b></p><p><b>According to the observation of the think tank, whether it is continuous annual or quarterly expenses, the membership fee of Station B is lower than that of other platforms, and the advertisement is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that in the future, the advertising volume of Station B will not be increased, or it will remain at 5%.</b></p><p><b>But even so, Bilibili's advertising business has achieved accelerated growth for seven consecutive quarters. In the fourth quarter, its revenue reached 720 million, a year-on-year increase of 149%, and the year-on-year growth of the whole year also reached 126%.</b></p><p><b>Therefore, from a longer time perspective, we believe that the advertising business of Station B still has huge potential to tap.</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":1550,"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 is out of 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 Station B in the second half of 20 years.</p><p>\"I haven't had much contact with it before. Later, I accidentally discovered that there are the complete episodes of Jojo's Strange Adventures and the latest Blade of Extermination on Station B.\" Doudou seemed to have discovered it.<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, he usually works in a financial institution in a serious working environment, and there are not many channels to contact young people's things. Moreover, the picture quality of various fan dramas on Station B is very clear, which makes him buy a one-year membership immediately without hesitation.</p><p>\"I didn't expect there to be so many good-looking animations on Station B. Video websites used Aiyouteng more before, but they all felt similar. If you are a member, you can choose one of three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As Station B continues to emerge from the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more people's attention, and its user base and audience have also been expanding. In the fourth quarter, the monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the monthly active users of mobile terminals increased by 61% year-on-year to 187 million. At the same time, the daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, the review of the financial and operational data of Station B also showed a dispute of views like a hundred flowers blooming<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p></p><p>There is a positive view that the performance of 4Q Company in 2020 completely exceeded expectations, which proves that while the out-of-the-circle strategy is successful, with the deepening of the out-of-the-circle, the new users are more sticky, have stronger consumption power and relatively stable consumption habits. The development stamina of Station B can be square, while the other faction's view is that Station B has embarked on a path different from the \"original intention\" it established. The market expenses are rising, and the revenue growth rate is far lower than the loss. With the platform's continuous support for large traffic and UP owners, Station B has gradually shown a tendency of \"Weibo\", which makes the earliest batch of loyal users feel at a loss.</p><p><b>One week after the financial release, the stock price of Station B still follows the upward trend, and the capital market has 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 Generation Z, the first generation of Internet natives in China, gathered, it is optimistic about its potential for continuous expansion and accelerated realization of user traffic in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of $204.94 in 2021, maintaining a \"recommended\" rating.</p><p>01 The effect of \"breaking the circle\" strategy is increasingly obvious</p><p>Since 2019, Bilibili has made a lot of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking circle, user growth and organizational structure optimization\", and the strategic effect is increasingly apparent. We believe that at present, the \"breaking the circle\" strategy of Station B has achieved remarkable results in both the increasingly optimized income structure and the penetration of more spectral users.</p><p>Let's first look at the changes in income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached RMB 12 billion, a year-on-year increase of 77%, of which the revenue in Q4 2020 was RMB 3.831 billion, 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 gotten rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's revenue from mobile game business dropped to 40.03% in 2020, and the revenue from value-added services was close to that of mobile game business, reaching 32.05%. In Q4, the revenue from value-added services surpassed the revenue from mobile games for the first time, becoming the largest business pillar of Bilibili 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 1.130 billion (yoy +29.6%), and the intermodal contribution of Genshin Impact was obvious. Revenue from live broadcast and value-added services was 1,147 million (yoy +118.5%), with increased investment in live broadcast and obvious results, and a significant increase in paid membership. Advertising revenue of 722 million (yoy +149.5%), increased brand awareness and algorithm-driven performance advertising. E-commerce and other revenue of 741 million (yoy +168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the previous quarter.</p><p><b>Look at the growth of users again.</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 premium content, the average monthly paying subscribers reached 17.9 million in the quarter, representing a high-speed growth of 103% year-on-year. The overall payment ratio also hit a new high, climbing to 8.9% in the quarter from 6.8% in the year-ago quarter; Gross profit margin achieved seven consecutive quarters of quarter-over-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the \"Back Wave\" trilogy video and the \"Most Beautiful Night New Year's Eve Party\" 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 the platform circle is eye-catching. At the same time, the peak number of viewers exceeds 250 million, and the number of broadcasts on Station B approaches 100 million times. The number of readings on Weibo topics reaches 880 million, and the number of topic discussions reaches 1.023 million, which is ahead of the network discussion and communication compared with the satellite TV party.</p><p>We believe that the influence and strong circle expansion trend of Station B can be seen from the advantages of network broadcast volume, and its more diversified mainstream content is gradually attracting mass users to settle in Station B.</p><p>After the financial report was announced, Chen Rui, chairman and CEO of Bilibili, also said in response to questions from analysts,<b>A wider audience has become users of Station B. Three years ago, the user groups of Station B were mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-85s have become users of the platform.</b>According to third-party statistics, 86% of users in Station B are under 35 years old, which means that a large number of users over 30 years old are also attracted by Station B, which symbolizes that \"small broken stations\" have gradually penetrated into the post-85s and even post-80s from the past post-90s and post-00s circles.</p><p>02 Endogenous power comes from unique community ecology</p><p>\"I always think that the user growth of content platforms ultimately depends on the content quality 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>Bili's strategy in terms of user growth has always been to attract users with high-quality content.</b>Premium content includes the amount of content as well as the breadth of the premium content category.</p><p>It is simple to say that it is difficult to constantly attract users with high-quality content that is continuously generated, but it is difficult to really 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 ecology, which 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, with many niche and vertical contents, which are 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 the mentality of \"Mu Qiang\", 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, Station B has unique community attributes, which are completely different from other video platforms, whether short or long, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-link, \"Ye Qinghui\" and other stalk cultures, as well as rapidly infectious ghost and animal videos, etc., all of which create a unique community atmosphere for Station B. Moreover, users of Station B love comments extremely, and the average comment data is much higher than that of other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare Station B with long video websites such as iQiyi. The market value of Station B is now four times that of iQiyi, and they think that the capital market has the risk of overestimating the share price of Station B. However, long video websites like Aiyouteng are indeed facing the bottleneck of relatively clear exhibition for a long time-a lot of production costs need to be invested in content production. The contents of the three long video websites are too convergent, and it is 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 number of low-cost high-quality content is being presented on Station B. Through the core driver of PUGV (Professional User Generated Video), it continues to build a unique community belonging to Station B. After continuous iteration and differentiation, the content on Station B has formed a rich and diversified content ecology of \"PUGC as the main one, supplemented by OGC and UGC\". In the fourth quarter of 2020, the average monthly number of active UP owners in Station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submission volume 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 scientific and technological knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, but knowledge content is also one of the fastest-growing content categories of Bilibili in 2020. And these contents, whether on long video platforms or short video platforms, are rare.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou doesn't hesitate to pay for Bilibili membership. Bilibili has only 148 yuan for a continuous annual package, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are increasing, so I feel that this company is quite conscientious.\"</b></p><p><b>According to the observation of the think tank, whether it is continuous annual or quarterly expenses, the membership fee of Station B is lower than that of other platforms, and the advertisement is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that in the future, the advertising volume of Station B will not be increased, or it will remain at 5%.</b></p><p><b>But even so, Bilibili's advertising business has achieved accelerated growth for seven consecutive quarters. In the fourth quarter, its revenue reached 720 million, a year-on-year increase of 149%, and the year-on-year growth of the whole year also reached 126%.</b></p><p><b>Therefore, from a longer time perspective, we believe that the advertising business of Station B still has huge potential to tap.</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 is out of 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 is out of 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 Station B in the second half of 20 years.</p><p>\"I haven't had much contact with it before. Later, I accidentally discovered that there are the complete episodes of Jojo's Strange Adventures and the latest Blade of Extermination on Station B.\" Doudou seemed to have discovered it.<a href=\"https://laohu8.com/S/000997\">New World</a>Similarly, he usually works in a financial institution in a serious working environment, and there are not many channels to contact young people's things. Moreover, the picture quality of various fan dramas on Station B is very clear, which makes him buy a one-year membership immediately without hesitation.</p><p>\"I didn't expect there to be so many good-looking animations on Station B. Video websites used Aiyouteng more before, but they all felt similar. If you are a member, you can choose one of three.\"</p><p>Doudou's choice was also reflected in the financial report of Station B this time. As Station B continues to emerge from the circle, this \"otaku\" website, which is famous for its second dimension, has attracted more and more people's attention, and its user base and audience have also been expanding. In the fourth quarter, the monthly active users of Station B increased by 55% year-on-year to 202 million; Among them, the monthly active users of mobile terminals increased by 61% year-on-year to 187 million. At the same time, the daily active users reached 54 million, achieving a year-on-year growth of 42%.</p><p>After the release of the financial report, the review of the financial and operational data of Station B also showed a dispute of views like a hundred flowers blooming<a href=\"https://laohu8.com/S/WB\">Weibo</a>/p></p><p>There is a positive view that the performance of 4Q Company in 2020 completely exceeded expectations, which proves that while the out-of-the-circle strategy is successful, with the deepening of the out-of-the-circle, the new users are more sticky, have stronger consumption power and relatively stable consumption habits. The development stamina of Station B can be square, while the other faction's view is that Station B has embarked on a path different from the \"original intention\" it established. The market expenses are rising, and the revenue growth rate is far lower than the loss. With the platform's continuous support for large traffic and UP owners, Station B has gradually shown a tendency of \"Weibo\", which makes the earliest batch of loyal users feel at a loss.</p><p><b>One week after the financial release, the stock price of Station B still follows the upward trend, and the capital market has 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 Generation Z, the first generation of Internet natives in China, gathered, it is optimistic about its potential for continuous expansion and accelerated realization of user traffic in the future. Combined with the valuation of comparable companies in the industry, it gives a target price of $204.94 in 2021, maintaining a \"recommended\" rating.</p><p>01 The effect of \"breaking the circle\" strategy is increasingly obvious</p><p>Since 2019, Bilibili has made a lot of strategic adjustments, constantly making adjustments around the three keywords of \"brand breaking circle, user growth and organizational structure optimization\", and the strategic effect is increasingly apparent. We believe that at present, the \"breaking the circle\" strategy of Station B has achieved remarkable results in both the increasingly optimized income structure and the penetration of more spectral users.</p><p>Let's first look at the changes in income structure.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>In 2020, the company's total annual revenue reached RMB 12 billion, a year-on-year increase of 77%, of which the revenue in Q4 2020 was RMB 3.831 billion, 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 gotten rid of its dependence on a single game business, and its revenue structure has been continuously optimized.</b></p><p>Specifically, the company's revenue from mobile game business dropped to 40.03% in 2020, and the revenue from value-added services was close to that of mobile game business, reaching 32.05%. In Q4, the revenue from value-added services surpassed the revenue from mobile games for the first time, becoming the largest business pillar of Bilibili 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 1.130 billion (yoy +29.6%), and the intermodal contribution of Genshin Impact was obvious. Revenue from live broadcast and value-added services was 1,147 million (yoy +118.5%), with increased investment in live broadcast and obvious results, and a significant increase in paid membership. Advertising revenue of 722 million (yoy +149.5%), increased brand awareness and algorithm-driven performance advertising. E-commerce and other revenue of 741 million (yoy +168.5%). Non-GAAP gross margin increased 1.0% to 24.9% from the previous quarter.</p><p><b>Look at the growth of users again.</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 premium content, the average monthly paying subscribers reached 17.9 million in the quarter, representing a high-speed growth of 103% year-on-year. The overall payment ratio also hit a new high, climbing to 8.9% in the quarter from 6.8% in the year-ago quarter; Gross profit margin achieved seven consecutive quarters of quarter-over-quarter growth, reaching 24.6%.</p><p>I believe that in the past 2020, both the spread of the \"Back Wave\" trilogy video and the \"Most Beautiful Night New Year's Eve Party\" 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 the platform circle is eye-catching. At the same time, the peak number of viewers exceeds 250 million, and the number of broadcasts on Station B approaches 100 million times. The number of readings on Weibo topics reaches 880 million, and the number of topic discussions reaches 1.023 million, which is ahead of the network discussion and communication compared with the satellite TV party.</p><p>We believe that the influence and strong circle expansion trend of Station B can be seen from the advantages of network broadcast volume, and its more diversified mainstream content is gradually attracting mass users to settle in Station B.</p><p>After the financial report was announced, Chen Rui, chairman and CEO of Bilibili, also said in response to questions from analysts,<b>A wider audience has become users of Station B. Three years ago, the user groups of Station B were mainly post-90s and post-00s. From last year's statistics, it can be seen that a large number of post-85s have become users of the platform.</b>According to third-party statistics, 86% of users in Station B are under 35 years old, which means that a large number of users over 30 years old are also attracted by Station B, which symbolizes that \"small broken stations\" have gradually penetrated into the post-85s and even post-80s from the past post-90s and post-00s circles.</p><p>02 Endogenous power comes from unique community ecology</p><p>\"I always think that the user growth of content platforms ultimately depends on the content quality 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>Bili's strategy in terms of user growth has always been to attract users with high-quality content.</b>Premium content includes the amount of content as well as the breadth of the premium content category.</p><p>It is simple to say that it is difficult to constantly attract users with high-quality content that is continuously generated, but it is difficult to really 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 ecology, which 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, with many niche and vertical contents, which are 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 the mentality of \"Mu Qiang\", 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, Station B has unique community attributes, which are completely different from other video platforms, whether short or long, such as extremely rich content interaction mechanism, two-dimensional barrage culture, one-click three-link, \"Ye Qinghui\" and other stalk cultures, as well as rapidly infectious ghost and animal videos, etc., all of which create a unique community atmosphere for Station B. Moreover, users of Station B love comments extremely, and the average comment data is much higher than that of other platforms.</b></p><p><b>It is worth noting that some analysts in the industry compare Station B with long video websites such as iQiyi. The market value of Station B is now four times that of iQiyi, and they think that the capital market has the risk of overestimating the share price of Station B. However, long video websites like Aiyouteng are indeed facing the bottleneck of relatively clear exhibition for a long time-a lot of production costs need to be invested in content production. The contents of the three long video websites are too convergent, and it is 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 number of low-cost high-quality content is being presented on Station B. Through the core driver of PUGV (Professional User Generated Video), it continues to build a unique community belonging to Station B. After continuous iteration and differentiation, the content on Station B has formed a rich and diversified content ecology of \"PUGC as the main one, supplemented by OGC and UGC\". In the fourth quarter of 2020, the average monthly number of active UP owners in Station B reached 1.9 million, a year-on-year increase of 88%; The average monthly video submission volume 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 scientific and technological knowledge videos contributed 10% of the overall video playback volume in this quarter. Not only that, but knowledge content is also one of the fastest-growing content categories of Bilibili in 2020. And these contents, whether on long video platforms or short video platforms, are rare.</b></p><p><b>epilogue</b></p><p><b>There is another reason why Doudou doesn't hesitate to pay for Bilibili membership. Bilibili has only 148 yuan for a continuous annual package, while other video websites he commonly uses cost more than 200 yuan anyway. \"The membership fees of video websites are increasing, so I feel that this company is quite conscientious.\"</b></p><p><b>According to the observation of the think tank, whether it is continuous annual or quarterly expenses, the membership fee of Station B is lower than that of other platforms, and the advertisement is much less than that of other platforms. Li Ni, vice chairman and chief operating officer of Bilibili, said that in the future, the advertising volume of Station B will not be increased, or it will remain at 5%.</b></p><p><b>But even so, Bilibili's advertising business has achieved accelerated growth for seven consecutive quarters. In the fourth quarter, its revenue reached 720 million, a year-on-year increase of 149%, and the year-on-year growth of the whole year also reached 126%.</b></p><p><b>Therefore, from a longer time perspective, we believe that the advertising business of Station B still has huge potential to tap.</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":1550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
