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奇迹之父

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- 奇迹之父奇迹之父
  ·2021-01-20
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- 奇迹之父奇迹之父
  ·2021-01-17
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- 奇迹之父奇迹之父
  ·2021-01-17
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- 奇迹之父奇迹之父
  ·2021-01-17
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  The first short video stock is here! This article explains how Kuaishou makes money.
  过去数年，短视频战场刀光剑影。硝烟过后，现在只剩下抖音和快手两大寡头傲视江湖。这对永恒的对手之间屡次正面交锋，却始终难分胜负。但在上市进程，快手率先抢跑，或将领先成为“国内短视频第一股”。1月15日，
  The first short video stock is here! This article explains how Kuaishou makes money.
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- 奇迹之父奇迹之父
  ·2021-01-14
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  TSMC's fourth-quarter net profit was NT$142.8 billion, up 23% year-on-year
  1月14日美股盘前，台积电公布2020年第四季度财报。财报显示，台积电第四季度营收3615.3亿新台币，同比增长14%，市场预期3615.89亿新台币，去年同期为3172.37亿新台币；净利润1428
  TSMC's fourth-quarter net profit was NT$142.8 billion, up 23% year-on-year
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- 奇迹之父奇迹之父
  ·2020-12-31
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- 奇迹之父奇迹之父
  ·2020-12-26
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- 奇迹之父奇迹之父
  ·2020-12-26
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11:19","market":"hk","language":"zh","title":"The first short video stock is here! This article explains how Kuaishou makes money.","url":"https://stock-news.laohu8.com/highlight/detail?id=1157231802","media":"老虎资讯综合","summary":"过去数年，短视频战场刀光剑影。硝烟过后，现在只剩下抖音和快手两大寡头傲视江湖。这对永恒的对手之间屡次正面交锋，却始终难分胜负。但在上市进程，快手率先抢跑，或将领先成为“国内短视频第一股”。1月15日，","content":"<p>Over the past few years, the short video arena has been a battlefield of fierce competition. After the smoke of war, now only...<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>The two giants, Kuaishou and Kuaishou, dominate the market. These two eternal rivals have repeatedly clashed head-on, but the outcome has never been clear. However, Kuaishou took the lead in the IPO process and may become the \"first short video stock in China\".</p><p>On January 15, information from the Hong Kong Stock Exchange website showed that Kuaishou had passed the listing hearing and officially entered the countdown to its listing. According to the post-hearing data, Kuaishou's various financial revenue data grew rapidly in the first three quarters of 2020, with total revenue reaching RMB 40.7 billion and e-commerce GMV reaching RMB 204.1 billion, of which RMB 94.5 billion was achieved in the third quarter alone.</p><p>The funds raised will be used to enhance our ecosystem, strengthen our research and development and technology capabilities, for working capital and general corporate purposes, and to selectively acquire or invest in products, services and businesses that complement our business and align with our philosophy and growth strategy, particularly in content, mass entertainment and software, in order to improve our technology, enrich our ecosystem, attract new users to our platform, and expand our product and service offerings.</p><p><b>Some investors use personal relationships to \"reserve shares\"</b></p><p>Industry-leading domestic internet companies will not be met with a cold reception in the Hong Kong capital market. A fund manager said that Kuaishou's market share is very hot, and they can only obtain second-hand shares through larger Hong Kong institutions to create an IPO strategic placement fund for individual investors. Before Kuaishou passed the hearing, the Kuaishou IPO strategic placement fund, established by the institution with a minimum subscription of HK$1 million, had already sold out in advance.</p><p>Meanwhile, sources revealed that Kuaishou's valuation may have been lowered compared to the previous expectation of $50 billion. Currently, the market is paying close attention to Kuaishou's IPO. According to sources close to the company, some institutional investors are already gearing up, even using their personal connections to \"reserve shares\".</p><p>It is reported that over the past 70 days, some investors have been searching around for possible relationships with core management such as Kuaishou founder Su Hua in order to obtain quotas.</p><p><b>One picture to understand Kuaishou Technology's IPO</b></p><p><img src=\"https://static.tigerbbs.com/3c2be4bc2bfb49a755ce21982c6c5e9b\" tg-width=\"751\" tg-height=\"11146\"></p><p><b>How does Kuaishou make money?</b></p><p>On November 5, 2020, Kuaishou submitted its prospectus to the Hong Kong Stock Exchange.</p><p>Live streaming, e-commerce, and marketing are Kuaishou's three main sources of income. Unlike Douyin, the industry leader that caught up later, Kuaishou's commercialization began with live streaming revenue, while Douyin chose a more mainstream approach: advertising. The most obvious difference is that in 2017, Kuaishou's advertising and marketing revenue was only 390 million yuan, while its live streaming was the world's largest.</p><p>Later, Kuaishou gradually expanded its advertising business, and by the third quarter of 2020, the share of online marketing in the company's total revenue had increased from 28.3% in the first half of 2020 to 32.8%.</p><p>The expansion of the business led to an increase in the number of employees, and in a short period of time the company grew from several thousand to nearly 20,000. Kuaishou currently has 19,942 employees, one-third of whom are R&D personnel.</p><p>The new data set shows that Kuaishou experienced rapid growth in the third quarter, with all three major revenue businesses achieving significant growth. As of September 30, total revenue reached 40.7 billion yuan. This included the combined growth of online marketing, live streaming tipping, e-commerce, online games and other businesses, which contributed to Kuaishou's revenue of 15.4 billion yuan in the third quarter, reaching 60.15% of the total revenue in the first half of the year.</p><p>Among them, online marketing services generated 13.3 billion yuan in revenue as of the third quarter, with online marketing revenue accounting for the fastest growth rate in the company's total revenue share. Compared with 2017, 2018, 2019 and September 30, 2020, the proportion of this revenue rose from 4.7%, 8.2% and 19% respectively to 32.8%. Live-streaming virtual gift tipping revenue reached 25.3 billion yuan, including 2.02 billion yuan in revenue from e-commerce, online games, and education.</p><p>Among the various indicators, Kuaishou's e-commerce GMV performed the most rapidly, increasing by 94.5 billion yuan in the third quarter. As of September 30, Kuaishou's live-streaming e-commerce sales had reached 204.1 billion yuan, with an average repurchase rate exceeding 65%.</p><p>Despite rapid growth, Kuaishou's revenue structure has also been changing since the third quarter. While the proportion of online marketing business has increased, the proportion of live streaming tipping revenue in the company's total revenue has continued to decline to 62.2%, but the revenue scale has still maintained growth.</p><p>Unlike many internet companies that burned through cash in the early stages and suffered losses for many years, Kuaishou had been profitable for the previous three years from 2017 to 2019. However, in 2020, when it submitted its prospectus, Kuaishou suffered a loss of 6.3 billion yuan in half a year due to a sudden increase in marketing expenses. As of the third quarter, Kuaishou's adjusted net loss was 7.4 billion yuan.</p><p><b>Countdown to listing, business data continues to grow</b></p><p>Compared to the previously released application prospectus, Kuaishou maintained its previous momentum in its platform business in the third quarter.</p><p>In the first nine months of 2020, Kuaishou's total daily active users (DAU) across all platforms reached 305 million, and its MAU reached 769 million. As of September 30, the platform's short video inventory had reached 29 billion, with a total of 14 billion live streams, garnering 2.2 trillion likes and 173.9 billion comments.</p><p>As of the third quarter of last year, a total of 9 billion content shares occurred on Kuaishou, an increase of 3 billion compared to the middle of the year. Meanwhile, 1 billion new pairs of users following each other were added in the third quarter, bringing the total number of pairs of mutual followers on the Kuaishou platform to 9 billion as of September 30.</p><p>In addition to the rapidly rising online marketing revenue, revenue from other businesses such as live-streaming e-commerce and online games increased significantly by 1.21 billion yuan in the third quarter, nearly 50% higher than the 810 million yuan in the entire first half of 2020.</p><p>As a business that only started in 2018, live-streaming e-commerce is still in its \"development period\" for Kuaishou. Its huge GMV and relatively small revenue are mainly due to the platform's very low commission from transactions, and it also provides subsidies for some agreements.</p><p>According to iResearch Consulting, the total transaction volume of goods in China's live-streaming e-commerce is expected to reach 6.4172 trillion yuan in 2025. Based on the current growth rate, Kuaishou's GMV is expected to exceed 300 billion yuan this year.</p><p>Furthermore, the data shows that the share of Kuaishou's revenue from live streaming tipping is gradually declining.</p><p>Whether it's Kuaishou and Douyin today, or early game live streaming platforms Huya and Douyu, they have all been the subject of much discussion about whether their businesses will be affected by top streamers and influential figures. According to data from iResearch Consulting, the amount of virtual gifts from Kuaishou's top ten streamers accounts for less than 5% of the total amount of tips on the entire platform.</p><p><b>Three evolutions and breakthroughs</b></p><p>Throughout Kuaishou's development history, there have been three clear stages.</p><p>In its early days, Kuaishou started with a GIF creation tool. It gained 1 million users within six months of its launch, and its popularity was unparalleled. But the young Kuaishou is not satisfied with just making simple tool products. Purely tool-based products are highly dependent on external traffic. Moreover, users are generally accustomed to using tools for free and find it difficult to monetize them. Therefore, Kuaishou sought new development and ushered in its second wave of transformation.</p><p>In 2013, Kuaishou began to focus on short videos, marking the beginning of its growth as a short video leader. With the addition of algorithm expert Su Hua, Kuaishou achieved rapid user growth. In 2017, Kuaishou's user base exceeded 10 million, and it has since entered a period of rapid growth. In 2018, the daily active users of Kuaishou's main site officially exceeded 100 million.</p><p>As many people know, Kuaishou's rapidly growing users mainly come from third-tier cities and below. This is why people have stereotypes about Kuaishou, such as being \"rustic\" and \"low-class\". Kuaishou has always adhered to the principles of fairness and inclusiveness in product development. Therefore, the distribution mechanism naturally tends to favor mid-to-late content creators. These creators are often ordinary people rather than KOLs supported by MCN agencies. The places with the most \"ordinary people\" are not in Beijing, Shanghai, or Guangzhou, but in the vast lower-tier markets.</p><p>Geographical differences lead to cultural fragmentation. Popular content varies greatly across different social circles, making it difficult to resonate widely. The overall tone of the content on Kuaishou is \"down-to-earth\" and close to real life. It naturally attracts people from lower-tier markets who are \"down-to-earth\". \"Authenticity\" fosters a closer relationship between fans and creators, allowing the Kuaishou platform to accumulate a sufficient amount of private domain traffic.</p><p>How to manage private domain traffic is the first problem Kuaishou needs to solve. Kuaishou initially chose live streaming as its monetization method. Live streaming is a continuation of the relationship between fans and streamers. Fans will tip streamers, not only to pay for the live content but also out of mutual affection. According to Kuaishou's prospectus, live streaming revenue accounts for more than 70%.</p><p>If this development continues, Kuaishou will become a de facto live streaming platform. But Kuaishou took a leap forward and underwent a third evolution.</p><p>In its third evolution, Kuaishou broke out of its niche. \"Down-to-earth\" and down-to-earth are the impressions users have formed of Kuaishou over the years. However, Kuaishou is accelerating its efforts to shed its labels, shifting from penetrating lower-tier cities to launching a high-profile offensive, rapidly expanding into first- and second-tier cities. To this end, Kuaishou invited many popular stars such as Huang Bo, Shen Teng, Zheng Shuang, and Huang Zitao to join the platform. Kuaishou invited Jay Chou to be its brand ambassador for a live stream, which ultimately garnered over 68 million views. In order to maximize their ability to create momentum. Last October, Kuaishou also held a grand gala called \"One Thousand and One Nights,\" inviting many A-list celebrities such as Yang Mi, Meng Meiqi, Shen Teng, and Huang Bo. All of this demonstrates Kuaishou's ambition to expand upwards.</p><p>To many people's surprise, the company achieved remarkable results in breaking out of its niche market. Today, as many as 45% of Kuaishou's users come from first- and second-tier cities. Kuaishou has transformed itself and started anew.</p><p>Where are the new growth engines?</p><p>As the pace of expanding into new niches accelerates, the business model is also being rapidly adjusted.</p><p>In the second evolution, the most direct way to monetize Kuaishou's massive private domain traffic was through live streaming. Live streaming revenue mainly comes from users purchasing virtual gifts on the platform, which are recognized as revenue when given to streamers. Building on Kuaishou's ever-expanding user base, live streaming revenue has been increasing year by year. From 2017 to 2019, the company's live streaming revenue was RMB 7.949 billion, RMB 18.615 billion, and RMB 31.442 billion, respectively, representing a compound annual growth rate of 98.88%.</p><p>However, it is worth noting that Kuaishou's new growth curve is taking shape. According to the prospectus, from 2017 to the first three quarters of 2020, Kuaishou's live streaming revenue accounted for 95.32%, 91.70%, 80.37% and 62.2%, respectively. In recent years, the proportion of live streaming revenue has been decreasing significantly because Kuaishou's advertising and e-commerce businesses are growing rapidly.</p><p>Similar to live streaming, e-commerce relies heavily on the platform's massive private domain traffic and the relationship between fans and streamers. Moreover, buying and selling relationships have always been based on trust, and e-commerce business is the best external manifestation of the \"trust economy\". Since Kuaishou launched its e-commerce business in 2018, the platform's transaction volume has increased exponentially, with GMV reaching 204.1 billion yuan in the first three quarters of 2020. Compared to January 2020, the number of buyers and sellers on the platform increased by 68% and 74% in August 2020.</p><p>Now that Kuaishou has become the fourth pole of e-commerce, benefiting from the increased penetration rate of live-streaming e-commerce as a whole and the improvement of Kuaishou's future monetization rate, Kuaishou's e-commerce business still has broader potential.</p><p>More noteworthy is the rapid expansion of the advertising business. From 2017 to 2019, Kuaishou's advertising revenue was 391 million yuan, 1.665 billion yuan, and 7.419 billion yuan, respectively, with a compound annual growth rate of 335.60%. In the first three quarters of 2020, it reached 13.3 billion yuan. Unlike live streaming and e-commerce, the advertising business relies on public domain traffic, which is not something Kuaishou is good at.</p><p>However, Kuaishou, which is seeking change, is not complacent and is making up for its shortcomings. Besides the aforementioned efforts by Kuaishou to expand its user base in first- and second-tier cities, Kuaishou's product redesign shows that it is learning from the advantages of Douyin. Kuaishou has added a \"Featured\" section to the page, similar to Douyin's full-screen scrolling browsing mode. This reduces users' decision-making time when using the APP, making Kuaishou more \"addictive\" to users and enhancing user stickiness. On the other hand, in the curated mode, users are eliminated from the step of selecting videos to watch, which can shorten the path for ads to reach users and help further develop the advertising business.</p><p>Overall, while maintaining its live streaming business, Kuaishou's future focus may be on the development of advertising and e-commerce.</p><p>epilogue</p><p>After shedding its old-fashioned labels such as \"rustic\" and \"low-end,\" Kuaishou will usher in a more diverse image. With the diversification of community culture, business monetization is also becoming more diversified. There is a lot of room for imagination in monetization methods beyond live streaming revenue.</p><p>As a rare target in the short video sector, Kuaishou's appeal in the Hong Kong stock market is self-evident, and it is likely to be the most popular new stock. From a long-term investment perspective, we should pay more attention to the potential brought about by new growth engines.</p>","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 first short video stock is here! This article explains how Kuaishou makes money.</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 first short video stock is here! This article explains how Kuaishou makes money.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-01-16 11:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Over the past few years, the short video arena has been a battlefield of fierce competition. After the smoke of war, now only...<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>The two giants, Kuaishou and Kuaishou, dominate the market. These two eternal rivals have repeatedly clashed head-on, but the outcome has never been clear. However, Kuaishou took the lead in the IPO process and may become the \"first short video stock in China\".</p><p>On January 15, information from the Hong Kong Stock Exchange website showed that Kuaishou had passed the listing hearing and officially entered the countdown to its listing. According to the post-hearing data, Kuaishou's various financial revenue data grew rapidly in the first three quarters of 2020, with total revenue reaching RMB 40.7 billion and e-commerce GMV reaching RMB 204.1 billion, of which RMB 94.5 billion was achieved in the third quarter alone.</p><p>The funds raised will be used to enhance our ecosystem, strengthen our research and development and technology capabilities, for working capital and general corporate purposes, and to selectively acquire or invest in products, services and businesses that complement our business and align with our philosophy and growth strategy, particularly in content, mass entertainment and software, in order to improve our technology, enrich our ecosystem, attract new users to our platform, and expand our product and service offerings.</p><p><b>Some investors use personal relationships to \"reserve shares\"</b></p><p>Industry-leading domestic internet companies will not be met with a cold reception in the Hong Kong capital market. A fund manager said that Kuaishou's market share is very hot, and they can only obtain second-hand shares through larger Hong Kong institutions to create an IPO strategic placement fund for individual investors. Before Kuaishou passed the hearing, the Kuaishou IPO strategic placement fund, established by the institution with a minimum subscription of HK$1 million, had already sold out in advance.</p><p>Meanwhile, sources revealed that Kuaishou's valuation may have been lowered compared to the previous expectation of $50 billion. Currently, the market is paying close attention to Kuaishou's IPO. According to sources close to the company, some institutional investors are already gearing up, even using their personal connections to \"reserve shares\".</p><p>It is reported that over the past 70 days, some investors have been searching around for possible relationships with core management such as Kuaishou founder Su Hua in order to obtain quotas.</p><p><b>One picture to understand Kuaishou Technology's IPO</b></p><p><img src=\"https://static.tigerbbs.com/3c2be4bc2bfb49a755ce21982c6c5e9b\" tg-width=\"751\" tg-height=\"11146\"></p><p><b>How does Kuaishou make money?</b></p><p>On November 5, 2020, Kuaishou submitted its prospectus to the Hong Kong Stock Exchange.</p><p>Live streaming, e-commerce, and marketing are Kuaishou's three main sources of income. Unlike Douyin, the industry leader that caught up later, Kuaishou's commercialization began with live streaming revenue, while Douyin chose a more mainstream approach: advertising. The most obvious difference is that in 2017, Kuaishou's advertising and marketing revenue was only 390 million yuan, while its live streaming was the world's largest.</p><p>Later, Kuaishou gradually expanded its advertising business, and by the third quarter of 2020, the share of online marketing in the company's total revenue had increased from 28.3% in the first half of 2020 to 32.8%.</p><p>The expansion of the business led to an increase in the number of employees, and in a short period of time the company grew from several thousand to nearly 20,000. Kuaishou currently has 19,942 employees, one-third of whom are R&D personnel.</p><p>The new data set shows that Kuaishou experienced rapid growth in the third quarter, with all three major revenue businesses achieving significant growth. As of September 30, total revenue reached 40.7 billion yuan. This included the combined growth of online marketing, live streaming tipping, e-commerce, online games and other businesses, which contributed to Kuaishou's revenue of 15.4 billion yuan in the third quarter, reaching 60.15% of the total revenue in the first half of the year.</p><p>Among them, online marketing services generated 13.3 billion yuan in revenue as of the third quarter, with online marketing revenue accounting for the fastest growth rate in the company's total revenue share. Compared with 2017, 2018, 2019 and September 30, 2020, the proportion of this revenue rose from 4.7%, 8.2% and 19% respectively to 32.8%. Live-streaming virtual gift tipping revenue reached 25.3 billion yuan, including 2.02 billion yuan in revenue from e-commerce, online games, and education.</p><p>Among the various indicators, Kuaishou's e-commerce GMV performed the most rapidly, increasing by 94.5 billion yuan in the third quarter. As of September 30, Kuaishou's live-streaming e-commerce sales had reached 204.1 billion yuan, with an average repurchase rate exceeding 65%.</p><p>Despite rapid growth, Kuaishou's revenue structure has also been changing since the third quarter. While the proportion of online marketing business has increased, the proportion of live streaming tipping revenue in the company's total revenue has continued to decline to 62.2%, but the revenue scale has still maintained growth.</p><p>Unlike many internet companies that burned through cash in the early stages and suffered losses for many years, Kuaishou had been profitable for the previous three years from 2017 to 2019. However, in 2020, when it submitted its prospectus, Kuaishou suffered a loss of 6.3 billion yuan in half a year due to a sudden increase in marketing expenses. As of the third quarter, Kuaishou's adjusted net loss was 7.4 billion yuan.</p><p><b>Countdown to listing, business data continues to grow</b></p><p>Compared to the previously released application prospectus, Kuaishou maintained its previous momentum in its platform business in the third quarter.</p><p>In the first nine months of 2020, Kuaishou's total daily active users (DAU) across all platforms reached 305 million, and its MAU reached 769 million. As of September 30, the platform's short video inventory had reached 29 billion, with a total of 14 billion live streams, garnering 2.2 trillion likes and 173.9 billion comments.</p><p>As of the third quarter of last year, a total of 9 billion content shares occurred on Kuaishou, an increase of 3 billion compared to the middle of the year. Meanwhile, 1 billion new pairs of users following each other were added in the third quarter, bringing the total number of pairs of mutual followers on the Kuaishou platform to 9 billion as of September 30.</p><p>In addition to the rapidly rising online marketing revenue, revenue from other businesses such as live-streaming e-commerce and online games increased significantly by 1.21 billion yuan in the third quarter, nearly 50% higher than the 810 million yuan in the entire first half of 2020.</p><p>As a business that only started in 2018, live-streaming e-commerce is still in its \"development period\" for Kuaishou. Its huge GMV and relatively small revenue are mainly due to the platform's very low commission from transactions, and it also provides subsidies for some agreements.</p><p>According to iResearch Consulting, the total transaction volume of goods in China's live-streaming e-commerce is expected to reach 6.4172 trillion yuan in 2025. Based on the current growth rate, Kuaishou's GMV is expected to exceed 300 billion yuan this year.</p><p>Furthermore, the data shows that the share of Kuaishou's revenue from live streaming tipping is gradually declining.</p><p>Whether it's Kuaishou and Douyin today, or early game live streaming platforms Huya and Douyu, they have all been the subject of much discussion about whether their businesses will be affected by top streamers and influential figures. According to data from iResearch Consulting, the amount of virtual gifts from Kuaishou's top ten streamers accounts for less than 5% of the total amount of tips on the entire platform.</p><p><b>Three evolutions and breakthroughs</b></p><p>Throughout Kuaishou's development history, there have been three clear stages.</p><p>In its early days, Kuaishou started with a GIF creation tool. It gained 1 million users within six months of its launch, and its popularity was unparalleled. But the young Kuaishou is not satisfied with just making simple tool products. Purely tool-based products are highly dependent on external traffic. Moreover, users are generally accustomed to using tools for free and find it difficult to monetize them. Therefore, Kuaishou sought new development and ushered in its second wave of transformation.</p><p>In 2013, Kuaishou began to focus on short videos, marking the beginning of its growth as a short video leader. With the addition of algorithm expert Su Hua, Kuaishou achieved rapid user growth. In 2017, Kuaishou's user base exceeded 10 million, and it has since entered a period of rapid growth. In 2018, the daily active users of Kuaishou's main site officially exceeded 100 million.</p><p>As many people know, Kuaishou's rapidly growing users mainly come from third-tier cities and below. This is why people have stereotypes about Kuaishou, such as being \"rustic\" and \"low-class\". Kuaishou has always adhered to the principles of fairness and inclusiveness in product development. Therefore, the distribution mechanism naturally tends to favor mid-to-late content creators. These creators are often ordinary people rather than KOLs supported by MCN agencies. The places with the most \"ordinary people\" are not in Beijing, Shanghai, or Guangzhou, but in the vast lower-tier markets.</p><p>Geographical differences lead to cultural fragmentation. Popular content varies greatly across different social circles, making it difficult to resonate widely. The overall tone of the content on Kuaishou is \"down-to-earth\" and close to real life. It naturally attracts people from lower-tier markets who are \"down-to-earth\". \"Authenticity\" fosters a closer relationship between fans and creators, allowing the Kuaishou platform to accumulate a sufficient amount of private domain traffic.</p><p>How to manage private domain traffic is the first problem Kuaishou needs to solve. Kuaishou initially chose live streaming as its monetization method. Live streaming is a continuation of the relationship between fans and streamers. Fans will tip streamers, not only to pay for the live content but also out of mutual affection. According to Kuaishou's prospectus, live streaming revenue accounts for more than 70%.</p><p>If this development continues, Kuaishou will become a de facto live streaming platform. But Kuaishou took a leap forward and underwent a third evolution.</p><p>In its third evolution, Kuaishou broke out of its niche. \"Down-to-earth\" and down-to-earth are the impressions users have formed of Kuaishou over the years. However, Kuaishou is accelerating its efforts to shed its labels, shifting from penetrating lower-tier cities to launching a high-profile offensive, rapidly expanding into first- and second-tier cities. To this end, Kuaishou invited many popular stars such as Huang Bo, Shen Teng, Zheng Shuang, and Huang Zitao to join the platform. Kuaishou invited Jay Chou to be its brand ambassador for a live stream, which ultimately garnered over 68 million views. In order to maximize their ability to create momentum. Last October, Kuaishou also held a grand gala called \"One Thousand and One Nights,\" inviting many A-list celebrities such as Yang Mi, Meng Meiqi, Shen Teng, and Huang Bo. All of this demonstrates Kuaishou's ambition to expand upwards.</p><p>To many people's surprise, the company achieved remarkable results in breaking out of its niche market. Today, as many as 45% of Kuaishou's users come from first- and second-tier cities. Kuaishou has transformed itself and started anew.</p><p>Where are the new growth engines?</p><p>As the pace of expanding into new niches accelerates, the business model is also being rapidly adjusted.</p><p>In the second evolution, the most direct way to monetize Kuaishou's massive private domain traffic was through live streaming. Live streaming revenue mainly comes from users purchasing virtual gifts on the platform, which are recognized as revenue when given to streamers. Building on Kuaishou's ever-expanding user base, live streaming revenue has been increasing year by year. From 2017 to 2019, the company's live streaming revenue was RMB 7.949 billion, RMB 18.615 billion, and RMB 31.442 billion, respectively, representing a compound annual growth rate of 98.88%.</p><p>However, it is worth noting that Kuaishou's new growth curve is taking shape. According to the prospectus, from 2017 to the first three quarters of 2020, Kuaishou's live streaming revenue accounted for 95.32%, 91.70%, 80.37% and 62.2%, respectively. In recent years, the proportion of live streaming revenue has been decreasing significantly because Kuaishou's advertising and e-commerce businesses are growing rapidly.</p><p>Similar to live streaming, e-commerce relies heavily on the platform's massive private domain traffic and the relationship between fans and streamers. Moreover, buying and selling relationships have always been based on trust, and e-commerce business is the best external manifestation of the \"trust economy\". Since Kuaishou launched its e-commerce business in 2018, the platform's transaction volume has increased exponentially, with GMV reaching 204.1 billion yuan in the first three quarters of 2020. Compared to January 2020, the number of buyers and sellers on the platform increased by 68% and 74% in August 2020.</p><p>Now that Kuaishou has become the fourth pole of e-commerce, benefiting from the increased penetration rate of live-streaming e-commerce as a whole and the improvement of Kuaishou's future monetization rate, Kuaishou's e-commerce business still has broader potential.</p><p>More noteworthy is the rapid expansion of the advertising business. From 2017 to 2019, Kuaishou's advertising revenue was 391 million yuan, 1.665 billion yuan, and 7.419 billion yuan, respectively, with a compound annual growth rate of 335.60%. In the first three quarters of 2020, it reached 13.3 billion yuan. Unlike live streaming and e-commerce, the advertising business relies on public domain traffic, which is not something Kuaishou is good at.</p><p>However, Kuaishou, which is seeking change, is not complacent and is making up for its shortcomings. Besides the aforementioned efforts by Kuaishou to expand its user base in first- and second-tier cities, Kuaishou's product redesign shows that it is learning from the advantages of Douyin. Kuaishou has added a \"Featured\" section to the page, similar to Douyin's full-screen scrolling browsing mode. This reduces users' decision-making time when using the APP, making Kuaishou more \"addictive\" to users and enhancing user stickiness. On the other hand, in the curated mode, users are eliminated from the step of selecting videos to watch, which can shorten the path for ads to reach users and help further develop the advertising business.</p><p>Overall, while maintaining its live streaming business, Kuaishou's future focus may be on the development of advertising and e-commerce.</p><p>epilogue</p><p>After shedding its old-fashioned labels such as \"rustic\" and \"low-end,\" Kuaishou will usher in a more diverse image. With the diversification of community culture, business monetization is also becoming more diversified. There is a lot of room for imagination in monetization methods beyond live streaming revenue.</p><p>As a rare target in the short video sector, Kuaishou's appeal in the Hong Kong stock market is self-evident, and it is likely to be the most popular new stock. From a long-term investment perspective, we should pay more attention to the potential brought about by new growth engines.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba1c60fefa674cba3ae8162054ec912e","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157231802","content_text":"过去数年，短视频战场刀光剑影。硝烟过后，现在只剩下抖音和快手两大寡头傲视江湖。这对永恒的对手之间屡次正面交锋，却始终难分胜负。但在上市进程，快手率先抢跑，或将领先成为“国内短视频第一股”。1月15日，来自港交所网站信息显示，快手已通过上市聆讯，正式进入上市倒计时。据聆讯后资料集显示，2020年前三季度，快手各项财务收入数据增长迅速，总收入达407亿元人民币，电商GMV达2,041亿元人民币，其中仅第三季度就达945亿元人民币。筹集资金将用于增强生态系统、加强研发及技术能力、用作营运资金及一般企业用途，以及用于选择性收购或投资与我们业务互补及符合我们理念和增长策略的产品、服务及业务，尤其是内容、大众娱乐和软件方面，以提高我们的技术水平，丰富生态系统，吸引新用户进入我们的平台，并扩大我们的产品及服务范围等方面。部分投资者动用私人关系“预定份额”行业龙头级别的国内互联网公司在香港资本市场不会遇冷。一位基金人士表示，快手的份额在市场上非常火爆，他们只能通过更大型的香港机构获得二手份额，做成面向个人投资者的IPO战略配售基金。在快手还没有通过聆讯前，该机构设立的认购起点为100万港元的快手IPO战略配售基金早已预售一空。同时，有消息人士透露，相较于此前500亿美元的预期，快手的估值可能有所下调。眼下，市场对快手此次IPO颇为看重。从接近公司的知情人士处了解到，部分机构投资者已经摩拳擦掌，甚至不惜动用私人关系“预定份额”。据悉，在过去70多天，部分投资人四处寻找可能与快手创始人宿华等核心管理层最近的关系以拿到额度。一图看懂快手科技IPO快手如何赚钱？2020年11月5日，快手向联交所递交了招股书。直播、电商、营销是快手的三大主要收入。与后来居上的行业老大抖音不同的是，快手的商业化始于直播收入，而抖音选择的是更主流的方式：广告。这带来最直观的区别是，在2017年时，快手的广告营销收入仅有3.9亿元，而直播做到了全球最大。后来，快手逐步扩大广告业务，到2020年三季度，在线营销业务占公司总收入的的份额从2020年上半年的28.3%，上升到32.8%。业务的扩张带来了员工数量的上升，在短短的时间里公司由几千人增至近2万人。现在的快手共有19942名员工，其中研发人员占三分之一。新版资料集显示，快手三季度增长迅猛，三大主要收入业务均获得大幅增长，截至9月30日的总收入达到407亿，包括在线营销、直播打赏以及电商、在线游戏等业务的共同增长，促使快手三季度单季收入154亿，达到整个上半年收入的60.15%。其中在线营销服务截至三季度收入133亿，在线营销收入占公司总收入份额的增速最快，对比2017、2018、2019年及2020年9月30日，这部分收入的占比一路从4.7%、8.2%、19%一路上升到32.8%。直播虚拟礼物打赏收入253亿，包括电商、在线游戏、教育等收入20.2亿。在各项指标中，快手电商GMV的表现最为迅猛，三季度单季增长945亿。截至9月30日，快手直播电商销售额已达2041亿，平均复购率超过65%。高速增长之下，三季度以来快手的收入结构也在变化，在线营销业务占比上升的同时，直播打赏收入占公司总收入的占比继续下降至62.2%，但收入规模仍保持着增长。与众多互联网公司前期烧钱长年亏损不同，快手此前三年2017-2019年持续盈利，但在递交招股书的2020年，快手因为突增的巨大营销支出，半年亏损了63亿元。截至三季度，快手经调整后的亏损净额为74亿元。上市倒计时，业务数据持续增长相比此前发布的申请版招股书，三季度快手在平台业务上维持了此前的势头。2020年前9月，快手全平台DAU目前为3.05亿，MAU达到7.69亿；平台短视频库存到9月30日已累计达到290亿个，共发生直播140亿次，收获了2.2万亿赞和1739亿条评论。去年截至三季度，快手上总共发生了90亿次内容分享，相比年中新增了30亿次。同时三季度还新增了10亿对互相关注的用户，截至9月30日快手平台互关总对数已达90亿。除了已经快速上行的在线营销收入外，源于直播电商、在线游戏等其他业务收入在三季度单季大幅增长12.1亿元，比2020年整个上半年的8.1亿高出近50%。作为2018年才起步的业务，直播电商对快手来说仍是处于“培养期”的业务，庞大的GMV与相对较小的收入，主要源于平台从交易中抽成很低，而且还会对一些商定给予补贴。据艾瑞咨询分析，中国直播电商的商品交易总额预计在2025达到64172亿元。以目前增速看，快手GMV有望在今年突破3000亿大关。此外，从数据反映的趋势来看，直播打赏所占快手收入份额正逐渐走低。无论是现在的快手、抖音，还是早期的游戏直播平台虎牙、斗鱼，都因公司业务是否会受到头部主播、大V的影响而备受讨论。艾瑞咨询的数据显示，快手来自平台前十大主播的虚拟礼物金额，不到整个平台全部打赏总金额的5%。三次进化与突围纵观快手发展史，明显出现了三次阶段。初期，快手以GIF动图制作工具起家。其上线半年时间便斩获100万用户，风头一时无两。但年轻的快手并不满足于只做简单的工具产品。单纯的工具型产品对于外部流量极为依赖。而且用户普遍习惯免费使用工具，难以变现。因此，快手寻求新的发展，迎来了第二波变革。2013年快手开始发力做短视频，拉开了短视频霸主的成长序幕。在算法专家宿华的加入后，快手实现了用户的快速增长。2017年，快手的用户突破千万级，此后进入增长快车道。2018年，快手主站日活正式突破1亿。相信很多人都了解到，快手快速增长的用户，主要来源于三线及以下城市。这是为什么，人们对快手有“土、low”等刻板印象。快手一直坚持开发产品中遵守公平普惠的原则。因此在分发机制上就天然地倾向于优待中尾部内容创作者。这类的创作者往往都是普通人而非有MCN机构支持的KOL。而“普通人”最多的地方不在北上广，而是广大的下沉市场。地理位置的差异，导致出现文化的割裂。不同圈层的流行内容差异大，难以引起广泛共鸣。快手上的内容整体调性“接地气”，接近真实生活。吸引的自然也是“接地气”的下沉市场的民众。而“真实”，使粉丝和创作者之间形成更加紧密的关系链，从而让快手平台沉淀了足够多的私域流量。如何经营私域流量，是快手首先需要解决的问题。快手首先选择了以直播为变现方式。直播是粉丝和主播之间的关系链的延续，粉丝会为主播打赏，不仅是为直播内容买单更多还是出于彼此间的情感。从快手的招股书来看，直播收入占比超过7成。这么发展下去，快手就会成为一个实质上的直播平台。但快手纵身一跃，进行了第三次进化。在第三个进化中，快手破圈。“土”、接地气，是用户对快手多年以来形成的印象。但快手正在加快撕掉身上的标签，从下沉到高举高打，迅速向一二线城市进攻。为此，快手邀请了黄渤、沈腾、郑爽、黄子韬等众多当红明星入驻。快手邀请了周杰伦做品牌代言人进行直播，最终累计观看人次突破6800万。为了极尽造势之能势。去年10月，快手还举办了一场声势浩大的名为“一千零一夜”的晚会，邀请了杨幂、孟美岐、沈腾、黄渤等众多一线明星。这一切，彰显了快手向上破圈的野心。出乎很多人意料的是，破圈的成绩斐然。如今的快手有高达45%的用户是来自一二线城市。快手摇身一变，再次重新出发。新增长引擎在何方随着破圈步伐加快，商业模式也迅速调整。在第二次进化中，快手庞大的私域流量最直接的变现方式就是直播。直播收入主要来自用户购买平台虚拟礼物，在赠送给主播时得以确认营收。在快手不断扩张的用户基数的基础上，直播收入逐年上升。2017年-2019年，公司直播收入分别为79.49亿元、186.15亿元、314.42亿元，复合增长98.88%。但值得注意的是，快手的新成长曲线在成型。从招股书来看，2017年-2020年前三季度，快手直播营收占比分别为95.32%、91.70%、80.37%和62.2%。近年来直播收入占比明显在减小，是因为快手的广告和电商业务正在高速增长。电商业务，与直播类似的是，它也是依靠平台庞大的私域流量，非常依赖粉丝与主播间的关系链。而且买卖关系自古以来都是建立在信任的基础上，电商业务正是“信任经济”最好的外化表象。自快手于2018年推出电商业务后，平台交易额呈现指数型上升，2020年前三季度GMV达到2041亿元。相比于2020年1月，2020年8月平台买家数增长68%，卖家数增长74%。在快手已经成为电商第四极后，受益于直播电商整体的渗透率增加以及快手未来货币化率的提升，快手的电商业务还有更广阔的想象空间。更值得注意的是广告业务的迅猛扩张。2017年-2019年，快手的广告业务营收分别为3.91亿元、16.65亿元、74.19亿元，复合增速335.60%。2020年前三季度更是达到133亿元。与直播和电商不同，广告业务依赖的是公域流量，这本不是快手所擅长的。但正在求变的快手并没有固步自封，正在弥补自己的不足。除了前面提到过的快手在进攻一二线城市扩大用户群之外，从快手对产品的改版就可以看出，快手正在学习抖音的优点。快手在页面上添加了“精选”栏目，类似抖音的全屏上下滑的浏览模式，减少用户在使用APP时的决策时间，使得快手能够对于用户更具“成瘾性”，增强用户粘性。另一方面，精选模式下，用户免去了挑选视频观看的步骤，可以让广告触达到用户的路径变短，有助于广告业务的进一步发展。总体来看，在守好直播业务的基础上，未来快手的看点可能要聚焦于广告和电商的发展。结语快手在撕掉“土味”、“low”等旧时代的标签后，将会迎来更加多元化的印象。随着社区文化的多元化，商业变现方面也在变得多元化。直播收入以外的变现方式，充满想象空间。作为短视频赛道的稀缺标的，快手在港股市场上的吸引力自然不言而喻，大概率是最热门的新股。而从长期投资角度，更应关注新增长引擎带来的想象空间。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":2794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":335537038,"gmtCreate":1610620103324,"gmtModify":1704984983600,"author":{"id":"3555398976800762","authorId":"3555398976800762","name":"奇迹之父","avatar":"https://static.tigerbbs.com/ada8521b43c680cc61564b9b9b618437","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555398976800762","authorIdStr":"3555398976800762"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/335537038","repostId":"1117741254","repostType":4,"repost":{"id":"1117741254","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1610602441,"share":"https://ttm.financial/m/news/1117741254?lang=en_US&edition=fundamental","pubTime":"2021-01-14 13:34","market":"us","language":"zh","title":"TSMC's fourth-quarter net profit was NT$142.8 billion, up 23% year-on-year","url":"https://stock-news.laohu8.com/highlight/detail?id=1117741254","media":"老虎资讯综合","summary":"1月14日美股盘前，台积电公布2020年第四季度财报。财报显示，台积电第四季度营收3615.3亿新台币，同比增长14%，市场预期3615.89亿新台币，去年同期为3172.37亿新台币；净利润1428","content":"<p>Before the U.S. stock market opened on January 14th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced fourth quarter 2020 earnings. According to the financial report, TSMC's revenue in the fourth quarter was NT$361.53 billion, a year-on-year increase of 14%. The market expected NT$361.589 billion, compared with NT$317.237 billion in the same period last year; Net profit was NT$142.8 billion, up 23% year-on-year, compared with the market expectation of NT$135.421 billion, compared with NT$116.04 billion in the same period last year; Earnings per share were NT$5.51, up 23% year-over-year, compared with the market estimate of NT$5.23 and NT$4.47 in the same period last year. Gross margin for the quarter was 54.0%, operating margin was 43.5%, and net margin was 39.5%.</p><p>In the fourth quarter, TSMC's 5nm shipments accounted for 20% of total wafer revenue; 7nm and 16nm accounted for 29% and 13%, respectively. Advanced technology refers to 16nm and more advanced technology, which accounts for 62% of total wafer revenue.</p><p><img src=\"https://static.tigerbbs.com/df0551bc357df9746048fdd06080d5ea\" tg-width=\"728\" tg-height=\"317\"></p><p>TSMC expects sales of $12.7 billion-$13 billion by the first quarter, gross margin of 50.5% to 52.5%, and operating gross margin of 39.5% to 41.5%. Capex is projected to be $25 billion to $28 billion in 2021.</p><p>TSMC said that the business will continue to be supported by 5G and advanced chips, and it expects about 8% growth in the semiconductor market and about 10% year-on-year growth in the wafer industry in 2021, and the company will grow around 15% in 2021 in US dollars. The penetration rate of 5G smartphones is expected to reach 35% in 2021, and the company is working closely with automotive customers on capacity support issues, and will work with customers to alleviate the shortage of automotive chip supply. TSMC expects the company to grow at a long-term CAGR of 10%-15% over the 2020-2025 period. Think that 50% gross profit margin is feasible in the long run.</p><p><img src=\"https://static.tigerbbs.com/cf21dcbda991be8e078850246146688b\" tg-width=\"840\" tg-height=\"470\"></p>","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>TSMC's fourth-quarter net profit was NT$142.8 billion, up 23% year-on-year</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\">\nTSMC's fourth-quarter net profit was NT$142.8 billion, up 23% year-on-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-01-14 13:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Before the U.S. stock market opened on January 14th,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Announced fourth quarter 2020 earnings. According to the financial report, TSMC's revenue in the fourth quarter was NT$361.53 billion, a year-on-year increase of 14%. The market expected NT$361.589 billion, compared with NT$317.237 billion in the same period last year; Net profit was NT$142.8 billion, up 23% year-on-year, compared with the market expectation of NT$135.421 billion, compared with NT$116.04 billion in the same period last year; Earnings per share were NT$5.51, up 23% year-over-year, compared with the market estimate of NT$5.23 and NT$4.47 in the same period last year. Gross margin for the quarter was 54.0%, operating margin was 43.5%, and net margin was 39.5%.</p><p>In the fourth quarter, TSMC's 5nm shipments accounted for 20% of total wafer revenue; 7nm and 16nm accounted for 29% and 13%, respectively. Advanced technology refers to 16nm and more advanced technology, which accounts for 62% of total wafer revenue.</p><p><img src=\"https://static.tigerbbs.com/df0551bc357df9746048fdd06080d5ea\" tg-width=\"728\" tg-height=\"317\"></p><p>TSMC expects sales of $12.7 billion-$13 billion by the first quarter, gross margin of 50.5% to 52.5%, and operating gross margin of 39.5% to 41.5%. Capex is projected to be $25 billion to $28 billion in 2021.</p><p>TSMC said that the business will continue to be supported by 5G and advanced chips, and it expects about 8% growth in the semiconductor market and about 10% year-on-year growth in the wafer industry in 2021, and the company will grow around 15% in 2021 in US dollars. The penetration rate of 5G smartphones is expected to reach 35% in 2021, and the company is working closely with automotive customers on capacity support issues, and will work with customers to alleviate the shortage of automotive chip supply. TSMC expects the company to grow at a long-term CAGR of 10%-15% over the 2020-2025 period. Think that 50% gross profit margin is feasible in the long run.</p><p><img src=\"https://static.tigerbbs.com/cf21dcbda991be8e078850246146688b\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"TSM":"台积电"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117741254","content_text":"1月14日美股盘前，台积电公布2020年第四季度财报。财报显示，台积电第四季度营收3615.3亿新台币，同比增长14%，市场预期3615.89亿新台币，去年同期为3172.37亿新台币；净利润1428亿新台币，同比增长23%，市场预期1354.21亿新台币，去年同期为1160.4亿新台币；每股盈利5.51新台币，同比增长23%，市场预期5.23新台币，去年同期为4.47新台币。本季度毛利率为54.0%，营业利润率为43.5%，净利润率为39.5%。第四季度，台积电5纳米的出货量占晶圆总收入的20%；7纳米和16纳米分别占29%和13%。先进技术是指16纳米及更先进的技术，占晶圆总收入的62%。台积电预计到第一季度销售额127亿美元-130亿美元，毛利率50.5%至52.5%，营业毛利率39.5%至41.5%。预计2021年资本支出250亿美元至280亿美元。台积电表示，业务将继续得到5G和先进芯片的支持，预计2021年半导体市场将有约8%的增长，晶圆工业将有约10%的同比增长，以美元计算，公司2021年将增长15%左右。预计2021年5G智能手机的渗透率将达到35%，公司正与汽车客户就产能支持问题密切合作，将与客户合作，缓解汽车芯片供应短缺问题。台积电预计在2020-2025年期间，公司的长期年复合增长率为10%-15%。认为长期来看，50%的毛利率是可行的。","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":3688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":331044676,"gmtCreate":1609400238495,"gmtModify":1704978833115,"author":{"id":"3555398976800762","authorId":"3555398976800762","name":"奇迹之父","avatar":"https://static.tigerbbs.com/ada8521b43c680cc61564b9b9b618437","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555398976800762","authorIdStr":"3555398976800762"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/331044676","repostId":"1123995924","repostType":4,"isVote":1,"tweetType":1,"viewCount":4396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":339552701,"gmtCreate":1608961251303,"gmtModify":1704977100068,"author":{"id":"3555398976800762","authorId":"3555398976800762","name":"奇迹之父","avatar":"https://static.tigerbbs.com/ada8521b43c680cc61564b9b9b618437","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555398976800762","authorIdStr":"3555398976800762"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/339552701","repostId":"1160423576","repostType":4,"isVote":1,"tweetType":1,"viewCount":2479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":339552121,"gmtCreate":1608960673863,"gmtModify":1704977098452,"author":{"id":"3555398976800762","authorId":"3555398976800762","name":"奇迹之父","avatar":"https://static.tigerbbs.com/ada8521b43c680cc61564b9b9b618437","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555398976800762","authorIdStr":"3555398976800762"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/339552121","repostId":"2094518771","repostType":4,"isVote":1,"tweetType":1,"viewCount":5012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}