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From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation

2021-03-22

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From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation

2021-03-22

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07:54","market":"us","language":"zh","title":"From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation","url":"https://stock-news.laohu8.com/highlight/detail?id=2120116018","media":"投资者网","summary":"从纳斯达克到港交所，B站和青年一代的文化认同3月18日，哔哩哔哩(B站)回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。Z+世代与飞奔的营收与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。据了解，B站的电商销售的产品主要是动漫、游戏周边。自2018年3月28日上市至今，B站的股价累计涨幅超800%。","content":"<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>","source":"lsy1577406660637","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>From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation</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\">\nFrom Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资者网</strong><span class=\"h-time small\">2021-03-20 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q\">投资者网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/959e12dad805ef7134e41190825f878a","relate_stocks":{"00388":"香港交易所","BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120116018","content_text":"3月18日，哔哩哔哩（B站）回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。而前一日，B站公布了其全球发售的股份在香港联合交易所有限公司主板上市的计划（股票代号：9626），拟在全球发售2500万股。\nB站香港公开发售的发行价将不超过每股988.00港元，或每股Z类普通股127.20美元(相当于每股美国存托股127.20美元)。股份将以每手20股股份为单位进行交易。\n3年前在纳斯达克上市时还被称为“小破站”的B站，在历经多次出圈之后，核心用户群已从“Z世代”（1990-2009出生的人群）扩展至“Z+世代”（1985-2009出生的人群）。\n用户扩容的同时，在PUGV（以专业用户生成视频）为中心、辅以直播、OGV（专业机构生产视频）的发展路径下，B站的视频内容生态越来越多元，平台、用户以及UP主（内容创作者）也因共同的文化认同而紧密联系在一起。\n与2018年在纳斯达克上市时相比，如今的B站，收入结构更加多元，月活跃用户数突破两亿大关，公司营收破百亿。正在走向港交所的，是一个业务模型、商业模型都更加优化的B站。\n\n\n\n\n\n\n\n\n1\n\n\n\n\n\n与UP主共同成长\n\n\n\n\n\n21世纪虽然是个信息爆炸的时代，但在各种算法的影响下，人们又封闭在一个个的信息孤岛之上。而随着越来越多专业的视频内容创造者的出现，信息、知识、娱乐的主要载体也逐渐由文字转变为了视频。连接起这一个个信息孤岛，为用户提供丰富视频内容的B站成为了年轻人的聚集地。\n与其他视频网站激烈争夺版权内容的需求策略不同，专业机构生产的内容虽然也能满足用户对内容的多元化需求，但存在两个问题明显的问题，成本高，内容生产者和用户缺乏更密切的情感联结。\n被B站视作内容生态的基石的PUGV，创作者则为更具体的人， 内容也更具备个人特质。而早期很多UP主单枪匹马的创作模式，也会内容成本极低，当然时间成本则极高。所以早期的UP主创作，具有典型的“为爱发电”的特征。因此，用户的投币，点赞，评论等正向认可，就变得极其重要。这种激励模式，也构成了B站独特的创作者和消费者关系：UP主以内容吸引粉丝，与粉丝的互动再激励UP主继续创作用户感兴趣的内容，从而形成正反馈循环。\n随着用户的成长，越来越多的兴趣内容开始在B站生根发芽，发展壮大，并逐渐生产出了如影视、游戏、美食等众多不同类型的视频内容。如今，B站的内容品类已从最初ACG内容，拓展至更多元的内容品类，覆盖了7000余个圈层。2020年第四季度，生活、游戏、娱乐、动漫、科技和知识成为B站最受用户欢迎的垂直品类，知识类内容也是2020年B站增长最快的内容品类之一，到B站学习已不是一句玩笑。\n而B站也已成为国内最大的以PUGV为主的创意视频提供平台。聆讯后资料集显示，2020年第四季度，PUGV视频播放量已占B站全平台视频播放量91%。出现了一批类似于“罗翔说刑法”、“木鱼水心”、“黑桐谷歌”等知识类、影视类以及游戏类不同类型的UP主。\n其中法律科普UP主“罗翔”早已出圈，其演讲内容经常被诸多媒体或视频所引用，目前“罗翔”在B站的粉丝数已超过1300万。主要制作影视类视频的“木鱼水心”也拥有近700万关注，其制作的个别视频播放量近千万；而主要制作游戏视频的“黑桐谷歌”，关注数近300万，个别视频播放量超千万。\n2020年第四季度，B站月均活跃UP主数量同比增长88%，达到190万，月均视频投稿量同比增长109％，达590万。\n\n\n\n\n\n\n\n2\n\n\n\n\n\nZ+世代与飞奔的营收\n\n\n\n\n\n与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。2018年前2个月，B站的平均月活跃用户仅有7640万人，而到了2020年第四季度，B站的月活跃用户数已达到了2.02亿人，三年间增长了一倍多。B站越来越被“Z世代”之外的人所了解、接受，B站也逐渐由“Z世代”走进“Z+世代”。\n除了月活跃用户数大幅增加外，B站与用户的粘性也有所提升。2017年B站活跃用户在线时长为76分钟，到2020年B站用户平均花费在移动应用上的时间增加到了80分钟以上，成为国内用户使用时长最长的移动应用之一，远高于行业平均的29.8分钟。在用户使用时长增加的同时，B站用户的互动情况也大幅提升，2020年B站平均每月产生51亿次互动，2019年这一数字仅有21亿次。\n如何将流量变现其实是诸多互联网企业所面临的难题，与别的视频网站用户群体分化的情况不同，B站的用户群体主要是接受过良好教育、对高质量内容以及自我表达有着强烈需求的“Z+世代”，是目前消费增长的重要驱动力。艾瑞咨询研究显示，“Z+世代”是目前国内各类消费增长的驱动力及潮流引导者，各类新兴消费品牌也围绕着“Z+世代”的消费偏好进行打造。\n而且，“Z+世代”更愿意为视频内容付费。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。以“Z+世代”为核心群体的B站近5年来营收增长了90.60倍，年均复合增长率高达146.82%。2020年，B站实现营业总收入为120亿元人民币， 营收增速明显高于同业公司。\n收入大幅增长的同时，B站的收入结构也有明显改善，2018年公司收入的71.1%来自于移动游戏，到了2020年，移动游戏在公司收入中的占比已下降到了40%；而会员付费的增值服务收入、以及电商及其他服务在公司营收中的占比越来越重。据了解，B站的电商销售的产品主要是动漫、游戏周边。这是一个巨大的市场，成就了诸如万代这类行业小巨人。\n增值服务收入、广告收入以及电商及其他服务收入的增加，无疑大幅改善了B站收入依赖移动游戏的现状。在多元化收入的支撑下，B站单个月活用户的月均收入由2018年的4元增长到了2020年的5.4元，涨幅高达35%。\n正如B站所说，“我们的使命是丰富中国年轻一代的日常生活”。B站自成立以来，为年轻一代人提供娱乐、学习、交流沟通平台的初心一直没变，变的只有更丰富的内容、更开放的社区、更多元化的用户。在这过程中，公司也得到了市场的广泛认可，公司股价持续上涨。自2018年3月28日上市至今，B站的股价累计涨幅超800%。如果考虑到截至目前的最高股价，B站还曾最高上涨到157.66美元/股，较发行价上涨高达12.7倍，是中概股中少见的“三年十倍”Tenbagger。目前，B站总市值已超400亿美元。","news_type":1,"symbols_score_info":{"47761":0.6,"47940":0.6,"09626":0.9,"00388":0.6,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359174987,"gmtCreate":1616378204049,"gmtModify":1704793223206,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574106665184076","idStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359174987","repostId":"2120116018","repostType":4,"repost":{"id":"2120116018","kind":"news","pubTimestamp":1616198068,"share":"https://ttm.financial/m/news/2120116018?lang=en_US&edition=fundamental","pubTime":"2021-03-20 07:54","market":"us","language":"zh","title":"From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation","url":"https://stock-news.laohu8.com/highlight/detail?id=2120116018","media":"投资者网","summary":"从纳斯达克到港交所，B站和青年一代的文化认同3月18日，哔哩哔哩(B站)回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。Z+世代与飞奔的营收与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。据了解，B站的电商销售的产品主要是动漫、游戏周边。自2018年3月28日上市至今，B站的股价累计涨幅超800%。","content":"<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>","source":"lsy1577406660637","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>From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation</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\">\nFrom Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资者网</strong><span class=\"h-time small\">2021-03-20 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q\">投资者网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/959e12dad805ef7134e41190825f878a","relate_stocks":{"00388":"香港交易所","BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120116018","content_text":"3月18日，哔哩哔哩（B站）回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。而前一日，B站公布了其全球发售的股份在香港联合交易所有限公司主板上市的计划（股票代号：9626），拟在全球发售2500万股。\nB站香港公开发售的发行价将不超过每股988.00港元，或每股Z类普通股127.20美元(相当于每股美国存托股127.20美元)。股份将以每手20股股份为单位进行交易。\n3年前在纳斯达克上市时还被称为“小破站”的B站，在历经多次出圈之后，核心用户群已从“Z世代”（1990-2009出生的人群）扩展至“Z+世代”（1985-2009出生的人群）。\n用户扩容的同时，在PUGV（以专业用户生成视频）为中心、辅以直播、OGV（专业机构生产视频）的发展路径下，B站的视频内容生态越来越多元，平台、用户以及UP主（内容创作者）也因共同的文化认同而紧密联系在一起。\n与2018年在纳斯达克上市时相比，如今的B站，收入结构更加多元，月活跃用户数突破两亿大关，公司营收破百亿。正在走向港交所的，是一个业务模型、商业模型都更加优化的B站。\n\n\n\n\n\n\n\n\n1\n\n\n\n\n\n与UP主共同成长\n\n\n\n\n\n21世纪虽然是个信息爆炸的时代，但在各种算法的影响下，人们又封闭在一个个的信息孤岛之上。而随着越来越多专业的视频内容创造者的出现，信息、知识、娱乐的主要载体也逐渐由文字转变为了视频。连接起这一个个信息孤岛，为用户提供丰富视频内容的B站成为了年轻人的聚集地。\n与其他视频网站激烈争夺版权内容的需求策略不同，专业机构生产的内容虽然也能满足用户对内容的多元化需求，但存在两个问题明显的问题，成本高，内容生产者和用户缺乏更密切的情感联结。\n被B站视作内容生态的基石的PUGV，创作者则为更具体的人， 内容也更具备个人特质。而早期很多UP主单枪匹马的创作模式，也会内容成本极低，当然时间成本则极高。所以早期的UP主创作，具有典型的“为爱发电”的特征。因此，用户的投币，点赞，评论等正向认可，就变得极其重要。这种激励模式，也构成了B站独特的创作者和消费者关系：UP主以内容吸引粉丝，与粉丝的互动再激励UP主继续创作用户感兴趣的内容，从而形成正反馈循环。\n随着用户的成长，越来越多的兴趣内容开始在B站生根发芽，发展壮大，并逐渐生产出了如影视、游戏、美食等众多不同类型的视频内容。如今，B站的内容品类已从最初ACG内容，拓展至更多元的内容品类，覆盖了7000余个圈层。2020年第四季度，生活、游戏、娱乐、动漫、科技和知识成为B站最受用户欢迎的垂直品类，知识类内容也是2020年B站增长最快的内容品类之一，到B站学习已不是一句玩笑。\n而B站也已成为国内最大的以PUGV为主的创意视频提供平台。聆讯后资料集显示，2020年第四季度，PUGV视频播放量已占B站全平台视频播放量91%。出现了一批类似于“罗翔说刑法”、“木鱼水心”、“黑桐谷歌”等知识类、影视类以及游戏类不同类型的UP主。\n其中法律科普UP主“罗翔”早已出圈，其演讲内容经常被诸多媒体或视频所引用，目前“罗翔”在B站的粉丝数已超过1300万。主要制作影视类视频的“木鱼水心”也拥有近700万关注，其制作的个别视频播放量近千万；而主要制作游戏视频的“黑桐谷歌”，关注数近300万，个别视频播放量超千万。\n2020年第四季度，B站月均活跃UP主数量同比增长88%，达到190万，月均视频投稿量同比增长109％，达590万。\n\n\n\n\n\n\n\n2\n\n\n\n\n\nZ+世代与飞奔的营收\n\n\n\n\n\n与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。2018年前2个月，B站的平均月活跃用户仅有7640万人，而到了2020年第四季度，B站的月活跃用户数已达到了2.02亿人，三年间增长了一倍多。B站越来越被“Z世代”之外的人所了解、接受，B站也逐渐由“Z世代”走进“Z+世代”。\n除了月活跃用户数大幅增加外，B站与用户的粘性也有所提升。2017年B站活跃用户在线时长为76分钟，到2020年B站用户平均花费在移动应用上的时间增加到了80分钟以上，成为国内用户使用时长最长的移动应用之一，远高于行业平均的29.8分钟。在用户使用时长增加的同时，B站用户的互动情况也大幅提升，2020年B站平均每月产生51亿次互动，2019年这一数字仅有21亿次。\n如何将流量变现其实是诸多互联网企业所面临的难题，与别的视频网站用户群体分化的情况不同，B站的用户群体主要是接受过良好教育、对高质量内容以及自我表达有着强烈需求的“Z+世代”，是目前消费增长的重要驱动力。艾瑞咨询研究显示，“Z+世代”是目前国内各类消费增长的驱动力及潮流引导者，各类新兴消费品牌也围绕着“Z+世代”的消费偏好进行打造。\n而且，“Z+世代”更愿意为视频内容付费。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。以“Z+世代”为核心群体的B站近5年来营收增长了90.60倍，年均复合增长率高达146.82%。2020年，B站实现营业总收入为120亿元人民币， 营收增速明显高于同业公司。\n收入大幅增长的同时，B站的收入结构也有明显改善，2018年公司收入的71.1%来自于移动游戏，到了2020年，移动游戏在公司收入中的占比已下降到了40%；而会员付费的增值服务收入、以及电商及其他服务在公司营收中的占比越来越重。据了解，B站的电商销售的产品主要是动漫、游戏周边。这是一个巨大的市场，成就了诸如万代这类行业小巨人。\n增值服务收入、广告收入以及电商及其他服务收入的增加，无疑大幅改善了B站收入依赖移动游戏的现状。在多元化收入的支撑下，B站单个月活用户的月均收入由2018年的4元增长到了2020年的5.4元，涨幅高达35%。\n正如B站所说，“我们的使命是丰富中国年轻一代的日常生活”。B站自成立以来，为年轻一代人提供娱乐、学习、交流沟通平台的初心一直没变，变的只有更丰富的内容、更开放的社区、更多元化的用户。在这过程中，公司也得到了市场的广泛认可，公司股价持续上涨。自2018年3月28日上市至今，B站的股价累计涨幅超800%。如果考虑到截至目前的最高股价，B站还曾最高上涨到157.66美元/股，较发行价上涨高达12.7倍，是中概股中少见的“三年十倍”Tenbagger。目前，B站总市值已超400亿美元。","news_type":1,"symbols_score_info":{"47761":0.6,"47940":0.6,"09626":0.9,"00388":0.6,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359175718,"gmtCreate":1616378176334,"gmtModify":1704793223692,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574106665184076","idStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359175718","repostId":"2121142587","repostType":4,"repost":{"id":"2121142587","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":1616367060,"share":"https://ttm.financial/m/news/2121142587?lang=en_US&edition=fundamental","pubTime":"2021-03-22 06:51","market":"us","language":"zh","title":"Baidu Group-SW has a winning rate of 15% for one lot, and 50 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=2121142587","media":"老虎资讯综合","summary":"百度集团-SW(09888.HK)发布公告，公司全球发售9500万股股份，其中香港发售股份1140万股，国际发售股份8360万股，另有15%超额配股权；国际发售与香港公开发售的最终发售价均已确定为每股...","content":"<p>News on March 22, this Monday<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>According to the announcement, the company issued 95 million shares, priced at HK $252 per share, with 50 shares per lot, and is expected to be listed on March 23.</p><p>According to Friday's US stock market<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Calculated at the closing price of US $257.47, it is equivalent to the Hong Kong stock price of HK $252.35. The price of Hong Kong stocks of HK $252 is higher than that of overnight US stocks<b>Discount of 0.14%.</b><img src=\"https://static.tigerbbs.com/513bf0ae34176c2ddf9d143aa4f64d02\" tg-width=\"659\" tg-height=\"548\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>The admission fee for each lot (50 shares) in Group A is approximately HK $14,898.64.</p><p>The head of Group B is 400 lots (20,000 shares), and the funds required for subscription are approximately HK $5,959,454.30, and 7 lots (350 shares) are allocated.<img src=\"https://static.tigerbbs.com/5ddedf523abdefe87860450864245cce\" tg-width=\"732\" tg-height=\"875\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/36a334f4aadbcffa0fb2ba25128e52ee\" tg-width=\"761\" tg-height=\"705\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Group-SW (09888. HK) announced that the company will sell 95 million shares globally, including 11.4 million shares offered in Hong Kong, 83.6 million shares offered internationally, and a 15% over-allotment option; The final Offer Price of the International Offering and the Hong Kong Public Offering has been determined to be HK $252.00 per Offer Share, with 50 Class A ordinary shares per board lot; BofA SECURITIES,<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>(b)<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are joint sponsors.</p><p>The net proceeds of approximately HK $23.682 billion will be used for the following purposes: approximately 50% will be used for continuous technology investment and to promote the commercialization of innovation based on artificial intelligence; About 40% will be used to further develop Baidu's mobile ecosystem and further realize diversified monetization; Approximately 10% for general corporate purposes.</p><p>Founded in 2000 and listed on Nasdaq in 2005, Baidu is a leading AI company with a strong Internet foundation. In the more than 20 years since its establishment, Baidu has demonstrated long-term growth and strong profitability. At present, Baidu's core has formed three growth engines, including mature and stable mobile ecological business, rapidly developing intelligent cloud business, industry-leading intelligent driving and other growth businesses.</p><p>Baidu has been investing in AI since 2010 to improve search and monetization capabilities, and uses its core AI technology engine Baidu Brain to develop new AI businesses. The breadth and depth of the company's AI capabilities provide it with a differentiated technical foundation. According to the CIC Consulting report, Baidu Brain's comprehensive technology stack and leading AI capabilities make the company in a leading position in many fields in China.</p><p>In terms of financial data, Baidu's annual revenue reached 107.1 billion yuan in 2020, with revenue exceeding 100 billion yuan for three consecutive years, and net profit reaching 19.026 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/14c942dd1c3003dd1d52f6234f143ad9\" tg-width=\"673\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p><p>In terms of industry, the market size of China's knowledge-based information-based Internet platform advertising increased from RMB 89.6 billion in 2015 to RMB 173.6 billion in 2019, with a compound annual growth rate of 18%. The market size is expected to reach RMB 342 billion in 2025, with a compound annual growth rate of 12% from 2019 to 2025. And press<b>In terms of revenue and number of users, Baidu has been the number one search engine in China in the past ten years. In terms of MAU and DAU, it is also the number one search plus information flow application in China in December 2020.</b></p><p>China has become one of the fastest growing markets for cloud services in the world. The market size of China's public cloud service industry increased from RMB 10.1 billion in 2015 to RMB 86.4 billion in 2019, with a compound annual growth rate of 71.1%. It is expected to increase to RMB 577.1 billion in 2025, with a compound annual growth rate of 37.2% from 2019 to 2025. And<b>In terms of product portfolio and APIs used by developers in 2020, Baidu Smart Cloud is the largest AI public cloud in China, becoming the market leader in this track.</b></p><p>China's intelligent driving industry has huge growth potential. The size of China's autonomous driving service market is expected to increase from RMB 2.3 billion in 2019 to RMB 399.4 billion in 2025, with a compound annual growth rate of 136.2% during the period. As at 31 December 2020,<b>Baidu Apollo, China's autonomous driving leader, has obtained the most autonomous driving licenses and has the longest cumulative test mileage.</b></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>Baidu Group-SW has a winning rate of 15% for one lot, and 50 lots are subscribed to secure one lot</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\">\nBaidu Group-SW has a winning rate of 15% for one lot, and 50 lots are subscribed to secure one lot\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\">2021-03-22 06:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on March 22, this Monday<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>According to the announcement, the company issued 95 million shares, priced at HK $252 per share, with 50 shares per lot, and is expected to be listed on March 23.</p><p>According to Friday's US stock market<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Calculated at the closing price of US $257.47, it is equivalent to the Hong Kong stock price of HK $252.35. The price of Hong Kong stocks of HK $252 is higher than that of overnight US stocks<b>Discount of 0.14%.</b><img src=\"https://static.tigerbbs.com/513bf0ae34176c2ddf9d143aa4f64d02\" tg-width=\"659\" tg-height=\"548\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>The admission fee for each lot (50 shares) in Group A is approximately HK $14,898.64.</p><p>The head of Group B is 400 lots (20,000 shares), and the funds required for subscription are approximately HK $5,959,454.30, and 7 lots (350 shares) are allocated.<img src=\"https://static.tigerbbs.com/5ddedf523abdefe87860450864245cce\" tg-width=\"732\" tg-height=\"875\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/36a334f4aadbcffa0fb2ba25128e52ee\" tg-width=\"761\" tg-height=\"705\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Group-SW (09888. HK) announced that the company will sell 95 million shares globally, including 11.4 million shares offered in Hong Kong, 83.6 million shares offered internationally, and a 15% over-allotment option; The final Offer Price of the International Offering and the Hong Kong Public Offering has been determined to be HK $252.00 per Offer Share, with 50 Class A ordinary shares per board lot; BofA SECURITIES,<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>(b)<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are joint sponsors.</p><p>The net proceeds of approximately HK $23.682 billion will be used for the following purposes: approximately 50% will be used for continuous technology investment and to promote the commercialization of innovation based on artificial intelligence; About 40% will be used to further develop Baidu's mobile ecosystem and further realize diversified monetization; Approximately 10% for general corporate purposes.</p><p>Founded in 2000 and listed on Nasdaq in 2005, Baidu is a leading AI company with a strong Internet foundation. In the more than 20 years since its establishment, Baidu has demonstrated long-term growth and strong profitability. At present, Baidu's core has formed three growth engines, including mature and stable mobile ecological business, rapidly developing intelligent cloud business, industry-leading intelligent driving and other growth businesses.</p><p>Baidu has been investing in AI since 2010 to improve search and monetization capabilities, and uses its core AI technology engine Baidu Brain to develop new AI businesses. The breadth and depth of the company's AI capabilities provide it with a differentiated technical foundation. According to the CIC Consulting report, Baidu Brain's comprehensive technology stack and leading AI capabilities make the company in a leading position in many fields in China.</p><p>In terms of financial data, Baidu's annual revenue reached 107.1 billion yuan in 2020, with revenue exceeding 100 billion yuan for three consecutive years, and net profit reaching 19.026 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/14c942dd1c3003dd1d52f6234f143ad9\" tg-width=\"673\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p><p>In terms of industry, the market size of China's knowledge-based information-based Internet platform advertising increased from RMB 89.6 billion in 2015 to RMB 173.6 billion in 2019, with a compound annual growth rate of 18%. The market size is expected to reach RMB 342 billion in 2025, with a compound annual growth rate of 12% from 2019 to 2025. And press<b>In terms of revenue and number of users, Baidu has been the number one search engine in China in the past ten years. In terms of MAU and DAU, it is also the number one search plus information flow application in China in December 2020.</b></p><p>China has become one of the fastest growing markets for cloud services in the world. The market size of China's public cloud service industry increased from RMB 10.1 billion in 2015 to RMB 86.4 billion in 2019, with a compound annual growth rate of 71.1%. It is expected to increase to RMB 577.1 billion in 2025, with a compound annual growth rate of 37.2% from 2019 to 2025. And<b>In terms of product portfolio and APIs used by developers in 2020, Baidu Smart Cloud is the largest AI public cloud in China, becoming the market leader in this track.</b></p><p>China's intelligent driving industry has huge growth potential. The size of China's autonomous driving service market is expected to increase from RMB 2.3 billion in 2019 to RMB 399.4 billion in 2025, with a compound annual growth rate of 136.2% during the period. As at 31 December 2020,<b>Baidu Apollo, China's autonomous driving leader, has obtained the most autonomous driving licenses and has the longest cumulative test mileage.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d671f82579a0f7a86039a21fe8fc002","relate_stocks":{"BIDU":"百度","QNETCN":"纳斯达克中美互联网老虎指数","09888":"百度集团-SW"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2121142587","content_text":"3月22日消息，本周一百度集团-SW发布公告，公司发行9500万股，每股定价252港元，每手50股，预期3月23日上市。按照周五美股百度的收盘价257.47美元计算，折合港股价格为252.35港元，港股252港元的定价较隔夜美股折价0.14%。申购阶梯：甲组每手（50股）入场费约14898.64港元。乙组头为400手（20000股），申购所需资金约5,959,454.30港元，获配7手（350股）。百度集团-SW(09888.HK)发布公告，公司全球发售9500万股股份，其中香港发售股份1140万股，国际发售股份8360万股，另有15%超额配股权；国际发售与香港公开发售的最终发售价均已确定为每股发售股份252.00港元，A类普通股每手买卖单位50股；BofA SECURITIES、中信证券及高盛为联席保荐人。所得款项净额约236.82亿港元将用作以下用途：约50%用作持续科技投资，并且促进以人工智能为主的创新商业化；约40%用作进一步发展百度移动生态，进一步实现多元变现；约10%用作一般公司用途。百度成立于2000年，2005年登陆纳斯达克，是拥有强大互联网基础的领先AI公司。成立二十多年的时间里，百度展现了长期增长及强劲的盈利能力。目前，百度核心已形成三大增长引擎，包括成熟稳健的移动生态业务、高速发展的智能云业务、引领行业的智能驾驶及其他增长业务。百度自2010年起一直投资AI以提升搜索及变现能力，并使用其核心AI技术引擎百度大脑开发新AI业务。公司AI能力的广度和深度为其提供了差异化的技术基础。根据灼识咨询报告，百度大脑的综合技术堆栈及领先的AI能力使公司在中国多个领域都处于领先地位。财务数据方面，2020年百度全年营收达到1071亿元，连续三年营收过千亿，净利润达到190.26亿元人民币。行业方面，中国知识信息型互联网平台广告的市场规模由2015年的人民币896亿元增至2019年的人民币1736亿元，复合年增长率为18%。市场规模预期于2025年达到人民币3420亿元，2019年至2025年的复合年增长率为12%。而按收入及用户数目计，百度是过去十年中国第一的搜索引擎，按MAU及DAU计，亦是2020年12月中国第一的搜索加信息流应用程序。中国已成为世界上云服务增长最快的市场之一，中国公有云服务行业市场规模由2015年的人民币101亿元增至2019年的人民币864亿元，复合年增长率为71.1%，预期将增至2025年的人民币5,771亿元，2019年至2025年的复合年增长率为37.2%。而按2020年产品组合及开发者使用的API计，百度智能云是中国最大的AI公有云，成为该赛道的市场领导者。中国智能驾驶行业有巨大增长潜力。中国自动驾驶服务市场规模预期将由2019年的人民币23亿元增至2025年的人民币3,994亿元，期间复合年增长率为136.2%。截至2020年12月31日，中国自动驾驶领导者百度Apollo已取得最多自动驾驶许可证，且拥有最长累计测试里程。","news_type":1,"symbols_score_info":{"BIDU":0.9,"QNETCN":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":344908792,"gmtCreate":1618364276516,"gmtModify":1704709680541,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574106665184076","authorIdStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344908792","repostId":"1118004549","repostType":2,"isVote":1,"tweetType":1,"viewCount":1366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358410777,"gmtCreate":1616721695299,"gmtModify":1704797854444,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574106665184076","authorIdStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358410777","repostId":"1183312217","repostType":2,"isVote":1,"tweetType":1,"viewCount":1705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359174600,"gmtCreate":1616378229900,"gmtModify":1704793224016,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574106665184076","authorIdStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359174600","repostId":"2120116018","repostType":4,"repost":{"id":"2120116018","kind":"news","pubTimestamp":1616198068,"share":"https://ttm.financial/m/news/2120116018?lang=en_US&edition=fundamental","pubTime":"2021-03-20 07:54","market":"us","language":"zh","title":"From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation","url":"https://stock-news.laohu8.com/highlight/detail?id=2120116018","media":"投资者网","summary":"从纳斯达克到港交所，B站和青年一代的文化认同3月18日，哔哩哔哩(B站)回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。Z+世代与飞奔的营收与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。据了解，B站的电商销售的产品主要是动漫、游戏周边。自2018年3月28日上市至今，B站的股价累计涨幅超800%。","content":"<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>","source":"lsy1577406660637","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>From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation</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\">\nFrom Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资者网</strong><span class=\"h-time small\">2021-03-20 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q\">投资者网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/959e12dad805ef7134e41190825f878a","relate_stocks":{"00388":"香港交易所","BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120116018","content_text":"3月18日，哔哩哔哩（B站）回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。而前一日，B站公布了其全球发售的股份在香港联合交易所有限公司主板上市的计划（股票代号：9626），拟在全球发售2500万股。\nB站香港公开发售的发行价将不超过每股988.00港元，或每股Z类普通股127.20美元(相当于每股美国存托股127.20美元)。股份将以每手20股股份为单位进行交易。\n3年前在纳斯达克上市时还被称为“小破站”的B站，在历经多次出圈之后，核心用户群已从“Z世代”（1990-2009出生的人群）扩展至“Z+世代”（1985-2009出生的人群）。\n用户扩容的同时，在PUGV（以专业用户生成视频）为中心、辅以直播、OGV（专业机构生产视频）的发展路径下，B站的视频内容生态越来越多元，平台、用户以及UP主（内容创作者）也因共同的文化认同而紧密联系在一起。\n与2018年在纳斯达克上市时相比，如今的B站，收入结构更加多元，月活跃用户数突破两亿大关，公司营收破百亿。正在走向港交所的，是一个业务模型、商业模型都更加优化的B站。\n\n\n\n\n\n\n\n\n1\n\n\n\n\n\n与UP主共同成长\n\n\n\n\n\n21世纪虽然是个信息爆炸的时代，但在各种算法的影响下，人们又封闭在一个个的信息孤岛之上。而随着越来越多专业的视频内容创造者的出现，信息、知识、娱乐的主要载体也逐渐由文字转变为了视频。连接起这一个个信息孤岛，为用户提供丰富视频内容的B站成为了年轻人的聚集地。\n与其他视频网站激烈争夺版权内容的需求策略不同，专业机构生产的内容虽然也能满足用户对内容的多元化需求，但存在两个问题明显的问题，成本高，内容生产者和用户缺乏更密切的情感联结。\n被B站视作内容生态的基石的PUGV，创作者则为更具体的人， 内容也更具备个人特质。而早期很多UP主单枪匹马的创作模式，也会内容成本极低，当然时间成本则极高。所以早期的UP主创作，具有典型的“为爱发电”的特征。因此，用户的投币，点赞，评论等正向认可，就变得极其重要。这种激励模式，也构成了B站独特的创作者和消费者关系：UP主以内容吸引粉丝，与粉丝的互动再激励UP主继续创作用户感兴趣的内容，从而形成正反馈循环。\n随着用户的成长，越来越多的兴趣内容开始在B站生根发芽，发展壮大，并逐渐生产出了如影视、游戏、美食等众多不同类型的视频内容。如今，B站的内容品类已从最初ACG内容，拓展至更多元的内容品类，覆盖了7000余个圈层。2020年第四季度，生活、游戏、娱乐、动漫、科技和知识成为B站最受用户欢迎的垂直品类，知识类内容也是2020年B站增长最快的内容品类之一，到B站学习已不是一句玩笑。\n而B站也已成为国内最大的以PUGV为主的创意视频提供平台。聆讯后资料集显示，2020年第四季度，PUGV视频播放量已占B站全平台视频播放量91%。出现了一批类似于“罗翔说刑法”、“木鱼水心”、“黑桐谷歌”等知识类、影视类以及游戏类不同类型的UP主。\n其中法律科普UP主“罗翔”早已出圈，其演讲内容经常被诸多媒体或视频所引用，目前“罗翔”在B站的粉丝数已超过1300万。主要制作影视类视频的“木鱼水心”也拥有近700万关注，其制作的个别视频播放量近千万；而主要制作游戏视频的“黑桐谷歌”，关注数近300万，个别视频播放量超千万。\n2020年第四季度，B站月均活跃UP主数量同比增长88%，达到190万，月均视频投稿量同比增长109％，达590万。\n\n\n\n\n\n\n\n2\n\n\n\n\n\nZ+世代与飞奔的营收\n\n\n\n\n\n与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。2018年前2个月，B站的平均月活跃用户仅有7640万人，而到了2020年第四季度，B站的月活跃用户数已达到了2.02亿人，三年间增长了一倍多。B站越来越被“Z世代”之外的人所了解、接受，B站也逐渐由“Z世代”走进“Z+世代”。\n除了月活跃用户数大幅增加外，B站与用户的粘性也有所提升。2017年B站活跃用户在线时长为76分钟，到2020年B站用户平均花费在移动应用上的时间增加到了80分钟以上，成为国内用户使用时长最长的移动应用之一，远高于行业平均的29.8分钟。在用户使用时长增加的同时，B站用户的互动情况也大幅提升，2020年B站平均每月产生51亿次互动，2019年这一数字仅有21亿次。\n如何将流量变现其实是诸多互联网企业所面临的难题，与别的视频网站用户群体分化的情况不同，B站的用户群体主要是接受过良好教育、对高质量内容以及自我表达有着强烈需求的“Z+世代”，是目前消费增长的重要驱动力。艾瑞咨询研究显示，“Z+世代”是目前国内各类消费增长的驱动力及潮流引导者，各类新兴消费品牌也围绕着“Z+世代”的消费偏好进行打造。\n而且，“Z+世代”更愿意为视频内容付费。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。以“Z+世代”为核心群体的B站近5年来营收增长了90.60倍，年均复合增长率高达146.82%。2020年，B站实现营业总收入为120亿元人民币， 营收增速明显高于同业公司。\n收入大幅增长的同时，B站的收入结构也有明显改善，2018年公司收入的71.1%来自于移动游戏，到了2020年，移动游戏在公司收入中的占比已下降到了40%；而会员付费的增值服务收入、以及电商及其他服务在公司营收中的占比越来越重。据了解，B站的电商销售的产品主要是动漫、游戏周边。这是一个巨大的市场，成就了诸如万代这类行业小巨人。\n增值服务收入、广告收入以及电商及其他服务收入的增加，无疑大幅改善了B站收入依赖移动游戏的现状。在多元化收入的支撑下，B站单个月活用户的月均收入由2018年的4元增长到了2020年的5.4元，涨幅高达35%。\n正如B站所说，“我们的使命是丰富中国年轻一代的日常生活”。B站自成立以来，为年轻一代人提供娱乐、学习、交流沟通平台的初心一直没变，变的只有更丰富的内容、更开放的社区、更多元化的用户。在这过程中，公司也得到了市场的广泛认可，公司股价持续上涨。自2018年3月28日上市至今，B站的股价累计涨幅超800%。如果考虑到截至目前的最高股价，B站还曾最高上涨到157.66美元/股，较发行价上涨高达12.7倍，是中概股中少见的“三年十倍”Tenbagger。目前，B站总市值已超400亿美元。","news_type":1,"symbols_score_info":{"47761":0.6,"47940":0.6,"09626":0.9,"00388":0.6,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359174987,"gmtCreate":1616378204049,"gmtModify":1704793223206,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574106665184076","authorIdStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359174987","repostId":"2120116018","repostType":4,"repost":{"id":"2120116018","kind":"news","pubTimestamp":1616198068,"share":"https://ttm.financial/m/news/2120116018?lang=en_US&edition=fundamental","pubTime":"2021-03-20 07:54","market":"us","language":"zh","title":"From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation","url":"https://stock-news.laohu8.com/highlight/detail?id=2120116018","media":"投资者网","summary":"从纳斯达克到港交所，B站和青年一代的文化认同3月18日，哔哩哔哩(B站)回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。Z+世代与飞奔的营收与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。据了解，B站的电商销售的产品主要是动漫、游戏周边。自2018年3月28日上市至今，B站的股价累计涨幅超800%。","content":"<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>","source":"lsy1577406660637","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>From Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation</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\">\nFrom Nasdaq to HKEx, Bilibili and the cultural identity of the younger generation\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资者网</strong><span class=\"h-time small\">2021-03-20 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On March 18, Bilibili (bilibili) returned to Hong Kong for its secondary listing and officially launched its IPO. The subscription on the first day was hot, with a subscription multiple of 25.05 times. The day before, Bilibili announced its plan to list its globally offered shares on the main board of The Stock Exchange of Hong Kong Limited (stock code: 9626), and plans to sell 25 million shares globally.</p><p>The issue price of Bilibili's Hong Kong public offering will not exceed HK $988.00 per share, or US $127.20 per Class Z ordinary share (equivalent to US $127.20 per American depositary share). Shares will be traded in board lots of 20 shares each.</p><p>Station B, which was also known as the \"small broken station\" when it was listed on Nasdaq three years ago, has expanded its core user base from \"Generation Z\" (people born in 1990-2009) to \"Generation Z\" (people born in 1985-2009) after many times out of the circle.</p><p>At the same time of user expansion, under the development path of PUGV (video generated by professional users) as the center, supplemented by live broadcast and OGV (video produced by professional organizations), the video content ecology of Station B is becoming more and more diverse, with platforms, users and UP owners (Content creators) are also closely linked due to common cultural identity.</p><p>Compared with when it was listed on Nasdaq in 2018, today's station B has a more diversified revenue structure, with the number of monthly active users exceeding 200 million, and the company's revenue exceeding 10 billion. What is moving towards the Hong Kong Stock Exchange is a Bilibili with a more optimized business model and business model.</p><p><img src=\"https://static.tigerbbs.com/892fd87417a282fa76492d561138a02b\" tg-width=\"600\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p><b><i>1</i></b></p><p><b>Grow together with UP owners</b></p><p>Although the 21st century is an era of information explosion, under the influence of various algorithms, people are closed on information islands. With the emergence of more and more professional video content creators, the main carrier of information, knowledge and entertainment has gradually changed from text to video. Bilibili, which connects these information islands and provides users with rich video content, has become a gathering place for young people.</p><p>Different from the demand strategy of other video websites that fiercely compete for copyrighted content, although the content produced by professional organizations can also meet users' diversified needs for content, there are two obvious problems, namely, high cost and lack of closer emotional connection between content producers and users.</p><p>PUGV, which is regarded by Station B as the cornerstone of the content ecology, is created by a more specific person, and the content has more personal characteristics. In the early days, many UP owners' single-handedly creative models also had extremely low content costs, but of course the time costs were extremely high. Therefore, the early UP master creations have the typical characteristics of \"generating electricity for love\". Therefore, it is extremely important for users to receive positive recognition such as coins, likes and comments. This incentive model also constitutes the unique relationship between creators and consumers of Station B: UP owners attract fans with content, and the interaction with fans motivates UP owners to continue to create content that users are interested in, thus forming a positive feedback loop.</p><p>With the growth of users, more and more interest content began to take root and sprout in bilibili, and gradually produced many different types of video content such as film and television, games, food, etc. Today, the content categories of Station B have expanded from the original ACG content to more diverse content categories, covering more than 7,000 circles. In the fourth quarter of 2020, life, games, entertainment, animation, technology and knowledge became the most popular vertical categories among users at Station B. Knowledge content is also one of the fastest growing content categories at Station B. In 2020. Learning at Station B. It's no longer a joke.</p><p>Station B has also become the largest PUGV-based creative video provider platform in China. According to the data set after the hearing, in the fourth quarter of 2020, PUGV video playback accounted for 91% of the video playback on all platforms of Station B. There have been a number of UP owners of different types such as \"Luo Xiang Says Criminal Law\", \"Muyu Shuixin\", \"Heitong Google\" and other knowledge, film and television categories, and games.</p><p>Among them, the legal science popularization UP master \"Luo Xiang\" has long been out of the circle, and his speech content is often quoted by many media or videos. At present, the number of fans of \"Luo Xiang\" in bilibili has exceeded 13 million. \"Muyu Shuixin\", which mainly produces film and television videos, also has nearly 7 million followers, and its individual videos have been played nearly 10 million; \"Heitong Google\", which mainly produces game videos, has nearly 3 million followers, and the number of individual videos has exceeded 10 million.</p><p>In the fourth quarter of 2020, the average monthly number of active UP owners at Station B increased by 88% year-on-year to 1.9 million, and the average monthly video submissions increased by 109% year-on-year to 5.9 million.</p><p><b><i>2</i></b></p><p><b>Generation Z + and Feiben's revenue</b></p><p>Compared with when it was listed on Nasdaq in 2018, the main operating data of Station B has also improved significantly. In the first two months of 2018, the average monthly active users of Station B were only 76.4 million. By the fourth quarter of 2020, the number of monthly active users of Station B had reached 202 million, more than doubling in three years. Station B is increasingly understood and accepted by people outside the \"Generation Z\", and station B is gradually moving from \"Generation Z\" to \"Generation Z +\".</p><p>In addition to the substantial increase in the number of monthly active users, the stickiness between Station B and users has also increased. In 2017, the online time of active users at Station B was 76 minutes. By 2020, the average time spent by users at Station B on mobile applications has increased to more than 80 minutes, making it one of the longest-used mobile applications by domestic users, much higher than the industry average. 29.8 minutes. While the usage time of users has increased, the interaction of users at Station B has also increased significantly. In 2020, Station B generated an average of 5.1 billion interactions per month, compared with only 2.1 billion in 2019.</p><p>How to monetize traffic is actually a difficult problem faced by many Internet companies. Different from the differentiation of user groups of other video websites, the user groups of Station B are mainly those who have received good education and have a strong demand for high-quality content and self-expression. Generation Z + is an important driving force for current consumption growth. IResearch research shows that \"Generation Z +\" is the driving force and trend leader of various domestic consumption growth at present, and various emerging consumer brands are also built around the consumption preferences of \"Generation Z +\".</p><p>Moreover, \"Generation Z +\" are more willing to pay for video content. The post-hearing data set released by Station B shows that \"Generation Z +\" contributed more than 65% of the video market revenue in 2019. Station B, with \"Z + Generation\" as its core group, has increased its revenue by 90.60 times in the past five years, with an average annual compound growth rate of 146.82%. In 2020, Station B achieved a total operating income of 12 billion yuan, and its revenue growth rate was significantly higher than that of peer companies.</p><p>While revenue has increased significantly, the revenue structure of Station B has also improved significantly. In 2018, 71.1% of the company's revenue came from mobile games. By 2020, the proportion of mobile games in the company's revenue has dropped to 40%; The value-added service revenue paid by members, as well as e-commerce and other services, account for an increasingly heavy proportion of the company's revenue. It is understood that the products sold by e-commerce in bilibili are mainly animation and game peripherals. This is a huge market, which has made small giants in industries such as Bandai.</p><p>The increase in value-added service revenue, advertising revenue, and e-commerce and other service revenue has undoubtedly greatly improved the current situation that Station B's revenue relies on mobile games. With the support of diversified income, the average monthly income of a single monthly active user of Station B has increased from 4 yuan in 2018 to 5.4 yuan in 2020, an increase of 35%.</p><p>As bilibili said, \"Our mission is to enrich the daily life of the younger generation in China\". Since the establishment of Station B, the original intention of providing an entertainment, learning, and communication platform for the younger generation has not changed. All that has changed is richer content, a more open community, and more diverse users. In this process, the company has also been widely recognized by the market, and the company's stock price continues to rise. Since its listing on March 28, 2018, the stock price of Station B has increased by more than 800%. If the highest stock price so far is taken into account, Station B has risen to a maximum of US $157.66 per share, which is as high as 12.7 times higher than the issue price, which is a rare \"ten times in three years\" Tenbagger among Chinese concept stocks. At present, the total market value of Station B has exceeded 40 billion US dollars.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q\">投资者网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/959e12dad805ef7134e41190825f878a","relate_stocks":{"00388":"香港交易所","BILI":"哔哩哔哩","09626":"哔哩哔哩-W"},"source_url":"http://mp.weixin.qq.com/s/Xg9LhH1OIbv_R4vwR0zy6Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120116018","content_text":"3月18日，哔哩哔哩（B站）回港二次上市正式开启招股，首日认购火爆，认购倍数为25.05倍。而前一日，B站公布了其全球发售的股份在香港联合交易所有限公司主板上市的计划（股票代号：9626），拟在全球发售2500万股。\nB站香港公开发售的发行价将不超过每股988.00港元，或每股Z类普通股127.20美元(相当于每股美国存托股127.20美元)。股份将以每手20股股份为单位进行交易。\n3年前在纳斯达克上市时还被称为“小破站”的B站，在历经多次出圈之后，核心用户群已从“Z世代”（1990-2009出生的人群）扩展至“Z+世代”（1985-2009出生的人群）。\n用户扩容的同时，在PUGV（以专业用户生成视频）为中心、辅以直播、OGV（专业机构生产视频）的发展路径下，B站的视频内容生态越来越多元，平台、用户以及UP主（内容创作者）也因共同的文化认同而紧密联系在一起。\n与2018年在纳斯达克上市时相比，如今的B站，收入结构更加多元，月活跃用户数突破两亿大关，公司营收破百亿。正在走向港交所的，是一个业务模型、商业模型都更加优化的B站。\n\n\n\n\n\n\n\n\n1\n\n\n\n\n\n与UP主共同成长\n\n\n\n\n\n21世纪虽然是个信息爆炸的时代，但在各种算法的影响下，人们又封闭在一个个的信息孤岛之上。而随着越来越多专业的视频内容创造者的出现，信息、知识、娱乐的主要载体也逐渐由文字转变为了视频。连接起这一个个信息孤岛，为用户提供丰富视频内容的B站成为了年轻人的聚集地。\n与其他视频网站激烈争夺版权内容的需求策略不同，专业机构生产的内容虽然也能满足用户对内容的多元化需求，但存在两个问题明显的问题，成本高，内容生产者和用户缺乏更密切的情感联结。\n被B站视作内容生态的基石的PUGV，创作者则为更具体的人， 内容也更具备个人特质。而早期很多UP主单枪匹马的创作模式，也会内容成本极低，当然时间成本则极高。所以早期的UP主创作，具有典型的“为爱发电”的特征。因此，用户的投币，点赞，评论等正向认可，就变得极其重要。这种激励模式，也构成了B站独特的创作者和消费者关系：UP主以内容吸引粉丝，与粉丝的互动再激励UP主继续创作用户感兴趣的内容，从而形成正反馈循环。\n随着用户的成长，越来越多的兴趣内容开始在B站生根发芽，发展壮大，并逐渐生产出了如影视、游戏、美食等众多不同类型的视频内容。如今，B站的内容品类已从最初ACG内容，拓展至更多元的内容品类，覆盖了7000余个圈层。2020年第四季度，生活、游戏、娱乐、动漫、科技和知识成为B站最受用户欢迎的垂直品类，知识类内容也是2020年B站增长最快的内容品类之一，到B站学习已不是一句玩笑。\n而B站也已成为国内最大的以PUGV为主的创意视频提供平台。聆讯后资料集显示，2020年第四季度，PUGV视频播放量已占B站全平台视频播放量91%。出现了一批类似于“罗翔说刑法”、“木鱼水心”、“黑桐谷歌”等知识类、影视类以及游戏类不同类型的UP主。\n其中法律科普UP主“罗翔”早已出圈，其演讲内容经常被诸多媒体或视频所引用，目前“罗翔”在B站的粉丝数已超过1300万。主要制作影视类视频的“木鱼水心”也拥有近700万关注，其制作的个别视频播放量近千万；而主要制作游戏视频的“黑桐谷歌”，关注数近300万，个别视频播放量超千万。\n2020年第四季度，B站月均活跃UP主数量同比增长88%，达到190万，月均视频投稿量同比增长109％，达590万。\n\n\n\n\n\n\n\n2\n\n\n\n\n\nZ+世代与飞奔的营收\n\n\n\n\n\n与2018年在纳斯达克上市时相比，B站的主要经营数据也有了大幅改善。2018年前2个月，B站的平均月活跃用户仅有7640万人，而到了2020年第四季度，B站的月活跃用户数已达到了2.02亿人，三年间增长了一倍多。B站越来越被“Z世代”之外的人所了解、接受，B站也逐渐由“Z世代”走进“Z+世代”。\n除了月活跃用户数大幅增加外，B站与用户的粘性也有所提升。2017年B站活跃用户在线时长为76分钟，到2020年B站用户平均花费在移动应用上的时间增加到了80分钟以上，成为国内用户使用时长最长的移动应用之一，远高于行业平均的29.8分钟。在用户使用时长增加的同时，B站用户的互动情况也大幅提升，2020年B站平均每月产生51亿次互动，2019年这一数字仅有21亿次。\n如何将流量变现其实是诸多互联网企业所面临的难题，与别的视频网站用户群体分化的情况不同，B站的用户群体主要是接受过良好教育、对高质量内容以及自我表达有着强烈需求的“Z+世代”，是目前消费增长的重要驱动力。艾瑞咨询研究显示，“Z+世代”是目前国内各类消费增长的驱动力及潮流引导者，各类新兴消费品牌也围绕着“Z+世代”的消费偏好进行打造。\n而且，“Z+世代”更愿意为视频内容付费。B站公布的聆讯后资料集显示，2019年“Z+世代”贡献了超过65%的视频市场收入。以“Z+世代”为核心群体的B站近5年来营收增长了90.60倍，年均复合增长率高达146.82%。2020年，B站实现营业总收入为120亿元人民币， 营收增速明显高于同业公司。\n收入大幅增长的同时，B站的收入结构也有明显改善，2018年公司收入的71.1%来自于移动游戏，到了2020年，移动游戏在公司收入中的占比已下降到了40%；而会员付费的增值服务收入、以及电商及其他服务在公司营收中的占比越来越重。据了解，B站的电商销售的产品主要是动漫、游戏周边。这是一个巨大的市场，成就了诸如万代这类行业小巨人。\n增值服务收入、广告收入以及电商及其他服务收入的增加，无疑大幅改善了B站收入依赖移动游戏的现状。在多元化收入的支撑下，B站单个月活用户的月均收入由2018年的4元增长到了2020年的5.4元，涨幅高达35%。\n正如B站所说，“我们的使命是丰富中国年轻一代的日常生活”。B站自成立以来，为年轻一代人提供娱乐、学习、交流沟通平台的初心一直没变，变的只有更丰富的内容、更开放的社区、更多元化的用户。在这过程中，公司也得到了市场的广泛认可，公司股价持续上涨。自2018年3月28日上市至今，B站的股价累计涨幅超800%。如果考虑到截至目前的最高股价，B站还曾最高上涨到157.66美元/股，较发行价上涨高达12.7倍，是中概股中少见的“三年十倍”Tenbagger。目前，B站总市值已超400亿美元。","news_type":1,"symbols_score_info":{"47761":0.6,"47940":0.6,"09626":0.9,"00388":0.6,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359175718,"gmtCreate":1616378176334,"gmtModify":1704793223692,"author":{"id":"3574106665184076","authorId":"3574106665184076","name":"佛说赚钱","avatar":"https://static.tigerbbs.com/d4b16108b987292aa7a9e01b53536c50","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574106665184076","authorIdStr":"3574106665184076"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359175718","repostId":"2121142587","repostType":4,"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}