The B station behind "breakfast", the quarter net loss festival is high, still "buy buy"

Radar Finance Products | Wu Yanfu Edited | Deep Sea

On November 29, the total of the B station broke 100 million. B Station and the Chinese Academy of Social Sciences, the People’s Cultural Publishing House released the 2021 barrage "break".

According to the official explanation, "breaking" this is the game term, meaning the use of special physical damage to break through the defense. In the Internet context, "breakfield" has an extension of the meaning: Normally, after the psychological line is broken, it will produce an inhibitable vibration.

The B station behind "breaks", after the "Shou" video is broken, the revenue is rapidly enlarged. However, the company’s net loss continues to increase, until the first three quarters in the first three consecutive quarters, and the gross profit margin decreases. In the current income composition, the highest value-added service of the proportion is repeatedly complained, recently being named by the Shanghai Security Committee. Mobile gaming business has fallen sharply compared to early days.

In addition, the B station has over 700 million in three quarters. However, this did not stop the B station "Buy Buy", the company has acquired "there is a demon" comics with $ 11 billion, and has obtained a financial license with 118 million yuan.

Net loss continues to increase three quarters

In the third quarter of 2021, the B station camp received 5.207 billion yuan, an increase of 61% from the same period last year. In the end, the B station has a net loss in the third quarter of the third quarter, an increase of -144.01% year-on-year.

This is already a loss of loss in the third consecutive quarter. In the fourth quarter of last year, the amount of B-station net loss was 844 million yuan, rose to 905 million yuan in a quarter of this year, and the amount of loss in the second quarter expanded to 1122 billion yuan.

The company’s gross profit margin in the third quarter of 2021 was 2.3.62% in the third quarter of 2020 and dropped to 19.55%. The gross profit margin of the B station has continued since 2021, and the gross profit margin in the third quarter is the lowest value since the fourth quarter of 2019.

After the gross profit margin, the company’s operating costs in the third quarter also climbed 70% to 4.188 billion yuan.

Specifically, the total operating expenses of the B station is RMB 2.897 billion, an increase of 57% from the same period last year. Sales and marketing expenses are 1.66 billion yuan, increased by 37% year-on-year; mainly due to the promotion of 哩 哔 哩 哩 哩 哩 应用 哩 哩 哩 所,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, .

The increase in marketing costs brings an increase in users. In the third quarter of 2021, B is 267 million, and the mobile terminal is 250 million, and 35% and 36% increase from the same period of 2020. The monthly payment is $ 0.24 billion, an increase of 59% from the same period last year. At the same time, the user’s daily use of 88 minutes, which is the highest record since the B station operation.

Chen Rui, Chairman and CEO of the B-Station Board, said that in the peak season of the summer, the user told the growth, the interactive level of users reached a historic high, and the company’s income continued to grow. This description reflects from the side, and the user growth in the third quarter is affected by a certain seasonal.

The increase in users has brought a substantial increase in the company’s value-added services, which is nearly doubled from the same period last year.

In the income composition, the mobile game revenue in the B station is 1.392 billion yuan, an increase of 9% year-on-year. The value-added service revenue is 1909 million yuan, an increase of 95% year-on-year. Mainly due to the company’s advancement of commercialization, and the company value-added services include large membership, live service and other value-added services have increased. The advertising revenue is RMB 1.172 billion, an increase of 110% year-on-year. E-commerce and other turnover is 734 million yuan, an increase of 78% over 2020. Mainly due to the increase in the sales of products of the company’s e-commerce platform.

In addition, mobile game revenue is reduced, and advertising and e-commerce and other shareholders have increased. In the first quarter of 2020, the income of mobile games accounted for 49.69%, value-added services 34.27%, advertising 9.25%, e-commerce and other 6.78%; 2021, the value corresponding to 26.73%, 36.66%, 22.51%, 14.10%.

In the first quarter of 2018 and the first quarter of 2019, the B station mobile game accounted for 79.38% and 63.54%, respectively.

Investment loss is still "buy buy"

It is worth noting that B stood in the financial report, net investment income mainly includes returns earned by financial products issued by banks and other financial institutions, as well as the fair value of the investment of listed companies. B stopped in three quarters of net investment was 724 million yuan. The same period of 2020 was an investment income of 014 million yuan, which was mainly due to the fair value of the investment of listed companies.

At the same time as the B station investment is damaged, its own share price is too low. As of November 29, B. Hong Kong stock stock price has reached 31.80% in nearly six months.

Although the investment loss, the B station expansion is still continuing. On November 19, Offei released an announcement on sell wholly-owned subsidiaries. It is expected that 100% equity of Beijing April Xingxian Network Technology Co., Ltd. (with demon anime) will be given to Shanghai Pi-Dynamic Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Magic)). Among them, Shanghai Pirading is a total partnership company in B.

On the same day, Ningbo Public Resource Trading Network Disclosed, Zhejiang Yude Electronic Payment Co., Ltd. (hereinafter referred to as "Ying Yu pay") 65.5% of the equity was eventually taken by Shanghai Guan Yu Digital Technology Co., Ltd. The latter is also a wholly-owned subsidiary of B. Among them, 易 支 照 照 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全 全

The automatic deduction of large members is three days in advance, and the relevant issues have been complained.

And the current income of the B station accounts for the largest value-added services, which has been repeatedly complained.

Among them, the accumulated complaints in the black cat complaint platform reached 8,256, and Nearly 30 days Negative 615. The complaint problem involves the repeated charge of the continuous monthly member, and the big member is continuously renewed for two years. After recharging, the members will not arrive in the account. The relevant complaints of the big member, the problem of B currency deficiency, membership purchase or leakage is also in the consumer’s complaint.

In addition, on November 23, the Shanghai Consolidation Committee said that some apps have an automatic deduction in advance. Among them, in the automatic renewal service of the B-station, WeChat and Alipay purchase accounting cycle expires 3 days ago to deduct the cost of the next billing cycle, while Apple iOS channel automatic deduction rules take Apple’s provisions and actual deductions. It is accurate.

The Shanghai Consumer Protection Committee believes that the practice of 3 days in advance violates the principle of voluntary equity, but also shortened consumer selection cycles, causing many consumers to cancel the idea of ??cancellation. "

The next day, the B station responded, the company attached great importance to it, the first time to self-examination, and will immediately optimize, and adjust the automatic renewal period to "deduct ahead of 24 hours in advance".

Radar Finance will continue to pay attention to the follow-up development of the B station.

Note: This article is original in Radar Finance (ID: Leidacj). Reprinted is prohibited without authorization.