Winning the new financial era

Chapter 672 Prospectus

The news of Ruixiang's listing, with the official submission of the prospectus to the Hong Kong Stock Exchange, still cannot be concealed.

The most eye-catching thing is the financial report shown in the prospectus, which contains the secret of sharp growth.

As the world's largest unicorn company, the outside world has never stopped speculating on Ruixiang's various financial data.

The point of "annual revenue exceeding [-] billion" was recognized more than a year ago.

This surpassed Qiandu and became the third largest Internet company in domestic revenue after Ali and Penguin.

It is precisely because of this that there is the name "ATR", and it is also able to support Ruixiang's upward valuation of 2000 billion US dollars.

But Ruixiang's most authentic and clear financial data is known to no one other than the company's executives, shareholders, and accounting firms.

At this moment, the financial report came out, and everyone's eyes were shocked.

“2017年、2018年、2019年上半年，营收分别为926.1亿、1869.26亿、1394.57亿，单位人民币。”

This data is compared with Ali, whose annual revenue in fiscal year 2019 is 3768 billion.

阿狸的财年和自然年不一样，2019年财年相当于从2018年4月至2019年3月，这12个月的营收之和。

Therefore, Ali’s 2019 financial report can be roughly compared with Ruixiang’s 2018 financial report.

Penguin's revenue in 2018 was 3127 billion, and the revenue in the first half of 19 was 1743 billion.

In addition, there is another feature. In the past two or three years, Ali and Penguin have maintained an annual revenue growth rate of about 30%-50%.

The revenue growth rate of Ruixiang is in the early [-]s to [-]s to [-] percents, that is to say, its revenue nearly doubles every year.

It's kind of scary!

Some experts and scholars couldn't believe this financial report, and they took a magnifying glass to find the flaw, or the secret of revenue growth.

Ruixiang's revenue is displayed as five major sectors, financial technology and corporate services, advertising, e-commerce, digital content, and investment.

Among them, financial technology and enterprise services belong to the segment of Yuanruixiang Group, with revenues of 618.84 billion, 773.55 billion, and 444.79 billion respectively, which are close to a [-] billion revenue segment.

The advertising segment led by DouTV, Kuaishou and other products covers live broadcast rewards, with revenues of 150 billion, 470 billion, and 458 billion respectively. There is no doubt that this is also a revenue segment close to [-] billion.

The e-commerce sector composed of Pinduoduo, Xiaohongshu and other products has revenues of 22.44 billion, 143.2 billion, and 142.35 billion respectively.

The revenue is not very high, but the growth is very rapid. The first half of this year is close to the revenue of last year.

The digital content segment composed of Station B, Rocket Video, and games has revenues of 94.68 billion, 241.29 billion, and 329.12 billion respectively.

Finally, there is the investment sector, with investment income of 40.14 billion, 241.22 billion, and 20.31 billion respectively.

Among the five sectors, the most outstanding one is the investment sector.

A knowledgeable person gave an explanation, Ruixiang invested in Miaofenqi, and earned more than 20 billion in one project.

Last year, dozens of unicorns were sold off, and it is not surprising that they made a huge profit of more than 240 billion.

Regardless of the investment business, if only the main business is counted, Ruixiang’s revenue in 2018 was more than 1600 billion, and the revenue of more than 2019 billion in the first half of 1300 was also very close to last year.

The revenue of the e-commerce sector is far from being able to compare with Ahri and Goudong. The gap is very large, which is a bit beyond people's expectations.

Some knowledgeable people also said that in order to attract brands to settle in, Pinduoduo has been losing money and making money, free of commissions and advertisements.

At the same time, it does not operate directly-operated stores, which is very normal.

Penguin also has financial technology and enterprise services in this sector, and its revenue is about [-] billion, which is a little higher than that of Ruixiang.

However, Leech Financial Services is not listed, so it can only speculate on net profit based on Ari’s financial report, but cannot guess revenue.

However, an insider broke the news that the income is higher than that of Penguin, which is close to 1200 billion yuan.

Having said that, everyone is almost convinced that this revenue ranking is in line with the current mobile payment market share ranking.

In fact, mobile payment does not contribute much revenue. It is mainly derived from the lending business and diversion to financial institutions, that is, fund numbers, insurance numbers... and other businesses that make money.

The most eye-catching thing is Ruixiang's advertising revenue. One business is close to the revenue of the entire company of Qiandu.

Qiandu is almost equivalent to an advertising company. 1000% of its revenue of over 80 billion yuan comes from advertising.

It is basically a certainty that Ruixiang's advertising revenue will exceed 800 billion this year.

Some people even predict that breaking through 1000 billion is also a high probability.

This is not surprising. It can also be seen from the overwhelming advertisements of Doushi and Kuaishou that short video advertisements really have potential.

Accurate algorithms, combined with 6 million monthly active users of Doushi and Kuaishou, and user usage time of one or two hours at a time, this is real money!

A typical traffic monetization case!

In the digital content sector, more than 70% of the revenue is contributed by games.

"PUBG Mobile" domestic and international versions of mobile games and PC games, this game has brought more than 20 billion US dollars, or 140 billion yuan in revenue, to Ruixiang throughout the year.

Lilith's several overseas mobile games also have good revenues, with annual revenues exceeding 200 billion, and they are hitting [-] billion.

Station B also has billions of billions in revenue a year, most of which are contributed by games.

In addition, Rocket Video also has billions in revenue a year.

Compared with iQiyi's annual revenue of more than 200 billion yuan, it can probably reach one-third of the other party.

Small companies such as Musical.ly, Tiantian Toutiao, Ruixiang Pictures, Buying Tickets, Bole.com, Xiaomeng, Ruixiang Novels, etc., as well as overseas martial arts world, music streaming media Resso, and Rocket TV overseas version of Rocket TV all add up. Nearly 100 billion in revenue.

From the perspective of revenue ratio, financial technology and enterprise services accounted for 31.89% of Ruixiang's total revenue, which is the second largest segment;
Advertising revenue is the largest segment, accounting for 32.84% of total revenue.

Digital content is the third largest sector, accounting for 23.6%;

The fourth largest sector is e-commerce, accounting for 10.21%.

The proportion of investment income has been gradually shrinking, from 2018% of revenue in 12.9 to 2019% in the first half of 1.46.

Because it is not the main business, in fact, there is no need to pay too much attention.

It's just that the investment was too successful, which made people have a lot more to talk about after dinner.

There is another question that focuses on Ruixiang, that is, whether it can break through 3000 billion in revenue this year!
Ruixiang has achieved more than 1300 billion revenue in the first half of the year, and it can basically achieve this goal as long as it achieves a 15% growth in the second half of the year.

Ahri achieved his goal in 2018, and Penguin also achieved it in 2018.

If Ruixiang can surpass this historic goal in 2019, it is not just talking about the two giants, but it really has this strength.

There is another important indicator, net profit, which has also been brought into the attention of analysts.

“2017年、2018年、2019上半年，净利润分别为-239.86亿、168.89亿、113.36亿，单位人民币。”

The four directions of scientific research investment, e-commerce subsidies, content investment, and overseas product promotion have greatly reduced Ruixiang's net profit.

Not counting the investment in scientific research, but only deducting the other three factors, Ruixiang's net profit can increase by 400 billion yuan per year.

After studying Ruixiang's revenue and net profit, everyone began to study the market value again.

　Don't think there is too much data, this chapter has been done for more than three hours, and the head is getting big.I checked the financial report and net profit margin of Ant Financial, as well as companies like ByteDance, Kuaishou, Pinduoduo, and Bilibili.The data is still logical.

　　字节跳动17-19年营收，180亿、500亿、1400亿。

　　Kuaishou is 80 billion, 230 billion, and 500 billion.

　　
　
(End of this chapter)