Lei Di Network Lei Jianping May 1
Bilibili Co., Ltd. (Nasdaq: BILI, HKEx: 9626, referred to as "Bilibili") recently released its 2022 annual report. The annual report shows that as of February 28, 2023, Station B has a total of 83,715,114 Class Y shares and 326,208,471 Class Z shares.
As of February 28, 2023, Chen Rui, chairman and CEO of Station B, held 49,299,006 class Y shares and 2,427,525 class Z shares, holding a total of 51,726,531 shares, with 12.6% of the shares and 42.4% of the votes Li Ni holds 2.1% of the shares and has 6.3% of the voting rights; Xu Yi holds 6.7% of the shares and has 23.4% of the voting rights.
As of February 28, 2023, the shareholding structure of Bilibili
Tencent holds 10.7% of the shares and has 3.8% of the voting rights; Ali holds 7.5% of the shares and has 2.7% of the voting rights.
As of February 28, 2022, Chen Rui held 12.9% of the shares and had 43.1% of the voting rights; Xu Yi, the founder and president of Station B, held 7% of the shares and had 23.8% of the voting rights; Ni holds 2.2% of the shares and has 6.4% of the voting rights.
As of February 28, 2022, the shareholding structure of Bilibili
Tencent holds 11.2% of Bilibili, with 3.8% of the voting rights, and Alibaba holds 7.9% of the shares, with 2.7% of the voting rights.
From the comparison, it can be found that Station B has not changed much in the past year.
The directors of Station B are Chen Rui, Li Ni, and Xu Yi; the independent directors include Gan JP, He Zhenyu, Li Feng, and Ding Guoqi.
Annual revenue of 21.9 billion increased by 13% year-on-year
The revenue of Station B in 2022 will be 21.9 billion yuan, an increase of 13% from 19.384 billion yuan in the same period last year.
In 2022, station B’s value-added service business revenue will reach 8.72 billion yuan, a year-on-year increase of 26%; advertising revenue will reach 5.1 billion yuan, a year-on-year increase of 12%. In 2022, the game business revenue of station B will reach 5 billion yuan.
The net loss of station B in 2022 is 7.5 billion yuan, an increase of 10.3% from the net loss of 6.8 billion yuan in the same period of the previous year; the adjusted loss is 6.7 billion yuan, an increase of 21.9% from the adjusted loss of 5.5 billion yuan in the same period of the previous year.
Station B is to achieve dual primary listing on the Hong Kong Stock Exchange in October 2022, and it has also become the first company among Chinese TMT (technology, media, communications) companies to complete the voluntary conversion from secondary listing in Hong Kong to dual primary listing.
In the fourth quarter of 2022, Bilibili repurchased and canceled convertible bonds with a total par value of approximately US$550 million at a total cash cost of US$420 million.
In January 2023, Bilibili will complete a US$410 million new share issuance plan, of which US$330 million will be used to repurchase convertible bonds with a total face value of US$380 million, and the remaining funds will be used to supplement the company's cash reserves.
As of December 31, 2022, Station B has a total of 11,092 employees.
Among them, there are 4614 people in product and technology, 3874 in content review, 2035 in operation, and 569 in management, sales, finance and administration.
The subsidy is reduced, and the number of millions of fans is suspended.
Station B will focus on high-quality user growth and profitability improvement in 2022, focusing on core business development. Station B is also continuously improving the company's operating efficiency, continuously reducing costs and increasing efficiency, and narrowing losses.
In the second half of 2022, the sales and marketing of Station B will be narrowed by 26.5% compared with the same period of the previous year. Station B will also streamline personnel and streamline non-core and underperforming businesses, which will narrow the net loss of Station B in the second half of 2022 year-on-year. 32.8%.
Station B said that after adjustments in 2022, it will focus more on core business development and improve company efficiency. In 2023, Station B will continue to accelerate commercialization, increase gross profit margins, and narrow losses, so as to achieve non-GAAP breakeven in 2024.
While Bilibili is cutting expenses, has it been exposed on the Internet that Bilibili’s millions of fans, or even tens of millions of fans, have stopped updating? Part of the reason is that since Bilibili adjusted its internal incentive mechanism in 2022, UP owners have received more and more benefits from the platform. Less and less, the same video playback volume, revenue fell by half, or even more; on the other hand, these large numbers cannot receive orders, and it is difficult to commercialize.
Another phenomenon is also worthy of reflection. How much subsidy did Bilibili give to the queens before, so that many queens can support teams and rent offices. As we all know, in the past two years, the platform's subsidy for graphics and text has dropped sharply, and the decline in video subsidy is also the general trend.
Behind these large-scale stoppages, it is more caused by its own reasons. Because for many big names, whether station B subsidizes them or not, they are still updated as usual. These big names do not rely on station B to survive.
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