Youku potatoes announced the second quarter earnings

The earnings report of Youku Tudou is one of the most complicated in China's stocks, not one. However, behind the super-complicated concepts and terminology, there are always several meanings to be expressed: Continue to reduce losses, costs steadily decline, sales team cattle, hope in the next quarter. However, the financial report will not mention such facts: Youku Tudou failed to integrate, the advertiser's investment was stalled, and the mobile terminal suffered fierce competition. I believe that the first few meanings are the most important ones, and the latter ones are nonsense.

When Youku Tudou announced its merger, I said I would not be too happy to lay off my staff. But I guessed the result but didn't guess the process. This layoff process is gradual and not perceived by the outside world. It belongs to the posture of a blunt knife and flesh. One year, all the Tudou senior executives all out, the ground floor staff also followed in order to be enriched to 56, Cool 6, iQiyi and other friends, which shows that Youku potatoes come to nothing.

There is nothing to say about the staff, nor is it important. The key is that Youku consumes potatoes fairly thoroughly. After eating the dishes, you must also clean the oil and take care of the disc spirit. After the merger, the earnings report was excellent and Youku had a brilliant performance. The potatoes continued to suffer huge losses. Not only that, Youku, which has achieved high revenues, has continued to experience a drop in costs. However, the revenue has been shrinking to a poor level, but the cost has continued to soar. The whole potato was unlucky, Youku became a rare lucky one. I think Youku should be fortunate that the potatoes are unlucky.

Youku Tudou's revenue in the first quarter was 516 million yuan, of which consolidated advertising net income was 429.1 million yuan, and non-advertising revenue, that is, value-added service revenue, accounted for 16.8% of the total revenue. By the second quarter, Youku Tudou's total revenue was 753.5 million yuan, and non-advertising revenues, that is, value-added service revenue accounted for 3.5% of the total revenue. In one quarter, under the condition of increasing business performance, value-added service revenue dropped from 86.9 million yuan to 26.9 million yuan.

This value-added service seems to be not quite the same as ad placement. It is not seasonal and I don't know why it is. The important point is that in the third quarter performance guidance, non-advertising revenues, that is, value-added service revenues, have risen to between 80 million and 100 million yuan. Is the second quarter the off-season of value-added services? Is the first quarter and third quarter traditional peak seasons? I believe this must be the case.

Youku’s advertisers’ delivery is also a very interesting value. The number of advertisers for Youku Tudou was 430 in this quarter, and single customers contributed 1.75 million yuan in revenue, probably the highest in history. In the first quarter, there were 390 advertisers and single customers contributed 1.32 million yuan in revenue; in the fourth quarter of last year, 480 advertisers and single customers contributed 1.5 million yuan; in the third quarter of last year, 316 advertisers and single customers contributed 1.7 million yuan. In the second quarter of last year, there were 283 advertisers and 1.7 million yuan of revenue contributed by single customers.

In the past year, Youku’s pre-film advertising time has more than doubled. Some of the hit films have 30 seconds of advertisements. Advertising time is getting longer and the video advertising market is growing rapidly. The budget for the main launch has been stagnant. The increase in the number of advertisers has determined the increase in the revenue of Youku Tudou, and the unit price has remained relatively constant. I do not know the reason for this situation, in the end is Youku Tuotuo more willing to increase the burden on advertisers, or encountered a strong competition and more services but do not dare to collect more money, I tend to the former.

Youku’s bandwidth cost in the second quarter of last year was 111.9 million yuan, corresponding to revenue of 387.4 million yuan; third quarter bandwidth cost was 136.6 million yuan, corresponding to revenue of 502.2 million yuan; fourth quarter bandwidth cost was 163 million yuan, corresponding to revenue It was RMB 635.8 million; in the first quarter of this year, the bandwidth cost was RMB 161 million, corresponding to revenue of RMB 516 million; this quarter the bandwidth cost was RMB 164.1 million, and the corresponding revenue was RMB 753.5 million.

Youku Tudou continued to grow in traffic, especially when the mobile VV exceeded 200 million. In the case of a doubling within half a year, the overall bandwidth cost has been stagnant. This kind of GDP growth rate of 10%, energy consumption growth rate of less than 5% of the situation may have known, perhaps mastered the technology of water to oil is also unknown. However, there is another possibility that the mobile terminal has grown, and the PC side has saved this part of the cost. The third possibility is that operators have made a lot of good intentions and drastically reduced the bandwidth cost of Youku Tudou. I prefer the latter.

Youku Tudou has been emphasizing the solid advantages in the field of mobile video before and after the financial report, but according to data released by iResearch, the average daily UV of Youku Mobile in June was 14.12 million, and the average daily UV of the iPhone is 790. Million, PPS was 6.08 million, and the two were added to 13.98 million. The data is very close. Even if the poor potato is added to a daily average of about 700,000 UV, the gap between Youku potatoes and iQIYI is not enough to open a significant magnitude. The optimism of Youku potatoes on the mobile side is somewhat self-conscious. However, solo singing is a relatively fresh form of singing. I tend to sing my guitar.

By convention, Youku Tudou should use the third quarter as the focus of storytelling, but the slow-growing PC has no hope of profitability in the short term, and the market and investors understand it. As a result, Youku's story came to an end in 2014. The main part of the story is that mobile traffic exceeds the PC, but it still refuses to give specific expectations for revenue. The key point is that Youku should present its mobile phone with pricing power in front of advertisers. Not only does Sohu's video not be convinced, but even iQiyi protests. Although the fierce competition on the mobile side has entered the white heat, but I believe that Youku potatoes must be no match, iQIYI and Sohu video are air.

Youku rose 6.1% before releasing its financial report. After publishing its financial report, it was optimistic about the loss, the loss was less, the cost did not increase, and the revenue increased significantly year-on-year. In short, it was all kinds of positive. However, on the weekend of the second day, the opening fell by 12%. Two days before and after, it's really confusing.

It is said that there are two versions of the stock price issue. One version is the overly complicated financial report of Youku Tudou. The market needs more time to digest. After careful study of its financial report, the market finds that Youku potatoes face competitive pressures that are not large and the profits are far behind schedule. , and therefore decided to sell. In another version, the market trader made a wrong order after the opening bell on Friday, and his hands shuffled and mistakenly put a 500,000-strong order into a sell order. The stock price was instantly beaten, and the mistake was automatically corrected before Monday's trading session. . With regard to these two versions, I still tend to believe the latter.