Second IPO of Huafang group: grown up in Zanthoxylum bungeanum, trapped in Zanthoxylum bungeanum

6 month 22 Japan , Jointly issued by the two departments 《 Network anchor line specification 》, Made it clear 31 Such behavior shall not occur .

Under the new regulation , Live world “ Elder statesman ” Flower house group （ Hereinafter referred to as ” Flower house ”） Still lingering IPO Before the gate . The long overdue dream of listing , Whether the greenhouse can successfully break through the pass twice ？

「 No two studies 」 According to the new prospectus of the flower house , It's updated 2021 Annual performance data ：2021 year , Revenue of 46.00 One hundred million yuan , Year-on-year increase 24.87%; At the same time , The adjusted net profit is 4.09 One hundred million yuan , Year-on-year increase 72.84%.

last year 11 In an old article in June , We focus on the first time that the flower house has broken through the barrier of Hong Kong stocks IPO, And try to open up diversity ; today , Its profit model is single 、 Single source of revenue, etc “ Fatal injury ” Still unsolved ：2021 year , Its 9 The revenue depends on the live broadcast service ; If divided according to platform , near 8 The revenue comes from Chinese prickly ash .

▲ Picture source : Pepper live broadcast official wechat

Running wild for years on the live track , It seems that the industry is gradually entering a cooling off period ; In particular, the supervision is becoming stricter 、 After the industry standard , Many companies are seeking to diversify . As a successful breakthrough “ Thousand broadcast battle ” Senior player of , The business growth of flower house depends heavily on live broadcasting , Can we find the second growth curve ？ Perhaps it will be more closely related to its listing dream . thus ,「 No two studies 」 Updated some data and charts in the old text , following Enjoy：

LPL Global finals ,EDG Swiping social networks .

stay B standing 、 Live broadcast platforms such as Tencent , Not only are the live game rooms overcrowded , Other live broadcasting rooms EDG Related topics are also hot ; Tiktok 、 Microblogging 、 The circle of friends has also painted Z Holiday atmosphere for generations .

▲ Picture source :EDG Officer of micro

In sharp contrast , Once the “ Oscar in the live broadcasting industry ” Sichuan Pepper 、 The six rooms were cold on this topic , Only a few people EDG cheer , I can't help wondering , This is a “ Keeping in good health ” The rhythm of ？

In the near future , Live world “ First generation players ” The greenhouse is sprinting IPO, It owns pepper 、 Six rooms and other live broadcasting platforms .

When the live track is full of new players , Under multiple attacks ,Z The selection of generations may determine the life cycle of the greenhouse . No matter what IPO Successful or not , The greenhouse first faces “ Old age ”; After all , When EDG When swiping the screen , The silent pepper is gone “ Oscar in the live broadcasting industry ”.

The first generation live broadcast platform IPO

The main business of the flower house is Chinese prickly ash 、 Six rooms and overseas HOLLA.

2006 year , The flower house has launched a six room live broadcast platform , It is also in the live broadcasting industry “ predecessors ”, After a series of thought collisions , Zanthoxylum bungeanum 2015 The year was born , By zhouhongyi “ BMW auto ignition ” Live broadcast out of the circle .

With Liu Yan 、 The arrival of Li Xiang and other stars , Zanthoxylum bungeanum gradually became famous ,2016 In, a well-known anchor gathering performance was held in Beijing “ Pepper night ”, go by the name of “ Oscar in the live broadcasting industry ”, And ushered in A Round investment .

▲ Picture source : Pepper live broadcast official wechat

2017 year , Pepper night on the landing of Beijing Satellite TV , Created the first live broadcast festival in the industry .

Next year 6 month , Zanthoxylum bungeanum combined with six rooms , Become the two main platforms of the greenhouse ; thereafter , Flower house is to expand overseas business , stay 2020 Annual acquisition HOLLA The group ,HOLLA It has also become the third platform of the greenhouse .

In the shareholder structure of the flower house ,“ The leader in red ” Zhouhongyi passed the 360 (601360.SH)、 Several companies, such as pepper No. 1, have accumulated shares 38.21%, As the largest shareholder . Songcheng Performing Arts (300144.SZ) As the second largest shareholder , holding 37.06%.

By 2021 year 12 month 31 Japan , The number of registered users of the greenhouse is up to 3.91 Billion , Monthly active users 5990 ten thousand .

among , Pepper and six rooms have 2.15 Yiminghe 0.79 Million registered users , The retention rates of paid users of Zanthoxylum bungeanum and six rooms are respectively 78.8% and 66.1%.

The prospectus shows ,2018-2021 The annual income of the greenhouse is 19.93 One hundred million yuan 、28.31 One hundred million yuan 、36.83 One hundred million yuan 、46.00 One hundred million yuan , Revenue has been steadily rising .

On the contrary, its net profit ,2018-2021 The net profits of the flower houses after adjustment in are -1.58 One hundred million yuan 、2.11 One hundred million yuan 、-15.06 One hundred million yuan 、4.09 One hundred million yuan .

2019 year , In the second year of merging with six rooms , The flower house began to make profits .

As a live platform , The promotion and advertising expenses of flower houses are high . According to the prospectus data ,2018-2021 year , The expenses for promotion and advertising are 2.88 One hundred million yuan 、3.15 One hundred million yuan 、4.10 One hundred million yuan 、4.96 One hundred million yuan ; Of total expenditure 84.6%、87.0%、90.9%、91.0%.

The flower house explains in the prospectus , Promotion and advertising expenses are referrals of online user traffic 、 Expenses incurred from offline marketing activities , And the costs associated with producing content specifically .

When the live track competition is fierce , Well quickly 、 Tiktok 、 tencent 、B Station and other Internet giants , Also began to invade entertainment live broadcast and other vertical sub category live broadcast .

stay 「 No two studies 」 It seems , As a member of the entertainment live broadcasting industry “ Elder statesman ”,9 Flower houses that rely on live broadcasting for their revenue are experiencing the impact of competition ; The high expenditure on promotion and advertising is a bottomless pit , Whether it can be supported by capital “ Sally ” Still to be tested .

near 8 The revenue depends on pepper

Virtual tokens are the main source of revenue for almost all live broadcast platforms .

The flower house said in the prospectus , Almost all of its revenue comes from the purchase and reward of virtual goods to the anchor and other services on live broadcast products . For the income generated by the virtual items received by the anchor , The flower house will share with the anchor and his related anchor brokerage companies .

The income of flower house mainly comes from the audio and video live broadcast service 、HOLLA Social networking services provided by the Group 、 Other services . It mainly relies on audio and video live broadcast services , And pepper platform .

According to the prospectus , The revenue source of the flower house is highly dependent on a single business , Its audio and video live broadcasting revenue accounts for more than... Of the total revenue 9 become .2018 year -2021 In, its live broadcasting revenue accounted for% of its total revenue respectively 99.2%,99.6%,99.6%,97.3%.

among , The income of Zanthoxylum bungeanum over the same period was 19.76 One hundred million yuan 、21.66 One hundred million yuan 、28.26 One hundred million yuan 、34.69 One hundred million yuan ; The share of the total income 99.2%、76.5%、76.7%、75.4%. Although combined with six rooms , And with overseas business , However, the core business of Huafang mainly relies on the pepper platform .

On the cost side of the greenhouse , The disclosure of the prospectus mainly comes from the anchor cost 、 Employee expenses 、 Loan fee 、 Handling fee etc. , In particular, the cost of anchor accounts for the largest proportion .

2018-2021 The annual cost of anchor is 14.87 One hundred million yuan 、19.20 One hundred million yuan 、24.46 One hundred million yuan 、30.85 One hundred million yuan ; Of the total cost of sales 87.9%、90.3%、91.5%、91.4%.

「 No two studies 」 Find out , The gross profit margin of six rooms is from 2020 Year of 39.3% Drop to 2021 Year of 35.2%. The flower house said in the prospectus , To increase user engagement , Six rooms increase the cost of attracting and retaining independent anchors .

Marketing expenses 、 The cost of anchor is increasing year by year , The greenhouse has also made changes .

from 2019 Year begins , The greenhouse gradually increased the purchase amount from 2018 In, it mainly provides mobile application marketing services , Gradually switch to anchor brokerage service .

2019-2021 year , The maximum purchase amount is 1.31 One hundred million yuan 、1.19 Million dollars 1.52 One hundred million yuan . To 2021 year 12 month 31 Day end , The purchase amount is all converted into the services of anchor brokerage company .

meanwhile , Enterprise check data show , last year 7 month , The business scope of the flower house has added performance brokers, etc ,「 No two studies 」 speculation , The flower house may intend to diversify .

Although the performance economy has gradually become a big hit , But the giants bet 、 Competition is fierce , Bytes to beat 、 The business scope of Baidu, etc. has added performance economy , The greenhouse wants “ More flowers ” It's also hard. .

stay 「 No two studies 」 It seems , As “ In the early generation ” Live platform , The profit model of flower house is single 、 Single source of revenue, etc “ Fatal injury ”, To bury hidden dangers ; When the entertainment live broadcast goes down , The flower house aims at the live broadcast brokerage service ; But when competing with other Internet giants , But a little weak .

Fade out Z Generational vision

According to the data of iResearch Consulting Report , China's live video market is expected to be 2021 - 2027 Year 17.4% Compound annual growth rate of , On 2027 Nian Da Zhi 6450 One hundred million yuan .

The flower house took advantage of the air outlet of the live broadcast , But the other side of the double-edged sword , It is a powerful enemy that swarms in .

last year 11 month 7 Early morning , Have super 10 Strip and EDG Related topics have rushed to microblog hot search , Even friends who don't care about the e-sports circle ,EDG The name also entered the brain everywhere . Some college students laughed and said ：“ I'm sleeping soundly , I was woken up by the cheers of the corridor .”

Open major social software , Whether it's the circle of friends 、B standing 、 Tiktok 、 Well quickly 、Soul…… All be EDG refresh , Tiger teeth are even more arrogant 20 Billion yuan alone LPL Five year exclusive broadcast copyright , It can be seen that the topic is hot .

In contrast , The flower house is very special “ Qingliu ”, Open pepper 、 Six rooms , Only a few users changed EDG Related names , No more waves .

▲ Picture source :EDG Officer of micro

At the head of this giant looting 、 Live broadcast outlets with frequent subdivisions , It can be said that the flow is king . This wave of heat doesn't rub , The greenhouse can't keep up with the times , Still unique and lofty ？

Ying Ke 、YY、 A live broadcast and other platforms continue to make efforts , Show 、 Live entertainment is not uncommon , Short video 、 Social platforms have also entered the market , All walks of life are eyeing the live broadcast “ meat ”.

In contrast , Slightly obvious “ Old age ” Whether the flower house can keep up with the young taste ？

The flower house said in the prospectus , Our products are very popular Z Love from generation to generation . And there are relevant data to prove , By 2021 year 12 month 31 Japan , A large proportion of active users are aged 35 Age and under .

So far , The first batch Z generation , This year is only 27 year . In the prospectus of the flower house , about Z Judgment of generations' preference for their own products , Or slightly deviate from reality .

「 No two studies 」 A random interview with 95 Year female , Pick up pepper , Her first reaction was “ Edge ball ”, He also said that he didn't know much about Zanthoxylum bungeanum .

▲ Picture source :EDG Officer of micro

Enterprise check data show , last year 6 month , A anchorman from six rooms was fined for his vulgar behavior in the performance , This is not the first time that an anchor in six rooms has been reported .

Z generation Katrina towards 「 No two studies 」 Express , They prefer to watch live broadcast with Tiktok , You can choose the anchor who is interested in watching the short video . If it is a game, it will be in the game of fighting fish and tiger teeth , Learn operating skills , Or simply watching . This time, EDG The global finals of the world cup were held in B Watching from the station ,PC More habit .

Live broadcast is still the current outlet , However, the live broadcast platform itself is seriously homogenized ; For Internet giants , Live broadcast or a means to increase user stickiness . In the increasingly fierce competition ,“ In the early generation ” The live broadcast platform faces the risk of being attacked by many parties .

When Z generation “ After wave ” Rush to other live broadcast platforms , How long can the life cycle of the greenhouse last ？

Flower house " flowers " Already old

The waves behind push the waves ahead .

Tiktok 、B standing 、 Well quickly 、 The rise of live broadcast platforms such as Huya , Harvest one after another Z The heart of generations . Who else will remember the live broadcast , Used to be called “ Oscar in the live broadcasting industry ” The flower house ？

Six rooms 、 Chinese prickly ash gradually fades out of the sight of young people , At present, the growth rate of revenue is stable , but “ Into the same ” Will only come to an end , Have “ new blood ” In order to maintain youth .

Contemporary “ After wave ” Keep chasing new waves , The flower house gradually appears “ Old age ”, We are about to face the crisis of being abandoned by the times .

In resistance “ Old age ” On the way , The greenhouse is also constantly making changes , Change the direction of your business , Start diversified business . Whether we can catch up with “ After wave ” In the footsteps of , It also needs to be tested by the market .

Some references in this article ：

1.《 Zhouhongyi once again IPO, Can pepper live broadcast and six rooms counter attack ？》, Deep burning

2.《 Entertainment live broadcast downlink , Zhou Hongyi's flower house came to the market late 》, Business data school

3.《 Jointly issued by the two departments 〈 Code of conduct for network anchors 〉》, Official website of the State Administration of radio and television

author | Yixin Xiuyi

Typesetting | Cathy

Supervise the manufacture of | Yoda

Produce | No two studies