B站上市路演PPT（纳斯达克）-2018.03-30页_1mb

Bilibili Investor Presentation Summary (March 2018)

Core Content Overview

Bilibili Inc. (BILI) launched an initial public offering (IPO) in March 2018, offering 42 million primary American Depositary Shares (ADSs), with each ADS representing one Class Z ordinary share. The offering price ranged from $10.50 to $12.50 per ADS, resulting in a pre-Greenshoe offering size of $441 million to $525 million. The company also included an over-allotment option of 15% of the base offering, ensuring additional liquidity. The offering was led by joint bookrunners Morgan Stanley, BofA Merrill Lynch, and J.P. Morgan. A lock-up period of 180 days was imposed on the company, directors, officers, existing shareholders, and certain option holders.

Key Highlights

• Target Audience: Bilibili primarily targets Generation Z (born between 1990 and 2009), which constitutes approximately 81.7% of its user base as of February 2018.

• User Engagement: In 2017, users spent an average of 76 minutes daily on the mobile app and generated 221 million video views. The platform also saw a 81% YoY growth in users participating in social interactions.

• User Base Growth: The company's monthly active users (MAUs) reached 76 million in the first two months of 2018, indicating strong user adoption.

• Revenue Streams:

  • Mobile Games: Contributed 83% of net revenues in 2017, primarily through in-game virtual items sales and revenue-sharing with developers, distribution channels, and payment processors.
  • Advertising: Accounted for 7% of net revenues, with a focus on display ads and feed ads, and expected to grow with performance-based and in-program ads.
  • Live Broadcasting and Value-Added Services (VAS): Represented 7% of net revenues in 2017, with opportunities for virtual item sales and revenue-sharing with hosts.
  • Others: Included sales of ACG-inspired products and offline events, contributing 3% of net revenues.

• Financial Performance:

  • Revenue Growth: Net revenues grew significantly, with a notable increase in 2017.
  • Cost Structure: Under U.S. GAAP, cost of revenues and operating expenses were reported for 2015, 2016, and 2017, showing a shift towards more sustainable operations.
  • Profit Margins: Gross margin was 131% in 2015, 47% in 2016, and 23% in 2017. Operating margin was 205%, 101%, and 6% for the same years. Net margin was 285%, 174%, and 7%, while adjusted net margin was 208%, 104%, and 4%.

Key Viewpoints

• User-Centric Model: Bilibili focuses on building a large and loyal user base with strong engagement and retention, especially among Gen Z users.
• Content Ecosystem: The platform encourages user-generated content (PUGV) and has a robust system for content creation, management, and monetization.
• Interactive Features: Unique features such as bullet chatting and personalized content recommendations enhance user interaction and satisfaction.
• Commercial Potential: The company leverages its strong user base and deep understanding of user behavior to offer targeted advertising solutions and expand its monetization capabilities.
• Strategic Growth: Bilibili's expansion into live broadcasting and mobile games is seen as a key driver for future revenue growth.

Key Information

• User Base: Bilibili's user base is predominantly Gen Z, representing a significant portion of the online entertainment market.
• Content Offerings: The platform provides a wide range of multimedia content, including ACG, dance, and lifestyle videos, which are popular among its audience.
• Monetization: The company's revenue model includes mobile games, advertising, live broadcasting, and other services, with a strong emphasis on user engagement and content quality.
• Financial Metrics: The company reported impressive revenue growth, with a shift in cost structure and margin expansion, although net margins were lower in 2017 compared to earlier years.
• Management Team: The leadership team brings extensive experience in the internet and tech industries, emphasizing their vision and commitment to the growth of China's online content market.

Summary of Strategic Initiatives

• Enhanced Content Offerings: Bilibili aims to expand its content library and encourage more user-generated content.
• Improved User Experience: The platform enhances interactivity and personalization to retain and engage users.
• Increase Commercialization: The company is expanding its monetization strategies through advertising, live broadcasting, and other services.
• Strengthen Commercialization Capabilities: Bilibili is focusing on leveraging big data for more effective marketing and content recommendations.
• Further Enhance Technology and Infrastructure: The company is investing in technology to support its growing user base and content ecosystem.
• Deepen Penetration in Gen Z: Bilibili is targeting Gen Z with tailored content and interactive features to solidify its position in the online entertainment market.

Conclusion

Bilibili is positioned as a leading platform for Gen Z users, offering a diverse range of content and interactive features. Its IPO in March 2018 marked a significant step in its commercialization strategy, aiming to capitalize on its strong user base and innovative content model. The company's financial performance and strategic initiatives highlight its potential for continued growth and profitability in the competitive online entertainment market.