Why Does Ali Accept Shares? Super Mango'S Wild Hope

When Zhang Huali was on the top of the market, it was said that the market value of mango was unprecedented. Right now, he's taking the company another way.

On the evening of November 16, mango super media announced the progress of its controlling shareholder's solicitation and transfer of some shares. As of the deadline for public solicitation, mango media, the controlling shareholder, has received the application materials submitted in effective form by one intended transferee of Alibaba venture capital.

According to the previous announcement, mango media, the controlling shareholder of mango media, intends to transfer its 93647900 shares of unlimited sales shares held by it through public solicitation of the transferee, accounting for 5.26% of the total share capital of the company, and the transfer price shall not be less than 66.23 yuan / share.

It is estimated that the total scale of the transfer agreement will exceed 6.2 billion yuan. According to the third quarterly report, mango media currently holds 64.20% of the shares. Once the transaction is concluded, Ali will become the second largest shareholder of mango media, and the controlling right is still in the hands of mango media.

Behind Ali's stake is mango super media e-commerce dream. "In the 5g era, the next video internet industry is e-commerce, and video and content are malanshan people's greatest advantage and moat. At present, the e-commerce platform is calling for the establishment of an elite team of more than 500 people within the radio and television group, giving full play to the content creation energy of the radio and television team, and building an e-commerce platform around the three elements of people, goods and content. " Recently, Zhang Huali wrote an article saying that he was the chairman of Hunan Radio and television group and the chairman of mango hypermedia.

In fact, mango hypermedia is turning to e-commerce because of the liquidity bottleneck of long video. As only a few hundred billion listed companies in Hunan Province, mango hypermedia is imperative.

bottleneck

From the performance point of view, mango super media is unique.

The third quarter report showed that in the first three quarters, mango achieved revenue of 9.471 billion yuan, a year-on-year increase of 15.05%, and a net profit of 1.612 billion yuan, a year-on-year increase of 65.39%. In the third quarter, revenue was 3.697 billion yuan, up 35.53% year-on-year, and net profit was 509 million yuan, with a year-on-year increase of 197.41%.

For comparison, over the same period, the monthly living and revenue scale of iqiyi, a mango super media company, had a revenue of 7.2 billion yuan in the third quarter, a year-on-year decrease of 3%; and a net loss of 1.2 billion yuan, compared with a net loss of 3.7 billion yuan in the same period of last year. Tencent video and Youku are still losing money.

Mango super media revenue advantage lies in the content side. According to the financial report, in the third quarter, its gross profit margin was 40.2%, with a year-on-year increase of 9.1 PCT and a month on month growth of 2.6 PCT, which is expected to be driven by the high margin variety show "sister riding the wind and waves".

What really opens the profit distance with iqiyi is the cost advantage under the content advantage of mango hypermedia. According to the financial report, in 2019, the cost of mango hypermedia Internet video business (content cost + technology cost, etc.) and copyright and production cost (mainly content distribution cost) will total 6.02 billion yuan. Over the same period, iqiyi's content cost was 22.247 billion yuan.

Behind it is the high proportion of self-made mango media. According to the calculation of Founder Securities, the cost of self-made content in mango ecosystem accounts for more than 40%, while that of iqiyi is less than 23%.

The advantage of mango super media variety comes from history. According to Zhang Huali, at present, Hunan Satellite TV has 11 studios and 13 production teams, with more than 1500 mango hypermedia content production personnel. Among them, mango TV has 20 variety production teams and 12 film and television drama content production teams, 15 external strategic cooperation studios, and more than 5000 mango Department content production personnel with Xiangjun TV as the core. This is the advantage that AI Youteng is hard to reach. Hunan TV station is the ultimate controller of mango super media.

But the problem is that when mango super media is ready to continue to break the circle, it has to purchase the first series, and the high cost is far more than the profit brought by variety show. In this way, mango has to become as "heavy" as iqiyi, but at present, it can not support the long-term market value. From investors to executives of film and television companies, they have constantly expressed their doubts about the overestimation of mango hypermedia to 21st century economic reporters. The key point is that the roe is too high and the future direction is not clear.

"So far, the long video website is far from reaching the financial balance point. Hunan Radio and television has also made a long video website. We are also worried about the commercial realization of long video, and we are more concerned about the patience of the three bat industry leaders. Long video content companies are in a dilemma. " On October 13, at the China online audio-visual conference, Zhang Huali said frankly.

increment

Will the trillions retail market be the way out? For now, maybe.

Take short video as an example. According to the 11.11 sales war report released by the shaking tone e-commerce, the total duration of live broadcasting is 27 million hours, and the cumulative watching and broadcasting uv12.6 billion. The maximum number of users of online watching and broadcasting in a single field is 4.28 million. Finally, a single Gmv of more than 10 million live broadcasting rooms and 1383 live broadcasting rooms of more than one million are realized. The total transaction volume of the platform's overall payment caliber is 18.7 billion, among which, the one-day on November 11 The turnover exceeded 2 billion.

According to the relevant report released by express, the Gmv of e-commerce has increased by 1000 times in two years. From January to June this year, Gmv of express e-commerce reached 109.6 billion yuan.

Mango hypermedia is not impossible, even because of its own IP, it has more advantages in traffic. Even the brokers have already worked out the road map. Minsheng securities research paper believes that mango super media can explore "tmall super product day mode" to e-commerce based on the basic advertising. In terms of cooperation forms, brands can be enabled through IP co branding, promotional films, star platforms, new product launch and other forms (similar to tmall super brand day activities). From the realization mode, it can be extended from charge front advertising mode to Gmv share / based on e-commerce closed-loop advertising fee, and the realization efficiency is greatly improved. The other path is to explore self-management and create self-employed explosive products with "mango" label, similar to Netease's strict selection mode. It is worth noting that mango hypermedia is also building its own MCN business, relying on the advantages of variety show to create "Mango series" online red.

When mango hypermedia is ready to become an e-commerce business, the supply chain will become an unavoidable link, and Ali is the biggest ecology among them. Take Shuo Yin as an example. After tracking 430000 commodity information from the third-party monitoring data platform Cass data, it is found that 74% of the goods on twitter come from Taobao, 21% from the tremor store, and 5% from Jingdong, koala, Suning, vipshop and other e-commerce platforms.

Of course, Ali also needs mango metamedia, or even more. For Ali, with the peak of online traffic, it is in urgent need of new entrances and higher liquidity efficiency, which is reflected in its rising customer acquisition cost. According to the financial report, Ali's cost of acquiring customers has increased from 150.4 yuan / person in 2015 to 530.4 yuan / person in 2019.

Previously, Ali wanted to rely on Youku and other channels to achieve this goal. At present, it is not as expected. In the month of March, the number of videos released by Tencent was 2.89 billion, which was 1.29 billion lower than that of Youhuo, which was 14.69% lower than that of the current month.

According to questmobile, the monthly life of mango TV reached 21.72 million, an increase of 14.83 million compared with July; the daily life of mango TV reached 53.55 million, surpassing Youku (44.81 million), leaping to the third place. For Ali, mango metamedia is a high-quality flow entrance.

On the other hand, from the market value of listed Internet platforms / the number of active users, e-commerce platforms are far too large and too long for videos, because e-commerce has the highest liquidity efficiency. From the perspective of Internet realization, mango layout e-commerce business will greatly enhance its single user realizable value.

Analysts of Minsheng securities estimated that the forward market value of mango hypermedia platform could reach 300 billion yuan based on the assumption that the market value / monthly active users of mango hypermedia platform would increase from 0.7 to 1 (still lower than the current bilibilibili market value / monthly active user coefficient) under the forward steady-state condition (currently 200 million).

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