This report is read as follows:
The performance is lower than expected, and Kuaishou Technology's influence continues, but new products and new markets are gradually maturing, and the company will still benefit from the industry dividend and continue the growth trend.
Summary:
The performance is lower than expected, but new products and new markets are relaying and increasing their holdings. Under the impact of the 20H1 epidemic, the surge in online operating demand of merchants led to a high base, and the average growth rate returned after the normalization of 21H1; but the company is actively launching new products and optimizing customer structure, and ACV and retention are as important as the number of users and GMV growth. Under the three major dividends: the decentralization of traffic, the accelerated digitization of consumer services and retail channels, and the accelerated pace of commercialization of content platforms, the company is still expected to continue its growth trend with new markets and new products.
Performance description: the company's 2021H1 realized revenue of 803 million /-2.5%, a net loss of 199 million, and a loss of 120 million last year; of which Q2 realized revenue of 386 million /-14.4%, a net loss of 202 million, a loss of 97.86 million in the same period last year; a net loss of 107 million, and a loss of 4500 million in the same period last year.
Excluding transaction fees, income growth is in line with GMV. The influence of ① Kuaishou Technology continues, reflecting the market's concern about the long logic of private domain operating tools; ② revenue split: subscription solution 507 million / + 6.8%, merchant solution 289 million /-15.2% (excluding transaction fees, the growth rate is basically the same); ③ operation data: GMV:2021H1 is 48.1 billion / + 4% (VS20H1 is 46.2 billion / + 110%; paying merchants: H1 19054Compare 41% (VS20H1 is + 58%) Stock merchants 87457 VS20H1 12% (VS20H1 + 47%); ④ ACV:12811/+8%; likes the high growth of paid merchants in education, chain and beauty industry, and the number of stores has become an important increase.
After the launch of new products, steady progress, offline and overseas will become an important driving force. ① WeCom assistant launched in Q1, has achieved the opening of shopping malls, retail, chain, beauty industry, educational products; Wangxiao stores focus on the third and fourth line of market light products, mainly drainage to the store service; AllValue for overseas local merchants and Chinese cross-border exporters. ② offline store Saas will be a larger market, the current track is still in the racing enclosure period, will become an important driving force to hedge the influence of Kuaishou Technology in the short and medium term, but also face the giant competition with better system ecology in the long run; ③ customer structure optimization, ACV and retention rate improvement are as important as the number of paid households and GMV growth, the company will pay more attention to the continuous mining of core customer life cycle value.
Risk hint: increased competition in the industry, over-reliance on a single platform, content platform power official operating tools for the company's business alternative impact risk.