#挑战30天在头条写日记#
The rise in its return on invested capital is rooted in the rapid rise in net profit margin
Therefore, this indicator has also become a key financial indicator throughout the entire development history of Weibo, around which we raise three questions
1) Where are the huge losses in the first stage?
2) How is the turnaround achieved?
3) What is the reason behind the increase in net profit margin, and where is the ceiling?
Let's start with the first question: where did the money burn during its loss period (2012 to 2014)?
Let's take a look at the financial data of the past three years as follows:
From 2012 to 2014, Weibo's revenue was 414 million yuan, 1.148 billion yuan, 2.045 billion yuan, net profit attributable to ordinary shareholders was -644 million yuan, -232 million yuan, -388 million yuan, net cash flow from operating activities was -651 million yuan, -57 million yuan, -151 million yuan, gross profit margin was 29.58%, 68.20%, 74.98%, and net profit margin was -155.45%, -20.40%, and -18.74%.
Note that in the past three years, its cumulative loss has been as high as 1.264 billion yuan, but the loss has been shrinking year by year.
We scan the corresponding subjects - main business costs, sales expenses, R&D expenses, and management expenses as a whole to see which account burns the most money
From 2012 to 2014, the main business cost was 292 million yuan, 365 million yuan and 512 million yuan, accounting for 70.53%, 31.79% and 25.04% of the revenue
sales expenses were 254 million yuan, 385 million yuan and 736 million yuan, accounting for 61.35%, 33.54% and 35.99% of revenue
R&D expenses were 447 million yuan, 614 million yuan and 770 million yuan, accounting for 107.97%, 53.48% and 37.65% of revenue
The management expenses were 36 million yuan, 137 million yuan and 157 million yuan, accounting for 8.70%, 11.93% and 7.68% of the revenue
Obviously, the most important thing it burns is in research and development.
Note that this place is a little different from most of the Internet companies we have studied before, such as Meituan, Liepin, Babytree, Autohome and other Internet companies
In the early days, the most expensive areas were in sales expenses (attracting traffic), not in R&D.
Here, we ask two questions:
1) Where did the money for R&D go?
2) Why is it not the most money-burning item in terms of traffic and sales expenses compared to other Internet companies?
Let's answer the first question of the loss period - why is its R&D so expensive?
From 2012 to 2014, Weibo's R&D expenditure, including R&D personnel salaries, new product development, operation and maintenance investment, etc., had a cumulative amount of 1.831 billion yuan, accounting for 50.76% of the total revenue in three years.
To put it bluntly, it has spent half of its income in the past three years on research and development.
We looked through its prospectus and 2014 annual report, and found that its R&D investment was mainly used for the expansion of the R&D team and the operation of data centers.
During the same period, its products have undergone the following changes
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market