The news of Ruixiang's listing, with the official submission of the prospectus to the Hong Kong Stock Exchange, still can't be hidden.

The most eye-catching thing is the financial report shown in the prospectus, which contains the secret of sharp growth.

As the largest unicorn company in the world, the outside world has never stopped speculating on various financial data of Ruixiang.

"Annual revenue of more than 100 billion" has been recognized more than a year ago.

This surpassed Qiandu and became the third largest Internet company in China in terms of revenue after Ahri and Penguin.

It is precisely because of this that it is called "ATR", and it can afford to go up to the valuation of $200 billion.

But the most true and clear financial data of Ruixiang is known to no one other except the company's executives and shareholders, as well as accounting firms.

At this moment, the financial report came out, and it shocked the eyeballs of the ground.

"In the first half of 2017, 2018 and 2019, the revenue was 926.1 billion, 186926 billion and 139457 billion respectively, in RMB. ”

This data compares with Ahri, whose annual revenue in fiscal year 2019 was 376.8 billion.

Ahri's fiscal year is not the same as the calendar year, and the 2019 fiscal year is equivalent to the sum of the 12 months of revenue from April 2018 to March 2019.

Therefore, Ahri's 2019 financial report can be roughly compared with Ruixiang's 2018 financial report.

Penguin's revenue in 2018 was 312.7 billion, and its revenue in the first half of '19 was 174.3 billion.

In addition, there is another feature, Ahri and Penguin have maintained an annual revenue growth rate of about 3050 in the past two or three years.

The revenue growth rate of Ruixiang is in the early 780% to 100%, that is, the annual revenue is nearly doubled.

It's kind of scary

Some experts and scholars are reluctant to believe this financial report, and they have taken a magnifying glass to find a flaw, or the secret of revenue growth.

Ruixiang's revenue is displayed in five major sectors, financial technology and enterprise services, advertising, e-commerce, digital content, and investment.

Among them, financial technology and enterprise services belong to the sector of Yuanruixiang Group, with revenues of 6,188.4 billion, 7,735.5 billion, and 4,447.9 billion respectively, close to a 100 billion revenue segment.

The advertising sector led by products such as Doushi and Kuaishou, covering live broadcast rewards, has revenues of 15 billion, 47 billion, and 45.8 billion respectively, and there is no doubt that this is also a revenue sector close to 100 billion.

The e-commerce sector, which is composed of products such as Pindodo and Xiaohongshu, has revenues of 224.4 billion, 143.2 billion, and 1,423.5 billion respectively.

The revenue is not very high, but the growth is very rapid, and the first half of this year is close to last year's annual revenue.

The revenue of the digital content sector composed of station B, rocket video, and games is 946.8 billion, 2,412.9 billion, and 3,291.2 billion respectively.

Finally, there is the investment sector, with investment income of 401.4 billion, 2,412.2 billion, and 203.1 billion respectively.

Among the five major sectors, the most outstanding is the investment sector.

A knowledgeable person gave an explanation, Ruixiang invested in a wonderful installment, and a project earned more than 2 billion.

Last year, it was not surprising that dozens of unicorns were sold and made more than 24 billion yuan.

Aside from the investment business, if you only count the main business, Ruixiang's revenue in 2018 is also more than 160 billion, and the revenue of more than 130 billion in the first half of 2019 is also close to last year.

The revenue of the e-commerce sector is far from being compared with Ahri and Goudong, and the gap is very large, which is a bit unexpected by people.

Some knowledgeable people said that in order to attract brands to settle in, Pindoduo has been losing money and making money, free of commission and advertising.

At the same time, it is not a direct store, which is very normal.

In the financial technology and enterprise services sector, there are also penguins in this sector, with a revenue of about 100 billion, a little higher than Ruixiang.

However, Leech Financial Services is not listed, and it can only speculate on the net profit through Ahri's financial report, but cannot guess the revenue.

But an insider broke the news that the income is higher than that of penguins, close to 120 billion yuan.

In this way, everyone is almost convinced, and this revenue ranking is in line with the current mobile payment market share ranking.

In fact, mobile payment does not contribute much to the revenue, mainly due to the derivative lending business, and the diversion to financial institutions, that is, fund numbers, insurance numbers and other businesses to make money.

The most eye-catching is the advertising revenue of Ruixiang, and one business is close to the revenue of the entire company.

Qiandu is almost equivalent to an advertising company, with 80% of the revenue of more than 100 billion coming from advertising.

Ruixiang's advertising revenue, more than 100 million this year is basically a sure thing.

Some people even predict that breaking through 100 billion is also a high probability thing.

This is not surprising, it can also be seen through the overwhelming advertisements of Shake and Kuaishou that short video advertisements really have potential.

Accurate algorithms, coupled with a total of 600 million monthly active users of Douyin and Kuaishou, as well as an hour or two of user usage time, this is living money

A typical traffic monetization case

In the digital content segment, more than 70% of the revenue is contributed by games.

PUBG's domestic and international versions of mobile games and terminal games, this game has brought more than 2 billion US dollars, or 14 billion yuan in revenue, to Ruixiang this year.

Lilith's revenue from several overseas mobile games is also very good, with an annual revenue of more than 10 billion, and an impact of 20 billion.

Station B also has billions of revenue a year, most of which are contributed by games.

In addition, Rocket Video also has billions of revenue a year.

Compared with iQiyi's annual revenue level of more than 20 billion, it can probably reach one-third of the other party's appearance.

ICAY, Tiantian Toutiao, Ruixiang Pictures, Ticket Buyer, Bole.com, Xiaomeng, Ruixiang and other small companies, as well as overseas martial arts world, music streaming RES, and Rocket TV, the overseas version of Rocket Video, also have a total revenue of nearly 10 billion.

In terms of revenue proportion, financial technology and enterprise services accounted for 3,189 of Ruixiang's total revenue, the second largest sector;

Advertising revenue is the largest sector, accounting for 3284 total revenue.

Digital content is the third largest sector, accounting for 236;

The fourth largest sector is e-commerce, accounting for 1021.

The proportion of investment income has been gradually reduced, from 129 in 2018 to 146 in the first half of 2019.

Because it's not the main business, you don't need to pay too much attention to it.

It's just that the investment is really too successful, and people have a lot more to talk about after dinner.

There is also a question focused on Ruixiang, that is, whether it can exceed 300 billion revenue this year

Ruixiang has reached more than 130 billion revenue in the first half of the year, and as long as it reaches 15 growth in the second half of the year, it will basically be able to achieve this goal.

Ahri reached her goal in 2018, and Penguin did it in 2018.

If Ruixiang can cross this historic goal in 2019, it is not just a casual talk about it, but it really has this strength.

Another important indicator, net profit, is also included in the attention of analysts.

"In the first half of 2017, 2018 and 2019, the net profit was 2,398.6 billion, 1,688.9 billion and 1,133.6 billion respectively, in RMB. ”

The four directions of scientific research investment, e-commerce subsidies, content investment, and overseas product promotion have greatly reduced Ruixiang's net profit.

Not counting the investment in scientific research, only deducting the other three factors, Ruixiang's net profit can increase by three to four billion yuan per year.

After studying Ruixiang's revenue and net profit, everyone began to study the market value again.