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小狼666
2022-11-30
$RLX科技(RLX)$
看看今天能否冲过前面高点2.51,加油吧
小狼666
2022-11-04
$RLX科技(RLX)$
记得这玩意儿刚刚上市的时候,某位大佬在这里发帖说50美金以下随便买,以后肯定挣大钱😅😅😅
小狼666
2022-11-04
$RLX科技(RLX)$
瑞幸咖啡最低跌到了0.95,悦刻也跌到了0.90,大家对此有什么看法?
小狼666
2021-06-24
今天采购,晒单
小狼666
2021-04-01
$赤子城科技(09911)$
赤子城加油!
小狼666
2021-03-26
$赤子城科技(09911)$
从公司发展态势上来看,2021年的高速增长依然可期,随着公司收入和利润的不断提高,资本市场对于公司的低估情况将会不断改善,从长期看,赤子城科技有机会成为又一只十倍股。
小狼666
2021-03-25
$赤子城科技(09911)$
好了,年报也出了,继续做日内T+O,然后静静地等待一季报预告。
小狼666
2021-03-25
$赤子城科技(09911)$
,反正我是非常看好这只股票的,无论它的股价怎么走。
小狼666
2021-03-25
$赤子城科技(09911)$
,有的时候庄家也会浑水摸鱼,顺着调整态势砸一把也很正常。
小狼666
2021-03-22
$赤子城科技(09911)$
今日成交极度低迷
小狼666
2021-03-19
$赤子城科技(09911)$
静静地等待24日出公告
小狼666
2021-03-17
$赤子城科技(09911)$
赤子城加油!
小狼666
2021-03-12
$赤子城科技(09911)$
赤子城加油!非常看好你的未来!
小狼666
2021-03-11
$赤子城科技(09911)$
感觉满血复活,等去年年报和今年一季报预告
小狼666
2021-03-11
$赤子城科技(09911)$
今天加满仓,继续做T
小狼666
2021-03-09
这个我喜欢😍
抱歉,原内容已删除
小狼666
2021-03-09
$赤子城科技(09911)$
,弹性十足,适合做T
小狼666
2021-03-05
$赤子城科技(09911)$
今天开盘放了大量
小狼666
2021-03-04
$赤子城科技(09911)$
大胆预测,构建流量、技术、运营等多方面优势的赤子城科技目前处在业绩爆发的起步期。以2020年业绩来看,赤子城科技的社交业务已启动完成,规模和收入驶入加速扩张通道,增长曲线陡峭攀升,有望在中国互联网出海行业占据更优地位。
小狼666
2021-03-04
这个我喜欢!
赤子城:“后浪”暗涌
去老虎APP查看更多动态
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09:43","market":"hk","language":"zh","title":"赤子城:“后浪”暗涌","url":"https://stock-news.laohu8.com/highlight/detail?id=1199553710","media":"锦缎","summary":"商业进化永不止,自古长江后浪推前浪。\n进入2021年以来,音频社交工具Clubhouse风靡全球互联网圈子;美国移动互联网社交软件公司Match Group以17亿美元重金求购韩国视频直播品牌Hype","content":"<p>商业进化永不止,自古长江后浪推前浪。</p>\n<p>进入2021年以来,音频社交工具Clubhouse风靡全球互联网圈子;美国移动互联网社交软件公司Match Group以17亿美元重金求购韩国视频直播品牌Hyperconnect;主打语音娱乐社交的中国公司雅乐科技在美股市场持续获得热捧,过去两个月股价一度翻倍。这一切,无不兆示全球社交范式升级浪潮的到来。</p>\n<p>从文字,到图片,到视频(影音)——100%投影真实世界的社交方式,正处于价值发现的重要时期。这一价值和市值爬升的基本路径应该被充分重视。</p>\n<p>基于以上路径,我们聚焦到另一家处于价值发现阶段的同领域生猛“后浪”——<b><a href=\"https://laohu8.com/S/09911\">赤子城科技</a></b>(HK:09911):与在美股上市的雅乐科技相比,前者基本面看起来更好,但估值仅为后者1/4不到。</p>\n<p>在我们看来,造成这种价值割裂现象的核心原因有二:</p>\n<p>其一,港股市场长期存在互联网小市值公司的“封印效应”。目前随着流动性与价值预期的变化,这种效应正在破裂。</p>\n<p>其二,市场固有的观点认为工具出身的互联网公司难成大器。我们认为这恰恰是价值发现与重估的关键点——能打破宿命的公司更有前途。</p>\n<p><i><b>01、</b></i><b>全球社交范式新浪潮</b></p>\n<p><b>1)社交范式升级</b></p>\n<p>15年前人们在天涯上社交,10年前人们在QQ和QQ空间(除了逛空间还能偷菜)社交,5年前人们在<a href=\"https://laohu8.com/S/WB\">微博</a>和<a href=\"https://laohu8.com/S/MOMO\">陌陌</a>上社交,今天人们在快手、抖音上社交。</p>\n<p>以上演变过程,有赖于通信基础设施的升级,即2G到5G带来更大的带宽和更快的上行下载速度。但其中隐含的范式升级(包括方法methods和理念philosophy两部分),往往为人所忽视。</p>\n<p>拆解来看,从天涯到快抖:</p>\n<p>◆<b>方法</b>:“纯文字”→“文字+图片”→”文字+图片+视频“→“纯视频”的路径升级,网页分级目录到算法推荐分发的展示模式升级。</p>\n<p>◆<b>理念</b>:从只言片语到100%投影真实世界和个人状态,信息完整度和丰富度大幅度提升。</p>\n<p>范式变革必然涌现新价值,真实画面与直接感受带来:</p>\n<p>1、更多的用户使用次数和时长带动广告价值指数级提升;</p>\n<p>2、信任加成促进直播电商交易指数级提升;</p>\n<p>3、知识/技能可视化使打赏及订阅增值服务付费指数级提升,等等。</p>\n<p>所以你能看到,天涯从未真正成气候, QQ所在的<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>十年前市值100多亿美元,微博市值最高321亿美元,陌陌市值最高215亿美元,快手市值610亿美元起步、最新市值超过1700亿美元(1.32万亿港元)。</p>\n<p>本文聚焦的赤子城,处于全球社交范式升级浪潮中,它的主要社交产品有Yiyo、MICO、和YoHo,后文逐一会介绍这些社交产品。</p>\n<p><b>2)核心资产</b></p>\n<p>首先需要明确强调的是,当前时态正处于全球社交范式升级的价值发现阶段。</p>\n<p><b>Match Group(NASDAQ:MTCH)今年2月份就玩了个大手笔。</b>据日经报道,软银投资的韩国视频社交公司Hyperconnect于2020年2月10日表示,将被美国陌生人社交巨头Match Group(当前市值420亿美元)以17亿美元收购,这是前者有史以来最大的一笔收购。</p>\n<p>Hyperconnect成立于2014年,核心业务是一对一视频社交应用Azar。这家公司2020年收入超过2亿美元,比2019年增长50%,已实现盈利。</p>\n<p><b><a href=\"https://laohu8.com/S/BIDU\">百度</a>于2020年10月下旬公布30-40亿美元收购YY国内业务。</b>按照当时YY大约72亿美元的市值,扣掉现金、对<a href=\"https://laohu8.com/S/HUYA\">虎牙</a>持股市值、以及海外以BIGO为核心的资产,这笔交易是给了一定溢价的。</p>\n<p>百度愿意溢价的原因不难理解:1、自己的知识图谱和搜索业务能为YY注入新的增长势能,进而形成协同效应;2、认识到视频作为社交范式升级浪潮中的价值。</p>\n<p>不仅是视频社交,信息完整度和丰富度相较图/文形式更高的音频社交也非常火。比如Clubhouse,数万人疯狂求码,随后完成了1亿美元的B轮融资。</p>\n<p><img src=\"https://static.tigerbbs.com/5e5fdd2a34564adf861dc1780d1fbffb\" tg-width=\"1024\" tg-height=\"688\" referrerpolicy=\"no-referrer\"></p>\n<p>图1:马斯克,来源:网络</p>\n<p>不止于一级市场,二级市场对音频社交也非常看好,美股的雅乐科技(NYSE:YALA),2月市值创60亿美元的新高。</p>\n<p><i><b>02、</b></i><b>赤子城科技VS雅乐科技</b></p>\n<p>以全球社交范式升级浪潮为主线,市场对赤子城的价值显然是忽视的——对比之下,一目了然。</p>\n<p><b>1)赤子城的海外社交布局</b></p>\n<p>赤子城的海外社交布局,有三个主力产品,分别是Yiyo、MICO以及YoHo。</p>\n<p><img src=\"https://static.tigerbbs.com/fd7a3de9dd8f258ba37b703c3a2ee22f\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n<p>图2:赤子城的社交软件,来源:安信证券</p>\n<p>Yiyo主打视频社交,模式和上文提到Hyperconnect(被Match Group17亿美元收购)的主打产品Azar相同。它于2020年初正式上线,在中东、印巴快速起量,收入模型也十分漂亮,很快进入了14个国家的Google Play社交畅销榜前10,还进入Google Play全球社交下载榜前20。</p>\n<p>MICO是一款全球开放式社交平台应用,可以具象为“海外版陌陌”,但相比陌陌社交属性维持得更好,它在全球150+国家及地区拥有过亿用户,在71个国家和地区App Store社交下载榜第1,在68个国家和地区Google Play社交下载榜前5。</p>\n<p>YoHo主打语音房社交,模式和马斯克“带货”的Clubhouse相似。在47个国家和地区的Google Play社交畅销榜排前10。</p>\n<p>三款产品分别瞄准用户不同的细分需求,初步构建了赤子城在社交领域的差异化产品矩阵。</p>\n<p>赤子城社交产品2020年平均月活用户达约1136万,具备全球社交范式升级浪潮里价值发现的基础。在此基础上,我们将其与美股的语音社交公司雅乐科技(NYSE:YALA)做了对比,两者都是中国的出海APP,可以掰掰手腕子。</p>\n<p><b>2)四个层面对比赤子城和雅乐科技</b></p>\n<p><b>潜在价值。</b>整体上看,音视频社交一体的赤子城,比单独做语音社交的雅乐科技潜在空间更高。另外,视频社交是听觉加视觉的综合,能100%投影真实世界,比仅仅反映听觉的语音社交更具价值。当然根据“乔碧萝殿下法则”,视频一定要看到脸,不要和卡通头像挡脸的异性面基。</p>\n<p><b>社交用户维度。</b>雅乐科技2020年Q3(最近有披露的一个报告期)社交月活用户为550万,2020年Q2为483.5万,环比增长14%。赤子城至2020年Q4社交月活用户为1136万,至2020年Q3为910万,环比增长25%。赤子城的社交用户增速快于雅乐科技,后者目前增长主要靠桌面休闲游戏平台Yalla Ludo撑着。</p>\n<p><img src=\"https://static.tigerbbs.com/56b2429ccc6b8a60fe6da0ac4cd9bede\" tg-width=\"1080\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>图3:雅乐科技用户情况,来源:Q3季报</p>\n<p><b>营收规模。</b>假设雅乐科技Q4营收环比增长15%,那2020年全年大概是8个亿人民币。(注:赤子城3月刚刚发了盈利预告,2020年营收大约11-12.5亿元。)</p>\n<p><b>市值角度。</b>雅乐科技自2020年9月底上市之后,股价从低点到高点翻了6.6倍。市值在2021年2月曾高达60亿美元,目前回调至34亿美元。反观赤子城,上个月市值最高时115亿港币(折合15亿美元),目前回调至60亿港币(折合8亿美元)。</p>\n<p><b>也就是说,从潜在价值、社交用户和营收规模来看,赤子城均不逊于于雅乐科技——甚至更占上风。然而奇葩的是,赤子城的市值只有雅乐科技的1/4到1/5。</b></p>\n<p>是不是头上顿时多了几个黑人问号?</p>\n<p><img src=\"https://static.tigerbbs.com/0525a0eefc5a39f9c7c207d098c4031c\" tg-width=\"854\" tg-height=\"876\" referrerpolicy=\"no-referrer\"></p>\n<p>图4:黑人问号,来源:网络</p>\n<p><i><b>03、</b></i><b>“封印”破裂</b></p>\n<p>实际上,赤子城与雅乐科技的市值差异,其中很重要的一个原因是港美股市场之间的差异。</p>\n<p>这几年港股对互联网小市值公司的估值,相对美股来说没有那么友好,给不起估值。核心原因有两个:</p>\n<p><b>首先,</b>港股的互联网公司历史还很短,对规模不大的公司估值往往偏保守。你知道,几年前港股是没什么互联网公司的,腾讯一柱擎天寂寞得很。</p>\n<p>直到2018年4月30日起,港交所修改部分《上市规则》,允许未有收入或盈利的生物科技公司、同股不同权的创<a href=\"https://laohu8.com/S/300832\">新产业</a>公司、已在海外上市的创新产业企业向港交所提交IPO申请。</p>\n<p>港交所改革满打满算才三年,最近互联网公司才多了起来。但与美股接纳同股不同权互联网公司好几十年相比,显得很年轻。</p>\n<p>这种年轻表现在包容性有待提高。像前景模糊的公司都愿意去美股,比如商业模式尚未跑通的长租公寓公司、达摩克利斯之剑悬头的电子烟公司、靠营销和让利驱动的彩妆公司,以及盈利遥遥无期的视频流媒体公司。</p>\n<p>也表现在对“未来”的估值有待提高。比如我们上面说的雅乐科技,前几年其实社交用户数据增长得很慢,变现靠加大付费力度(土豪迁移成本高)和新的桌面休闲游戏平台Yalla Ludo撑着,即使看不到基本面有太多东西,但在美股更愿意相信潮流与变化,具体而言是社交范式升级。而在港股赤子城的股价是长期被压制的。</p>\n<p><b>此外</b>,港股的老千股比较多,人们对不熟悉的公司,对规模不大的公司,先天上就会发憷,参见greatsoup的帖子。中概股在美股的所谓造假炒作的热,那是做空机构的一种商业模式,港股老千股多,那是历来董事长吃定小散的商业模式。</p>\n<p><b>藉由以上两点原因,我们认为过去的港股存在互联网小市值公司的“封印”。</b></p>\n<p>但2020年开始,疫情之下“封印”就在逐渐破裂。</p>\n<p>随著港股新经济公司逐渐增多——<a href=\"https://laohu8.com/S/01833\">平安好医生</a>、美团、<a href=\"https://laohu8.com/S/00772\">阅文集团</a>、快手等优质公司的上市;阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/NTES\">网易</a>等公司的港股二次上市——有力转换互联网新经济公司的估值思维和方法论,以未来预期作为估值的基础越来越通行。</p>\n<p>比如像阅文集团,虽然网文订阅增长不太行,但IP的衍生开发的未来足够让人期待,以此市值得以上涨。像美团虽然利润率情况比较一般,但市场相信它的无边际,可以从外卖触达至极限的月收入3000-5000元档的1.57亿人口,下探至月收入2000-3000元档的2亿人口,不管是通过社区团购还是其它,从而给与较高估值。</p>\n<p>而小市值的公司,亦有<a href=\"https://laohu8.com/S/02400\">心动公司</a>等构建独特商业模式的标杆,逐渐得到市场内认可,市值经历由小到大的过程。赤子城如果业绩能够持续增长,大概率也会被资本市场认可它的长期价值。</p>\n<p>另外,除了港股市场的封印,还有一个压制赤子城的价值发现的重要原因:它的工具出身。</p>\n<p>传统观点认为工具不行所以赤子城不行,这完全没有考虑到赤子城的动态发展(小市值股票也没多少人覆盖)。在我们看来,能从工具公司变为社交公司,反而恰恰是赤子城的长期价值所在。</p>\n<p><i><b>04、</b></i><b>宿命对抗</b></p>\n<p>赤子城原先是做海外工具应用和程序化广告平台的,2013年推出一款极简AI桌面Solo Launcher,上架到Google Play,没想到上线之后在美国大热。凭此拿到Google“最佳应用”和“顶尖开发者”两个大奖,并积累1亿用户的流量和数据。后来赤子城有了“海外APP工厂”的名堂。</p>\n<p>但创始人刘春河很清晰地认识到做工具没什么前途,2015年他参加一个行业论坛时提出“工具必死”的观点。</p>\n<p>彼时,工具出海是热门赛道,流量起得快,变现来得快,<a href=\"https://laohu8.com/S/CMCM\">猎豹移动</a>在美股上市被追捧。而且,他自己当时的主营就是工具。</p>\n<p>但五六年后再回首,猎豹在美股已经奄奄一息,出道即巅峰的<a href=\"https://laohu8.com/S/03601\">鲁大师</a>,屡屡IPO无果的墨迹天气,大批工具公司倒下,无不显示“工具必死”的理论正确。</p>\n<p>这不得不说是工具的宿命:<b>有下载量却没有用户,短期的需求长期来看容易被华为、Google这样的公司从底层解决。</b></p>\n<p>基于创始人“工具必死”的判断,赤子城逐渐转型到社交方向,形成Yiyo、MICO以及YoHo的产品矩阵。复盘赤子城过去这些年发展之路,我们可以很清晰地看到升级路径:</p>\n<ul>\n <li><p>移动广告平台业务从媒体采买升级到程序化广告平台。</p></li>\n</ul>\n<ul>\n <li><p>程式化广告平台指引APP矩阵从0到10亿级用户。</p></li>\n</ul>\n<ul>\n <li><p>APP矩阵从休闲应用到精品应用乃至明星应用(MICO和Yiyo)的再次升级。</p></li>\n</ul>\n<p><b>可以说赤子城已经打破了自己的工具宿命,完成生命层次跃迁,这是其最具价值的地方。</b></p>\n<p>但凡能打破宿命的公司都是稀有物种,值得重点关注。</p>\n<p>比如快手成立于2011年,它的前身“GIF快手”,供用户制作并分享GIF动图的工具。后来快手基于:4G未到来之前的领先布局,GIF工具本身用爱发电的创作者,以及早期用户的包容性,蜕变为短视频平台打破工具的宿命,现在市值1.32万亿港币。</p>\n<p>如果不局限于工具,视角再开阔一些,那些打破自身宿命的公司都非常牛:</p>\n<p><b><a href=\"https://laohu8.com/S/02318\">中国平安</a>。</b>一路经历“财险、综合保险、综合金融、金融科技(最后这环的能力还需观察)”的突破,所以它是保险公司中最有生命力的。</p>\n<p><b>美股的科技巨头们</b>。<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>从电商衍生出云计算业务,<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>从搜索引擎到Android操作系统及无人驾驶,奈飞则从邮寄碟片到流媒体。</p>\n<p>它们成长过程中最核心的成功标志是打破宿命的能力,穿越产业周期的能力,以此不断地高质量发展。赤子城已完成从工具到社交的蜕变,跨出最重要的一步,未来能进化到怎样的程度我们拭目以待。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>赤子城:“后浪”暗涌</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n赤子城:“后浪”暗涌\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1075158368\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a6edd4ef1e1f428dad9cb66d3735ea2a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">锦缎 </p>\n<p class=\"h-time\">2021-03-04 09:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>商业进化永不止,自古长江后浪推前浪。</p>\n<p>进入2021年以来,音频社交工具Clubhouse风靡全球互联网圈子;美国移动互联网社交软件公司Match Group以17亿美元重金求购韩国视频直播品牌Hyperconnect;主打语音娱乐社交的中国公司雅乐科技在美股市场持续获得热捧,过去两个月股价一度翻倍。这一切,无不兆示全球社交范式升级浪潮的到来。</p>\n<p>从文字,到图片,到视频(影音)——100%投影真实世界的社交方式,正处于价值发现的重要时期。这一价值和市值爬升的基本路径应该被充分重视。</p>\n<p>基于以上路径,我们聚焦到另一家处于价值发现阶段的同领域生猛“后浪”——<b><a href=\"https://laohu8.com/S/09911\">赤子城科技</a></b>(HK:09911):与在美股上市的雅乐科技相比,前者基本面看起来更好,但估值仅为后者1/4不到。</p>\n<p>在我们看来,造成这种价值割裂现象的核心原因有二:</p>\n<p>其一,港股市场长期存在互联网小市值公司的“封印效应”。目前随着流动性与价值预期的变化,这种效应正在破裂。</p>\n<p>其二,市场固有的观点认为工具出身的互联网公司难成大器。我们认为这恰恰是价值发现与重估的关键点——能打破宿命的公司更有前途。</p>\n<p><i><b>01、</b></i><b>全球社交范式新浪潮</b></p>\n<p><b>1)社交范式升级</b></p>\n<p>15年前人们在天涯上社交,10年前人们在QQ和QQ空间(除了逛空间还能偷菜)社交,5年前人们在<a href=\"https://laohu8.com/S/WB\">微博</a>和<a href=\"https://laohu8.com/S/MOMO\">陌陌</a>上社交,今天人们在快手、抖音上社交。</p>\n<p>以上演变过程,有赖于通信基础设施的升级,即2G到5G带来更大的带宽和更快的上行下载速度。但其中隐含的范式升级(包括方法methods和理念philosophy两部分),往往为人所忽视。</p>\n<p>拆解来看,从天涯到快抖:</p>\n<p>◆<b>方法</b>:“纯文字”→“文字+图片”→”文字+图片+视频“→“纯视频”的路径升级,网页分级目录到算法推荐分发的展示模式升级。</p>\n<p>◆<b>理念</b>:从只言片语到100%投影真实世界和个人状态,信息完整度和丰富度大幅度提升。</p>\n<p>范式变革必然涌现新价值,真实画面与直接感受带来:</p>\n<p>1、更多的用户使用次数和时长带动广告价值指数级提升;</p>\n<p>2、信任加成促进直播电商交易指数级提升;</p>\n<p>3、知识/技能可视化使打赏及订阅增值服务付费指数级提升,等等。</p>\n<p>所以你能看到,天涯从未真正成气候, QQ所在的<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>十年前市值100多亿美元,微博市值最高321亿美元,陌陌市值最高215亿美元,快手市值610亿美元起步、最新市值超过1700亿美元(1.32万亿港元)。</p>\n<p>本文聚焦的赤子城,处于全球社交范式升级浪潮中,它的主要社交产品有Yiyo、MICO、和YoHo,后文逐一会介绍这些社交产品。</p>\n<p><b>2)核心资产</b></p>\n<p>首先需要明确强调的是,当前时态正处于全球社交范式升级的价值发现阶段。</p>\n<p><b>Match Group(NASDAQ:MTCH)今年2月份就玩了个大手笔。</b>据日经报道,软银投资的韩国视频社交公司Hyperconnect于2020年2月10日表示,将被美国陌生人社交巨头Match Group(当前市值420亿美元)以17亿美元收购,这是前者有史以来最大的一笔收购。</p>\n<p>Hyperconnect成立于2014年,核心业务是一对一视频社交应用Azar。这家公司2020年收入超过2亿美元,比2019年增长50%,已实现盈利。</p>\n<p><b><a href=\"https://laohu8.com/S/BIDU\">百度</a>于2020年10月下旬公布30-40亿美元收购YY国内业务。</b>按照当时YY大约72亿美元的市值,扣掉现金、对<a href=\"https://laohu8.com/S/HUYA\">虎牙</a>持股市值、以及海外以BIGO为核心的资产,这笔交易是给了一定溢价的。</p>\n<p>百度愿意溢价的原因不难理解:1、自己的知识图谱和搜索业务能为YY注入新的增长势能,进而形成协同效应;2、认识到视频作为社交范式升级浪潮中的价值。</p>\n<p>不仅是视频社交,信息完整度和丰富度相较图/文形式更高的音频社交也非常火。比如Clubhouse,数万人疯狂求码,随后完成了1亿美元的B轮融资。</p>\n<p><img src=\"https://static.tigerbbs.com/5e5fdd2a34564adf861dc1780d1fbffb\" tg-width=\"1024\" tg-height=\"688\" referrerpolicy=\"no-referrer\"></p>\n<p>图1:马斯克,来源:网络</p>\n<p>不止于一级市场,二级市场对音频社交也非常看好,美股的雅乐科技(NYSE:YALA),2月市值创60亿美元的新高。</p>\n<p><i><b>02、</b></i><b>赤子城科技VS雅乐科技</b></p>\n<p>以全球社交范式升级浪潮为主线,市场对赤子城的价值显然是忽视的——对比之下,一目了然。</p>\n<p><b>1)赤子城的海外社交布局</b></p>\n<p>赤子城的海外社交布局,有三个主力产品,分别是Yiyo、MICO以及YoHo。</p>\n<p><img src=\"https://static.tigerbbs.com/fd7a3de9dd8f258ba37b703c3a2ee22f\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n<p>图2:赤子城的社交软件,来源:安信证券</p>\n<p>Yiyo主打视频社交,模式和上文提到Hyperconnect(被Match Group17亿美元收购)的主打产品Azar相同。它于2020年初正式上线,在中东、印巴快速起量,收入模型也十分漂亮,很快进入了14个国家的Google Play社交畅销榜前10,还进入Google Play全球社交下载榜前20。</p>\n<p>MICO是一款全球开放式社交平台应用,可以具象为“海外版陌陌”,但相比陌陌社交属性维持得更好,它在全球150+国家及地区拥有过亿用户,在71个国家和地区App Store社交下载榜第1,在68个国家和地区Google Play社交下载榜前5。</p>\n<p>YoHo主打语音房社交,模式和马斯克“带货”的Clubhouse相似。在47个国家和地区的Google Play社交畅销榜排前10。</p>\n<p>三款产品分别瞄准用户不同的细分需求,初步构建了赤子城在社交领域的差异化产品矩阵。</p>\n<p>赤子城社交产品2020年平均月活用户达约1136万,具备全球社交范式升级浪潮里价值发现的基础。在此基础上,我们将其与美股的语音社交公司雅乐科技(NYSE:YALA)做了对比,两者都是中国的出海APP,可以掰掰手腕子。</p>\n<p><b>2)四个层面对比赤子城和雅乐科技</b></p>\n<p><b>潜在价值。</b>整体上看,音视频社交一体的赤子城,比单独做语音社交的雅乐科技潜在空间更高。另外,视频社交是听觉加视觉的综合,能100%投影真实世界,比仅仅反映听觉的语音社交更具价值。当然根据“乔碧萝殿下法则”,视频一定要看到脸,不要和卡通头像挡脸的异性面基。</p>\n<p><b>社交用户维度。</b>雅乐科技2020年Q3(最近有披露的一个报告期)社交月活用户为550万,2020年Q2为483.5万,环比增长14%。赤子城至2020年Q4社交月活用户为1136万,至2020年Q3为910万,环比增长25%。赤子城的社交用户增速快于雅乐科技,后者目前增长主要靠桌面休闲游戏平台Yalla Ludo撑着。</p>\n<p><img src=\"https://static.tigerbbs.com/56b2429ccc6b8a60fe6da0ac4cd9bede\" tg-width=\"1080\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>图3:雅乐科技用户情况,来源:Q3季报</p>\n<p><b>营收规模。</b>假设雅乐科技Q4营收环比增长15%,那2020年全年大概是8个亿人民币。(注:赤子城3月刚刚发了盈利预告,2020年营收大约11-12.5亿元。)</p>\n<p><b>市值角度。</b>雅乐科技自2020年9月底上市之后,股价从低点到高点翻了6.6倍。市值在2021年2月曾高达60亿美元,目前回调至34亿美元。反观赤子城,上个月市值最高时115亿港币(折合15亿美元),目前回调至60亿港币(折合8亿美元)。</p>\n<p><b>也就是说,从潜在价值、社交用户和营收规模来看,赤子城均不逊于于雅乐科技——甚至更占上风。然而奇葩的是,赤子城的市值只有雅乐科技的1/4到1/5。</b></p>\n<p>是不是头上顿时多了几个黑人问号?</p>\n<p><img src=\"https://static.tigerbbs.com/0525a0eefc5a39f9c7c207d098c4031c\" tg-width=\"854\" tg-height=\"876\" referrerpolicy=\"no-referrer\"></p>\n<p>图4:黑人问号,来源:网络</p>\n<p><i><b>03、</b></i><b>“封印”破裂</b></p>\n<p>实际上,赤子城与雅乐科技的市值差异,其中很重要的一个原因是港美股市场之间的差异。</p>\n<p>这几年港股对互联网小市值公司的估值,相对美股来说没有那么友好,给不起估值。核心原因有两个:</p>\n<p><b>首先,</b>港股的互联网公司历史还很短,对规模不大的公司估值往往偏保守。你知道,几年前港股是没什么互联网公司的,腾讯一柱擎天寂寞得很。</p>\n<p>直到2018年4月30日起,港交所修改部分《上市规则》,允许未有收入或盈利的生物科技公司、同股不同权的创<a href=\"https://laohu8.com/S/300832\">新产业</a>公司、已在海外上市的创新产业企业向港交所提交IPO申请。</p>\n<p>港交所改革满打满算才三年,最近互联网公司才多了起来。但与美股接纳同股不同权互联网公司好几十年相比,显得很年轻。</p>\n<p>这种年轻表现在包容性有待提高。像前景模糊的公司都愿意去美股,比如商业模式尚未跑通的长租公寓公司、达摩克利斯之剑悬头的电子烟公司、靠营销和让利驱动的彩妆公司,以及盈利遥遥无期的视频流媒体公司。</p>\n<p>也表现在对“未来”的估值有待提高。比如我们上面说的雅乐科技,前几年其实社交用户数据增长得很慢,变现靠加大付费力度(土豪迁移成本高)和新的桌面休闲游戏平台Yalla Ludo撑着,即使看不到基本面有太多东西,但在美股更愿意相信潮流与变化,具体而言是社交范式升级。而在港股赤子城的股价是长期被压制的。</p>\n<p><b>此外</b>,港股的老千股比较多,人们对不熟悉的公司,对规模不大的公司,先天上就会发憷,参见greatsoup的帖子。中概股在美股的所谓造假炒作的热,那是做空机构的一种商业模式,港股老千股多,那是历来董事长吃定小散的商业模式。</p>\n<p><b>藉由以上两点原因,我们认为过去的港股存在互联网小市值公司的“封印”。</b></p>\n<p>但2020年开始,疫情之下“封印”就在逐渐破裂。</p>\n<p>随著港股新经济公司逐渐增多——<a href=\"https://laohu8.com/S/01833\">平安好医生</a>、美团、<a href=\"https://laohu8.com/S/00772\">阅文集团</a>、快手等优质公司的上市;阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/NTES\">网易</a>等公司的港股二次上市——有力转换互联网新经济公司的估值思维和方法论,以未来预期作为估值的基础越来越通行。</p>\n<p>比如像阅文集团,虽然网文订阅增长不太行,但IP的衍生开发的未来足够让人期待,以此市值得以上涨。像美团虽然利润率情况比较一般,但市场相信它的无边际,可以从外卖触达至极限的月收入3000-5000元档的1.57亿人口,下探至月收入2000-3000元档的2亿人口,不管是通过社区团购还是其它,从而给与较高估值。</p>\n<p>而小市值的公司,亦有<a href=\"https://laohu8.com/S/02400\">心动公司</a>等构建独特商业模式的标杆,逐渐得到市场内认可,市值经历由小到大的过程。赤子城如果业绩能够持续增长,大概率也会被资本市场认可它的长期价值。</p>\n<p>另外,除了港股市场的封印,还有一个压制赤子城的价值发现的重要原因:它的工具出身。</p>\n<p>传统观点认为工具不行所以赤子城不行,这完全没有考虑到赤子城的动态发展(小市值股票也没多少人覆盖)。在我们看来,能从工具公司变为社交公司,反而恰恰是赤子城的长期价值所在。</p>\n<p><i><b>04、</b></i><b>宿命对抗</b></p>\n<p>赤子城原先是做海外工具应用和程序化广告平台的,2013年推出一款极简AI桌面Solo Launcher,上架到Google Play,没想到上线之后在美国大热。凭此拿到Google“最佳应用”和“顶尖开发者”两个大奖,并积累1亿用户的流量和数据。后来赤子城有了“海外APP工厂”的名堂。</p>\n<p>但创始人刘春河很清晰地认识到做工具没什么前途,2015年他参加一个行业论坛时提出“工具必死”的观点。</p>\n<p>彼时,工具出海是热门赛道,流量起得快,变现来得快,<a href=\"https://laohu8.com/S/CMCM\">猎豹移动</a>在美股上市被追捧。而且,他自己当时的主营就是工具。</p>\n<p>但五六年后再回首,猎豹在美股已经奄奄一息,出道即巅峰的<a href=\"https://laohu8.com/S/03601\">鲁大师</a>,屡屡IPO无果的墨迹天气,大批工具公司倒下,无不显示“工具必死”的理论正确。</p>\n<p>这不得不说是工具的宿命:<b>有下载量却没有用户,短期的需求长期来看容易被华为、Google这样的公司从底层解决。</b></p>\n<p>基于创始人“工具必死”的判断,赤子城逐渐转型到社交方向,形成Yiyo、MICO以及YoHo的产品矩阵。复盘赤子城过去这些年发展之路,我们可以很清晰地看到升级路径:</p>\n<ul>\n <li><p>移动广告平台业务从媒体采买升级到程序化广告平台。</p></li>\n</ul>\n<ul>\n <li><p>程式化广告平台指引APP矩阵从0到10亿级用户。</p></li>\n</ul>\n<ul>\n <li><p>APP矩阵从休闲应用到精品应用乃至明星应用(MICO和Yiyo)的再次升级。</p></li>\n</ul>\n<p><b>可以说赤子城已经打破了自己的工具宿命,完成生命层次跃迁,这是其最具价值的地方。</b></p>\n<p>但凡能打破宿命的公司都是稀有物种,值得重点关注。</p>\n<p>比如快手成立于2011年,它的前身“GIF快手”,供用户制作并分享GIF动图的工具。后来快手基于:4G未到来之前的领先布局,GIF工具本身用爱发电的创作者,以及早期用户的包容性,蜕变为短视频平台打破工具的宿命,现在市值1.32万亿港币。</p>\n<p>如果不局限于工具,视角再开阔一些,那些打破自身宿命的公司都非常牛:</p>\n<p><b><a href=\"https://laohu8.com/S/02318\">中国平安</a>。</b>一路经历“财险、综合保险、综合金融、金融科技(最后这环的能力还需观察)”的突破,所以它是保险公司中最有生命力的。</p>\n<p><b>美股的科技巨头们</b>。<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>从电商衍生出云计算业务,<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>从搜索引擎到Android操作系统及无人驾驶,奈飞则从邮寄碟片到流媒体。</p>\n<p>它们成长过程中最核心的成功标志是打破宿命的能力,穿越产业周期的能力,以此不断地高质量发展。赤子城已完成从工具到社交的蜕变,跨出最重要的一步,未来能进化到怎样的程度我们拭目以待。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/be4e51655e724a7ba1b1438339af9f86","relate_stocks":{"09911":"赤子城科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199553710","content_text":"商业进化永不止,自古长江后浪推前浪。\n进入2021年以来,音频社交工具Clubhouse风靡全球互联网圈子;美国移动互联网社交软件公司Match Group以17亿美元重金求购韩国视频直播品牌Hyperconnect;主打语音娱乐社交的中国公司雅乐科技在美股市场持续获得热捧,过去两个月股价一度翻倍。这一切,无不兆示全球社交范式升级浪潮的到来。\n从文字,到图片,到视频(影音)——100%投影真实世界的社交方式,正处于价值发现的重要时期。这一价值和市值爬升的基本路径应该被充分重视。\n基于以上路径,我们聚焦到另一家处于价值发现阶段的同领域生猛“后浪”——赤子城科技(HK:09911):与在美股上市的雅乐科技相比,前者基本面看起来更好,但估值仅为后者1/4不到。\n在我们看来,造成这种价值割裂现象的核心原因有二:\n其一,港股市场长期存在互联网小市值公司的“封印效应”。目前随着流动性与价值预期的变化,这种效应正在破裂。\n其二,市场固有的观点认为工具出身的互联网公司难成大器。我们认为这恰恰是价值发现与重估的关键点——能打破宿命的公司更有前途。\n01、全球社交范式新浪潮\n1)社交范式升级\n15年前人们在天涯上社交,10年前人们在QQ和QQ空间(除了逛空间还能偷菜)社交,5年前人们在微博和陌陌上社交,今天人们在快手、抖音上社交。\n以上演变过程,有赖于通信基础设施的升级,即2G到5G带来更大的带宽和更快的上行下载速度。但其中隐含的范式升级(包括方法methods和理念philosophy两部分),往往为人所忽视。\n拆解来看,从天涯到快抖:\n◆方法:“纯文字”→“文字+图片”→”文字+图片+视频“→“纯视频”的路径升级,网页分级目录到算法推荐分发的展示模式升级。\n◆理念:从只言片语到100%投影真实世界和个人状态,信息完整度和丰富度大幅度提升。\n范式变革必然涌现新价值,真实画面与直接感受带来:\n1、更多的用户使用次数和时长带动广告价值指数级提升;\n2、信任加成促进直播电商交易指数级提升;\n3、知识/技能可视化使打赏及订阅增值服务付费指数级提升,等等。\n所以你能看到,天涯从未真正成气候, QQ所在的腾讯控股十年前市值100多亿美元,微博市值最高321亿美元,陌陌市值最高215亿美元,快手市值610亿美元起步、最新市值超过1700亿美元(1.32万亿港元)。\n本文聚焦的赤子城,处于全球社交范式升级浪潮中,它的主要社交产品有Yiyo、MICO、和YoHo,后文逐一会介绍这些社交产品。\n2)核心资产\n首先需要明确强调的是,当前时态正处于全球社交范式升级的价值发现阶段。\nMatch Group(NASDAQ:MTCH)今年2月份就玩了个大手笔。据日经报道,软银投资的韩国视频社交公司Hyperconnect于2020年2月10日表示,将被美国陌生人社交巨头Match Group(当前市值420亿美元)以17亿美元收购,这是前者有史以来最大的一笔收购。\nHyperconnect成立于2014年,核心业务是一对一视频社交应用Azar。这家公司2020年收入超过2亿美元,比2019年增长50%,已实现盈利。\n百度于2020年10月下旬公布30-40亿美元收购YY国内业务。按照当时YY大约72亿美元的市值,扣掉现金、对虎牙持股市值、以及海外以BIGO为核心的资产,这笔交易是给了一定溢价的。\n百度愿意溢价的原因不难理解:1、自己的知识图谱和搜索业务能为YY注入新的增长势能,进而形成协同效应;2、认识到视频作为社交范式升级浪潮中的价值。\n不仅是视频社交,信息完整度和丰富度相较图/文形式更高的音频社交也非常火。比如Clubhouse,数万人疯狂求码,随后完成了1亿美元的B轮融资。\n\n图1:马斯克,来源:网络\n不止于一级市场,二级市场对音频社交也非常看好,美股的雅乐科技(NYSE:YALA),2月市值创60亿美元的新高。\n02、赤子城科技VS雅乐科技\n以全球社交范式升级浪潮为主线,市场对赤子城的价值显然是忽视的——对比之下,一目了然。\n1)赤子城的海外社交布局\n赤子城的海外社交布局,有三个主力产品,分别是Yiyo、MICO以及YoHo。\n\n图2:赤子城的社交软件,来源:安信证券\nYiyo主打视频社交,模式和上文提到Hyperconnect(被Match Group17亿美元收购)的主打产品Azar相同。它于2020年初正式上线,在中东、印巴快速起量,收入模型也十分漂亮,很快进入了14个国家的Google Play社交畅销榜前10,还进入Google Play全球社交下载榜前20。\nMICO是一款全球开放式社交平台应用,可以具象为“海外版陌陌”,但相比陌陌社交属性维持得更好,它在全球150+国家及地区拥有过亿用户,在71个国家和地区App Store社交下载榜第1,在68个国家和地区Google Play社交下载榜前5。\nYoHo主打语音房社交,模式和马斯克“带货”的Clubhouse相似。在47个国家和地区的Google Play社交畅销榜排前10。\n三款产品分别瞄准用户不同的细分需求,初步构建了赤子城在社交领域的差异化产品矩阵。\n赤子城社交产品2020年平均月活用户达约1136万,具备全球社交范式升级浪潮里价值发现的基础。在此基础上,我们将其与美股的语音社交公司雅乐科技(NYSE:YALA)做了对比,两者都是中国的出海APP,可以掰掰手腕子。\n2)四个层面对比赤子城和雅乐科技\n潜在价值。整体上看,音视频社交一体的赤子城,比单独做语音社交的雅乐科技潜在空间更高。另外,视频社交是听觉加视觉的综合,能100%投影真实世界,比仅仅反映听觉的语音社交更具价值。当然根据“乔碧萝殿下法则”,视频一定要看到脸,不要和卡通头像挡脸的异性面基。\n社交用户维度。雅乐科技2020年Q3(最近有披露的一个报告期)社交月活用户为550万,2020年Q2为483.5万,环比增长14%。赤子城至2020年Q4社交月活用户为1136万,至2020年Q3为910万,环比增长25%。赤子城的社交用户增速快于雅乐科技,后者目前增长主要靠桌面休闲游戏平台Yalla Ludo撑着。\n\n图3:雅乐科技用户情况,来源:Q3季报\n营收规模。假设雅乐科技Q4营收环比增长15%,那2020年全年大概是8个亿人民币。(注:赤子城3月刚刚发了盈利预告,2020年营收大约11-12.5亿元。)\n市值角度。雅乐科技自2020年9月底上市之后,股价从低点到高点翻了6.6倍。市值在2021年2月曾高达60亿美元,目前回调至34亿美元。反观赤子城,上个月市值最高时115亿港币(折合15亿美元),目前回调至60亿港币(折合8亿美元)。\n也就是说,从潜在价值、社交用户和营收规模来看,赤子城均不逊于于雅乐科技——甚至更占上风。然而奇葩的是,赤子城的市值只有雅乐科技的1/4到1/5。\n是不是头上顿时多了几个黑人问号?\n\n图4:黑人问号,来源:网络\n03、“封印”破裂\n实际上,赤子城与雅乐科技的市值差异,其中很重要的一个原因是港美股市场之间的差异。\n这几年港股对互联网小市值公司的估值,相对美股来说没有那么友好,给不起估值。核心原因有两个:\n首先,港股的互联网公司历史还很短,对规模不大的公司估值往往偏保守。你知道,几年前港股是没什么互联网公司的,腾讯一柱擎天寂寞得很。\n直到2018年4月30日起,港交所修改部分《上市规则》,允许未有收入或盈利的生物科技公司、同股不同权的创新产业公司、已在海外上市的创新产业企业向港交所提交IPO申请。\n港交所改革满打满算才三年,最近互联网公司才多了起来。但与美股接纳同股不同权互联网公司好几十年相比,显得很年轻。\n这种年轻表现在包容性有待提高。像前景模糊的公司都愿意去美股,比如商业模式尚未跑通的长租公寓公司、达摩克利斯之剑悬头的电子烟公司、靠营销和让利驱动的彩妆公司,以及盈利遥遥无期的视频流媒体公司。\n也表现在对“未来”的估值有待提高。比如我们上面说的雅乐科技,前几年其实社交用户数据增长得很慢,变现靠加大付费力度(土豪迁移成本高)和新的桌面休闲游戏平台Yalla Ludo撑着,即使看不到基本面有太多东西,但在美股更愿意相信潮流与变化,具体而言是社交范式升级。而在港股赤子城的股价是长期被压制的。\n此外,港股的老千股比较多,人们对不熟悉的公司,对规模不大的公司,先天上就会发憷,参见greatsoup的帖子。中概股在美股的所谓造假炒作的热,那是做空机构的一种商业模式,港股老千股多,那是历来董事长吃定小散的商业模式。\n藉由以上两点原因,我们认为过去的港股存在互联网小市值公司的“封印”。\n但2020年开始,疫情之下“封印”就在逐渐破裂。\n随著港股新经济公司逐渐增多——平安好医生、美团、阅文集团、快手等优质公司的上市;阿里、京东、网易等公司的港股二次上市——有力转换互联网新经济公司的估值思维和方法论,以未来预期作为估值的基础越来越通行。\n比如像阅文集团,虽然网文订阅增长不太行,但IP的衍生开发的未来足够让人期待,以此市值得以上涨。像美团虽然利润率情况比较一般,但市场相信它的无边际,可以从外卖触达至极限的月收入3000-5000元档的1.57亿人口,下探至月收入2000-3000元档的2亿人口,不管是通过社区团购还是其它,从而给与较高估值。\n而小市值的公司,亦有心动公司等构建独特商业模式的标杆,逐渐得到市场内认可,市值经历由小到大的过程。赤子城如果业绩能够持续增长,大概率也会被资本市场认可它的长期价值。\n另外,除了港股市场的封印,还有一个压制赤子城的价值发现的重要原因:它的工具出身。\n传统观点认为工具不行所以赤子城不行,这完全没有考虑到赤子城的动态发展(小市值股票也没多少人覆盖)。在我们看来,能从工具公司变为社交公司,反而恰恰是赤子城的长期价值所在。\n04、宿命对抗\n赤子城原先是做海外工具应用和程序化广告平台的,2013年推出一款极简AI桌面Solo Launcher,上架到Google Play,没想到上线之后在美国大热。凭此拿到Google“最佳应用”和“顶尖开发者”两个大奖,并积累1亿用户的流量和数据。后来赤子城有了“海外APP工厂”的名堂。\n但创始人刘春河很清晰地认识到做工具没什么前途,2015年他参加一个行业论坛时提出“工具必死”的观点。\n彼时,工具出海是热门赛道,流量起得快,变现来得快,猎豹移动在美股上市被追捧。而且,他自己当时的主营就是工具。\n但五六年后再回首,猎豹在美股已经奄奄一息,出道即巅峰的鲁大师,屡屡IPO无果的墨迹天气,大批工具公司倒下,无不显示“工具必死”的理论正确。\n这不得不说是工具的宿命:有下载量却没有用户,短期的需求长期来看容易被华为、Google这样的公司从底层解决。\n基于创始人“工具必死”的判断,赤子城逐渐转型到社交方向,形成Yiyo、MICO以及YoHo的产品矩阵。复盘赤子城过去这些年发展之路,我们可以很清晰地看到升级路径:\n\n移动广告平台业务从媒体采买升级到程序化广告平台。\n\n\n程式化广告平台指引APP矩阵从0到10亿级用户。\n\n\nAPP矩阵从休闲应用到精品应用乃至明星应用(MICO和Yiyo)的再次升级。\n\n可以说赤子城已经打破了自己的工具宿命,完成生命层次跃迁,这是其最具价值的地方。\n但凡能打破宿命的公司都是稀有物种,值得重点关注。\n比如快手成立于2011年,它的前身“GIF快手”,供用户制作并分享GIF动图的工具。后来快手基于:4G未到来之前的领先布局,GIF工具本身用爱发电的创作者,以及早期用户的包容性,蜕变为短视频平台打破工具的宿命,现在市值1.32万亿港币。\n如果不局限于工具,视角再开阔一些,那些打破自身宿命的公司都非常牛:\n中国平安。一路经历“财险、综合保险、综合金融、金融科技(最后这环的能力还需观察)”的突破,所以它是保险公司中最有生命力的。\n美股的科技巨头们。亚马逊从电商衍生出云计算业务,谷歌从搜索引擎到Android操作系统及无人驾驶,奈飞则从邮寄碟片到流媒体。\n它们成长过程中最核心的成功标志是打破宿命的能力,穿越产业周期的能力,以此不断地高质量发展。赤子城已完成从工具到社交的蜕变,跨出最重要的一步,未来能进化到怎样的程度我们拭目以待。","news_type":1,"symbols_score_info":{"09911":0.9}},"isVote":1,"tweetType":1,"viewCount":1156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":363689402,"gmtCreate":1614133718306,"gmtModify":1614133718306,"author":{"id":"3542699457221316","authorId":"3542699457221316","name":"小狼666","avatar":"https://static.tigerbbs.com/82441e1e6d502bf29134c88427988379","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542699457221316","authorIdStr":"3542699457221316"},"themes":[],"htmlText":"<a 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