Cool_老虎社区_美港股上老虎

BradyHan
2021-03-23

Cool

Kuaishou Technology Posts FY Loss Attributable Of RMB 116.64 Billion<blockquote>快手科技公布财年归属亏损1166.4亿元人民币</blockquote>

The Board of Directors of Kuaishou Technology has announced the audited consolidated results of the

Kuaishou Technology Posts FY Loss Attributable Of RMB 116.64 Billion<blockquote>快手科技公布财年归属亏损1166.4亿元人民币</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

推荐
最新

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":353626225,"tweetId":"353626225","gmtCreate":1616493461767,"gmtModify":1634525548931,"author":{"id":3561285043704106,"idStr":"3561285043704106","authorId":3561285043704106,"authorIdStr":"3561285043704106","name":"BradyHan","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Cool</body></html>","htmlText":"<html><head></head><body>Cool</body></html>","text":"Cool","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/353626225","repostId":2121831764,"repostType":4,"repost":{"id":"2121831764","kind":"highlight","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616492590,"share":"https://www.laohu8.com/m/news/2121831764?lang=zh_CN&edition=full","pubTime":"2021-03-23 17:43","market":"hk","language":"en","title":"Kuaishou Technology Posts FY Loss Attributable Of RMB 116.64 Billion<blockquote>快手科技公布财年归属亏损1166.4亿元人民币</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2121831764","media":"Tiger Newspress","summary":"The Board of Directors of Kuaishou Technology has announced the audited consolidated results of the ","content":"The Board of Directors of Kuaishou Technology has&nbsp;announced the audited consolidated results of the Company for the year ended December 31, 2020. The consolidated financial statements for the year ended December 31, 2020 have been audited by PricewaterhouseCoopers, the independent auditor of the Company (the “Auditor”) in accordance with International Standards on Auditing. The results have been reviewed by the Audit Committee.<blockquote>快手科技董事会已公布公司截至2020年12月31日止年度的经审核综合业绩。截至2020年12月31日止年度的综合财务报表已由本公司独立核数师罗兵咸永道会计师事务所（“核数师”）根据国际审计准则审核。业绩已由审核委员会审阅。</blockquote>Kuaishou Technology :<blockquote>快手科技：</blockquote>* FY ADJUSTED NET LOSS RMB 7.95 BILLION VERSUS PROFIT OF RMB1.03 BILLION<blockquote>*财年调整后净亏损人民币79.5亿元，利润人民币10.3亿元</blockquote>* FY TOTAL REVENUE GREW TO RMB58.8 BILLION FROM RMB39.1 BILLION IN 2019<blockquote>*财年总收入由2019年的人民币391亿元增长至人民币588亿元</blockquote>* FY OPERATING LOSS RMB10.32 BILLION VERSUS PROFIT OF RMB688.7 MILLION<blockquote>*本财政年度经营亏损人民币103.2亿元，溢利为人民币6.887亿元</blockquote>* <a href=\"https://laohu8.com/S/KUASF\">KUAISHOU TECHNOLOGY</a> FY LOSS ATTRIBUTABLE RMB116.64 BILLION VERSUS LOSS OF RMB19.65 BILLION<blockquote>*<a href=\"https://laohu8.com/S/KUASF\">快手科技</a>财年应占亏损人民币1,166.4亿元，而亏损为人民币196.5亿元</blockquote>* FOR YEAR ENDED DEC 31 2020, AVERAGE DAUS 264.6 MILLION<blockquote>*截至2020年12月31日止年度，平均DAU为2.646亿</blockquote>* AVERAGE DAILY TIME SPENT PER DAU ON KUAISHOU APP INCREASED BY 17.0% TO 87.3 MINUTES IN 2020<blockquote>*2020年，每DAU在快手应用上的平均每日花费时间增加17.0%至87.3分钟</blockquote><img src=\"https://static.tigerbbs.com/1f8d1bb3c11601b54a2a0d85fc57137a\" tg-width=\"1181\" tg-height=\"659\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/3aedc5bd25fa5a777d572283ab0a0793\" tg-width=\"785\" tg-height=\"857\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Business Overview <blockquote>业务概况</blockquote>Year 2020 was indeed a memorable year. COVID-19 surprised the world with challenges and uncertainties. It also changed how we live and brought new opportunities as people spent more time online to socialize, be entertained, shop, acquire knowledge and information and more. Kuaishou, as a leading content community and social platform, helped people discover a vast world of content that expands their interests and horizons. We also played a role in driving digitization and contributing to overall economic recovery. We will continue forging ahead to create value for our users and customers through our deep and diverse content offerings, effective service solutions and AI-powered technologies to help people discover their needs and use their talents to improve their lives and their unique brand of happiness.<blockquote>2020年确实是值得纪念的一年。新冠肺炎给世界带来了挑战和不确定性。它还改变了我们的生活方式，并带来了新的机会，因为人们花更多的时间在网上社交、娱乐、购物、获取知识和信息等。快手作为领先的内容社区和社交平台，帮助人们发现了广阔的内容世界，拓展了他们的兴趣和视野。我们还在推动数字化和促进整体经济复苏方面发挥了作用。我们将继续锐意进取，通过我们丰富多样的内容产品、有效的服务解决方案和人工智能技术，为我们的用户和客户创造价值，帮助人们发现他们的需求，利用他们的才能改善他们的生活和他们独特的幸福品牌。</blockquote>In 2020, we continued enriching our content, product and service offerings to discover and serve our users’ needs to keep them actively engaged within our ecosystem. As a result, we have seen a substantial increase of our user base in 2020 as well as robust gains in user engagement. Our average DAUs and MAUs on all our apps and mini programs in China in 2020 were 308.1 million and 777.0 million, respectively. The average DAUs and MAUs on Kuaishou App in 2020 were 264.6 million and 481.1 million, respectively, representing a year-over-year increase of 50.7% and 45.6%, respectively. The average daily time spent per DAU on Kuaishou App increased by 17.0% to 87.3 minutes in 2020 from 74.6 minutes in 2019.<blockquote>2020年，我们继续丰富我们的内容、产品和服务，以发现和满足用户的需求，让他们积极参与我们的生态系统。因此，我们看到我们的用户群在2020年大幅增长，用户参与度也强劲增长。2020年，我们在中国所有应用程序及小程序的平均日活跃用户数及月活跃用户数分别为308.1百万及777.0百万。2020年快手应用的平均日活跃用户数和月活跃用户数分别为2.646亿和4.811亿，同比分别增长50.7%和45.6%。每个DAU在快手应用上的平均每日花费时间由2019年的74.6分钟增加17.0%至2020年的87.3分钟。</blockquote>We are committed to improving the quality, relevance and diversity of our content offerings to address evolving user interests and needs on our platform, which in turn encourages content creation. Our growing user base forms the bedrock of our content community and our users are the key sources of boundless creativity. Over 25% of our average MAUs on Kuaishou App were content creators in 2020. We also started exploring new content formats that can contribute to the vibrancy of our ecosystem and attract new users.<blockquote>我们致力于提高内容产品的质量、相关性和多样性，以满足我们平台上不断变化的用户兴趣和需求，从而鼓励内容创作。我们不断增长的用户群构成了我们内容社区的基石，我们的用户是无限创意的关键来源。2020年，我们在快手应用上的平均月活跃用户中超过25%为内容创作者。我们还开始探索新的内容格式，以增强我们生态系统的活力并吸引新用户。</blockquote>Kuaishou has inspired many to create and has become the platform of choice for content creation and business activities. As more users use Kuaishou App, the more diverse and vibrant our ecosystem becomes, thereby increasing user engagement and the value we provide to our ecosystem participants. Users’ interactions and trust greatly enhance our monetization capabilities, which in turn, attracts more advertisers, merchants and other business partners to our platform. In addition, our strong user engagement and advanced technologies enable us to understand our users better and provide more efficient and appealing services to our users and customers.<blockquote>快手激发了许多人的创作灵感，并成为内容创作和商业活动的首选平台。随着更多用户使用快手应用程序，我们的生态系统变得更加多样化和充满活力，从而提高用户参与度和我们为生态系统参与者提供的价值。用户的互动和信任大大增强了我们的变现能力，进而吸引更多广告商、商家和其他业务合作伙伴加入我们的平台。此外，我们强大的用户参与度和先进的技术使我们能够更好地了解我们的用户，并为我们的用户和客户提供更高效和更具吸引力的服务。</blockquote>For the full year ended December 31, 2020, our total revenue grew significantly to RMB58.8 billion from RMB39.1 billion in 2019, posting a year-over-year increase of 50.2%, which was primarily attributable to the robust growth in our online marketing services and other services including e-commerce. Our online marketing services revenue continued its rapid growth in 2020, increasing by 194.6% to RMB21.9 billion from RMB7.4 billion in 2019. Revenue contribution from online marketing services to total revenue increased from 19.0% in 2019 to 37.2% in 2020. Live streaming represented 56.5% of our total revenue and the remaining 6.3% was attributable to other services. Due to the change in our revenue mix, our gross margin improved to 40.5% from 36.1% in 2019.<blockquote>截至2020年12月31日止全年，我们的总收入由2019年的人民币391亿元大幅增长至人民币588亿元，同比增长50.2%，主要归因于我们的在线营销服务及包括电子商务在内的其他服务的强劲增长。我们的在线营销服务收入于2020年继续快速增长，由2019年的人民币74亿元增加194.6%至人民币219亿元。线上营销服务收入佔总收入的贡献由2019年的19.0%增加至2020年的37.2%。直播佔我们总收入的56.5%，馀下6.3%来自其他服务。由于我们收入组合的变化，我们的毛利率由2019年的36.1%改善至40.5%。</blockquote>Online marketing services <blockquote>在线营销服务</blockquote>Online video-based advertising is a promising market and online marketing service is one of the key strategic businesses for our long-term growth. Our massive and highly engaged user community makes our platform increasingly attractive to advertisers.<blockquote>基于视频的在线广告是一个前景广阔的市场，在线营销服务是我们长期增长的关键战略业务之一。我们庞大且高度参与的用户社区使我们的平台对广告商越来越有吸引力。</blockquote>In 2020, we launched an integrated advertising platform, further solidifying the foundation of our online marketing services. Our strong user engagement and advanced technologies empowered us to achieve precise understanding of our users, and sophisticated advertising content development and distribution, which led to improved advertising efficiency and effectiveness. We introduced an increasing number of powerful and intuitive tools and services to empower advertisers, allowing them to more precisely reach and engage with their target customers. Furthermore, we expanded our sales team and channel coverage, as well as giving greater emphasis to a more diverse set of advertising formats, such as branding advertisement and advertising union, in addition to short video feeds advertisement. In order to optimize our user experience, we also reinforced our cooperation with advertisers and content creators to deliver unique and customized ad content. At the same time, through refined algorithms and enriched ad materials, the ad content became less disruptive to our users.<blockquote>2020年，我们推出了整合广告平台，进一步夯实了我们在线营销服务的基础。我们强大的用户参与度和先进的技术使我们能够准确了解我们的用户，并开发和分发复杂的广告内容，从而提高广告效率和效果。我们推出了越来越多功能强大且直观的工具和服务，为广告主赋能，让他们能够更精准地接触目标客户并与之互动。此外，我们扩大了销售团队和渠道覆盖范围，并更加重视除短视频广告外的品牌广告和广告联盟等更多元化的广告形式。为优化用户体验，我们亦加强与广告商及内容创作者的合作，提供独特及定制的广告内容。同时，通过完善的算法和丰富的广告素材，广告内容对用户的干扰减少。</blockquote>As a result, we enjoyed robust growth in online marketing services. Revenue from online marketing services in 2020 increased by 194.6% to RMB21.9 billion, from RMB7.4 billion in 2019. Our average online marketing services revenue per DAU in 2020 increased by 95.3% to RMB82.6 from RMB42.3 in 2019. In the fourth quarter of 2020, online marketing services became the largest contributor to our total revenue, as a percentage of revenue, it surpassed the contribution of live streaming business for the first time.<blockquote>因此，我们的在线营销服务增长强劲。线上营销服务收入由2019年的人民币74亿元增加194.6%至2020年的人民币219亿元。我们每DAU的平均在线营销服务收入由2019年的人民币42.3元增加95.3%至2020年的人民币82.6元。2020年第四季度，在线营销服务成为我们总收入的最大贡献者，占收入的百分比首次超过直播业务的贡献。</blockquote>Live streaming <blockquote>直播</blockquote>We believe that people’s needs will be increasingly met online and that live streaming provides an ideal format and an infrastructure through which those needs can be met, due to its highly social, interactive, and immersive nature. As our scale continues to grow, together with the stronger network effect, our live streaming business nurtures our ecosystem and serves more than just a revenue contributor, but a vibrant and solid foundation from which more social interactions and new valuable businesses are derived, such as e-commerce live streaming.<blockquote>我们相信，人们的需求将越来越多地在网上得到满足，而直播提供了一种理想的形式和基础设施，由于其高度的社交、互动和沉浸式性质，可以通过这种形式和基础设施来满足这些需求。随着我们的规模不断增长，加上更强的网络效应，我们的直播业务培育了我们的生态系统，并提供了一个充满活力和坚实的基础，更多的社交互动和新的有价值的业务，如电子商务直播。</blockquote>In 2020, we further expanded our abundant and diverse live streaming content with more premium content, such as game events and sports events live streaming, as well as through cooperation with more high-quality content creators. We also devoted ourselves to developing more interactive features and events to enhance our live streaming experience. These efforts have been effective in increasing live streaming user engagement. In 2020, over 1.7 billion live streaming sessions were hosted on Kuaishou App. For the year ended December 31, 2020, revenue from live streaming increased by 5.6% to RMB33.2 billion from RMB31.4 billion in 2019. More importantly, as a result of our diverse content offering, highly interactive features as well as unique and strong social trust, the user community was even more engaged on our platform, which was demonstrated by the increase in average MPUs for live streaming. For the full year 2020, our average MPUs for live streaming increased by 17.8% to 57.6 million from 48.9 million in 2019, while our monthly ARPPU for live streaming was RMB48.0, which was RMB53.6 in 2019. For the fourth quarter of 2020, our average MPUs for live streaming was 50.8 million, increased from 50.2 million in the same period of 2019. Our monthly ARPPU for live streaming in the fourth quarter was RMB51.8, which was RMB56.6 in the same period of 2019.<blockquote>于二零二零年，我们通过更多优质内容（如游戏赛事及体育赛事直播）以及通过与更多优质内容创作者合作，进一步拓展我们丰富多样的直播内容。我们亦致力开发更多互动功能及活动，以提升我们的直播体验。这些努力有效地提高了直播用户的参与度。2020年，快手应用上的直播场次超过17亿次。截至2020年12月31日止年度，直播收入由2019年的人民币314亿元增加5.6%至人民币332亿元。更重要的是，由于我们提供多元化的内容、高度互动的功能以及独特而强大的社交信任，用户社区对我们平台的参与度更高，直播平均MPU的增加就证明了这一点。于二零二零年全年，我们直播的平均MPU由二零一九年的48.9百万元增加17.8%至57.6百万元，而我们直播的每月ARPPU为人民币48.0元，而二零一九年为人民币53.6元。2020年第四季度，我们直播的平均MPU为5080万，高于2019年同期的5020万。我们第四季度直播的月ARPPU为人民币51.8元，2019年同期为人民币56.6元。</blockquote>Other services including e-commerce <blockquote>其他服务，包括电子商务</blockquote>Other services, which primarily comprise e-commerce services, also achieved rapid growth in 2020. The highly engaged user base and strong social trust on our platform gave rise to natural opportunities for transactions between users and our business partners.<blockquote>以电子商务服务为主的其他服务在2020年也实现了快速增长。我们平台上高度参与的用户基础和强大的社会信任为用户与我们的业务合作伙伴之间的交易带来了天然的机会。</blockquote>In 2020, we continued to support the improvement of our ecosystem, as well as to provide more products and services to address our users’ needs, thereby further enhancing the trust and encouraging interactions among users, merchants and our platform. First, we invested in e-commerce infrastructure to facilitate transactions on our platform by providing various tools to help merchants manage their stores on our platform. Second, we incentivized high-quality merchants, as well as supported middle and long-tail merchants by providing training to help them improve their service capabilities and quality. Third, we were dedicated to strengthening platform governance, especially quality control and merchants supervision. We are pleased to see that the overall customer purchasing experience and satisfaction were further optimized.<blockquote>2020年，我们继续支持生态系统的完善，并提供更多产品和服务来满足用户的需求，从而进一步增强用户、商家和我们平台之间的信任并鼓励互动。首先，我们投资于电子商务基础设施，通过提供各种工具帮助商家管理其在我们平台上的商店，从而促进我们平台上的交易。二是对优质商户进行激励，对中长尾商户进行培训，提升服务能力和服务质量。第三，我们致力于加强平台治理，特别是质量控制和商户监管。我们欣喜地看到，整体客户购买体验和满意度进一步优化。</blockquote>By doing these, we attracted a greater number of superior merchants and expanded the product categories and offerings on our platform. As a result, the total GMV of e-commerce transactions facilitated on our platform increased significantly from RMB59.6 billion in 2019 to RMB381.2 billion in 2020. The average repeat purchase rate increased further to 65% in 2020 from 45% in 2019.<blockquote>通过这样做，我们吸引了更多的优秀商家，并扩大了我们平台上的产品类别和产品。因此，我们平台促成的电子商务交易总额由2019年的人民币596亿元大幅增加至2020年的人民币3,812亿元。平均重复购买率由2019年的45%进一步上升至2020年的65%。</blockquote>Business Outlook <blockquote>业务展望</blockquote>In 2021, we will continue to serve our users and customers, create value for them, and solidify our leading position in the global short video and live streaming industry.<blockquote>2021年，我们将继续服务用户和客户，为他们创造价值，巩固我们在全球短视频和直播行业的领先地位。</blockquote>In this promising industry, we will continue to reinforce and invest in our ecosystem by continuing enriching and improving the quality and diversity of our content offerings to attract and retain a broad user base; improving the experience of our users and business partners through enhanced functionalities, products and services to fulfill evolving user needs; expanding user reach through precise marketing and promotional activities; as well as strengthening our user-centric commercialization capabilities by further enhancing technological capabilities and developing more monetization opportunities. We believe platforms with stronger social attributes and interactions will enjoy stronger network effects and lay a solid foundation for long-term development.<blockquote>在这个前景广阔的行业，我们将继续加强和投资我们的生态系统，不断丰富和提高我们的内容产品的质量和多样性，以吸引和留住广泛的用户基础；通过增强功能、产品和服务改善我们的用户和业务合作伙伴的体验，以满足不断变化的用户需求；通过精准营销和推广活动扩大用户覆盖范围；以及通过进一步提升技术能力和开发更多变现机会来加强我们以用户为中心的商业化能力。我们相信社交属性和互动更强的平台将享有更强的网络效应，并为长期发展奠定坚实的基础。</blockquote>","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>Kuaishou Technology Posts FY Loss Attributable Of RMB 116.64 Billion<blockquote>快手科技公布财年归属亏损1166.4亿元人民币</blockquote></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{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKuaishou Technology Posts FY Loss Attributable Of RMB 116.64 Billion<blockquote>快手科技公布财年归属亏损1166.4亿元人民币</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-03-23 17:43\n</div>\n</a>\n</h4>\n</header>\n<article>\nThe Board of Directors of Kuaishou Technology has&nbsp;announced the audited consolidated results of the Company for the year ended December 31, 2020. The consolidated financial statements for the year ended December 31, 2020 have been audited by PricewaterhouseCoopers, the independent auditor of the Company (the “Auditor”) in accordance with International Standards on Auditing. The results have been reviewed by the Audit Committee.<blockquote>快手科技董事会已公布公司截至2020年12月31日止年度的经审核综合业绩。截至2020年12月31日止年度的综合财务报表已由本公司独立核数师罗兵咸永道会计师事务所（“核数师”）根据国际审计准则审核。业绩已由审核委员会审阅。</blockquote>Kuaishou Technology :<blockquote>快手科技：</blockquote>* FY ADJUSTED NET LOSS RMB 7.95 BILLION VERSUS PROFIT OF RMB1.03 BILLION<blockquote>*财年调整后净亏损人民币79.5亿元，利润人民币10.3亿元</blockquote>* FY TOTAL REVENUE GREW TO RMB58.8 BILLION FROM RMB39.1 BILLION IN 2019<blockquote>*财年总收入由2019年的人民币391亿元增长至人民币588亿元</blockquote>* FY OPERATING LOSS RMB10.32 BILLION VERSUS PROFIT OF RMB688.7 MILLION<blockquote>*本财政年度经营亏损人民币103.2亿元，溢利为人民币6.887亿元</blockquote>* <a href=\"https://laohu8.com/S/KUASF\">KUAISHOU TECHNOLOGY</a> FY LOSS ATTRIBUTABLE RMB116.64 BILLION VERSUS LOSS OF RMB19.65 BILLION<blockquote>*<a href=\"https://laohu8.com/S/KUASF\">快手科技</a>财年应占亏损人民币1,166.4亿元，而亏损为人民币196.5亿元</blockquote>* FOR YEAR ENDED DEC 31 2020, AVERAGE DAUS 264.6 MILLION<blockquote>*截至2020年12月31日止年度，平均DAU为2.646亿</blockquote>* AVERAGE DAILY TIME SPENT PER DAU ON KUAISHOU APP INCREASED BY 17.0% TO 87.3 MINUTES IN 2020<blockquote>*2020年，每DAU在快手应用上的平均每日花费时间增加17.0%至87.3分钟</blockquote><img src=\"https://static.tigerbbs.com/1f8d1bb3c11601b54a2a0d85fc57137a\" tg-width=\"1181\" tg-height=\"659\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/3aedc5bd25fa5a777d572283ab0a0793\" tg-width=\"785\" tg-height=\"857\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Business Overview <blockquote>业务概况</blockquote>Year 2020 was indeed a memorable year. COVID-19 surprised the world with challenges and uncertainties. It also changed how we live and brought new opportunities as people spent more time online to socialize, be entertained, shop, acquire knowledge and information and more. Kuaishou, as a leading content community and social platform, helped people discover a vast world of content that expands their interests and horizons. We also played a role in driving digitization and contributing to overall economic recovery. We will continue forging ahead to create value for our users and customers through our deep and diverse content offerings, effective service solutions and AI-powered technologies to help people discover their needs and use their talents to improve their lives and their unique brand of happiness.<blockquote>2020年确实是值得纪念的一年。新冠肺炎给世界带来了挑战和不确定性。它还改变了我们的生活方式，并带来了新的机会，因为人们花更多的时间在网上社交、娱乐、购物、获取知识和信息等。快手作为领先的内容社区和社交平台，帮助人们发现了广阔的内容世界，拓展了他们的兴趣和视野。我们还在推动数字化和促进整体经济复苏方面发挥了作用。我们将继续锐意进取，通过我们丰富多样的内容产品、有效的服务解决方案和人工智能技术，为我们的用户和客户创造价值，帮助人们发现他们的需求，利用他们的才能改善他们的生活和他们独特的幸福品牌。</blockquote>In 2020, we continued enriching our content, product and service offerings to discover and serve our users’ needs to keep them actively engaged within our ecosystem. As a result, we have seen a substantial increase of our user base in 2020 as well as robust gains in user engagement. Our average DAUs and MAUs on all our apps and mini programs in China in 2020 were 308.1 million and 777.0 million, respectively. The average DAUs and MAUs on Kuaishou App in 2020 were 264.6 million and 481.1 million, respectively, representing a year-over-year increase of 50.7% and 45.6%, respectively. The average daily time spent per DAU on Kuaishou App increased by 17.0% to 87.3 minutes in 2020 from 74.6 minutes in 2019.<blockquote>2020年，我们继续丰富我们的内容、产品和服务，以发现和满足用户的需求，让他们积极参与我们的生态系统。因此，我们看到我们的用户群在2020年大幅增长，用户参与度也强劲增长。2020年，我们在中国所有应用程序及小程序的平均日活跃用户数及月活跃用户数分别为308.1百万及777.0百万。2020年快手应用的平均日活跃用户数和月活跃用户数分别为2.646亿和4.811亿，同比分别增长50.7%和45.6%。每个DAU在快手应用上的平均每日花费时间由2019年的74.6分钟增加17.0%至2020年的87.3分钟。</blockquote>We are committed to improving the quality, relevance and diversity of our content offerings to address evolving user interests and needs on our platform, which in turn encourages content creation. Our growing user base forms the bedrock of our content community and our users are the key sources of boundless creativity. Over 25% of our average MAUs on Kuaishou App were content creators in 2020. We also started exploring new content formats that can contribute to the vibrancy of our ecosystem and attract new users.<blockquote>我们致力于提高内容产品的质量、相关性和多样性，以满足我们平台上不断变化的用户兴趣和需求，从而鼓励内容创作。我们不断增长的用户群构成了我们内容社区的基石，我们的用户是无限创意的关键来源。2020年，我们在快手应用上的平均月活跃用户中超过25%为内容创作者。我们还开始探索新的内容格式，以增强我们生态系统的活力并吸引新用户。</blockquote>Kuaishou has inspired many to create and has become the platform of choice for content creation and business activities. As more users use Kuaishou App, the more diverse and vibrant our ecosystem becomes, thereby increasing user engagement and the value we provide to our ecosystem participants. Users’ interactions and trust greatly enhance our monetization capabilities, which in turn, attracts more advertisers, merchants and other business partners to our platform. In addition, our strong user engagement and advanced technologies enable us to understand our users better and provide more efficient and appealing services to our users and customers.<blockquote>快手激发了许多人的创作灵感，并成为内容创作和商业活动的首选平台。随着更多用户使用快手应用程序，我们的生态系统变得更加多样化和充满活力，从而提高用户参与度和我们为生态系统参与者提供的价值。用户的互动和信任大大增强了我们的变现能力，进而吸引更多广告商、商家和其他业务合作伙伴加入我们的平台。此外，我们强大的用户参与度和先进的技术使我们能够更好地了解我们的用户，并为我们的用户和客户提供更高效和更具吸引力的服务。</blockquote>For the full year ended December 31, 2020, our total revenue grew significantly to RMB58.8 billion from RMB39.1 billion in 2019, posting a year-over-year increase of 50.2%, which was primarily attributable to the robust growth in our online marketing services and other services including e-commerce. Our online marketing services revenue continued its rapid growth in 2020, increasing by 194.6% to RMB21.9 billion from RMB7.4 billion in 2019. Revenue contribution from online marketing services to total revenue increased from 19.0% in 2019 to 37.2% in 2020. Live streaming represented 56.5% of our total revenue and the remaining 6.3% was attributable to other services. Due to the change in our revenue mix, our gross margin improved to 40.5% from 36.1% in 2019.<blockquote>截至2020年12月31日止全年，我们的总收入由2019年的人民币391亿元大幅增长至人民币588亿元，同比增长50.2%，主要归因于我们的在线营销服务及包括电子商务在内的其他服务的强劲增长。我们的在线营销服务收入于2020年继续快速增长，由2019年的人民币74亿元增加194.6%至人民币219亿元。线上营销服务收入佔总收入的贡献由2019年的19.0%增加至2020年的37.2%。直播佔我们总收入的56.5%，馀下6.3%来自其他服务。由于我们收入组合的变化，我们的毛利率由2019年的36.1%改善至40.5%。</blockquote>Online marketing services <blockquote>在线营销服务</blockquote>Online video-based advertising is a promising market and online marketing service is one of the key strategic businesses for our long-term growth. Our massive and highly engaged user community makes our platform increasingly attractive to advertisers.<blockquote>基于视频的在线广告是一个前景广阔的市场，在线营销服务是我们长期增长的关键战略业务之一。我们庞大且高度参与的用户社区使我们的平台对广告商越来越有吸引力。</blockquote>In 2020, we launched an integrated advertising platform, further solidifying the foundation of our online marketing services. Our strong user engagement and advanced technologies empowered us to achieve precise understanding of our users, and sophisticated advertising content development and distribution, which led to improved advertising efficiency and effectiveness. We introduced an increasing number of powerful and intuitive tools and services to empower advertisers, allowing them to more precisely reach and engage with their target customers. Furthermore, we expanded our sales team and channel coverage, as well as giving greater emphasis to a more diverse set of advertising formats, such as branding advertisement and advertising union, in addition to short video feeds advertisement. In order to optimize our user experience, we also reinforced our cooperation with advertisers and content creators to deliver unique and customized ad content. At the same time, through refined algorithms and enriched ad materials, the ad content became less disruptive to our users.<blockquote>2020年，我们推出了整合广告平台，进一步夯实了我们在线营销服务的基础。我们强大的用户参与度和先进的技术使我们能够准确了解我们的用户，并开发和分发复杂的广告内容，从而提高广告效率和效果。我们推出了越来越多功能强大且直观的工具和服务，为广告主赋能，让他们能够更精准地接触目标客户并与之互动。此外，我们扩大了销售团队和渠道覆盖范围，并更加重视除短视频广告外的品牌广告和广告联盟等更多元化的广告形式。为优化用户体验，我们亦加强与广告商及内容创作者的合作，提供独特及定制的广告内容。同时，通过完善的算法和丰富的广告素材，广告内容对用户的干扰减少。</blockquote>As a result, we enjoyed robust growth in online marketing services. Revenue from online marketing services in 2020 increased by 194.6% to RMB21.9 billion, from RMB7.4 billion in 2019. Our average online marketing services revenue per DAU in 2020 increased by 95.3% to RMB82.6 from RMB42.3 in 2019. In the fourth quarter of 2020, online marketing services became the largest contributor to our total revenue, as a percentage of revenue, it surpassed the contribution of live streaming business for the first time.<blockquote>因此，我们的在线营销服务增长强劲。线上营销服务收入由2019年的人民币74亿元增加194.6%至2020年的人民币219亿元。我们每DAU的平均在线营销服务收入由2019年的人民币42.3元增加95.3%至2020年的人民币82.6元。2020年第四季度，在线营销服务成为我们总收入的最大贡献者，占收入的百分比首次超过直播业务的贡献。</blockquote>Live streaming <blockquote>直播</blockquote>We believe that people’s needs will be increasingly met online and that live streaming provides an ideal format and an infrastructure through which those needs can be met, due to its highly social, interactive, and immersive nature. As our scale continues to grow, together with the stronger network effect, our live streaming business nurtures our ecosystem and serves more than just a revenue contributor, but a vibrant and solid foundation from which more social interactions and new valuable businesses are derived, such as e-commerce live streaming.<blockquote>我们相信，人们的需求将越来越多地在网上得到满足，而直播提供了一种理想的形式和基础设施，由于其高度的社交、互动和沉浸式性质，可以通过这种形式和基础设施来满足这些需求。随着我们的规模不断增长，加上更强的网络效应，我们的直播业务培育了我们的生态系统，并提供了一个充满活力和坚实的基础，更多的社交互动和新的有价值的业务，如电子商务直播。</blockquote>In 2020, we further expanded our abundant and diverse live streaming content with more premium content, such as game events and sports events live streaming, as well as through cooperation with more high-quality content creators. We also devoted ourselves to developing more interactive features and events to enhance our live streaming experience. These efforts have been effective in increasing live streaming user engagement. In 2020, over 1.7 billion live streaming sessions were hosted on Kuaishou App. For the year ended December 31, 2020, revenue from live streaming increased by 5.6% to RMB33.2 billion from RMB31.4 billion in 2019. More importantly, as a result of our diverse content offering, highly interactive features as well as unique and strong social trust, the user community was even more engaged on our platform, which was demonstrated by the increase in average MPUs for live streaming. For the full year 2020, our average MPUs for live streaming increased by 17.8% to 57.6 million from 48.9 million in 2019, while our monthly ARPPU for live streaming was RMB48.0, which was RMB53.6 in 2019. For the fourth quarter of 2020, our average MPUs for live streaming was 50.8 million, increased from 50.2 million in the same period of 2019. Our monthly ARPPU for live streaming in the fourth quarter was RMB51.8, which was RMB56.6 in the same period of 2019.<blockquote>于二零二零年，我们通过更多优质内容（如游戏赛事及体育赛事直播）以及通过与更多优质内容创作者合作，进一步拓展我们丰富多样的直播内容。我们亦致力开发更多互动功能及活动，以提升我们的直播体验。这些努力有效地提高了直播用户的参与度。2020年，快手应用上的直播场次超过17亿次。截至2020年12月31日止年度，直播收入由2019年的人民币314亿元增加5.6%至人民币332亿元。更重要的是，由于我们提供多元化的内容、高度互动的功能以及独特而强大的社交信任，用户社区对我们平台的参与度更高，直播平均MPU的增加就证明了这一点。于二零二零年全年，我们直播的平均MPU由二零一九年的48.9百万元增加17.8%至57.6百万元，而我们直播的每月ARPPU为人民币48.0元，而二零一九年为人民币53.6元。2020年第四季度，我们直播的平均MPU为5080万，高于2019年同期的5020万。我们第四季度直播的月ARPPU为人民币51.8元，2019年同期为人民币56.6元。</blockquote>Other services including e-commerce <blockquote>其他服务，包括电子商务</blockquote>Other services, which primarily comprise e-commerce services, also achieved rapid growth in 2020. The highly engaged user base and strong social trust on our platform gave rise to natural opportunities for transactions between users and our business partners.<blockquote>以电子商务服务为主的其他服务在2020年也实现了快速增长。我们平台上高度参与的用户基础和强大的社会信任为用户与我们的业务合作伙伴之间的交易带来了天然的机会。</blockquote>In 2020, we continued to support the improvement of our ecosystem, as well as to provide more products and services to address our users’ needs, thereby further enhancing the trust and encouraging interactions among users, merchants and our platform. First, we invested in e-commerce infrastructure to facilitate transactions on our platform by providing various tools to help merchants manage their stores on our platform. Second, we incentivized high-quality merchants, as well as supported middle and long-tail merchants by providing training to help them improve their service capabilities and quality. Third, we were dedicated to strengthening platform governance, especially quality control and merchants supervision. We are pleased to see that the overall customer purchasing experience and satisfaction were further optimized.<blockquote>2020年，我们继续支持生态系统的完善，并提供更多产品和服务来满足用户的需求，从而进一步增强用户、商家和我们平台之间的信任并鼓励互动。首先，我们投资于电子商务基础设施，通过提供各种工具帮助商家管理其在我们平台上的商店，从而促进我们平台上的交易。二是对优质商户进行激励，对中长尾商户进行培训，提升服务能力和服务质量。第三，我们致力于加强平台治理，特别是质量控制和商户监管。我们欣喜地看到，整体客户购买体验和满意度进一步优化。</blockquote>By doing these, we attracted a greater number of superior merchants and expanded the product categories and offerings on our platform. As a result, the total GMV of e-commerce transactions facilitated on our platform increased significantly from RMB59.6 billion in 2019 to RMB381.2 billion in 2020. The average repeat purchase rate increased further to 65% in 2020 from 45% in 2019.<blockquote>通过这样做，我们吸引了更多的优秀商家，并扩大了我们平台上的产品类别和产品。因此，我们平台促成的电子商务交易总额由2019年的人民币596亿元大幅增加至2020年的人民币3,812亿元。平均重复购买率由2019年的45%进一步上升至2020年的65%。</blockquote>Business Outlook <blockquote>业务展望</blockquote>In 2021, we will continue to serve our users and customers, create value for them, and solidify our leading position in the global short video and live streaming industry.<blockquote>2021年，我们将继续服务用户和客户，为他们创造价值，巩固我们在全球短视频和直播行业的领先地位。</blockquote>In this promising industry, we will continue to reinforce and invest in our ecosystem by continuing enriching and improving the quality and diversity of our content offerings to attract and retain a broad user base; improving the experience of our users and business partners through enhanced functionalities, products and services to fulfill evolving user needs; expanding user reach through precise marketing and promotional activities; as well as strengthening our user-centric commercialization capabilities by further enhancing technological capabilities and developing more monetization opportunities. We believe platforms with stronger social attributes and interactions will enjoy stronger network effects and lay a solid foundation for long-term development.<blockquote>在这个前景广阔的行业，我们将继续加强和投资我们的生态系统，不断丰富和提高我们的内容产品的质量和多样性，以吸引和留住广泛的用户基础；通过增强功能、产品和服务改善我们的用户和业务合作伙伴的体验，以满足不断变化的用户需求；通过精准营销和推广活动扩大用户覆盖范围；以及通过进一步提升技术能力和开发更多变现机会来加强我们以用户为中心的商业化能力。我们相信社交属性和互动更强的平台将享有更强的网络效应，并为长期发展奠定坚实的基础。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2121831764","content_text":"The Board of Directors of Kuaishou Technology has announced the audited consolidated results of the Company for the year ended December 31, 2020. The consolidated financial statements for the year ended December 31, 2020 have been audited by PricewaterhouseCoopers, the independent auditor of the Company (the “Auditor”) in accordance with International Standards on Auditing. The results have been reviewed by the Audit Committee.Kuaishou Technology :* FY ADJUSTED NET LOSS RMB 7.95 BILLION VERSUS PROFIT OF RMB1.03 BILLION* FY TOTAL REVENUE GREW TO RMB58.8 BILLION FROM RMB39.1 BILLION IN 2019* FY OPERATING LOSS RMB10.32 BILLION VERSUS PROFIT OF RMB688.7 MILLION* KUAISHOU TECHNOLOGY FY LOSS ATTRIBUTABLE RMB116.64 BILLION VERSUS LOSS OF RMB19.65 BILLION* FOR YEAR ENDED DEC 31 2020, AVERAGE DAUS 264.6 MILLION* AVERAGE DAILY TIME SPENT PER DAU ON KUAISHOU APP INCREASED BY 17.0% TO 87.3 MINUTES IN 2020Business Overview Year 2020 was indeed a memorable year. COVID-19 surprised the world with challenges and uncertainties. It also changed how we live and brought new opportunities as people spent more time online to socialize, be entertained, shop, acquire knowledge and information and more. Kuaishou, as a leading content community and social platform, helped people discover a vast world of content that expands their interests and horizons. We also played a role in driving digitization and contributing to overall economic recovery. We will continue forging ahead to create value for our users and customers through our deep and diverse content offerings, effective service solutions and AI-powered technologies to help people discover their needs and use their talents to improve their lives and their unique brand of happiness.In 2020, we continued enriching our content, product and service offerings to discover and serve our users’ needs to keep them actively engaged within our ecosystem. As a result, we have seen a substantial increase of our user base in 2020 as well as robust gains in user engagement. Our average DAUs and MAUs on all our apps and mini programs in China in 2020 were 308.1 million and 777.0 million, respectively. The average DAUs and MAUs on Kuaishou App in 2020 were 264.6 million and 481.1 million, respectively, representing a year-over-year increase of 50.7% and 45.6%, respectively. The average daily time spent per DAU on Kuaishou App increased by 17.0% to 87.3 minutes in 2020 from 74.6 minutes in 2019.We are committed to improving the quality, relevance and diversity of our content offerings to address evolving user interests and needs on our platform, which in turn encourages content creation. Our growing user base forms the bedrock of our content community and our users are the key sources of boundless creativity. Over 25% of our average MAUs on Kuaishou App were content creators in 2020. We also started exploring new content formats that can contribute to the vibrancy of our ecosystem and attract new users.Kuaishou has inspired many to create and has become the platform of choice for content creation and business activities. As more users use Kuaishou App, the more diverse and vibrant our ecosystem becomes, thereby increasing user engagement and the value we provide to our ecosystem participants. Users’ interactions and trust greatly enhance our monetization capabilities, which in turn, attracts more advertisers, merchants and other business partners to our platform. In addition, our strong user engagement and advanced technologies enable us to understand our users better and provide more efficient and appealing services to our users and customers.For the full year ended December 31, 2020, our total revenue grew significantly to RMB58.8 billion from RMB39.1 billion in 2019, posting a year-over-year increase of 50.2%, which was primarily attributable to the robust growth in our online marketing services and other services including e-commerce. Our online marketing services revenue continued its rapid growth in 2020, increasing by 194.6% to RMB21.9 billion from RMB7.4 billion in 2019. Revenue contribution from online marketing services to total revenue increased from 19.0% in 2019 to 37.2% in 2020. Live streaming represented 56.5% of our total revenue and the remaining 6.3% was attributable to other services. Due to the change in our revenue mix, our gross margin improved to 40.5% from 36.1% in 2019.Online marketing services Online video-based advertising is a promising market and online marketing service is one of the key strategic businesses for our long-term growth. Our massive and highly engaged user community makes our platform increasingly attractive to advertisers.In 2020, we launched an integrated advertising platform, further solidifying the foundation of our online marketing services. Our strong user engagement and advanced technologies empowered us to achieve precise understanding of our users, and sophisticated advertising content development and distribution, which led to improved advertising efficiency and effectiveness. We introduced an increasing number of powerful and intuitive tools and services to empower advertisers, allowing them to more precisely reach and engage with their target customers. Furthermore, we expanded our sales team and channel coverage, as well as giving greater emphasis to a more diverse set of advertising formats, such as branding advertisement and advertising union, in addition to short video feeds advertisement. In order to optimize our user experience, we also reinforced our cooperation with advertisers and content creators to deliver unique and customized ad content. At the same time, through refined algorithms and enriched ad materials, the ad content became less disruptive to our users.As a result, we enjoyed robust growth in online marketing services. Revenue from online marketing services in 2020 increased by 194.6% to RMB21.9 billion, from RMB7.4 billion in 2019. Our average online marketing services revenue per DAU in 2020 increased by 95.3% to RMB82.6 from RMB42.3 in 2019. In the fourth quarter of 2020, online marketing services became the largest contributor to our total revenue, as a percentage of revenue, it surpassed the contribution of live streaming business for the first time.Live streaming We believe that people’s needs will be increasingly met online and that live streaming provides an ideal format and an infrastructure through which those needs can be met, due to its highly social, interactive, and immersive nature. As our scale continues to grow, together with the stronger network effect, our live streaming business nurtures our ecosystem and serves more than just a revenue contributor, but a vibrant and solid foundation from which more social interactions and new valuable businesses are derived, such as e-commerce live streaming.In 2020, we further expanded our abundant and diverse live streaming content with more premium content, such as game events and sports events live streaming, as well as through cooperation with more high-quality content creators. We also devoted ourselves to developing more interactive features and events to enhance our live streaming experience. These efforts have been effective in increasing live streaming user engagement. In 2020, over 1.7 billion live streaming sessions were hosted on Kuaishou App. For the year ended December 31, 2020, revenue from live streaming increased by 5.6% to RMB33.2 billion from RMB31.4 billion in 2019. More importantly, as a result of our diverse content offering, highly interactive features as well as unique and strong social trust, the user community was even more engaged on our platform, which was demonstrated by the increase in average MPUs for live streaming. For the full year 2020, our average MPUs for live streaming increased by 17.8% to 57.6 million from 48.9 million in 2019, while our monthly ARPPU for live streaming was RMB48.0, which was RMB53.6 in 2019. For the fourth quarter of 2020, our average MPUs for live streaming was 50.8 million, increased from 50.2 million in the same period of 2019. Our monthly ARPPU for live streaming in the fourth quarter was RMB51.8, which was RMB56.6 in the same period of 2019.Other services including e-commerce Other services, which primarily comprise e-commerce services, also achieved rapid growth in 2020. The highly engaged user base and strong social trust on our platform gave rise to natural opportunities for transactions between users and our business partners.In 2020, we continued to support the improvement of our ecosystem, as well as to provide more products and services to address our users’ needs, thereby further enhancing the trust and encouraging interactions among users, merchants and our platform. First, we invested in e-commerce infrastructure to facilitate transactions on our platform by providing various tools to help merchants manage their stores on our platform. Second, we incentivized high-quality merchants, as well as supported middle and long-tail merchants by providing training to help them improve their service capabilities and quality. Third, we were dedicated to strengthening platform governance, especially quality control and merchants supervision. We are pleased to see that the overall customer purchasing experience and satisfaction were further optimized.By doing these, we attracted a greater number of superior merchants and expanded the product categories and offerings on our platform. As a result, the total GMV of e-commerce transactions facilitated on our platform increased significantly from RMB59.6 billion in 2019 to RMB381.2 billion in 2020. The average repeat purchase rate increased further to 65% in 2020 from 45% in 2019.Business Outlook In 2021, we will continue to serve our users and customers, create value for them, and solidify our leading position in the global short video and live streaming industry.In this promising industry, we will continue to reinforce and invest in our ecosystem by continuing enriching and improving the quality and diversity of our content offerings to attract and retain a broad user base; improving the experience of our users and business partners through enhanced functionalities, products and services to fulfill evolving user needs; expanding user reach through precise marketing and promotional activities; as well as strengthening our user-centric commercialization capabilities by further enhancing technological capabilities and developing more monetization opportunities. We believe platforms with stronger social attributes and interactions will enjoy stronger network effects and lay a solid foundation for long-term development.","news_type":1,"symbols_score_info":{"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":1691,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}