Portfolio: one of the portfolio portfolio: one of the Mango Excellent Media Co.Ltd(300413) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Alpha Group(002292) . Two, benefit groups, fast hands, Tencent, Kwai Chuang, Chuang Meng world. 3、 Perfect World Co.Ltd(002624) , Beijing Enlight Media Co.Ltd(300251) , Zhejiang Huace Film And Tv Co.Ltd(300133) , China Film Co.Ltd(600977) .
Investment theme: Winter Olympic sports industry, digital man, game metauniverse, exhibition, long and short video platform.
Beneficiaries: overseas companies include Netease, reading group, BiliBili, bubble mart, ZuLong entertainment, China Mobile Games, Baiao family interaction, chizicheng technology, etc Kingnet Network Co.Ltd(002517) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Zhewen Interactive Group Co.Ltd(600986) , Shanghai Lisheng Racing Co.Ltd(002858) , China Sports Industry Group Co.Ltd(600158) , Jiangsu Jinling Sports Equipment Co.Ltd(300651) , Shuhua Sports Co.Ltd(605299) , Cubic Digital Technology Co.Ltd(300344) , Silkroad Visual Technology Co.Ltd(300556) , etc.
Investment suggestion: the supervision and guidance of the Internet are being implemented in an orderly manner. Based on 2022, we can strengthen the configuration of media interconnection. Antitrust and data security are important variables in the development of the Internet. We believe that this round of supervision has been basically implemented in an orderly manner, and the industry has developed in an orderly and standardized manner under Antitrust and data security. Looking forward to 2022, we should gradually strengthen the allocation of media Internet and grasp the era of meta universe. From the listing of roblox, the first stock of metauniverse, to the renaming of Facebook to meta, Microsoft released the enterprise metauniverse, NVIDIA continued to invest in metauniverse in technology, and then put forward the Quanzhen Internet from China Tencent, byte beating layout, VR track acquisition of Pico, Netease and Baidu released the metauniverse platform, and the establishment of yuanyuzhou Association. All walks of life continue to discuss and understand metauniverse. Metauniverse may be understood as the next generation Internet, which will generate different connections and experiences between people and things in time and space based on different terminals. The ultimate form will depend on the development of technology. At present, we believe that there are several directions we can grasp around the meta universe. First, new hardware terminals, consumer arvr devices, can be compared with the situation of mobile phones; Second, the new operating system or operating platform built on arvr devices, represented by Microsoft, Google, apple, wechat and other platform companies; Third, in addition to the transferred entertainment and enterprise industrial applications, or new applications with a volume of 100 million will be generated, and the business model will be extended by changing the new interaction mode of connection and experience. Although the current industrial development is at an early stage, it is developing rapidly. Early investment should grasp the digital entertainment content that has the most performance support and is most likely to be transferred to the meta universe, such as digital games, virtual people and idols, exhibitions, etc.
Keep, an Internet sports and Fitness Track company, plans to go public in Hong Kong and pay attention to high-quality sports development opportunities. On February 25, 2022, keep, a sports technology company, officially submitted a prospectus to, which is expected to become the first share of sports technology in Hong Kong stock market. According to the disclosure of the prospectus, the company achieved total revenue of 663 million yuan and 1.107 billion yuan in 2019 and 2020 respectively, with an increase of 41.3% to 1.159 billion yuan in the first three quarters of 2021; The corresponding adjusted net losses were RMB 366 million, 106 million and 696 million respectively. The company’s revenue is mainly composed of its own brand products, member subscriptions and online paid content, advertising and other services. According to the prospectus, the average monthly active users of keep platform in 2020 and 2021 were 29.7 million and 34.4 million respectively, of which the average monthly active users in the third quarter of 2021 reached 41.75 million. In combination with the “14th five year plan” sports development plan issued by the State General Administration of sports in October 2021 to strengthen national fitness, the Asian Games and improve the proportion of sports achievements, the sports industry is expected to develop with high quality. Relevant beneficial objects include Shanghai Lisheng Racing Co.Ltd(002858) , Shanghai Yaoji Technology Co.Ltd(002605) , Shuhua Sports Co.Ltd(605299) , Jiangsu Jinling Sports Equipment Co.Ltd(300651) , Hangzhou Electronic Soul Network Technology Co.Ltd(603258) , Wuhan Ddmc Culture & Sports Co.Ltd(600136) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , China Sports Industry Group Co.Ltd(600158) , etc.
Netease’s net profit attributable to the parent company increased by 483.6% in Q4 in 2021. On February 24, 2022, Netease released its financial report for the fourth quarter and the whole year of 2021. In 21q4, Netease achieved a revenue of 24.374 billion yuan, an increase of 23.3%; The annual revenue was 87.606 billion yuan, an increase of 18.92%. According to the financial report, the net income of Q4 Netease games in 2021 was 17.4 billion yuan, and the net income of 2021 was 62.8 billion yuan. Among them, Harry Potter: Magic awakening performed well, and Netease game users have covered more than 200 countries and regions. For the game track, we believe that in the current situation of great uncertainty in the version number, we should first pay attention to the game companies that go to sea and operate for a long time, and the layout underestimates the value target. The beneficiary objects include Netease, Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) .
Risk tips: repeated epidemics, less than expected technological development, goodwill risk, changes in regulatory policies, etc.
