销售费用盖过营业收入 冰川网络巨亏买流量为哪般？

Company Performance - Glacier Network expects a net loss of 410 million to 510 million yuan in the first three quarters of 2024, with a non-GAAP net loss of 440 million to 540 million yuan [1] - The company's high sales expenses, reaching 1.4 billion yuan in the first half of 2024, exceeded its revenue during the same period [1] - Despite a projected profit of 36 million to 54 million yuan in Q3 2024, the company's cumulative loss for the first three quarters will still exceed 400 million yuan, equivalent to the total profits of 2022 and 2023 combined [1] Sales and Marketing Strategy - Glacier Network's revenue growth has been driven by aggressive user acquisition through buying traffic, with sales expenses increasing by 337% to 1.35 billion yuan in 2022 and further to 1.74 billion yuan in 2023 [1] - In 2024, the company's sales expenses rose by 53% to 1.4 billion yuan in H1, while revenue decreased by 13.5% to 1.2 billion yuan [2] - The company's sales expenses accounted for 116% of its revenue in H1 2024, the highest among A-share gaming companies [2] Game Performance and User Acquisition - Glacier Network's games, including "Hero Clash," "Epic War," and "Titan War," have seen reduced revenue due to extended lifecycles and high marketing costs [1] - In H1 2024, the company spent 910 million yuan on internet traffic information services for five games, with "Hero Clash" alone accounting for 475 million yuan [4] - The promotion cost-to-revenue ratio for "Hero Clash" was 211%, meaning the company spent 2 yuan to generate 1 yuan in revenue [4] Industry Trends - The gaming industry is moving away from heavy reliance on buying traffic, as rising costs and declining returns make the model less sustainable [5] - Many companies are shifting towards a more balanced approach, focusing on product quality and reducing dependency on traffic acquisition [5] - The cost of overseas traffic acquisition is increasing, making it more challenging for companies to achieve profitability through traditional user acquisition methods [6] Future Outlook - Glacier Network plans to continue its user acquisition strategy, expecting future returns from current investments, particularly in overseas markets [6] - The company acknowledges the rising costs of traffic acquisition and the potential risks of low return rates, but remains committed to using buying traffic as a key method for user acquisition [6]