投资界·2024-04-19 02:14Core Viewpoint - Himalaya is making its fourth attempt to go public by submitting a prospectus to the Hong Kong Stock Exchange, having previously faced challenges in its IPO journey, including two failed attempts after shifting from the U.S. market to Hong Kong [1]. Financial Performance - Himalaya has transitioned from losses to profitability, reporting an adjusted net profit of 224 million yuan in 2023, a significant improvement compared to previous years where losses ranged from 296 million yuan to 749 million yuan [1][2]. - The company's revenue for 2023 was 6.163 billion yuan, showing a modest year-on-year increase of 1.7%, indicating stagnation in growth compared to previous high-growth periods [5]. User Metrics - The monthly active user count has increased from 268 million in 2021 to 303 million in 2023, but the average daily listening time on mobile has decreased from 144 minutes to 130 minutes, suggesting a dilution of user engagement [2][4]. - The membership payment rate has declined from 12.9% in 2022 to 11.9% in 2023, reflecting challenges in monetizing the user base [4]. Market Challenges - The online audio market is experiencing a slowdown in growth, with competition intensifying from platforms like Tencent Music and ByteDance's Tomato Listening, which are encroaching on Himalaya's market share [6]. - Himalaya faces difficulties in converting its user base into paying customers, as many users prefer to support content creators directly rather than paying for platform memberships [4][5]. Content Strategy - To enhance content quality and user engagement, Himalaya is focusing on partnerships with publishers and content creators while also investing in user-generated content (UGC) [3]. - The company is exploring new revenue models, including bundling its membership services with other platforms, to address the weak appeal of its membership offerings [4][5]. Innovation Efforts - Himalaya is attempting to leverage AI technology to improve content production efficiency and has introduced initiatives like the "珠峰音频AI模型" and "喜莱坞计划" to tap into the short drama market [6].