三次被下架！趣丸集团SPAC港股上市：宅经济下，全靠“擦边”女主播的甜美声线

Core Insights - The report highlights the strategic transformation of the company from a gaming voice service to a platform focusing on female streamers, which has become a significant revenue driver [2][3] - The company has faced regulatory challenges, leading to multiple app removals and a need for compliance adjustments, impacting its revenue and user engagement [6][19] - Despite a revenue decline in 2023, the company managed to achieve a significant increase in net profit by reducing marketing expenses [5][19] Strategic Transformation - The company’s TT Voice app saw a user surge during the pandemic, with average monthly active users increasing from 2.2 million in 2018 to 12.3 million in 2020 [2] - The shift towards influencer economy began in late 2020, with the company focusing on attracting streamers through contracts and revenue sharing [2][3] - By 2021-2023, streamers contributed 90% of the company's revenue, generating 2.9 billion in 2023 alone [3] Revenue Composition - Revenue breakdown for 2021-2023 shows significant contributions from streamer-led interactions, with 2023 revenue at 3.22 billion, a 5.2% decline year-on-year [4] - The company’s revenue sources include management of chat rooms by agencies and user-led interactions, with the former generating 2.11 billion in 2023 [4] Compliance Issues - The company has been under scrutiny since 2019, facing three app removals due to non-compliance with regulations regarding inappropriate content and underage users [12][19] - The regulatory environment has forced the company to dismiss non-compliant streamers, contributing to a decline in revenue and user numbers [19] Financial Performance - The company’s gross margin has decreased from 71% in 2018 to 52% in 2023, primarily due to increased revenue sharing with streamers [13] - Adjusted operating profit margin and net profit margin were both 15% in 2023, reflecting fluctuations based on marketing and R&D investments [14] - The company’s total revenue in 2023 was 3.22 billion, with a net profit of 870 million, marking an 87% increase year-on-year despite revenue decline [5][19] User Engagement Trends - Average monthly active users peaked at 16.8 million in 2021 but fell to 12.8 million in 2023 due to regulatory compliance measures [18] - The company has reduced marketing expenditures significantly, with 2022 spending less than half of 2021's, raising concerns about future growth potential [20]