Netflix Inc (NASDAQ:NFLX) recently announced a 10-for-1 stock split, with trading on a split-adjusted basis set to begin next week. Most investors understand a stock split doesn’t change a company’s fundamental value, since the share price adjusts proportionally, but it will make the stock (and its options) more accessible to retail traders.This is especially true for NFLX, which is trading above $1,000 per share. Will the lower price drive the stock higher? This week, I’m examining the historical data to s ...

观点 / 刘润 主笔 / 由之 责编 / 黄静 本文首发于2021年4月 今天，想跟分享管理制度很重要的一条：提高坦诚度。 我们在一起回顾一下这篇文章《》，希望你能通过这点更了解网飞这家公司，也希望能给一些启发。 以下次条重发文正文。 我一直对网飞非常感兴趣。 网飞现在是世界上最大的在线影片播放平台，你可以把它当成国外的"爱奇艺"，只不过它的市值是爱奇 艺的十几倍，今天已经超过2400亿美元（15000亿人民币）。 它与Facebook、亚马逊、苹果、谷歌并称为FAANG，是美国最受欢迎的五大互联网科技股。 它上市以来市值增长了多少呢？500倍。 也就是说，假如你在2002年网飞上市时，花2000元人民币买它的股票，那么今天，你的这笔资产价值可 能不止100万。 网飞不仅受到股市的追捧，也倍受用户的喜爱。 很多风靡全球的经典剧集，比如《纸牌屋》《怪奇物语》《黑镜》等等，都是网飞制作的。网传，网飞 联手刘慈欣，拍摄的《三体》今年上映，在国内引发了一阵热议，网友们纷纷表示期待和欢迎。 不仅如此，网飞也是美国打工人最想去的明星公司之一。 在2018年的一项调查中，网飞被评为打工人最想去的公司，击败了谷歌（排名第二） ...

Core Concept - The VIE (Variable Interest Entity) structure is a mechanism that allows companies to control and consolidate financials of operating entities without direct equity ownership, playing a crucial role in enabling Chinese companies to list and raise funds overseas [1][5]. Group 1: VIE Structure Overview - The VIE structure involves establishing a Special Purpose Vehicle (SPV) outside China, which then sets up a Wholly Foreign Owned Enterprise (WFOE) in China to control domestic companies through various agreements [1]. - This structure helps companies avoid legal risks associated with domestic regulations and simplifies the process of overseas listings [1][2]. Group 2: Tax and Financing Benefits - Companies can design financing methods through multi-layered structures while retaining control and benefiting from favorable tax rates on dividends and asset transfers [2]. - The VIE structure lowers the conditions for companies to go public, allowing them to bypass policy restrictions for overseas listings [2]. Group 3: Case Studies - Case Study 1: A used car trading company utilizes a VIE structure with multiple overseas entities, including a holding company in Singapore and several WFOEs in China, to effectively control diverse business operations in the used car market [3]. - Case Study 2: A well-known online video platform has its listing entity in the U.S. and controls two WFOEs in China through various agreements, ensuring comprehensive control over its domestic operations and facilitating financing [4]. Group 4: Risks and Challenges - The VIE structure faces legal ambiguity as Chinese law has not clearly defined its status, leading to uncertainties in legal disputes [5]. - Companies must navigate tax compliance challenges due to numerous related-party transactions, which could result in penalties if not adhered to [5]. - There is a risk of weakened control since agreement-based control is less robust than equity control, potentially allowing founders to terminate agreements or transfer key assets [5]. - The potential for improper profit transfer between the listed entity and the operating entity poses a risk to investors and public shareholders [5].

Core Insights - The mobile internet content consumption market in China is undergoing significant changes, with short drama applications like "Hongguo Free Short Drama" and "Hema Theater" emerging as strong competitors in the industry, disrupting the long-standing stability in the online video sector [1][4] Industry Overview - As of September 2025, the total number of mobile internet users in China reached 1.269 billion, marking a 2% year-on-year growth, indicating a stable market environment [1] - The online video industry remains dominated by Tencent Video, iQIYI, and Mango TV, but there have been notable shifts in the rankings of other platforms [1][4] Short Drama Segment - "Hongguo Free Short Drama" has surpassed traditional platforms like Bilibili and Youku, ranking among the top four in terms of monthly active users [4] - "Hema Theater" has also shown impressive performance, with monthly active users exceeding 50 million, surpassing platforms such as Central Video and Migu Video [4] - The average monthly usage time for users in the online video sector exceeds 20 hours, indicating high engagement levels [4] Audience Demographics - Short dramas are expanding their audience base, with users aged 31 to 50 becoming the primary demographic, while interest from users under 30 and those from first- and second-tier cities is rapidly increasing [4] Policy Support and Market Growth - The rapid development of short dramas is supported by government policies aimed at enhancing content supply and encouraging quality micro-short dramas to be broadcast on television [7] - The micro-short drama market in China is projected to exceed 50.5 billion yuan in 2024, surpassing box office revenues from films, and is becoming a significant growth point for online audio-visual revenue [7]

Core Viewpoint - The article discusses the emergence of "ghost accounts" on Bilibili (B站) that have no profile pictures and post numerous videos, leading to a significant reduction in ads when these accounts are blocked by users [1][5][18]. Group 1: Ghost Accounts and Their Impact - Users have discovered that blocking these ghost accounts, such as "9772b388-e7", can significantly reduce the number of ads displayed on the platform [5][7]. - The accounts are characterized by random letter combinations and lack any content, yet they are linked to a large volume of video posts [1][3]. - The phenomenon has been confirmed by tech influencers, indicating a potential flaw in Bilibili's ad delivery system [5][6]. Group 2: User Methods to Block Ads - Users can block these accounts by navigating to their settings and adjusting privacy settings to manage personalized ad recommendations [9][10]. - Specific steps include disabling personalized ad recommendations and clearing local cache to enhance the effectiveness of ad blocking [12][13]. - Alternative methods suggested by users include changing the app's language settings to traditional Chinese or English to reduce ad visibility [23]. Group 3: Bilibili's Response and Advertising Strategy - Following the viral spread of the ad-blocking method, Bilibili has made it difficult to search for these accounts directly on the homepage [7]. - Bilibili's revenue model heavily relies on advertising, with Q2 2025 financial data showing that advertising revenue accounted for 33% of total income, a slight increase from the previous quarter [18][20]. - The company plans to enhance its advertising strategy through AI-driven ad placements and improved recommendation algorithms to better target user interests [20].

Core Insights - Hongguo Short Drama has achieved a remarkable milestone with monthly active users exceeding 236 million, marking a year-on-year increase of nearly 94%, making it the leading short drama application [1][3] - The rapid growth of Hongguo Short Drama is attributed to its strategic reliance on traffic support from Douyin and Tomato Novel, along with a model focused on free content and advertising monetization [3][4] - The platform's success is also linked to its continuous improvement in content creation and its ability to accurately meet user demands, especially as the market matures and content quality becomes a key competitive factor [4][20] User Growth and Market Position - Hongguo Short Drama launched in August 2023 and quickly surpassed 20 million monthly active users within four months, reaching 54 million by March 2024, and now stands at 236 million [3][4] - The second-ranked competitor, Hippo Theater, has 51.58 million monthly active users, reflecting a 100% year-on-year increase [1] Industry Trends and Regulatory Environment - The short drama market is transitioning from rapid growth to a phase of stock competition, where user aesthetic standards are rising, necessitating a shift towards high-quality content [4][5] - The National Radio and Television Administration has issued guidelines to curb excessive entertainment and ensure artistic integrity in short drama production [5][4] Content Strategy and Initiatives - Hongguo Short Drama has launched the "Guo Ran Plan" to promote the transformation towards high-quality short dramas through investment support and premium promotion [7][10] - The platform has established partnerships with various media and institutions to enhance the quality of micro-short dramas and share resources for better content creation [10][20] Content and E-commerce Integration - The recent hit short drama "Summer Fendela" achieved over 3 billion views within 17 days, showcasing the platform's ability to create engaging content that resonates with audiences [17][20] - Hongguo Short Drama is exploring a "content as e-commerce" model, allowing users to discover products featured in the dramas, thus creating a new traffic entry point for Douyin e-commerce [29][30] Ecosystem and Synergy - Douyin has established a "Short Drama Copyright Center" to integrate resources across Douyin, Hongguo, and Tomato Novel, enhancing copyright management and content quality [21][22] - This integration aims to leverage Douyin's vast user base and data algorithms to optimize the distribution and promotion of quality short dramas [22][30] Future Outlook - The collaboration between short dramas and e-commerce is expected to evolve, with Douyin likely to explore more efficient and diverse strategies in this area [31][30]

Core Insights - The core viewpoint is that Hongguo's business model focuses on creating a short drama ecosystem rather than merely producing short drama content [1][2][3] Group 1: Business Model - Hongguo is evolving from a content platform to an ecosystem platform, similar to Douyin, emphasizing user engagement and interaction [2][4] - The company aims to integrate various content forms, including short drama variety shows and live broadcasts, to enhance user retention and engagement [5][8] - The primary revenue model for Hongguo is based on advertising, where increased user engagement leads to higher ad revenue [8] Group 2: Competitive Landscape - The competition between Hongguo and platforms like Youku, iQIYI, and Tencent Video is framed as an ecosystem battle rather than a content battle [2][4] - To succeed, content providers must adapt to platform rules and engage in the short drama ecosystem, leveraging user-generated content and creator accounts [4][5] Group 3: User Engagement - Hongguo's algorithm prioritizes "completion rate," which is central to its business model, focusing on maximizing user watch time [8] - The potential for cross-platform integration with Douyin could significantly enhance Hongguo's user activity and engagement levels [8]

Group 1 - The global online video and traditional television market revenue is expected to exceed $1 trillion by 2030, driven primarily by the growth of online video as the paid television market stagnates [1][4] - By 2025, global video streaming revenue is projected to reach $214.6 billion, with a compound annual growth rate (CAGR) of 12.8%, and online video subscription revenue will account for 77% of this total [1] - High-end advertising revenue, including mixed SVOD/AVOD models, native AVOD, FAST channels, and traditional TV streaming services, is expected to reach $42.1 billion by 2025, reflecting a 15.6% increase from 2024 [1] Group 2 - Despite a global decline in traditional pay-TV, the revenue contribution from this sector will remain significant for several years, indicating a positive market outlook alongside the robust growth of online video [4] - Streaming services will continue to be subscription-driven, with a steady increase in paid subscriptions expected by 2025, although the annual growth rate for high-end streaming is anticipated to decline by 2030 as the market reaches mass penetration [4] - The role of advertising revenue in SVOD and overall streaming is projected to grow, with advertising revenue from the top five SVOD services in the U.S. expected to reach $24.3 billion by 2030, increasing its share of total revenue from 13% in 2025 to 20% [4]

Core Insights - The mobile internet industry is entering a high-quality development phase, with user engagement and usage time showing significant growth [1][2][13] - The user base reached 1.269 billion by September 2025, with a year-on-year increase of 2%, while the average monthly usage time per user increased by 8.2% to 178.2 hours [1][13] User Engagement and Demographics - User structure is improving, with the proportion of users from first-tier cities increasing to 11.2%, up by 0.8% year-on-year [1][15] - Users with online consumption capabilities between 1,000 to 2,999 yuan account for 63%, a 0.9% increase year-on-year, indicating sustained growth in high-consumption user segments [1][15] - The proportion of users aged 46 and above has increased by 1.1%, reflecting a shift towards a more diverse user demographic [1][15] AI and Technological Integration - Generative AI is driving the integration of mobile internet services into high-frequency daily needs such as life, entertainment, and travel [1][2] - The monthly active user base for AI applications has surpassed 700 million, with significant growth in AI search engines and comprehensive assistants [29][38] - AI applications are becoming essential tools in various sectors, including education and office productivity, enhancing overall efficiency [20][18] Market Dynamics and Capital Trends - A new expansion cycle in the mobile internet sector is underway, with major companies increasing investments in AI and breaking down business boundaries [2][9] - The internet advertising market reached 187.51 billion yuan in Q3 2025, a year-on-year growth of 6.4%, driven by consumer brands and innovative advertising strategies [2][44] - Major internet companies like Tencent and Alibaba are seeing significant market capitalization growth, with Tencent's market value returning to 5.5465 trillion yuan, a 48.1% increase year-on-year [9][2] Industry Insights - The online entertainment sector, particularly short video platforms, has seen a surge in user engagement, with active users reaching 1.129 billion [70] - The online video industry is thriving, driven by summer effects and popular short dramas, with user engagement exceeding 20 hours per month [77] - The tourism and travel sector is experiencing increased demand, with platforms adapting to changing consumer preferences for self-planned travel [110][117]

Core Insights - The 32nd China International Advertising Festival and the 34th Asian Advertising Conference focused on innovation and international cooperation in the advertising industry, emphasizing the theme "Empowering Advertising with Technology" [1] - The emotional economy is identified as a new growth point, with the Chinese emotional consumption market projected to reach 2 trillion yuan by 2025, highlighting the importance of this sector for brands [1] Group 1: Advertising Strategies - The company emphasizes the importance of high-quality content creation and brand consensus through IP, linking emotions with users [1] - Successful series and variety shows are seen as the best carriers of emotional value, with examples like "一路繁花" and "生万物" demonstrating their ability to resonate with audiences [1] - Strategies for consensus building include selecting major IPs and pursuing emerging IPs, utilizing AI technology for large-scale emotional connections [1] Group 2: AI Integration in Marketing - AI technology is used to enhance efficiency in script selection, allowing for bulk screening of scripts that meet client needs [3] - During the airing of series, AI assists in pinpointing relevant scenes for product placement, enabling creative advertising integration [3] - The company aims to create a closed-loop ecosystem through online interactions and offline experiences, leveraging data and AI for precise user targeting [1][4] Group 3: User Engagement and Brand Connection - The core of IP marketing is to convey consumer affinity for IP to brands, focusing on finding common ground between the two [4] - Different strategies are employed, including pre-planning for major IPs and operating emerging hits to capitalize on low-cost advertising opportunities [4] - The company emphasizes a holistic marketing approach, integrating online and offline channels to maximize the impact of IP content [4]