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快手侵权被爱优腾连番起诉“爆金币”,为什么放不下二创的流量生意?
Tai Mei Ti A P P· 2025-08-29 02:07
据不完全统计,这一系列版权官司,让快手赔了1.57亿元。 快手,要被版权官司告"麻了"? 不久前,快手因未经许可传播腾讯视频《德云斗笑社》第一季和第二季、《长相思》第一季侵权纠纷两 案,被两地法院分别判赔6000万元和2910万元,且再指控其侵权热播剧《大奉打更人》,此次索赔金额 高达6000万元。 事实上,快手因版权侵权已屡次被处高额赔偿。 2023年爱奇艺就快手未经授权,传播热播剧《狂飙》提起诉讼,江苏省高级人民法院全额支持了原告 3000万元的赔偿请求,引发行业广泛关注,同样因无版权提供中超联赛相关视频,快手被法院认定构成 故意侵权,依法判处其承担2倍惩罚性赔偿,赔偿金额超过2400万元。 文 | 新识研究所 此外,优酷也曾为快手平台大量传播《甄嬛传》的侵权短视频一事,将其诉至上海市浦东新区人民法 院,最终获赔160万元,该案还被列入当年上海市高院通报的知识产权司法保护十大典型案例。加上腾 讯视频起诉快手侵权《梦华录》、《庆余年》影视剧,两案合计判赔1275万元。 这不仅反映出司法机关对著作权保护的强硬态度,也凸显了快手在内容版权治理方面的严峻挑战。 长期以来,短视频平台上UGC内容迅猛扩张,版权问题也 ...
哔哩哔哩(BILI):2Q25财报点评:业绩超预期,看好广告收入和费用控制推动后续释放趋势
Huachuang Securities· 2025-08-28 06:31
证 券 研 究 报 告 哔哩哔哩(BILI)2Q25 财报点评 推荐(维持) 业绩超预期,看好广告收入和费用控制推动 后续释放趋势 事项: ❖ 事件:公司发布 2Q25 财报,收入符合预期,业绩超预期。25Q2 单季度,公 司整体实现收入 73.4 亿元,YOY+20%,符合彭博一致预期;实现经调归母净 利润 5.6 亿元,YOY 扭亏为盈,超彭博一致预期 8%。 评论: ❖ 风险提示:宏观经济波动;行业竞争加剧;行业监管趋严。 [ReportFinancialIndex] 主要财务指标 目标价:27.52 美元 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 26,832 | 30,071 | 32,638 | 34,899 | | 同比增速(%) | 19.1% | 12.1% | 8.5% | 6.9% | | 归母净利润(百万) | -1,347 | 903 | 1,986 | 3,029 | | 同比增速(%) | 72.1% | 167.0% | 120.0% | 52.5% | | ...
哔哩哔哩Q2营收同比增长20%,净利润2.18亿元,游戏业务收入增60%
美股IPO· 2025-08-21 15:15
Core Viewpoint - Bilibili's Q2 total revenue increased by 20% year-on-year to RMB 7.34 billion, with a GAAP net profit of RMB 218 million, compared to a net loss of RMB 608 million in the same period last year. The growth was primarily driven by advertising and gaming businesses, which grew by 20% and 60% respectively [1][3][4]. Revenue Breakdown - Total revenue for Q2 2025 reached RMB 7.34 billion, marking a 20% year-on-year increase [4]. - Advertising revenue grew by 20% to RMB 2.45 billion, driven by strong performance in effect-based advertising [9][11]. - Gaming revenue surged by 60% to RMB 1.61 billion, largely due to the success of the exclusive game "Three Kingdoms: Strategize the World" [9][11]. - Value-added services revenue increased by 11% to RMB 2.84 billion, indicating stable growth primarily from live streaming and membership services [9][12]. - IP derivatives and other revenue declined by 15%, marking the only segment with negative growth [9][12]. Profitability and Cost Management - The company achieved a GAAP net profit of RMB 218 million, a significant turnaround from a net loss of RMB 608 million in the previous year [4][8]. - Gross margin improved from 29.9% in the same quarter last year to 36.5%, reflecting effective cost control as operating costs grew by only 9% [8]. - Total operating expenses remained relatively stable compared to the previous year, with R&D expenses decreasing by 3% [8]. User Engagement - Daily active users (DAU) increased by 7% year-on-year to 109 million, although the growth rate has slowed [10]. - Daily average usage time reached a record 105 minutes, an increase of 6 minutes year-on-year, indicating strong user engagement within the community [10]. Future Outlook - The CEO highlighted the success of offline events, which attracted over 400,000 participants, showcasing the brand's vitality and community cohesion [11]. - The company aims to continue focusing on high-quality content that resonates with young users to drive user growth and deepen engagement [11].
快手Q2营收、净利润双双超预期,可灵AI收入破2.5亿,宣派20亿港元特别股息
美股IPO· 2025-08-21 15:15
快手Q2总收入350.5亿元,同比增长13.1%,经调整净利润56.2亿元,同比增长20.1%,宣派首次特别股息每股0.46港元,总额约20亿港元。电商GMV 同比增长17.6%至3,589亿元,日活跃用户同比增长3.4%至4.09亿,均创历史新高。可灵2025年全年收入预计比今年初目标翻倍。 财务表现 Q2总收入350.5亿元,同比增长13.1%,环比增长7.5%,高于市场预估的344.5亿元 经调整净利润56.2亿元,同比增长20.1%,净利润率16.0%创单季新高,预估50.6亿元 调整后息税折旧及摊销前利润77.2亿元,预估72亿元 毛利率55.7%,同比微升0.4个百分点 研发支出34.0亿元,预估34.5亿元 截至Q2末,可利用资金总额达1,019亿元 宣派首次特别股息每股0.46港元,总额约20亿港元 | | 不, 註 雷 仪 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至6月30日止三個月 | | | | | | | 2025年 | | 2024年 | | | | | 佔收入 | | | 佔收入 | | | | 金額 | 百分比 | ...
快手2025Q2财报:总营收350亿元 经调整净利润达56亿元
Xin Lang Ke Ji· 2025-08-21 08:40
此外,快手上市以来首次宣布派发特别股息,每股0.46港元,总额约20亿港元,将于10月6日前后以现 金形式派付给9月16日登记在册的股东。 快手在公告中表示,此次派发特别股息,反映了董事会对公司长期增长前景及稳健财务状况的信心,亦 体现了公司对持续提升股东回报的承诺。凭借稳健的资产负债表,公司具备充分实力在回馈股东的同 时,仍可保持推动长期业务发展的财务及运营灵活性。未来,本公司将视乎情况,考虑包括股份回购及 派发股息在内的方式回馈股东。 责任编辑:何俊熹 新浪科技讯 8月21日下午消息,快手发布2025年二季度业绩,总营收同比增长13.1%至350亿元,经调整 净利润达56亿元,同比增长20.1%,超过市场一致预期。 本季度,快手的毛利率和经调整净利润率均达到单季新高,分别为55.7%和16%。线上营销服务、直播 和其他服务(含电商及可灵)对收入的贡献占比分别为56.4%、28.7%和14.9%。 ...
算力总规模全球第二,数据市场快速成长,数字服务普惠便捷——数字中国建设取得显著成就
Core Insights - The Chinese government is focusing on high-quality completion of the "14th Five-Year Plan" with significant achievements in digital infrastructure and the digital economy [1] Digital Infrastructure Development - By June 2025, the number of 5G base stations is expected to increase fivefold compared to 2020, reaching 4.55 million; gigabit broadband users have grown 34 times to 226 million; and China's total computing power ranks second globally [2] - The investment in digital infrastructure is creating substantial market demand, driving the development of the information and communication technology industry chain, including integrated circuits and communication network equipment [3] Data Industry Growth - The data industry in China is projected to reach a scale of 5.86 trillion yuan, a 117% increase from the end of the "13th Five-Year Plan," with over 400,000 data enterprises expected by 2024 [4] - The data industry is evolving from business intelligence to artificial intelligence, with a focus on deep data mining and integration, leading to increased innovation within the industry [4] Regional Development and Cluster Formation - The Yangtze River Delta has developed a multi-layered, full-chain data industry ecosystem, accounting for 22.6% of the national data industry scale by 2024, with over 100,000 data enterprises [5] Digital Services and Public Welfare - The number of internet users in China has reached 1.123 billion, with an internet penetration rate of 79.7%, leading to more accessible digital services for the public [6] - Digital healthcare services have expanded significantly, with over 1 billion annual services provided by internet hospitals and 1.2 billion users of the national medical insurance code [6][7] - The digital education platform in China is the largest globally, and digital social security has reached over 1.07 billion users, covering more than 75% of the population [7]
从地标场景到元宇宙应用,上海全方位扶持互联网优质内容创作生态
Di Yi Cai Jing· 2025-07-23 05:18
Core Viewpoint - The article discusses the increasing contribution of the internet content industry, represented by short videos, live streaming, knowledge payment, and the metaverse, to economic growth, particularly in Shanghai, which has introduced measures to support high-quality internet content creation [1] Group 1: Industry Development Initiatives - The initiative aims to build a gathering area for high-quality internet content creation, promoting the clustering of related upstream and downstream enterprises and enhancing the integration of finance, technology, and content industries [2] - Public resources such as landmark scenic spots and cultural venues are opened to creators, providing significant support for the development of the internet content industry [2] - The initiative encourages high-quality content to go global and optimizes visa services for foreign creators, promoting the globalization of the internet content industry [2] Group 2: Financial Support Mechanisms - The initiative proposes to broaden financing channels, encouraging banks, venture capital, and private equity funds to enter the content industry and establish special funds to support high-quality content creation [3] - Customized financing services for content enterprises will be promoted, including the use of intellectual property financing tools and the development of asset-backed securities (ABS) based on cash flows generated from intellectual property [4] Group 3: Technological Integration - The article highlights the rapid development of AI-driven content creation and the application of modern technologies such as blockchain, the metaverse, and VR/AR in content creation [5] - Blockchain technology is emphasized for its ability to confirm and trace copyrights, enhancing the value of intellectual property in the content creation industry [6] - The establishment of a scientific intellectual property evaluation system and industry standards is deemed crucial for promoting the development of the internet content industry [6]
工信部:移动用户上网流量连续6个月实现两位数增长
news flash· 2025-07-18 07:17
Group 1 - The core viewpoint of the article highlights the robust growth of emerging businesses such as live streaming, short videos, and cloud gaming, driven by the continuous release of digital consumption demand [1] - The Director of the Information and Communication Development Department of the Ministry of Industry and Information Technology, Xie Cun, reported that mobile internet user traffic has achieved double-digit growth for six consecutive months this year [1]
“短视频+小生意” 燃旺生活服务业的燎原星火
Xiao Fei Ri Bao Wang· 2025-07-18 02:34
Core Insights - The report highlights the transformative impact of short videos and live streaming on small and micro enterprises in the service industry, enabling them to create new consumption scenarios and achieve professional and scalable growth [1][3][4] Group 1: Industry Overview - The service industry, particularly the life service sector, is crucial for employment and economic stability in China, with over 520 million users engaging in short video platforms [1][2] - Small and micro enterprises, which account for over 95% of service industry market participants, face challenges due to rising labor costs and stagnant output growth, necessitating the adoption of digital technologies [2][3] Group 2: Digital Transformation - Digital technologies, particularly through platforms like Douyin, have allowed small businesses to expand their reach beyond traditional geographical limitations, transforming their operational models [3][4] - The integration of recommendation algorithms and data feedback mechanisms has enhanced service quality and expanded the range of products and services offered by small enterprises [4][5] Group 3: Business Growth and Opportunities - The case of a small lamb skewer shop illustrates how live streaming can significantly increase sales, with the shop's daily sales rising from 200 to 1,000 skewers after adopting Douyin for marketing [3][4] - In 2024, over 3.2 million small businesses are expected to leverage online platforms, with order volumes increasing by 69% year-on-year, showcasing the potential for rapid business expansion [3][6] Group 4: Cost Reduction and New Job Creation - Short videos and live streaming reduce customer acquisition costs and address information asymmetry, allowing small businesses to build consumer trust more effectively than traditional methods [5][6] - The rise of digital platforms has led to the emergence of new job roles in content production, live streaming, and video editing, contributing to economic growth beyond the service industry [6][7]
陈春花:今天影响组织选择的两个关键变量
Jing Ji Guan Cha Bao· 2025-07-10 09:06
Group 1: Key Variables Influencing Organizational Forms - The two critical variables affecting organizational choices today are the technological environment and the institutional environment [1] - The digital technology has become the foundational infrastructure for societal operations, leading to profound changes in organizational forms, productivity, and production relationships [2][3] - Human activities have expanded into the digital and virtual realms, allowing for direct participation in value creation across material production, interpersonal communication, and self-awareness activities [3][4] Group 2: Economic Value from Interpersonal Activities - The economic value generated from interpersonal activities has exceeded expectations, with live streaming as a prime example, creating a trillion-dollar market [4] - The rise of interpersonal activities has also highlighted the significance of self-awareness activities, as seen in young individuals creating sustainable living environments through digital technology [4][5] Group 3: Institutional Environment and Organizational Relationships - The choice of organizational forms is significantly influenced by the institutional environment, which emphasizes a "community of shared future for mankind" [6] - Companies are increasingly held accountable for social responsibility, which has become a key metric for performance evaluation [6][7] Group 4: Characteristics of Symbiotic Relationships - The core characteristics of symbiotic relationships in organizational structures include mutual relationships, resource sharing based on usage rights, information sharing for decision-making, and shared benefits and risks [7] - The shift from a focus on maximizing individual benefits to establishing sustainable symbiotic relationships is crucial for organizational stability [7][8] Group 5: Emergence of Symbiotic Relationships - The interplay of technological and institutional environments has led to the emergence of symbiotic relationships across industries and between enterprises and society [8] - There is a growing recognition of the need to view oneself within the broader context of societal and natural interconnections, reflecting traditional Chinese cultural values [8][9] Group 6: Transition to a Symbiotic Philosophy - The evolution of cognition necessitates a shift from adversarial relationships to symbiotic relationships for organizations to thrive in the digital age [9] - The "symbiotic philosophy" can be reinforced through mutual subjectivity, interactive effects, co-creation of value, and overall evolution of entities [10][11][12]