MOGU(US:MOGU)2021-05-28 15:32Financial Data and Key Metrics Changes - MOGU's GMV for Q4 FY2021 was RMB2,576 million, an increase of 6.5% year-over-year, while the GMV for the 12-month period ended March 31, 2021, was RMB13,855 million, a decrease of 18.8% year-over-year [10][14] - Total revenues for Q4 FY2021 decreased by 23.6% to RMB90.9 million from RMB119 million in the same quarter of FY2020 [11] - Net loss attributable to MOGU's ordinary shareholders was RMB108.6 million, compared to a net loss of RMB141.9 million in the same period of FY2020, indicating an improvement [13] - Adjusted EBITDA was RMB20.1 million compared to negative RMB83.6 million in the same period of FY2020, showcasing significant operational improvements [13] Business Line Data and Key Metrics Changes - Live video broadcasting GMV increased by 42% year-over-year to RMB2.245 billion, accounting for 87.2% of total GMV in Q4 FY2021 [10][11] - Commission revenue decreased by 1.7% to RMB65.2 million, while marketing services revenue decreased by 34.5% to RMB11.9 million, primarily due to the restructuring towards a live video broadcasting-focused model [11][12] Market Data and Key Metrics Changes - The live e-commerce segment is highly competitive, with MOGU focusing on product innovation to meet the demands of Chinese consumers for immersive and interactive shopping experiences [20][21] - The company is optimistic about the growth potential of the live streaming e-commerce segment, indicating that it is still in the early stages of development [29] Company Strategy and Development Direction - MOGU has transitioned to a live video broadcasting e-commerce model, with a focus on continuous innovation and the introduction of the short-live product to enhance user experience and engagement [6][9][15] - The company aims to partner with more capable KOLs to deliver the best products and shopping experiences, emphasizing the importance of the human element in their platform [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the competitive landscape in the e-commerce space but believes that MOGU's dedication to live e-commerce and operational efficiency will differentiate it from competitors [20][23] - The company is optimistic about the future growth of the live e-commerce segment and plans to continue investing in this area to capture opportunities [29] Other Important Information - The introduction of the short-live product is seen as a breakthrough in the live e-commerce industry, providing a long shelf life for content and enhancing user interaction [8][9][26] Q&A Session Summary Question: How should we see the competitive landscape going forward in the short video platform's efforts in live streaming e-commerce? - Management noted that the e-commerce space in China is extremely competitive, with consumers demanding innovative and immersive shopping experiences. MOGU will focus on product innovation to meet these demands [20][21] Question: How should we see the live streaming e-commerce growth rate this year for MOGU, where the new form short-live goes to the revenue curve? - Management believes that short-live is a crucial product feature that will help KOLs grow faster on the platform, leading to increased revenue over time [22] Question: What is the ROI of short-live versus live in terms of user interaction and repeated use? - Management explained that short-live offers better user interaction and has a long shelf life, allowing for continuous sales and higher conversion rates due to previous buyer reviews [26][27] Question: What is the generic growth outlook for the last quarter and the quarter going forward? - Management refrained from providing specific forward guidance on GMV growth but expressed optimism about the high potential of the live streaming e-commerce segment [29]