解读腾讯财报:微信开始盈利,但烧钱会更多

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腾讯去年全年净利润155亿元人民币,第四季度净利润39亿元人民币,同比只增长13%,低于市场预期。关于微信、移动策略、电商、金融、以及并购议题都是大家关注的焦点。

1、你将可以用1万元成为腾讯的新股东

腾讯公布业绩的同时,宣布将股份一拆五,每手股数维持100股,5月15日起生效,入场费由现在的大约56000元降至约11000元。有分析师认为,降低入场门槛有助于增加成交量和投资活跃度。

2、微信开始盈利,但赶不上资金投入的速度

微信月活跃保持比去年增长 121% 的同时,季度增长仅 6%。就像动点曾经多次指出的一样,单靠国内市场,微信增长已经到顶。扩张海外市场成为更加迫切的话题。

腾讯管理层没有直接回应Facebook收购Whatsapp对微信的影响,但指今年会将微信推广至东南亚等地,将维持较大的资金投入力度。我们曾经指出,这是一种事倍功半的投入。

微信和手机QQ加在一起的移动游戏收入大约为6亿元人民币,其中微信占比没有单列出来。所以,我们只能计算微信和移动QQ月活跃用户总数(8.08亿),得出ARPU是75元左右。这远远低于之前曾披露的iOS生态系统中48美元的ARPU值,可以说用户的付费意愿相当的不强烈。

随着手机QQ和微信的活跃度都大幅度增长(分别增长了74%和121%),游戏收入仍是大头的腾讯,需要尽可能确保在用户转化到移动端的同时,其移动游戏营收的增长速度可以和用户的转化速度相匹配。

3、电商成为第二大收入来源

腾讯第四季度除游戏(占利润比例一半以上)外第二大收入来源是电子商务交易,增长超过一倍,到接近100亿元。可以看到易迅等腾讯自有电商平台并非一无是处。但是,要和强敌阿里抗衡,仅靠一己之力有把腾讯整个拖垮的风险。

腾讯和京东的合作关系,在补齐了京东短板的同时,也将京东绑在了腾讯的战车上,使用更便捷的渠道,放弃自有渠道的建设的后果就是增强平台依赖性。ite设et1bhe讯 T\et1//ipm.c设eng>3人系他股䏸博弾俨-item"垮的风歜善合门衾e0暂停啚码虚拟幘卡攄AR设et1s-i炽称佺ann/p>>构深第通的憎调扩张"words的软财衾攄em">亻动抠道成向愿设暂停旗599 4

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